Get Your Blog Up

“This administration is populated by people who’ve spent their careers bashing government. They’re not just small-government conservatives—they’re Grover Norquist, strangle-it-in-the-bathtub conservatives. It’s a cognitive disconnect for them to be able to do something well in an arena that they have so derided and reviled all these years.”

Senator Hillary Clinton

Tuesday, August 03, 2004

Maybe Bush could refinance the White House?

BBC:
US Treasury Secretary John Snow has urged Congress to raise the government's debt ceiling, or face a cash crunch in the autumn.
He warned that Washington was on track to breach the current limit of $7.4 trillion in late September.

If the ceiling is not raised, "we can finance government operations no longer than mid-to-late November," he said.

The move is likely to reignite controversy over the US's spiralling budget deficit.

US government expenditure, swollen by the war in Iraq, exceeded revenues by a record $375bn in 2003, and the gap is forecast to rise again to $445bn this year.

Washington's coffers have also been depleted by a round of controversial tax cuts, seen by critics as a boon to the rich.