Cut Up the Freaking Credit Card!

WASHINGTON, March 14 (Reuters) - U.S. Treasury Secretary John Snow said on Tuesday Congress must act this week to raise the $8.18 trillion U.S. debt ceiling or risk losing the confidence of markets and investors.

"Timely action on the debt ceiling this week, before Congress leaves for recess, is critical to assure financial markets and investors that the integrity of the obligations of the United States will not be compromised, nor will even a risk of such compromise be countenanced," Snow said in remarks prepared for delivery to a conference organized by America's Community Bankers.

According to the Debt Clock the estimated population of the United States is 298,776,052 each citizen's share of the national debt is $27,712.97.

Ron Paul has something to say about this, as usual it’s a good read.

Here’s an idea, cut up the national credit card! We don't need a higher credit limit we need to spend less. It's possible to quit spending money that we don’t have. How about passing a law that says congress and everyone working with or for them doesn’t get paid unless the national spending is less than 75% of the previous years tax revenue?