Usually when the president signs a bill, there’s a little ceremony and the press is invited — I wonder why that wasn’t the case for the PayGo Bill that yet again lifts the cap on government borrowing:
President Barack Obama has signed legislation lifting the cap on government borrowing to $14.3 trillion.
The new law also puts in place new budget rules to curb growing annual deficits. Known as “paygo” â€” for “pay as you go” â€” the rules require future spending increases or tax cuts to be paid for with tax increases or other spending cuts.
The debt limit was increased from $12.4 trillion to keep the U.S. from going into default.
Obama signed the bill privately Friday at the White House.
It’s the same thing we all do, right? When we’re maxed out on our credit cards and unable to make the minimum payments, we just call the bank, get our credit limit raised, and charge the payments back to the card. That’s a sustainable way to live!
The PayGo Bill requires future spending increases or tax cuts to be paid for with spending cuts or tax increases. Gee, I wonder which one Obama will choose?