As my fingers touch the keyboard, the federal debt limit soap opera continues. Of course, a contrived deal may be reached by the time your eyes read these words. In either case, political stratagem takes us to the bottom of the ninth inning yet again.

That might be exciting to insiders who love the artifice of the protracted political game, but it is tantamount to putting at risk not only the full faith and credit of the United States, but also the very system of government that enabled people and markets to flourish.

This is not a tome urging an increase in the debt limit to get back to watching a game. The simple truth is, we are drowning in debt.

The federal government is under water. Almost every state government is under water. Many local governments are or soon will be under water as well.

The cause: Politics has cast citizens adrift. The proverbial boat will no longer float.

The fix: Our incumbents must stop spending now. There is a way.

Immediately return to the founding principles and governmental framework that empowered free people to work and flourish.

Our Constitution spells out the framework; assigning a specified set of responsibilities to the federal level of government while retaining all others to the individual states or the people. Thus, each state or person is individually responsible.

That framework is the sure guide for rebuilding our economy, individual responsibility, government accountability to the people, and more.

We have a choice: Debt disaster is dead ahead; yet, so is an opportunity to make it right in order to save everything.

But, part of the problem is most incumbents are stuck in stubborn ways. The two branches on stage in this ongoing soap opera have behaved largely irresponsibly.

In the executive branch, President Obama and Treasury Secretary Geithner have failed to fulfill their fiduciary responsibilities to citizens. Instead, each has, respectively, set their personal political and financial careers as the priority.

For example, no time previously has a treasury secretary put their bosses’ political future before their own responsibilities.

To be objective here, could it be that Obama has such overactive political purposes that he has Geithner under his thumb? Perhaps, that’s why Geithner wanted to leave, and likely will soon bail from office. Obviously, Obama is most concerned about his own reelection.

That’s why he and Geithner have been insisting on a longer term deal to push the next debt ceiling increase past the Nov. 2012 election. The code phrase they use is “to 2013.”

Geithner recently has been using the “full faith and credit’” phrase alluding to the 14th Amendment to suggest as if the president can act alone to raise the debt limit. That is wrong to say, suggest, or seed into their political messaging.

The 14th Amendment , Articles 4-5, is quite clear. “The validity of the public debt of the United States, authorized by law … The Congress shall have power to enforce, by appropriate legislation, the provisions of this article.”

Of course, it should surprise no one when this administration, one that seems to view the Constitution as inconvenient or even irrelevant, might choose to try find some words within it that could yield for them an obfuscation.

On Capitol Hill, Democrat Majority Leader Harry Reid, who tightly controls the Senate, blocked any discussion of the U.S. House passed “Cut, Cap and Balance Act of 2011.” Reid’s blocking was a major move coordinated with the White House and designed to pressure Republican leaders in both chambers.

Here’s another simple truth:

The House of Representatives is the only federal body of government that has taken up, publicly debated, and passed legislation that cuts spending and increases the debt ceiling. They have acted responsibly.

Speaker John Boehner and other House members, including Alabama’s Mo Brooks (AL-5th), have done a good job explaining the “Cut, Cap and Balance” plan, the debt problem confronting the country, and why significant spending cuts are required. Brooks explains why each of the 50 states would find it in their interest to take action to ratify a balanced budget amendment. That said, here’s another regrettable shot of truth:

Given Obama’s demonstrated behavior (walking out of the meeting room) and his apparent attitude (summoning congressional leaders to the White House, etc.), it would seem someone needs to remind him that there are three equal branches in the federal government; and, the best way to earn reelection is to do the job.

What’s the debt reality? Here are the numbers:

The Bipartisan Policy Center studied historical data for the month of Aug. 2009 and 2010 in order to project Aug. 2011.

The forecast: Outlays: $363 Billion; Tax Receipts: $203 Billion; Net Deficit: $160 Billion

The BPC totals “Major Outlays” at $159 billion including Medicare/Medicaid, Social Security, DOD vendors, and interest, leaving $43 billion pending assignment. Three items out of “Other Outlays” that should definitely be paid to citizens out of the $43 billion include: Active duty military ($2.9 billion), veterans benefits ($2.9 billion) and IRS refunds ($3.9 billion). That totals $9.7 billion; thus reducing the $43 billion in assignment to about $33 billion.

Keep in mind that none of these are constitutionally specified Federal government responsibilities.

Approximately $10 billion may be necessary to fund a small tightly-knit Justice Department and a small Commerce Referee Board at the federal level. In all other instances should an individual state wish to involve itself in any one or more of these (and its citizens are willing to pay the necessary state taxes), so be it.

By setting spending priorities within constitutionally assigned federal responsibilities, discontinuing all federal involvement in other programs, and sticking to both, we can stay afloat, bring down federal debt and lower federal taxes.

Richard Olivastro is president of Olivastro Communications and founder of Citizens for Change. A professional member of the National Speakers Association, he is available pro bono for charitable fundraisers and public forums and can be reached via email at richOlivastro@gmail.com or by phone at 1-877-RichSpeaks.