http://market-ticker.denninger.net/archives/1731-To-Congress-Your-Loan-Has-Been-Called.html
Can you say holy crap? Karl hit the bulls eye. I think we're very close to going over the falls. Our government never scales back unless they're forced to.
Leaders are considering a hike of roughly $300 billion to the nation's $12.1 trillion deficit, though the final figure has not been nailed down, congressional aides said on condition of anonymity.
Democratic leaders had previously hoped to raise the limit by at least $1.8 trillion, enough to take care of the government's debt needs through the November 2010 congressional elections.
What was your first hint the former $1.8 trillion increase attempt was a bad idea? Perhaps this?
