While Americans are finding out they can’t get credit line increase or an increase on credit cards. American small businesses cannot get credit to keep their businesses float. But Democrats will raise the federal debt limit by $1.8 trillion to $14 Trillion.
The Democrats in Washington,D.C. plan to increase the limit by before they leave for Christmas / New Year Day’s Holiday.
“We’ve incurred this debt. We have to pay our bills,” House Majority Leader Steny Hoyer told POLITICO Wednesday. Hoyer acknowledged that the increased amount is twice as higher than projected in last Spring budget.
The Democrats knows they are taking risk raising the debt ceiling could incur the wrath of the American voter. It is better to increase the credit limit now than wait to the July 1st of the new fiscal year to do so.
Senate leaders are forging a bipartisan plan to reduce the federal deficit.
Politico has more.