The Federal Government is like a junkie, it doesn't know how to say no. The Government loves spending our money. It needs to spend our money. If it doesn't spend money our money then it ceases to exist, which at this point may not be such a bad idea.
And just like the junkie the Government promises that it will repay the money it borrows, but it never does. Last Friday, Tim Geithner sent a letter to Congress requesting that it approve an increase to the $12.1 Trillion debt limit. Geithner states that we need to increase our debt ceiling so that our debt holders, i.e. China, will remain confident that we will repay them.(By the way Geithner hasn't specified how many more Trillions he needs to keep China happy. He happily left that decision to Congress, so the Obama administration can't be blamed when its increased.)
Geithner is new to Washington but he is extremely confident that Congress will approve his request and reminds us that "Congress has never failed to raise the debt limit when necessary."
But should Congress approve raising the debt limit? I mean lets think about it logically. If the junkie never repays his debts he never learns his lesson and keeps on borrowing to feed his habit. But if you cease giving him money pretty soon he can't feed that habit and he goes into withdrawal. Sure the sweats and hallucinations can be down right frightful but you don't generally die you simply stop being dependent on your drug of choice. Call it tough love but maybe its something we as taxpayers need to teach our junkie, I mean Government.