WASHINGTON (AP) A Senate panel on Wednesday approved an increase in the limit on the national debt to $9.82 trillion, the fifth increase in the government's borrowing limit since President Bush took office.
The move came in respo
WASHINGTON (AP) A Senate panel on Wednesday approved an increase in the limit on the national debt to $9.82 trillion, the fifth increase in the government's borrowing limit since President Bush took office.
The move came in response to a request by Treasury Secretary Henry Paulson to increase the debt limit before the government reaches the current $8.97 trillion limit in early October. The Senate Finance Committee approved the $850 billion debt limit increase by voice vote.
(AP) A Senate panel on Wednesday approved an increase in the limit on the national debt to $9.82 trillion, the fifth increase in the government's borrowing limit since President Bush took office.The move came in response to a request by Treasury Secretary Henry Paulson to increase the debt limit before the government reaches the current $8.97 trillion limit in early October. The Senate Finance Committee approved the $850 billion debt limit increase by voice vote.
It's not clear when the measure will come before the full Senate, but leaders of both parties are likely to try to orchestrate smooth passage of the measure.
The government has never defaulted on its obligations, and Congress has no choice but to enact an increase. The need to act also gave senators a chance to debate the reasons why the increase is necessary.
How to run a budget like an idiotDemocrats blame Bush's tax cuts and the war in Iraq.
"We have now raised the debt limit of the United States nearly $4 trillion on his watch," said Senate Budget Committee Chairman Kent Conrad, D-N.D.
The House approved the measure in May when adopting the annual congressional budget resolution, a nonbinding blueprint that sets terms for subsequent budget legislation.
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