Obama Health Care Speech to Joint Session of Congress

In light of rising dissatisfaction with current policies and increased government spending, the White House hopes to quickly raise Treasury borrowing limits before the congressional 2010 elections. Only a few hours after Senator Scott Brown’s victory in Massachusetts, the Senate opened debate on a plan to increase the nation’s debt ceiling by $1.9 trillion.

The current national debt limit, $12.4 trillion, is expected to be exceeded within the next month. Of the $12.4 trillion, over $7.5 trillion (54 percent of the nation’s GDP) is borrowed from foreign governments and private investors. Continue reading »»