Who can forget thirteen years ago when Newt Gingrich, Dick Armey and other fellow Republicans heralded a “revolution” that would bring about a much needed fiscal conservatism. During the Clinton years, there was no longer a federal deficit, but rather a federal surplus.

Since George W. Bush entered office these federal surpluses have turned into enormous deficits. Bush has spared the veto pen when Congress passed huge entitlement bills such as the Farm Bill and Medicare Part D. Bills that liberal Democrats such as Lyndon B. Johnson would heartily approve of if they were still around today.

Now, today, comes this scary news:

With the U.S. government fast approaching its current $8.965 trillion credit limit, the Senate on Thursday gave final congressional approval of an $850 billion increase in U.S. borrowing authority.

The Senate voted 53-42 to raise the debt ceiling to $9.815 trillion, the fifth increase in the U.S. credit limit since President George W. Bush took office in January 2001. The U.S. House of Representatives approved the higher debt limit earlier this year as part of the overall budget resolution and the legislation now goes to Bush for his signature.

“We have no choice but to approve it. If we fail to raise the debt ceiling soon, the U.S. Treasury will default for the first time in its history,” said Senate Finance Committee Chairman Max Baucus.

“Plainly, especially in this credit crisis, we cannot let that happen,” the Montana Democrat added.

The U.S. Treasury Department has been pressing Congress to pass the debt increase quickly. Last week Treasury Secretary Henry Paulson said the government would hit its current $8.965 trillion debt limit on Oct. 1.

Somebody’s (the taxpayers) going to have to pay for all of this the sometime. And it ain’t going to be pretty.