Wash - Rinse - Repeat.
Yes, they have "maxxed out" the credit card again.
Zerohedge reports that King Barry will likely be asking to raise the debt ceiling - yet again.
...the US has preapproval for $1.2 trillion in debt issuance, as per the August 2011 agreement. So far so good. The problem is that since then the US has issued $900 billion in debt in five short months! In other words, somehow the remaining buffer of just $300 billion, or a final debt ceiling of $15.5 trillion, is supposed to last the US until after the presidential election, because this topic flaring up just before Obama is due to hit the debate circuit will be reelection suicide. So our question is: how will the US, which has a gross debt issuance rate of over $100 billion per month on average, last for a year with just $300 billion in dry powder? And even if the $1.2 trillion count begins from the new request, it still means the new debt ceiling will be breached some time in August/September, as we expected last year when we did the calculation assuming a $180 billion gross issuance per month ($900 billion in 5 months).
And it was reported in The Hill.
The White House will be asking Congress to raise the U.S. borrowing limit by $1.2 trillion. The move would mark the third and final increase from the debt-ceiling deal reached last year by Congress.
The United States reached the $15.194 trillion debt limit on Jan. 4, according to Treasury statements.
Since that time, Treasury has employed the "extraordinary measure" of tapping into its Exchange Stabilization Fund in order to avoid exceeding the limit.
The Obama administration has also raided the government workers' pensions... and the administration continues to spend and tax, tax and spend.
This type of fiscal mismanagement is going to be devastating... and we will see likely inflation the likes of Weimar.
This is what Congressman Ron Paul has been warning us about.
Is anyone listening?
And if Congress approves this... they will be complicit in the increased speed towards the total destruction of the US dollar.
Good luck at the grocery store.
and for the record - here are the predictions Ron Paul made back in 2002: