The national debt hit $7 trillion back in late December. The national debt limit stands at $7.4 trillion.
We're expecting to hit it again in late summer: I.e. July or August. The timing on this seems a little odd; almost as if the debt were growing faster than the budget projections suggested.
:
Treasury Secretary John Snow told lawmakers Wednesday that the nation's debt limit will probably have to be raised sometime in late summer so the government can continue borrowing money.
So we'll manage to blow through $.4 trillion in about 7 or 8 months, and that includes both the surge in money they usually expect to get around April 15th. This suggests to me that, over the full year, the deficit could stand to actually hit $.6 or even $.7 trillion for one year; just extrapolating the math.
Wouldn't it be nice if that deficit limit was solid and our leaders had to actually abide by it? The Bush administration wouldn't have been able to undertake about any of its initiatives, and they'd actually have needed to find something to cut to pay for those tax cuts. I'd love to see the American People respond to actual service cuts.
"Yeah, we can't fix that pothole, we had to cut taxes."
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