Hockey To Lift Debt Ceiling by 33%, and the Hypocrisy Level to an All-time High.

The Australian Independent Media Network

If you search really hard, you’ll find some reporting of this:

“The Federal Government’s debt ceiling could be raised to $400 billion in a bid to head off the financial tremors facing the US.

Treasurer Joe Hockey has used a speech in the US to signal the debt ceiling – currently $300 billion – would be increased to take account of the Government’s required borrowings.

Mr Hockey will have to increase Australia’s debt ceiling by Christmas. Total debt is expected to peak at $370 billion by April 2016.

Mr Hockey said yesterday the ceiling was likely to be well above the bare minimum required.

“We believe the debt limit needs to be set at a level that provides sufficient headroom to accommodate likely events but also to provide discipline to budgetary management,” he said.

“It must be the case that debt limits should only be altered when unexpected significant events…

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