Congress is looking to bump up their credit card limit again. This time to almost $10 trillion. This would be the 5th bump in the debt ceiling in 4 years. The limit on the national debt has almost doubled since Bush took office.
The Current Debt clock is at $8.2 trillion, meaning each American family owes over $89,000 for the congress's spending.
And this is so they can push through 70 billion in tax cuts to the wealthy.
Another Possible Bump to the Debt Ceiling
By Jonathan Weisman and Shailagh Murray
Tuesday, May 9, 2006; Page A21
A $2.7 trillion budget plan pending before the House would raise the federal debt ceiling to nearly $10 trillion, less than two months after Congress last raised the federal government's borrowing limit.
The provision -- buried on page 121 of the 151-page budget blueprint -- serves as a backdrop to congressional action this week. House leaders hope to try once again to pass a budget plan for fiscal 2007, a month after a revolt by House Republican moderates and Appropriations Committee members forced leaders to pull the plan.
Leaders also hope to pass a package of tax-cut extensions that would cost the Treasury $70 billion over the next five years. They would then turn Thursday to a $513 billion defense policy bill that would block President Bush's request to raise health-care fees and co-payments for service members and their families.
In recent days, Congress has received some good news on the budget front. A surge of tax revenues this spring, sparked by economic growth, prompted the Congressional Budget Office last Thursday to revise its 2006 deficit forecast from around $370 billion to as low as $300 billion.
But the federal debt keeps climbing because of continued deficit spending and the government's insatiable borrowing from the Social Security trust fund.
With passage of the budget, the House will have raised the federal borrowing limit by an additional $653 billion, to $9.62 trillion. It would be the fifth debt-ceiling increase in recent years, after boosts of $450 billion in 2002, a record $984 billion in 2003, $800 billion in 2004 and $653 billion in March. When Bush took office, the statutory borrowing limit stood at $5.95 trillion.