WASHINGTON (AFX) - The Senate voted Thursday to let the federal government add another $781 billion in debt to the nation's balance sheet, boosting the federal debt limit to nearly $9 trillion

The crucial measure, which marks the fourth increase in the debt limit over the past five years, cleared the chamber on a narrow 52-48 vote. The final legislative action came just days before the federal government risked default on some of its borrowing obligations

"I commend Congress for protecting the full faith and credit of the United States with today's action on the debt limit. This legislation ensures that the U.S. can deliver on promises already made, such as Social Security and Medicare payments and aid for the victims of the 2005 hurricanes," said Treasury Secretary John Snow, in a written statement

The House previously approved the increase. It now goes to the White House for President Bush's signature

Democrats used the debate on the must-pass measure to bash Bush's fiscal policies

"Any objective analysis of our country's fiscal history would have to conclude this administration and this rubber-stamping Republican Congress are the most fiscally irresponsible in the history of our country," said Senate Minority Leader Harry Reid, D-Nev

Democrats charge that the Bush administration's tax cuts have been skewed toward wealthy Americans while boosting the deficit. The White House and Republican leaders contend that the nine-month 2001 recession and the aftermath of the Sept. 11, 2001, terror attacks have played a major role in persistent deficits

Few Republicans took the floor to voice support for the boost in the debt limit

Sen. Tom Coburn, R-Okla., argued Wednesday night that it was incorrect to blame Bush for the rising debt, saying that both parties in Congress were responsible. "The responsibility lies in the Congress for spending," Coburn said. Coburn joined Republicans John Ensign of Nevada and Conrad Burns of Montana in voting against the increase, along with 44 Democrats and one independent

Snow had previously warned that the government had bumped up against the existing debt ceiling and would run out of room to maneuver as early as next week without congressional action

Snow wrote lawmakers late Wednesday, pleading with the Senate to approve the increase without any amendments that would force the measure to return to the House

In a letter to Senate Majority Leader Bill Frist, R-Tenn., Snow urged lawmakers "in the strongest possible terms" to raise the amount of money the government can borrow. Failure to increase the limit would threaten "the full faith and credit of the United States government," Snow wrote

The Senate complied, defeating a lone amendment offered by Sen. Max Baucus, D-Mont., that would have required the Treasury Department to analyze the national-security implications of foreign holdings of U.S. debt

The debt ceiling was raised to $8.184 trillion in 2004. Under an agreement by Senate leaders, the debt-limit debate came in the middle of action on the Senate's $2.77 trillion budget resolution for fiscal 2007. After the debt-limit vote, the Senate returned to the budget plan. The Senate will vote on remaining amendments, with a final vote on the non-binding outline set for Thursday afternoon. The final vote on the resolution is expected to be close. Republicans may seek to have Vice President Dick Cheney on hand in the event of a tie vote. Under the constitution, the vice president presides over the Senate, casting the deciding vote in the event of a tie

Dirty Harry Reid's attempt to hang the "fiscally irresponsible" moniker on Republicans is a load of crap. As Tom Coburn rightly pointed out, both parties are to blame for the out of control government spending that necessitated this debt-limit increase and had the treasury secretary groveling at the feet of senators "pleading" for this increase to save the government from defaulting on some of its debt obligations. Like one of us middle class slobs borrowing from one credit card to pay off another, this does nothing to actually solve the real problem and, in fact, makes it exponentially worse. It would be better for the federal government to default on some of its debt obligations. If they did, the spineless Washington political whores might actually have to come up with a plan to DEAL with the problem instead of putting it off on our kids and their kids.

As far as the root of the REAL problem that got us where we are, the blame can be laid squarely at the feet of the Democrats and the welfare state they erected piece by piece beginning in the mid-30's with that scam they call "Social Security". The Great Society War on Poverty, started by Johnson in the mid-60s did absolutely nothing to eradicate poverty, created an underclass of slothful slobs whose "welfare" is funded by the taxpayer and has created the multi-trillion debt mess we face today. Projected to cost $9 billion in 1990 when first conceived, the actual cost of this wasteful behemoth was $109 billion -- and that was better than a decade and a half ago.

Thanks to the Democrats we have a $40+ trillion unfunded liability in Social Security and thanks to George W. Bush, we just created a $20 trillion unfunded liability that, among other things, helps grandpa achieve an erection providing he can figure out how to use it (the program, not the stiffy). There is plenty of blame to go around but Republicans have come to the spending party just recently. For Democrats, out of control spending is their legacy.

The damnable lies of the Democrats regarding taxes and deficits only serve to further obfuscate any attempts to cut spending and increase revenues to the treasury through tax cuts. The first of these is Dirty Harry's notion that Bush's "tax cuts for the rich" (funny, I'm sure as hell not rich and I got one) contributed to the deficit problem. In fact, tax revenues of late have increased dramatically due to the increased economic activity generated by allowing people to keep more of their own money to spend and invest. An example of this is the 45% increase in capital gains revenues to the treasury as a result of the 25% reduction in the capital gains tax by the Bush Administration in 2003. Kennedy proved it in the 60s, Reagan proved it in the 80s and Bush is proving it again: Tax cuts actually INCREASE tax revenues thereby reducing deficits. The problem has always been that the tax cuts and revenue increases haven't been accompanied by corresponding ACTUAL CUTS in government spending.

The cutting government spending is the other damnable lie nearly all Democrats tell: no federal budget line item ever suffers an actual real decrease unless you're talking about defense spending under a Democrat administration. Democrats love to whine and complain about decreases in the rate of growth of their precious social programs as if conservatives who want REAL cuts in government spending are ready to throw grandma and grandpa into the gutter with a paper bag rather than fund their Social Security or literally steal food from the school lunch program out of the mouths of babes. As long as this dishonesty on the subject of government spending, tax cuts and the deficit is allowed to continue, we will get nowhere and John Snow will be right back in front of the senate two years from now begging them to increase the debt ceiling to $10 trillion.

President Bush's biggest triumph has been his ability to get real tax relief to the American people. His biggest failure has been an appetite for out of control government spending not seen since Johnson's "Great Society" in the 60s. We've got to stop mortgaging the future of our kids and grandkids by continuing to allow ourselves to go deeper and deeper into debt and the only way to do this is through real spending cuts combined with making the Bush tax cuts permanent and cutting taxes even more.