After all the dire predictions 'they' made about what would happen if Congress didn't raise the debt limit, it turns out they were wrong.
The President got his debt limit increase, but the stock market and at least one financial institution - Standard & Poor's - apparently didn't see it as a solution, and rightfully so. The stock market headed downwards, wiping out a year's worth of gains. Standard & Poor's is still threatening to drop the government's credit rating from AAA to AA or AA+ because of the government's continuing spendthrift ways.
The increase in the debt limit didn't solve the problem we're facing. It merely delayed the inevitable. Former Arkansas Governor Mike Huckabee offered an analogy that illustrated the problem perfectly.
The President got his debt limit increase, but the stock market and at least one financial institution - Standard & Poor's - apparently didn't see it as a solution, and rightfully so. The stock market headed downwards, wiping out a year's worth of gains. Standard & Poor's is still threatening to drop the government's credit rating from AAA to AA or AA+ because of the government's continuing spendthrift ways.
The increase in the debt limit didn't solve the problem we're facing. It merely delayed the inevitable. Former Arkansas Governor Mike Huckabee offered an analogy that illustrated the problem perfectly.
Raising the debt limit solves the government's spending problem like raising the maximum legal blood alcohol content will solve the drunk driving problem.I'd say he nailed it.
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