Gosh darn, could it pile up any higher? Could the stink get stanker?
First up, today, we had the gift from the Chimp White House with their lovely little 2.6Million Job GAFT! Yes, it's a gaft, and it's a joke.
Now, I'm going to bed, and low and behold, loud and clear on Drudge is tomorrow's big story:
http://news.moneycentral.msn.com/breaking/breakingnewsarticle.asp?feed=OBR&Date=20040218&ID=
3408316
The U.S. government's national debt -- the accumulation of past budget shortfalls -- totaled more than $7 trillion for the first time as of Tuesday, according to a Treasury Department report.
In its daily financial statement released on Wednesday, the Treasury said the U.S. debt subject to a congressionally set limit totaled $7.015 trillion, up from $6.983 trillion on Friday. The government was closed on Monday for the Presidents Day holiday.
While passing the $7 trillion mark itself has little practical significance, not unlike a car's odometer rolling over, it may signal some tough political times for President Bush's administration on fiscal policy.
The government debt ceiling stands only a few hundred billion dollars ahead at $7.384 trillion, and Treasury would need Congress's blessing to borrow beyond that. Treasury officials say they expect the limit to be hit sometime between June and October.
And in this election year, Democrats may also use the $7 trillion figure to assail Bush's tax policy and the federal deficits on his watch. Budget shortfalls are met by borrowing. In 2003, the federal budget gap was a record $374.25 billion and a larger one is expected this fiscal year. Bush blames the deficits on a sluggish economy and needed spending on security and defense.
Rep. Baron Hill of Indiana, part of a centrist group of Democrats said, ``It is simply immoral to run a national debt exceeding $7 trillion, every penny of which our children and grandchildren will be responsible for paying back.''
Right on! I want to see Bumper Sickers!
7 Trillion + 2.6 Million = Burning Bush!
Note the play on biblical catastrophy, it's intentional, this is what we're talking about here. A biblical catastrophy in the White House.
Earth Bush, I know you're interested in Reality, Ain't it a Zinger?