2004-11-17

$800 Billion Debt Ceiling Increase

Congressional GOP Seeks $800 Billion Debt Ceiling Increase
Wed Nov 17 2004

Republicans want a larger, $800 billion increase in the politically sensitive federal debt limit to ensure the Treasury has sufficient borrowing authority to finance continued high budget deficits through this fiscal year, the WALL STREET JOURNAL reports.

House and Senate Republicans had calculated that they needed an increase of $690 billion to cover funding needs, but party leaders now have chosen to seek the higher figure intended to carry the Treasury until the next fiscal year begins in October 2005.

The increase would be the third in as many years and bring the debt limit to $8.184 trillion -- 37% higher than the ceiling that President Bush inherited in 2001." The Senate is "expected to take up the bill today in anticipation of a final vote tomorrow night.

Yes, you read right - $8.184 TRILLION.

UPDATE: He's signing it into law this week.

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