US Debt knows no celing!

We all knew this was coming, just a matter of time really.

Treasury asks Congress to raise U.S. debt limit
By Robert Schroeder
Last Update: 4:00 PM ET Jul 30, 2007

WASHINGTON (MarketWatch) -- The U.S. will hit its debt limit of nearly $9 trillion in early October, Treasury Secretary Henry Paulson told Congress on Monday, and asked lawmakers to raise the limit "as soon as possible." The debt limit is currently $8.965 billion. In a letter to Senate Majority Leader Harry Reid, D-Nev., Paulson said a congressional decision to raise the limit would spare Treasury the need to take special actions that could create "unnecessary uncertainty" for financial markets.