Bottomfeeder 244 Posted March 7, 2006 Share Posted March 7, 2006 How much is too much? I guess they want to insure that we never pay it off, huh? Snow urges Congress to raise debt limit WASHINGTON (Reuters) - U.S. Treasury Secretary John Snow warned lawmakers on Thursday that a legally set limit on the government's ability to borrow will be hit in mid-February and urged Congress to raise it quickly. Failure to do so potentially risks throwing the country into its first default in history, Snow warned in what has become virtually an annual rite as U.S. borrowing needs spiral. "The administration now projects that the statutory debt limit, currently $8.184 trillion, will be reached in mid-February 2006," Snow said in a letter to 21 members of the U.S. House of Representatives and Senate released by Treasury after financial markets had closed. U.S. Treasury Raiding Federal Pension Funds http://www.cbsnews.com/stories/2006/03/06/...in1374280.shtml (AP) Treasury Secretary John Snow notified Congress on Monday that the administration has now taken "all prudent and legal actions," including tapping certain government retirement funds, to keep from hitting the $8.2 trillion national debt limit. Link to comment Share on other sites More sharing options...
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