Monday, October 18, 2004

How Can I Be Broke? I Still Have Checks Left (Part II)

In a politically embarrassing development for a president being hammered for ballooning the national debt, the United States has now officially reached its legal borrowing ceiling of $7.384 trillion. Fiscal smoke and mirrors can keep things going for a few weeks. But Treasury Secretary John Snow warns "it is imperative" that Congress act to increase the ceiling by mid-November. In 1981, when the national debt first ticked over $1 trillion, President Reagan declared that sum "incomprehensible" and likened it to a stack of $1,000 bills 67 miles high. Today, the pile is closing in on 500 miles.

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