U.S. Government Keeps Growing
Meanwhile, Treasury Secretary John Snow have again pleaded with Congress to raise the debt limit. He did so already in the end of December 2005, warning that if the limit of $8,184 billion wasn't raised it would be reached in February this year. It's now March, and the limit haven't been raised and it would have been reached hadn't the Treasury Department resorted to various accounting tricks, such as tapping into various funds intended for other purposes. But Snow now warns that they're running out of tricks and if Congress doesn't raise the limit it will be breached the week of March 20, something which will mean that the federal government will default on its debts for the first time ever, something which would permanently raise its future borrowing costs.