Adding More Debt

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Raising the debt ceiling… again. Barack Obama has notified Congress that the debt ceiling needs to be raised by another $1.2 trillion. Don’t expect a big tussle this time, however. The increase is permitted under the Budget Control Act. Lawmakers have the ability to vote against debt increases, but they cannot actually block them.

This would shake up Congress. Representative Timothy Johnson (R-Ill.) has introduced what he’s calling the Citizen Legislators Act. The measure would limit the days Congress is in session to five per month or 60 business days per session. It would also cut the salaries of Representatives and Senators by 50 percent — as well as office allowances and committee and leadership budgets by the same percentage. Don’t expect a vote on the measure anytime soon.

Who’s afraid of Friday the 13th? If you suffer from paraskevidekatriaphobics (a fear of Friday the 13th), this is going to be a bad year for you. In addition to the one we suffered a week ago, there will be two more this year: in April and June. Three Friday the 13ths happen every few years. But this year, for the first time since 1984, the three Friday the 13ths are exactly 13 weeks apart.

They must think we’re stupid. Did you see the cover of the current Newsweek magazine? It shows a photo of a very pensive President Barack Obama accompanied by the question: “Why are Obama’s critics so dumb?” I couldn’t bring myself to buy the rag, but you can find my colleague Ben Crystal’s analysis of the piece here.

–Chip Wood

Chip Wood

is the geopolitical editor of PersonalLiberty.com. He is the founder of Soundview Publications, in Atlanta, where he was also the host of an award-winning radio talk show for many years. He was the publisher of several bestselling books, including Crisis Investing by Doug Casey, None Dare Call It Conspiracy by Gary Allen and Larry Abraham and The War on Gold by Anthony Sutton. Chip is well known on the investment conference circuit where he has served as Master of Ceremonies for FreedomFest, The New Orleans Investment Conference, Sovereign Society, and The Atlanta Investment Conference.

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