We Hit the Debt Ceiling Again

America owes $16.394 trillion. And yes, that probably means another big, expensive fight in Congress.

We Hit the Debt Ceiling Again Photo (cc) by My Lil' Rotten

CNN reports that America has once again maxed out its credit cards, meaning more ugliness in Congress in the next two months…

That sets the stage for yet another fight on Capitol Hill, where some Republican lawmakers view the debt limit as leverage in negotiations with President Obama over spending cuts and reforms to Medicare and Social Security.

A government report says the last fight, in 2011, wasted $1.3 billion in taxpayer money. It also led to the U.S. credit rating with Standard & Poor’s being downgraded for the first time in over 70 years.

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