US Dollar Drops from Reserve to Laughing Stock in Less Than One Century

US Treasury Secretary Jacob J. Lew, wrote a letter to Congress this week stating the U.S. government will hit the debt ceiling by October.

The letter wrote “Congress should act as soon as possible to protect America’s good credit by extending normal borrowing authority well before any risk of default becomes imminent”.  In addition, he said that protecting the credit of the US is Congress’ responsibility because only it can extend the nation’s borrowing authority.

The debt ceiling is set by Congress and puts a restriction on how much the national debt can be increased.

According to Lew, failing to extend that authority could cause irreparable harm to the American economy. However, it’s almost a give-in that congress will once again raise the debt ceiling. Since 1960, Congress raised the debt ceiling 78 times. 49 times under Republican authority and 29 times under Democratic authority. Of course, each time the debt ceiling was raised, it was eventually hit and needed be raised again.

In August of last year, the national debt stood at over $15.97 trillion. In August of this year, the national debt raised almost another trillion, at $16.73 trillion. Lew’s letter to Congress is simply a request to increase the credit on America’s seemingly unlimited credit card, just as a family that spends more than it earns would do.

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