March 16 (Bloomberg) -- The U.S. Congress approved a $781 billion increase in the federal government's debt limit, the fourth time lawmakers have raised the cap since President George W. Bush took office.
The Senate voted 52-48 to increase the legal limit on federal borrowing to $8.97 trillion, up from $8.18 trillion. The House approved the measure last year, meaning the legislation now goes to the president for his signature.
Treasury Secretary John Snow warned Congress in increasingly dire terms that the government couldn't keep paying its bills, and risked defaulting on its debt, without an immediate increase in the cap. The ceiling was lifted about 30 minutes after the Treasury postponed the scheduled announcement of the sale of three-month and six-month Treasury bills. An hour later Treasury said it would sell $37 billion in bills.
http://www.bloomberg.com/apps/news?pid=10000103&sid=a8BKSum9ZWeU
Federal Borrowing to hit $9 trillion in a $12 trillion economy? no way the next President won't have to raise taxes.. no way. that debt can't be paid off at this rate. Bush has completely wrecked the financial discipline excercised under Clinton.....
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pretty slim vote.. Pryor and Lincoln voted Nay.. if it failed we could have defaulted on our debt which could have been catastrophic, but it's interesting that it barely passed
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