Well this is some disturbing information coming from the treasury:
Treasury Secretary John Snow has warned that unless Congress raises the
national debt limit, the US government will run out of cash to finance its
daily work in two months.In a letter to Senate leaders Thursday, Snow said the statutory debt
limit imposed by Congress of 8.184 trillion dollars would be reached in
mid-February and the government would then lose its borrowing power.“At that time, unless the debt limit is raised or the Treasury Department
takes authorized extraordinary actions, we will be unable to continue to
finance government operations,” said the letter, seen by AFP.Snow warned that even if the Treasury took “all available prudent and
legal actions” to avoid breaching the ceiling, “we anticipate that we can
finance government operations no longer than mid-March”.“Accordingly, I am writing to request that Congress raise the statutory
debt limit as soon as possible.”The Republican-led Congress last voted to increase the debt limit in
mid-November 2004, despite opposition from Democrats who demanded the
free-spending federal government tighten its belt instead.
Article continues
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Well this is the great news we hear about our economy. Bush and Congress
certainly appear to be running a conservative government, that is if you
redefine the word. Ironically the article points out that the Democrats were the
party to last try to be more conservative in government spending. What an irony
that is.