In the News (from Reuters): “President Barack Obama formally notified Congress on Thursday that he plans a $1.2 trillion increase in the U.S. debt limit prompting Republicans to level election-year charges that deficits are out of control.
“Obama said ‘further borrowing is required to meet existing commitments.’
“The proposed increase would push the debt ceiling to $16.394 trillion.
The move by the Democratic president, who is seeking re-election in November, gives Congress 15 days to vote on a resolution of disapproval under terms of budget control legislation passed last year.
“‘The President’s runaway borrowing threatens the foundation of our economy and the financial future of every hardworking American,’ said Senator Jeff Sessions, the top Republican on the Senate Budget Committee.
“‘It brings our nation closer to what the chairs of his own fiscal commission called “the most predictable economic crisis in its history.”’”
Comment: A rabbit is unable to get away when hypnotized by a boa’s eyes. It understands this but tries not to think, desiring to be mesmerized and not hearing about the future, denying the possibility of changing its behavior.