Yowza

Senate Votes to Raise Debt Limit

By ANDREW TAYLOR

WASHINGTON Mar 16, 2006 (AP)— The Senate voted Thursday to allow the national debt to swell to nearly $9 trillion, preventing a first-ever default on U.S. Treasury notes.

The bill passed by a 52-48 vote. The increase to $9 trillion represents about $30,000 for every man, woman and child in the United States. The bill now goes to President Bush for his signature.

The measure allows the government to pay for the war in Iraq and finance Medicare and other big federal programs without raising taxes. It passed hours before the House was expected to approve another $91 billion to fund the war in Iraq and provide more aid to hurricane victims.

Thirty grand per person? $120,000 for a family of four? And it's still not enough:

The debt limit will increase by $781 billion. It's the fourth such move increasing the debt limit by a total of $3 trillion since Bush took office five years ago.

The present limit on the debt is $8.2 trillion. With the budget deficit expected to approach $400 billion for both this year and next, another increase in the debt limit will almost certainly be required next year.

So if the current deficit is 9 trillion, and it has increased by 3 trillion in the last 6 years and it will increase again next year by presumably at least another trillion, that means that Bush will have come close to effectively doubling the national debt in eight years. Time for more tax cuts!