It’s a good day to be China

Another Possible Bump to the Debt Ceiling

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.

I’d be real curious to know what the US Governments credit score is at this point. I’m amazed there are still people willing to loan us money.

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