And there it was….on Monday the United States Federal Government reached the limit on how much money it can borrow.

Have no fear! Our Treasury Secretary Timothy Geithner (who has been known for not paying a few bills in his lifetime) is shuffling around some money (kind of like paying off your Visa with your American Express credit card) and that pushes the inevitable back to August.

So let’s party this summer!

I heard that Geithner has even placed a call to “Peggy” from USA Prime Credit to ask for help. Here’s a video…

Imagine the Senate and the House debating an increase to the debt limit in August? The weather gets very hot in Washington, D.C., in August – and the debate will get pretty hot about the debt limit, too. Long before we had central air conditioning, Congress used to recess to get away from the hot August weather to head home to work in the fields.

Now they just take recess and go on junkets.

About 40% of what we currently owe in this country, we can’t cover. If Congress was a regular family, then they would cut the spending by 40% to break even.

So the big question is what will Congress do? What would you like to see happen? 

-They can just increase the debt limit. Some say that will just place a band-aid on the problem and that’s what we’ve been doing for a long time.

-They can cut spending (a lot) and increase the debt limit (to save us this time).

-They can do nothing and soon people will not be paid (Social Security, Veterans, Military, etc.) and then people will see the importance of addressing it. Federal government offices would soon shutdown.

– The Federal Government could have a yard sale. I suggest they also look under the cushions in all federal government offices for loose change and turn the proceeds from the yard sale and from the cushions over to the treasury.

-The Federal Government could also hold a “bake sale” and use those proceeds to pay down the debt. All federal employees could bake their best cookies, cakes, and brownies and sell them to pay down the national debt!

I think we have to make major cuts to get the debt under control. It will hurt us for awhile, too. Everything funded by the Feds has to be considered. It may take several years, but in the long run our country will be stronger – and we might also be able to afford better things if we have no debt.

The United States needs to “pay cash” for our stuff now. As one who has charged things in the past, the stuff I walked out of the store with that was paid for with cash, always seemed a little better. I did not have to worry about the bill coming due next month.

And, most importantly, I did not have to call Peggy…