A tax-policy expert says instead of trimming spending and balancing the budget, Congress is poised to agree to the Obama administration's request to raise the federal debt limit again.
Treasury Secretary Tim Geithner pleaded with Congress on Friday to increase the $12.1 trillion federal debt ceiling. In a letter to lawmakers, Geithner wrote: "It is critically important that Congress act before the limit is reached so that citizens and investors here and around the world can remain confident that the United States will always meet its obligations."
Chris Edwards, director of tax policy at the Cato Institute, says the federal debt, which was about $8 trillion in 2005, will jump to about $19 trillion by 2015 under the Obama administration's plan...