We're Broke and Congress Just Admitted It
The Federal Government is broke. Our debt is larger than our entire economy, and our outstanding liabilities (money we've promised but haven't spent yet) make our debt look like change between the couch cushions. To people who've been paying attention, this is nothing new. To the rest of us, and what makes this House Resolution so interesting, this is one of the first truthful acknowledgements our financial situation, replacing "things aren't as bad as they seem" platitudes we usually hear. This Resolution -- if it were to pass and become law -- also sets the stage to tell the States that if/when they go bankrupt that there will be no bailout.