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10/14/2004

 

The Debt Ceiling Springs a Leak


Treasury Secretary John Snowe wrote to Congress to let them know that he is using accounting tricks so that the federal government can continue borrowing and not exceed the legally defined debt ceiling. Congress, you see, has refused to raise the ceiling. Of course, pre-election would be a bad time for the GOP-led Congress to lift the level because it would open them to the Kerry campaign, Democrat, and media attacks. Those three entities fault the President's tax cuts for the "record," but not as related to GDP, deficits of late. The Republicans blame Osama bin Laden and the other financial crises which germinated under the previous Administration.

To the GOP, point taken, but you're not spending your own money. To Kerry and the Dems, your words are meaningless.

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