August 10, 2009 2:57PM 

# Up, Up and Away 

By [Chris Edwards](https://www.cato.org/people/chris-edwards) 

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The [*Wall Street Journal* reports today](http://online.wsj.com/article/SB124970470294516541.html) 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:

![Chris Edwards](/sites/cato.org/files/styles/pubs_2x/public/2021-01/Chris-Edwards.jpg?itok=BZTYG-87) 

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.

##### Related Tags 

[Tax and Budget Policy](https://www.cato.org/tax-budget-policy) 

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