On Tuesday, CNS News reported that the federal government is expected to reach its legal debt limit before the end of this year. At this point I would like to point out that it has been 1,289 days since the United States Senate passed a budget. It occurs to me that the lack of a budget might be part of the problem.
The article reports:
“Treasury continues to expect the debt limit to be reached near the end of 2012,” says the tenth paragraph of the “Quarterly Refunding Statement” put out by Assistant Secretary of the Treasury for Financial Markets Matthew Rutherford.
“However, Treasury has the authority to take certain extraordinary measures to give Congress more time to act to ensure we are able to meet the legal obligations of the United States of America,” said the statement. “We continue to expect that these extraordinary measures would provide sufficient ‘headroom’ under the debt limit to allow the government to continue to meet its obligations until early in 2013.”
It’s time for Congress to work together and pass a budget. There has to be a way to create a budget that combines the idea of controlling spending and streamlining the tax code enough to increase revenues without raising rates.
The current American tax code is a tribute to lobbyists and special interest groups. It needs to be reduced to ten pages or less and put in language that you and I can understand. That is an idea whose time has come.