That’s what the Dems should start calling Bush. Every time he says a thing about the economy, remind him of this :

The U.S. government’s national debt — the accumulation of past budget shortfalls — totaled more than $7 trillion for the first time as of Tuesday, according to a Treasury Department report.

In its daily financial statement released on Wednesday, the Treasury said the U.S. debt subject to a congressionally set limit totaled $7.015 trillion, up from $6.983 trillion on Friday. The government was closed on Monday for the Presidents Day holiday.

While passing the $7 trillion mark itself has little practical significance, not unlike a car’s odometer rolling over, it may signal some tough political times for President Bush’s administration on fiscal policy.

The government debt ceiling stands only a few hundred billion dollars ahead at $7.384 trillion, and Treasury would need Congress’s blessing to borrow beyond that. Treasury officials say they expect the limit to be hit sometime between June and October.

I hope the Democrats in the Congress have their eyes trained on this. They should put together some progressive budget-related proposals that they know the Republicans won’t want to pass and filibuster this debt ceiling thing until they’re added. Let this become huge news, even if it leads to a temporary government shutdown. When asked about it, make sure to say something like “The Republicans keep maxing out our credit cards without worrying about where the money’s coming from. I know it hurts, but somebody’s got to act responsibly around here.”