Paulson urges U.S. Congress to raise national debt limit - again
The country may be unable to pay its bills this
fall.
U.S. Treasury Secretary Henry Paulson urged Congress
to raise the national debt limit, now at 8.965
trillion dollars, saying the country may be unable to pay its bills this
fall.
“I am writing to request that Congress raise the statutory debt limit as soon as possible,” said Paulson in a letter to Congress. He estimated that the government is likely to bump into the statutory debt limit in early October.
The national debt limit has been boosted several times since President George W. Bush took office in 2001. The last time was in March 2006 when [rubberstamp] Congress agreed to raise the debt ceiling by 781 billion dollars.
In February last year, the Bush administration said it had begun to use a government employee pension fund to avoid hitting the then national debt limit of 8.184 trillion dollars.
This is getting lots of coverage abroad - especially in China where Paulson is handing out free advice on how to run their economy.
“I am writing to request that Congress raise the statutory debt limit as soon as possible,” said Paulson in a letter to Congress. He estimated that the government is likely to bump into the statutory debt limit in early October.
The national debt limit has been boosted several times since President George W. Bush took office in 2001. The last time was in March 2006 when [rubberstamp] Congress agreed to raise the debt ceiling by 781 billion dollars.
In February last year, the Bush administration said it had begun to use a government employee pension fund to avoid hitting the then national debt limit of 8.184 trillion dollars.
This is getting lots of coverage abroad - especially in China where Paulson is handing out free advice on how to run their economy.
Posted: Tue - July 31, 2007 at 10:07 AM