I would like it noted for the record that I thought of the title for this post before I got to this point in this Washington Post article:
"George Bush continues to make history for all the wrong reasons," said Kerry campaign spokesman Phil Singer.
So what's he up to now, you may ask.
The federal government reached its $7.4 trillion debt ceiling yesterday, forcing Treasury Secretary John W. Snow to delay contributing to one of the federal employees' pension systems to avoid running out of cash and possibly defaulting on government debt.The situation will probably be temporary, as it has in the past. Congressional leaders said that when they return for a lame-duck session after the election, they will raise the debt ceiling to allow the government to borrow the money it needs to pay its bills. At that point, any overdue contributions to the pension fund would be paid, with interest.
After the election. I wonder why they're putting it off when Snow has been asking them to deal with it since Aug. 2nd.
The debt ceiling was first imposed in 1917 to act as a brake on the total amount of accumulated debt the government owes....Since then, the Treasury has on five occasions delayed pension fund payments as it approached its limit on borrowing. Three of those incidents came under President Bush -- in 2002, 2003 and yesterday -- as Republicans in Congress have become leery of voting to raise the debt limit.
I don't know how much more of this economic recovery Americans can take.
*insert rolling eyes smilie here*
Another four years, I'm afraid.
It ain't over yet.
I hope you are right. Bad day.
Even at 7.4 trillion the current US debt/GDP ratio rests at ~60%, not great, but a far cry from the post WWII debt/GDP ratio of 125%. Canada's debt/GDP ratio in 2001 sat at ~51.8%, a long way from the 1997 74.4%.
Were Bush to be re-elected I have no doubt that he'd pass 74% in short order. Fortunately I don't think he'll get the chance.