Uncle Sam’s sorry day of reckoning - NYPOST.com
Monday is Debt Ceiling Day! According to the best guesstimate by Treasury Secretary Timothy Geithner, the federal government on Monday will reach its statutory borrowing limit of $16.4 trillion — or roughly 104 percent of America’s total economic output.
A legal limit on federal debt was first enacted during World War I and has been increased 13 times since 1995.
The most recent increase came after a major political battle in the summer of 2011 — a conflict that also led Standard & Poor’s to strip the United States of its AAA credit rating.
Now we’re back up against it again, thanks to a year when Uncle Sam spent more than $1.3 trillion more than he took in.