Good times.

via Drudge

WASHINGTON (Reuters) - U.S. Treasury Secretary John Snow warned lawmakers on Thursday that a legally set limit on the government’s ability to borrow will be hit in mid-February and urged Congress to raise it quickly.

Failure to do so potentially risks throwing the country into its first default in history, Snow warned in what has become virtually an annual rite as U.S. borrowing needs spiral.

“The administration now projects that the statutory debt limit, currently $8.184 trillion, will be reached in mid-February 2006,” Snow said in a letter to 21 members of the U.S. House of Representatives and Senate released by Treasury after financial markets had closed.

Is this guy serious?? What’s the point of setting a debt limit if they are just going to raise it every time they reach it?

Snow said that Treasury, if the debt limit was not raised by then, would have to take “extraordinary actions” to keep paying its bills for everything from Social Security to national defense spending.

He talks as if this is a horrible thing. Good! Stop spending all of our money on bureaucrats and socialist welfare programs.

Why on Earth should we bother electing Republicans when we can get the same thing from the Democrats?