Tuesday, May 09, 2006

raisin' da roof

From the Washington Post (via FDL):
A $2.7 trillion budget plan pending before the House would raise the federal debt ceiling to nearly $10 trillion, less than two months after Congress last raised the federal government's borrowing limit.

The provision -- buried on page 121 of the 151-page budget blueprint -- serves as a backdrop to congressional action this week...

With passage of the budget, the House will have raised the federal borrowing limit by an additional $653 billion, to $9.62 trillion. It would be the fifth debt-ceiling increase in recent years, after boosts of $450 billion in 2002, a record $984 billion in 2003, $800 billion in 2004 and $653 billion in March. When Bush took office, the statutory borrowing limit stood at $5.95 trillion.
Tell me more about fiscal responsibility, tell me more...

But hey, at least they're having to keep piling on the loans to China (that, of course, the communists can sell to places like North Korea and Iran anytime they want-- isn't that a nice thought?) to pay for important stuff, right?
Leaders also hope to pass a package of tax-cut extensions that would cost the Treasury $70 billion over the next five years. They would then turn Thursday to a $513 billion defense policy bill that would block President Bush's request to raise health-care fees and co-payments for service members and their families.
But the federal debt keeps climbing because of continued deficit spending and the government's insatiable borrowing from the Social Security trust fund.
Suddenly, it makes a lot more sense why they're saying Social Security will run out of money sooner than expected, eh?

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