Thursday, January 31, 2013

BREAKING NEWS: Final Approval To Suspend Legal Limit of National Debt

Debt Ceiling Suspended
Dan O'Brien

According to the Washington Post, final approval for a plan to temporarily suspend the legal limit of the national debt has been put into play. A 64-34 vote was passed on to the President for final approval and the signature of the Oval office. The ability to continue to borrow in light of a potential default pushes back a possible default until August and allows the lights to stay on. Previous estimations have the government running out of funds by March. On May 19th the limit will be reinstated and the ticking time clock will be activated once more. There will be a proposed $450 billion dollars added to the debt during the suspension of the legal limit. March will still mark the need for renewed budget talks, but it appears a band-aid has been applied for the time being.

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