As predicted here several weeks ago, there was a last minute debt ceiling deal. After much gnashing of teeth and pounding of gorilla chests, a plan which will cut up to $250 billion a year in spending was ok’ed by the two parties (after assuring it has enough loopholes to drive several locomotives through, of course). The budget for this year is almost $4 trillion, so the cuts will be modest indeed.
An elephant has labored mightily and brought forth a mouse. The pretend and extend will continue!
William Banzai is positively giddy (to the tune of Celebration by Kool and the Gang,
There’s a drunken debt party going on right here…a debt ceiling elevation to last throughout our bankrupt years.
So bring your subprime dimes and your taxes too we’re gonna celebrate our new debt ceiling with you !
Come on now people let’s all celebrate and have a debtor’s celebration we go elevate and have a really good time.
It’s time to burn cash together it’s up to you watch you treasure everyone around the world come on…