The summer of 2011 in Washington, D.C., was scorching hot. Republicans had taken control of the House of Representatives that January and their No. 1 priority was to rein in spending after the federal debt hit a record. They demanded that the Democratic president work with them to stop the federal government’s “money printing.”
Looks like the summer of 2023 will sizzle with the same kind of heat. House Republicans are again newly in the majority and are determined to reach an agreement with a Democratic president to reduce spending before they vote to raise the federal borrowing limit. Doomsday scenarios abound now as they did then. The predicament, in fact, is very similar, except the record amount of debt is nearly double what it was a dozen years ago, making the situation more dire.
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