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With everyone raving over the fiscal cliff, money has become an extremely hot topic lately. Everyone in the country seems to be concerned with what the government is doing with their hard earned tax money. On Friday, congress accepted legislation to increase the borrowing limit to pay for NFIP flood claims from Hurricane Sandy. This legislation will add $9.7 billion dollars to the nations debt, so the NFIP can continue to pay out claims. The NFIP has already reached its borrowing cap of $21 billion dollars! So where will this additional $9.7 billion dollars come from? It certainly won't come from any federal spending cuts. The answer is in your wallet... Your taxes are going to pay for the flood program to settle the NFIP's own insurance claims. This will be a small part of many tax increases that are set to begin in 2013. The senate passed the measure without any opposition 354 - 67. The 67 votes to oppose the legislation all came from Republicans, including former vice presidential candidate Paul Ryan.
There are still 100,000 claims awaiting action. In fact, the House is predicted to approve an additional $51 million in Hurricane Sandy relief on January 15th; which raises the question "When will the spending end?" It has become clear that the government does not plan on cutting any expenses on their end (i.e. government higher-ups salaries and funding foreign programs). Which means our debt ceiling only has one place to go, and that is up! How high will our debt ceiling go before we cannot pull ourselves out of a national crisis? Or has that time come and gone already?
Sources
The Wall Street Journal
Staten Island NY Local News, Sports & Weather
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