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November 18, 2004
The Sky's the Debt Limit
The party of fiscal responsibility strikes again!
A divided Senate approved an $800 billion increase in the federal debt limit Wednesday, a major boost in borrowing that Sen. John Kerry and other Democrats blamed on the fiscal policies of President Bush.
The mostly party line, 52-44 vote was expected to be followed by House passage Thursday. Enactment would raise the government's borrowing limit to $8.18 trillion - $2.23 trillion higher than when Bush became president in 2001, and more than eight times the debt President Reagan faced when he took office in 1981.
Why bother with the "debt ceiling" at all? Congress never fails to raise it when they want to spend more money.
Of note also is this:
Democrats complained that the bill - which will let non-defense, non-domestic security programs grow by about 2 percent next year - was too stingy.
If Republicans think they can get Democrats to like them by spending more money, they're dreaming. No amount of spending is going to satisfy the Dems. In that case, how about providing a genuine alternative by actually cutting spending? That, of course, would never do for either wing of the Government Party.
Posted by Mike Tennant at November 18, 2004 11:10 AM