For those that still care, the national debt ceiling has just been raised to nearly $9 trillion; deficits for the next two years expected to be above $350 billion per year; and
To the disappointment of budget hawks, the Senate's [new budget] measure would break Bush's proposed caps on spending for programs such as education, low-income heating subsidies and health research. All told, senators endorsed more than $16 billion in increases above Bush's proposed $873 billion cap on spending appropriated by Congress each year.
Senators earlier voted 52-48 to send Bush a measure that would allow the government to borrow an additional $781 billion and prevent a first-ever default on Treasury notes.
As a result, the government could pay for the war in Iraq without raising taxes or cutting popular domestic programs.
But of course!
For some scary information on how bad it is that Congress is even freer-spending than George W. "give me a spending authorization and I will move the world" Bush, see this by Nick Gillespie and Veronique De Rugy; and for the dangers of getting everything we (or they) want from government through more and more deficit spending, see this from Julian Sanchez.