Too Much Debt?

No problem. Just raise your credit limit:

WASHINGTON – The government should hit the national debt’s $7.4 trillion ceiling this month, and the Bush administration told Congress again Monday it should raise the limit. That would be a politically sticky move just weeks from the Nov. 2 elections.

Treasury Department (news – web sites) spokesman Rob Nichols said the government is on track to reach the limit in early October. He could not provide a more specific date but said the forecast is made “on a day-to-day basis,” and Congress would be notified.

… The government’s debt was $7.364 trillion as of Friday, $18.3 billion from the ceiling. Congress last boosted the limit in May 2003.

Amidst all the election goings on, I almost missed this. Thanks to reader MF for the tip.

It’s a little hard to wrap your head around a number like $8 trillion. Just remember that your share is about $28,000. And counting.