New Spending Showdown Near
Remember last week, when official Washington was assuring the American people a controversial budget deal would prevent any new fiscal crises for some time to come?
Well, forget it. As usual, promises from Washington are not worth much.
Late last week, Treasury Secretary Jacob Lew warned Congress it will have only a few weeks after Feb. 7 to approve an increase in the government’s borrowing limit – or there could be serious consequences.
Without authority to borrow more money, the U.S. could default on loans previously floated to keep the government in business.
Actually, this is no surprise. The spending deal that ended the partial shutdown of government in October extended the borrowing limit only until Feb. 7.
Some conservatives have suggested the borrowing limit deadline should be used to pry new spending cuts from President Barack Obama and liberal lawmakers. The White House insists it will not engage in such negotiations.
So, here we go again.
Does it not tell anyone in Washington something that much of government’s activity these days involves averting fiscal crises?