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05/02/2003 Archived Entry: "What's a few billion between friends?"

FROM THE GUARDIAN UNLIMITED:

Treasury's debt managers have taken a number of steps since February to prevent the government from defaulting on the national debt, but ``on current projections, the extraordinary measures taken since Feb. 20, 2003, will only be adequate to meet the government's needs until the latter half of May,'' said a statement released Tuesday.

After that - absent a boost in the government's borrowing authority by Congress - Treasury would breach the current $6.4 trillion ceiling on the national debt.

``The Treasury will continue to work with Congress to ensure the government's ability to finance its operations,'' Treasury said.

Treasury has asked Congress to boost the government's borrowing authority, although it has not suggested a specific amount. A proposal is pending on Capitol Hill that would raise the debt ceiling to $7.38 trillion.

Last year, Congress boosted the old debt limit by $450 billion, from $5.95 trillion to the current $6.4 trillion.

(Thanks to RW for the info.)

Posted by Claire @ 12:32 AM CST
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