Debt Ceiling Reached, Trust Funds Raided

The United States government bumped its head on the debt ceiling at $14.308 billion on Monday, while negotiations over spending levels continue.  As a senator, Mr. Obama was against raising the debt ceiling.  President Obama has not only changed his tune on raising the ceiling, but is also asking for a 'clean' (read: no-strings-attached) hike on the national debt limit.  To keep the government running with mounting deficits, Treasury Secretary Tim Geithner has announced that he will begin raiding government retirement trust funds.

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Posted by Nick Stone on 1:20 AM. Filed under congress, debt, Nation, obama . You can follow any responses to this entry through the RSS 2.0