[RealJustme]

Europe, Japan, China, Africa and all of America are deeply in debt and the recent trend is to continue to spend more money than brought in.

The Obama Administration has the solution:

The U.S. will hit the debt ceiling some time in mid-February or early March if Congress does not raise it. The debt ceiling has been raised every year under Obama. Not raising the debt ceiling again would force steep government spending cuts and Obama's plans for a new round of stimulus spending. Treasury Secretary Timothy Geithner said Friday that Congress should stop placing legal limits on the amount of money the government can borrow and effectively lift the debt limit to infinity.

On Bloomberg TV, “Political Capital” host Al Hunt asked Geithner if he believes “we ought to just eliminate the debt ceiling.”

“Oh, absolutely, the U.S. "absolutely" should get rid of the debt ceiling as soon as possible.

"It would have been time a long time ago to eliminate it," Geithner told Bloomberg TV on Friday. "The sooner the better."

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