The government expects to borrow a record $171 billion in the January-to-March quarter, reflecting in part higher spending to cover rebuilding costs from the hurricanes that ravaged the Gulf Coast. The estimate, released Monday by the Treasury Department, comes as the department considers the government's financing needs, something it does on a quarterly basis. Treasury needs to borrow to finance the daily operations of the government, including meeting interest payments on the national debt, which now stands at around $7.96 trillion. Treasury officials said while higher spending due to the hurricanes was a factor in assessing borrowing needs for the upcoming January-to-March 2006 quarter, they also pointed out that the opening quarter of the year is typically weak for the government because it is paying out tax refunds.

— From wire reports

Commentary:
Tax refunds? What's that exactly? Anyone with a brain (and this precludes the entire press corps) knows that tax cuts that create deficits are REALLY unpaid taxes (plus interest) or tax increases. It's kinda like saying a credit card bill is really a "refund." Only a complete idiot thinks like that. When the media stop using GOP talking points and starts telling the truth, the GOP will cease to exist.