Sneaking in Another Debt Ceiling Rise
Oh, look what the Rubber Stamp Republican Congress is trying to sneak through in the fine print:
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. House leaders hope to try once again to pass a budget plan for fiscal 2007, a month after a revolt by House Republican moderates and Appropriations Committee members forced leaders to pull the plan….
But the federal debt keeps climbing because of continued deficit spending and the government’s insatiable borrowing from the Social Security trust fund.
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.
Oh yeah. I got yer fiscal responsibility right here.
(And good on Jonathan Weisman and Shailagh Murray at the WaPo for catching this.)
UPDATE: This would be funny, if it weren’t so true. Also, this poster from the 30 Something Dems (PDF) sums up the current foreign holdings issue. (Do the words "national security" have some resonance for everyone here? They should.)
And this comparison really brings home the enormity of the problem:
Tax cuts, they say, force hard decisions and restrain reckless spending. The last time we looked, though, Republicans controlled both Congress and the White House. They are the spenders. In fact, since they took control in 2001, they’ve increased spending by an average of nearly 7.5% a year, more than double the rate in the last five years of Clinton-era budgets. (From a USA Today, 2/21/06, Editorial — looking for the link to the original.)
Can we stop calling them "conservatives" now?