U.S. Credit Maxed... Again!

Hammer of Truth had a good post about our national debt and where we stand financially. From their post:

In November 2004, lawmakers voted to once again increase the public debt ceiling from $7.39 trillion to $8.18 trillion. December of 2005, as the spending cap neared the limit, Treasury Secretary John Snow told Congress that the government may reach its statutory borrowing limit by mid-February and asked to raise the debt ceiling “as soon as possible.” Since then, Congress has been relatively idle on the issue.

On January 24th, the U.S. government went into technical default according to the government’s own debt watch website.

Congress increased their spending budget by over 10 percent and they still managed to spend it all ($790 billion). The amazing thing to me is that there are still countries out their that are eager to lend us money!

How bad off do you have to be before you're finally cut off?!?