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Harry Reid on possibly upping the debt ceiling another $2.4 trillion: We’ll raise it

By Doug Powers • November 9, 2012 11:24 AM

**Written by Doug Powers

In August of last year the debt can was kicked until after this year’s election. Well, it’s after the election, which means DC’s answer to Groundhog Day is coming around yet again:

“They tried it before – ‘We’re going to shut down the government, and we’re not going to raise the debt ceiling,’” he said. “If they want to go through that again, fine.”

“But we’re not going to be held subject to something that was done as a matter of fact in all previous administrations,” Reid said.

CNSNews.com then asked, “But will you support raising it by another $2.4 trillion?”

“If it has to be raised, we’ll raise it,” he said.

On Aug. 2, 2011, Congress and President Barack Obama reached a deal to raise the debt ceiling by $2.4 trillion. Now, after only 15 months, almost all of that additional borrowing authority has been exhausted, according to the U.S. Treasury Department.

Another $2.4 trillion increase would bring the debt limit to about $18.8 trillion, though we can stop referring to an continually increasing number as a limit. There’s not a ceiling or a limit to anything they’re doing. As Rod Serling used to say, the only boundaries are that of imagination — or nightmare if you’re on the paying end of it.

In 2006 Harry Reid said this about raising the debt ceiling: “They should explain how more debt is good for our economy … how can they explain that they think it’s fair to force our children, our grandchildren, our great-grandchildren, to finance this debt through higher taxes? Why is it right to increase our dependence on foreign creditors?”