Treasury Secretary John W. Snow said yesterday that the United States could be unable to pay its bills in early 2006 unless Congress raises the government's borrowing authority, which is now capped at $8.18 trillion.
Snow, in a letter to lawmakers, estimated that the government is expected to bump into the statutory debt limit around the middle of February.
"At that time, unless the debt limit is raised or the Treasury Department takes authorized extraordinary actions, we will be unable to continue to finance government operations," Snow wrote.
If the department were to carry out various accounting maneuvers -- as it has done in the past to avoid breaching the limit -- that would free up finances and allow the government to keep paying its bills "no longer than mid-March," Snow wrote.
Don't worry China, we're totally good for the money. Buy some more bonds, we'll fuck over some old people or children or both for it.
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