Actual conservatives are going to birth a cinderblock when they read this.
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.
Tuesday, May 09, 2006
Jonathan Weisman and Shailagh Murray at the Washington Post read through the mindnumbing details in the latest GOP budget proposal and noticed a little detail that was obviously buried in the middle of the document in the dear hopes that no one would notice.