Here we go again with the debt limit. Not content with the $9 trillion plus debt ceiling, the Bush Administration requested that Congress extend the ceiling by an additional $950 billion.
That's quite ENOUGH!
This government needs to make more than it spends and lower it's debt load to a more manageable level before it's too late. $10 trillion is too much debt. It must spend our taxpayer money much more conservatively.
The trade deficit is of particular concern; as is the devaluation of the U.S. dollar against other major world currencies. I do think the brakes should be put on free trade agreements until the damage from NAFTA and CAFTA are fully assessed. Whoever said that the North American Free Trade Agreement would create a sucking sound from south of our border has definitely been proven correct.
But of more concern is this government's willingness to outspend how much it makes. Income must always exceed expenses. I think that the next President is going to have to make major cuts across the board in order to get the country's budget back into order.
And Congress is going to have to stop earmarking as they're contributing more than their fair share to the debt load with their peanut storage facilities and bridges to nowhere. The days of blank checks from the government for useless projects must become a thing of the past if the country's financial situation is to recover quickly from the financial disaster we're in.
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