US to hit debt ceiling

According to Bush, it's your money, not the government's. So I'm sorry to announce that you now have $6.4 trillion in debt.

Enjoy!

Me, I'm no celebratory mood. Bush will have to go back to Congress and demand another increase in the debt ceiling -- a perfect opportunity for the Democrats to make a spectacle of Bush's War on the Economy.

An increase in the debt limit is nearly a forgone conclusion -- if Daschle couldn't prevent it from happening last year, it ain't gonna happen this year.

Economists and others doubt that Congress will not eventually raise the limit. A federal default is considered unimaginable because it would rattle the bond markets, force interest rates higher, weaken the world economy and deliver a jarring political blow to President Bush.

However, the trick for Democrats is to keep the debt increase as small as possible, forcing Bush to keep coming back to Congress begging for more.

Posted February 05, 2003 07:58 AM | Comments (16)