President Obama and Congress breathed a collective sigh of relief today as Obama signed into law a budget agreement that would raise the federal debt ceiling from it’s current $12 trillion to $120 trillion.
“The country’s finances are now in excellent shape”, an upbeat Obama said in a prepared statement. “We now have plenty of money for education, health care, social security, NPR and funding for the wars”.
House Republicans were initially against raising the debt ceiling until Mitch McConnell, the Senate Republican leader, reminded congress that without the removal of the debt ceiling congress would have to be shut down and they would be unable to vote themselves pay raises.
The President said he has a plan to have the country fiscally sound by the time the $120 trillion debt limit has been reached, which will probably be in about 10 years.
“We will start slowly paying our bills”, Obama stated. “We will find ways to reduce the deficit as time goes on but let’s enjoy the economic prosperity we have now found!”
Some people interviewed were skeptical of the new plan. “If I go a hundred bucks in debt I have creditors crawling up my ass!” said Ventura California bartender Melvin Grace. “Why can’t I go at least a few thousand into debt and be OK?”
“You do as we say, not as we do”, Obama reminded Grace.