The day after winning re-election, President Bush was faced with a problem that has been building for some time.

In less than two weeks, the federal government will not be able to borrow more money unless Congress raises the country’s debt ceiling, which is set by law.

Congress returns to Washington for a lame duck session beginning Nov. 16. The first order of business will be to allow the new borrowing.

The country hit the current debt ceiling – $7.38 trillion – on Oct. 14.

The national debt grows when the country runs a budget deficit. Last year, the deficit was a record $413 billion.

During a press conference Thursday, President Bush laid out an aggressive domestic agenda for his second term, which includes making his tax cuts permanent, simplifying the tax code and allowing some workers to invest part of their Social Security withholdings in private accounts.

All three, however, could come with huge prices.

The partial privatization of Social Security could cost more than $1 trillion even if current benefits are left unchanged. Extending his tax cuts could add another $1 trillion.

Plus, there are wars in Iraq and Afghanistan, which are likely to cost another $100 billion this year, adding additional pressure on federal revenues.

The president has also promised to cut the budget deficit in half within five years.

President Bush has earned the opportunity to pursue his domestic agenda. As he said, he has earned – through electoral victory – the political capital necessary to be bold. But money, not Democrats, might be the biggest obstacle.