Up To Our Chins

Congress agreed to let the government borrow another $781 billion Thursday, allowing lawmakers and President Bush to pay for the war in Iraq and combat terrorism without raising taxes or cutting popular domestic programs.
The Senate, on a 52-48 vote, sent to President Bush a bill raising the ceiling on the national debt to nearly $9 trillion and preventing a first-ever default on U.S. Treasury notes. When the government reaches the new ceiling, expected sometime next year, the debt will represent $30,000 for every man, woman and child in the United States.

$9 trillion. That's quite a line of credit. Now most people when they get into financial trouble begin to cut expenses, I have on more than one occasion cut up my credit cards, and paid off my debts. It takes a bit of discipline, tough decisions about what you can really afford, but it's possible to get yourself back in the black.

The thought of maxing out a $9 trillion line of credit next year is unfathomable. And a default on Treasury Notes?

I don't think anyone actually realizes just how deep we're in.

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