It's time to raise the federal debt ceiling... again

[tyme]

http://www.breitbart.com/news/2006/03/14/060314155502.5zgxciv2.html
Snow warns Congress: US government's cash running out
Mar 14 10:55 AM US/Eastern

Treasury Secretary John Snow urged Congress to set aside partisan bickering and raise the US national debt ceiling this week, or face a disastrous cash crunch for the federal government.

In a speech here to a conference of regional bankers, Snow said it would be inconceivable for Congress not to pass legislation on the debt limit before it heads into a recess at the end of this week.
...

Can this really go on indefinitely? Will investors (Federal debt purchasers) never balk at this absurd house of cards and refuse to buy new government bonds?

 

[rick_reno]

It can continue forever, as long as the debt continues to be purchased. I'm waiting for the Chinese to tell us to stay out of the way when they take Taiwan - or they'll stop buying our bonds.

 

[exar]

When you owe that much money there's not much you can do. Money won't come out of nowhere. In order to pay off debt, you have to stop spending. This is not a trait our government's fond of.