Snow urges Congress to raise the debt ceiling

[Kadie]

Snow urges Congress to raise the debt ceiling

By JEANNINE AVERSA, Associated Press


Last Updated: August 2, 2004, 02:53:59 PM PDT


WASHINGTON (AP) - The United States could face the prospect of not being able to pay its bills this fall unless Congress raises government borrowing authority now capped at $7.4 trillion, Treasury Secretary John Snow said Monday.

In a letter to House and Senate members, Snow said the government is expected to reach the current statutory ceiling on the national debt by late September or early October.

Even if Treasury takes steps to juggle accounts to stay just under the limit to avoid defaulting on the debt, "we can finance government operations no longer than mid-to-late November," Snow wrote. The government has performed such maneuvers in the past.

He urged Congress to raise the debt limit as soon as possible. He did not suggest a specific amount.

more...
http://www.modbee.com/24hour/politics/story/1537444p-9081052c.html

[Beetwasher]

1. Halliburton Needs To EARN MORE!!!

Your great grand children must become indentured servants to Halliburton!

[htuttle]

2. Again? They burned through a trillion dollars this last year?

They just raised it in 2003 from $6.4 trillion to $7.4 trillion. Now they want it higher still?

(from Feb 2003)
National Debt Ceiling Approaching Fast
http://www.cbsnews.com/stories/2003/02/20/politics/main541338.shtml

That sure is an impressive degree of 'fiscal conservatism', there...

:eyes:

[jimshoes]

3. A trillion here a trillion there

How much is that anyway?

[never cry wolf]

4. I am not an economist but...

In the 18 months since the last boost, I believe the actual deficit for 2003 was about 100 Bil. (.1 Tril) higher than the projected cited in the article, 2004 is 445 Bil and none of these budget include the supplementals for "terra" wars, which I believe by November will be in the neighborhood of 160 Bil. Add in debt service and your damn close to a trillion.

Just place that call to the credit card company, "Oh, your kids and grandkids will pay? No problem!"

[IMayBeWrongBut]

6. Yes makes one wonder...

Wonder also about their math skills. The debt ceiling was raised 1 trillion a year ago and needs to be raised again. Meanwhile the deficit is only 450 billion. Why don't people ask this question in all those press conferences?

[slojim240]

5. I wish my credit card would raise my limit now that I am maxed out.

that would be great!!! I can pass the debt off to my grandchild.

[The_Casual_Observer]

7. The economy is doing great, on the other hand we need to

borrow more money. war is not war and so on....

[natrat]

8. rethugs talk such a good game

but when it comes down to it they have no nads to cut any spending. Like rich fat and bored housewives/husbands with a credit card

[leesa]

10. They are cutting public safety nets all over the place. The PROBLEM

is that they are looting every penny this country has while they are doing it. This has always been the Republican way. Congress, of course, will go along with it like they always do because both sides, Dem and Republican are going for broke...

"The last official act of a government is to loot the treasury"

[mom cat]

9. Sounds like a Snow job to me.