I’m sure the Party of Government, those Republicans and Democrats with primary and possibly exclusive loyalty to their own reelection, just don’t care how much the financial irresponsibility of the present harms the future. Hell, the government owns the money printing presses. The Heritage Foundation looks at our congressional representative’s latest weaseling out of the hard adult decisions by increasing our credit card limit.
Increasing the National Debt Limit: In a flurry of business to close out the fiscal year, Congress raised the debt limit by $850 billion to $9.815 trillion. Without this move, the federal government's credit card would have maxed out on October 1 with an outstanding balance of $9 trillion. This staggering amount, also known as the national debt, is equal to $29,700 per American or $78,680 per household.
The total debt has two parts. The first part is debt held by the public, which is owed to individuals, corporations, the Federal Reserve, and state, local, and foreign governments that purchase bonds and other Treasury Securities. The public debt makes up $5.1 trillion of the overall debt. The second part is debt held by the government, which represents money that was borrowed by the government from surpluses in the Social Security Trust Fund and other government accounts. Government debt makes up the remaining $3.9 trillion of the total national debt.
