$2 Trillion Mile Marker on Road to Perdition

By Greg Hunter’s USAWatchdog.com

This week, Treasury Secretary Tim Geithner proposed raising the debt ceiling by $2 trillion.  I thought, this should be big news!  After all, a trillion is a thousand billion.  This adds up to 2 thousand billion over the next 2 years!!  The mainstream media greeted this story with a great big yawn. I do not get that because the Republicans and Democrats fought for weeks to only cut the budget a measly $38 billion.  The press was non-stop, and Congress was only an hour away from shutting down the government.  Even the $38 billion cut was a big fat lie according to CBS News.  The story said in mid-April, “Well, thanks to the Congressional Budget Office and some great reporting by the Washington Post, it turns out the government won’t be cutting $38 billion in one year after all. No, the real cuts will be more like $352 million!  You heard me right, $352 million, NOT $38 billion.  The rest? Mostly smoke, mirrors and accounting gimmicks.” (Click here for the entire CBS News story.)

Both parties want to cut roughly $4 trillion out of the budget over the next 10 to 12 years.  Can someone please explain how that is accomplished by tacking on another $2 trillion to the national tab?  I do not get the math and neither does Bill Gross, the head of the biggest bond fund in the world.   He said in early January, “We have a deficit in the $1 trillion plus arena, which means we must borrow at least a trillion dollars additional a year in order to fund the deficit.  And, so, the debt ceiling currently at $14.3 trillion, which is 95% of GDP, has to go up by another trillion or so every 12 months.”