More debt

Here we go again. For the fourth time since the Bush crime syndicate took over, we need to raise the debt ceiling. Of course, Congress will grant it. But will they rescind the tax cuts? Nope.

Treasury Secretary John Snow on Thursday said the United States could face the prospect of not being able to pay its bills early next year unless Congress raises the government's borrowing authority, now capped at $8.18 trillion.

[...]

The last time Congress agreed to boost the debt limit was in November 2004 - from $7.38 trillion to the current $8.18 trillion. The government's statutory borrowing authority also was pushed up in 2002 and in 2003.

Snow's letter did not say how much of a boost to the current debt limit the department would like to see this time.

Instead, Snow implored: "I am writing to request that Congress raise the statutory debt limit as soon as possible."

Dear God...

What I don't understand, and that's prolly because I am not an economist, but...how come the government gets to raise it's own credit limit? I mean, I don't get to raise my credit card limit. I have to ask the lender. So, the U.S. is authorizing itself to borrow more money. I guess it begs the question of whether or not the rest of the world will continue to finance our financial irresponsibility.

And how does this fit in with Bush's radio address he gave just yesterday?

By being responsible with the taxpayers' money, we are funding our nation's priorities, while staying on track to cut the deficit in half by 2009.

Getting further and further in debt is being responsible with taxpayers' money?

Oh, I forgot. Everyday is Opposite Day in the Bush White House.

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