The U.S. will hit its debt limit of nearly $9 trillion in early October, Treasury Secretary Henry Paulson told Congress on Monday, and asked lawmakers to raise the limit "as soon as possible." The debt limit is currently $8.965 billion. In a letter to Senate Majority Leader Harry Reid, D-Nev., Paulson said a congressional decision to raise the limit would spare Treasury the need to take special actions that could create "unnecessary uncertainty" for financial markets.Just add this little number to the pile of other "mismanagement" PostIt Notes that you have on the fridge. You know like war, privacy, conservation, environment, emergency relief, fiscal responsibility...all those. If you think that is bad dwell upon the following over your Cherrios in the morning. You know all the good news that Bush and company have been spouting over the last few years about how strong the economy is and well everyone is doing? Guess what? Big surprise....they have been pumping sunshine up your kilt on this as well. Not only are they lying about Iraq, homeland security, abstinence only birth control, environmental activism and everything else, they have lied about the GDP for the last 13 quarters. They just quietly revised downward the majority of the numbers for the last three years:
-------Old ----New
Q1-04 3.85% 2.96%
Q2-04 4.04% 3.48%
Q3-04 3.10% 3.60%
Q4-04 2.61% 2.55%
Q1-05 3.40% 3.07%
Q2-05 3.26% 2.81%
Q3-05 4.18% 4.46%
Q4-05 1.76% 1.19%
Q1-06 5.58% 4.82%
Q2-06 2.56% 2.44%
Q3-06 1.96% 1.07%
Q4-06 2.45% 2.09%
Q1-07 0.69% 0.60%
Q2-07 3.38%
Can't imagine how the most important measure of our economy was so off over the last few years. Can you? If you look that is 11 out of 13 revised downward. Tell me again how electing the Republicans and GW was going to bring "fiscal responsibility". We are so screwed!
Tip to Kos
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