Congress has raised the federal debt ceiling limit 10times in the past 10 years, and Treasury officials say the government will hit the current $14.3 trillion limit no later than May 16. Without another increase, the government will either default on its bonds or have to slash spending by about 40 percent. Republicans say they won’t vote for an increase without big additional cuts in spending.
When it comes to debt, the United States Congress is all grown up. They can make their own rules–and have 10 times over the past 10 years. According to a warning letter sent recently from Treasury Secretary Timothy Geithner to Senate Majority Leader Harry Reid, D-Nev., it’s time to change the rules again.
Read more here: NationalJournal.com – GRAPHIC: 10 Years, 10 Broken U.S. Debt Ceilings – Wednesday, April 13, 2011.
