Treasury Secretary John Snow has asked that Congress raise the statutorily mandated debt ceiling. Again.
The last time Congress agreed to boost the debt limit was in November 2004 — from $7.38 trillion to the current $8.18 trillion. The government’s statutory borrowing authority was also pushed up in 2002 and 2003.
Snow’s letter did not say how much of a boost to the current debt limit the department would like to see this time.
Instead, Snow implored, "I am writing to request that Congress raise the statutory debt limit as soon as possible."
Remind me again — who holds both the Congress and the Executive branch? Oh, wait. It’s the Republicans.
Next time someone says the Democrats are the "tax and spend" party, I’m going to smack them silly. Fiscal responsibility runs both ways, and the Republicans in their the hell with the consequences frenzy have now earned themselves the moniker of the "just spend it" party.
UPDATE: Reader Samurai Sam comes up with "borrow and spend" as the new motto for the Republican party. I think I like that better than "just spend it." Anyone else have any good suggestions on this? I think they deserve a nickname befitting their profligate spending habits, and I’m open to more suggestions.
UPDATE #2: We have "borrow and squander Republicans" from readers Minnesotachuck and Scott. That just makes me chuckle. I’m going to use that on a couple of people I know.