U.S. IN TECHNICAL DEFAULT ... DEBT CEILING OBLITERATED
What now? I guess "conservative" Bush will just raise the ceiling... again. When will we stop this out of control financial policy. Will the real conservatives in Congress please stand up against this raid on the treasury?
In a shocking development, the Treasury Department website is openly stating that as of January 24, 2006 our national debt stood at $8,185.3 billion and on January 26th at $8,190.5 billion.
Yet the US national debt ‘ceiling’, the maximum amount of debt the US government may hold at any one time, stands at $8,184 billion – a full $5.5 billion less. Although called upon by John Snow, Congress has not yet passed an expansion of the debt ceiling and so the US government is now operating in technical default.