Once again it's time to raise the national debt ceiling to avoid a crisis. Truly scary stuff. What's an average U.S. citizen to do? Buy U.S. Savings Bonds? Or buy gold?
"The scary part is that there doesn't seem to be any prospects for getting the deficit under control,'' Rivlin said, adding that in this light, "raising the debt ceiling is a sort of red flag that says, 'You've got a real problem here.' "
But political leaders have become adept at keeping that red flag from attracting too much attention. When Snow wrote Congress before the new year, there were few on Capitol Hill to read his letter or the retort by Rep. James Spratt, D-S.C., the ranking Democrat on the House Budget Committee, who blamed the Republican-run White House and Congress for "a 50 percent increase in the statutory debt, all accumulated on the Bush administration's watch."
National debt clock January 09, 2006 11:22 PM