I wrote yesterday that the U.S. government passed their $8.18 trillion spending limit on the Treasury’s credit card last week, and it’s starting to catch attention in the blogosphere. The mainstream media is totally asleep at the wheel on this one, which is pretty surprising.
For example, the Washington Post is talking about deficit spending today, but one has to wonder if someone over there forgot to you know… actually check the latest numbers (and they rounded up a tenth of a trillion to $8.2, which only puts them 20 billion dollars off the mark). Still, their article is worthwhile for this quote from Treasury Secretary John Snow:
In the week between Christmas and New Year’s Day, Treasury Secretary John W. Snow notified congressional leaders that the government would reach the statutory debt limit of $8.2 trillion by mid-February, the fourth time in five years the debt limit will have been reached.
“At that time, unless the debt limit is raised or the Treasury Department takes authorized extraordinary actions, we will be unable to continue to finance government operations,” Snow warned.
So does this mean Congress won’t be getting a paycheck on Friday? I doubt it, but that would be so fitting.