Senate GOP Faces Vote to Increase Debt
WASHINGTON - Republicans in the Senate face a difficult but necessary vote in coming weeks to allow the Treasury to pad the $8.2 trillion national debt by another $781 billion.
The need to increase the legal limit on the debt has Democrats eager to use the debate to blast President Bush and his GOP allies in Congress for their fiscal stewardship.
"During this administration, America's debt, that is, the total of the deficits has increased by $3 trillion," said Sen. Max Baucus (news, bio, voting record) of Montana, top Democrat on the Finance Committee. "That's a 40 percent increase in the entire federal debt accrued by our country in its entire history."
Treasury officials briefed Senate staff aides Thursday and told them that without an increase in the government's ability to borrow, it would default on obligations for the first time in history sometime during the week of March 20. That is an unthinkable prospect that would roil financial markets and damage the government's credit rating.
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The need to increase the legal limit on the debt has Democrats eager to use the debate to blast President Bush and his GOP allies in Congress for their fiscal stewardship.
"During this administration, America's debt, that is, the total of the deficits has increased by $3 trillion," said Sen. Max Baucus (news, bio, voting record) of Montana, top Democrat on the Finance Committee. "That's a 40 percent increase in the entire federal debt accrued by our country in its entire history."
Treasury officials briefed Senate staff aides Thursday and told them that without an increase in the government's ability to borrow, it would default on obligations for the first time in history sometime during the week of March 20. That is an unthinkable prospect that would roil financial markets and damage the government's credit rating.
Link Here
posted by Kangaroo Brisbane Australia at 10:32 PM
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