And secondly by increasing their borrowings they are jeopardising the worlds financial structure and loosing face with the whole world.Ten billion of debt can not just be wiped out by the government that has no money.The losses must be taken by those who caused the problem.The American citizen who must accept a lower standard of living in my opinion
Because they have "Mad Cow "disease from eating too many burgers ! Their brains are fried !
Because the Chinese and others continue to buy their bonds to enable them to do it.
If they didn't it would unbalance the whole worlds economy and we would all be worse off.
At some point in the future there may well be a run on the dollar as they can't keep increasing their borrowings indefinitely, interest rates are also unlikely to remain so low - when they rise the US consumer will be hit hard.
There is a well documented method of wiping out debt .. it's called INFLATION (look it up) ....
For a Government to create Inflation, all they need to do is print money ... (the UK Government calls it 'Quantitative Easing' ... the idea being that 'Joe Public' is too thick to work out what that means .. )
Because Obama doesn't like this country and he's trying to dismantle it.