Saturday, September 29, 2007

Congress agrees to raise U.S. credit limit

The Senate voted 53-42 to raise the debt ceiling to $9.815 trillion, the fifth increase in the U.S. credit limit since President George W. Bush took office in January 2001.

U.S. debt stood at about $5.6 trillion at the start of Bush's presidency.

"Increasing the debt limit is necessary to preserve the full faith and credit of the United States of America," said Iowa Sen. Charles Grassley, the senior Republican on the Finance panel.

Right - because the best way to preserve your credit is to keep borrowing more, not to demonstrate fiscal responsibility.  Our whole governmental/political situation is so broken right now it isn't even funny, and the ramifications will be felt for generations.

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