The Obama-Pelosi-Reid plan is to borrow $888-billion and spend it, as though that would fix anything.
But who would loan us the money? Answer: nobody. As California has learned, there’s a limit to how much a spendthrift government can borrow.
We’re already in hock to the Chinese for $681-billion, after our government borrowed an extra $227-billion from them in the last year. The official U.S. Treasury chart of foreign lenders is online.
Even if you assembled every bit of U.S. currency (raiding the bank vaults, kids’ piggy banks, and under the cushions of every sofa), it still wouldn’t be enough to pay for this awful $888-billion bill. That’s because the total of all U.S. cash in the whole world is only $800-billion. (Source: Federal Reserve)
If you think depending on foreign oil is bad, how about depending on foreign money? Of course, the MidEast and others got that money because we wouldn’t develop our own oil and gas here in America!
Every dollar that our government borrows takes away from a dollar that could have been put to work in the private sector. And if the liberals try to print more currency rather than borrowing, remember the Weimar Republic!
Look for more news about this problem very soon!