BUG #1025: current_time accepts 24:00:00

The following bug has been logged online:

Bug reference:      1025
Logged by:          Rex Recio

Email address:      rexrecio@yahoo.com

PostgreSQL version: 7.3.3

Operating system:   Red Hat Linux 7.3

Description:        current_time accepts 24:00:00

Details:

I have a table containing 2 columns with default values of current_date and
current_time.  When I don't fill in the values, the current_time default
sometimes fill-in a value of 24:00:00 instead of wrapping it to 00:00:00.
The other column with the current_date as default fills-in a value as if the
time is 23:59:59.