Treasury Secretary John W. Snow said yesterday that the United States could be unable to pay its bills in early 2006 unless Congress raises the government’s borrowing authority, which is now capped at $8.18 trillion.
The last time Congress agreed to boost the debt limit was in November 2004 — from $7.38 trillion to the current $8.18 trillion. The government’s statutory borrowing authority was also pushed up in 2002 and 2003.
Snow’s letter did not say how much of a boost to the current debt limit the department would like to see this time.
Instead, Snow implored, "I am writing to request that Congress raise the statutory debt limit as soon as possible."
Republicans control the Congress and the White House. Republicans. You know, the party that supposedly is the "fiscally responsible" one? Don’t talk to me about "tax and spend" Democrats anymore. We cut the deficit and created a surplus. Republicans are just borrow and spend.