Watch Out! Washington Is In A Spending Frenzy
by James Glaser
September 19, 2008
Yesterday, the Senate passed a $615 billion Defense Bill. That is on top of the Freddie Mac/ Fannie Mae bailout. That was followed by our spending $85 billion on an insurance company nobody else wanted. And then there was the news that the Fed was pumping another $180 billion into something called the bank's cash line.
Right now, every politician in Washington is on a "high" after spending all this money, and guess what, they are not even close to stopping.
Last night on the news it was reported that the "Big Three" American auto makers are wanting their fair share, and are requesting tens of billions of dollars each. Many from Congress and the White House are sitting around a table in Washington as I write this, trying to decide what to buy, bail, or just give away to next.
Of course, you and I know that all of the money they are spending will raise the debt, as we don't have any National bank account. Everything Washington does nowadays is put on plastic, and that is the way those lending us the money like it. I don't know what our interest payment is a month, but it is a big one. Who knows, we might just be borrowing to pay that too.
In a couple of weeks every politician in Washington will be heading home to tell the voters how they saved America again.
With just a few more years of spending like we have spent these last eight years, and we won't have to even worry about voting again, because this government will have filed chapter 11 like the banks have. The only problem is, there is nobody to bail out Washington.
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