Today we hit the debt ceiling and the sky did not fall down around us.

So, all that Democrat disaster speech was just so much crap. The truth of the matter is this: we do not lose our credit rating until we fail to cover our debt funding obligations. Understand that our credit rating is not tied directly to the "debt ceiling." Rather, it is tied to our management or mismanagement of expenses after the debt ceiling becomes a force of law . . . . . which is where we are at this very minute.

As things stand at this very moment, we cannot over spend the debt ceiling. What Geithner and others are doing, as we write, is plotting cuts in spending in venues other than debt management. This is a good thing.

We are being told by the Marxist Media that we have until August to pass an increased debt ceiling "or else." Actually, that is no more true for August than it is true for today. Again, it is not the "debt ceiling" that is the critical concern. Rather, it is how we manage the cuts necessary to continue payments on our debts.

In short, the world will not come to an end if we fail to increase the debt ceiling.