A Beastly Question

The budget deficit threatens to grow much bigger, but is it worth the worry?

One of the most important bits of business that Congress left unfinished last week was lifting the federal debt ceiling, which already stands at a Himalayan height of $1.57 trillion. Without a higher debt limit, the U.S. Treasury could lose its license to borrow and have a serious cash-flow problem beginning as early as this week. That prospect is unthinkable for a free-spending Government that even by optimistic Administration projections will chalk up a deficit of $166.9 billion in...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!