Don't reduce spending-- raise the debt ceiling

Faced with the largest deficit in world history, the administration's appointment as Secretary of the Treasury, John Snow, has found a novel solution to fix the problem: raise the spending limit so that you haven't used up all your credit.

Treasury Secretary John Snow notified Congress on Monday that the administration has now taken "all prudent and legal actions," including tapping certain government retirement funds, to keep from hitting the $8.2 trillion national debt limit.

In a letter to Congress, Snow urged lawmakers to pass a new debt ceiling immediately to avoid the first-ever U.S. default on its obligations.

"I know that you share the president's and my commitment to maintaining the full faith and credit of the U.S. government," Snow said in his letter to leaders in the House and Senate.

Treasury officials, briefing congressional aides last week, said that during the week of March 20, the government will run out of maneuvering room to keep from exceeding the current limit.

In his letter, Snow notified lawmakers that Treasury would begin tapping the Civil Service Retirement and Disability Fund, which Treasury officials said would provide a "few billion" dollars in extra borrowing ability.

Treasury officials also announced that on Friday they had used the $15 billion in the Exchange Stabilization Fund, a reserve that the Treasury secretary has that is normally used to smooth out volatile movements in the value of the dollar in currency markets.

Treasury has also been taking investments out of a $65.3 billion government pension fund known as the G-fund.

I'm sure Operation: Rainy Day Fund will be a big success. Until it rains.