Of course, since the state makes the laws (rather, issues the edicts), the news that the federal debt is above the official limit means nothing. The so-called debt limit is a joke, adopted to make the boobs think there is some limit to the debt. I love the exculpatory opening line in this article: “The latest calculation of the National Debt as posted by the Treasury Department has — at least numerically — exceeded the statutory Debt Limit approved by Congress last February as part of the Recovery Act stimulus bill.” [Emphasis mine.] At least numerically? What other sense is there? (Via Drudge)

UPDATE from Tim Mercier:

Look at this quote in the story: “A senior Treasury official told CBS News that the department has some ‘extraordinary accounting tools’ it can use to give the government breathing room in the range of $150-billion when the Debt exceeds the Debt Ceiling.” Funny, but I think that little guys like us would go to jail for the use of “extraordinary accounting tools”.

The Best of Llewellyn H. Rockwell, Jr.