August 10, 2009 2:57PM

Up, Up and Away

The Wall Street Journal reports today that Treasury Secretary Tim Geithner has asked Congress to increase the statutory federal debt limit from its current $12.1 trillion. I don’t think that this will be the last such request from Geithner, given that the Obama administration’s budget includes the projection in this chart:

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Nobody knows who will buy all this debt and what economic damage it will do. But federal policymakers seem hellbent on finding out as they continue their decade‐​long spending spree.