If Laura Bush got into this much credit card debt...

George would tan her hide.

Awash in red ink, the federal government has torn up its credit card to keep the national debt under the legal $7.384 trillion ceiling.



Treasury Secretary John Snow made the announcement in a letter to Congressional leaders, warning that he had stopped borrowing funds and would run out of time and gimmicks by mid-November. At that point, he wrote, "all of our previously used prudent and legal actions to avoid breaching the statutory debt limit will be exhausted."



Snow also asked Congress to raise the raise the debt limit.

This is the equivalent of charging all your existing cards to pay off the limit, then getting more cards AND requesting an increase in your credit limit.



Bush is still calling John Kerry a "tax and spend" liberal, but I'll take one of those any day over a "borrow and squander" republican.