Geithner Asks Congress to Increase Federal Debt Limit

[meme]

By COREY BOLES and MICHAEL R. CRITTENDEN
Washington -- U.S. Treasury Secretary Timothy Geithner asked Congress to increase the $12.1 trillion debt limit on Friday, saying it is "critically important" that they act in the next two months.

Mr. Geithner, in a letter to U.S. lawmakers, said that the Treasury projects that the current debt limit could be reached as early mid-October. Increasing the limit is important to instilling confidence in global investors, Mr. Geithner said.

The Treasury didn't request a specific increase in the letter.

"It is critically important that Congress act before the limit is reached so that citizens and investors here and around the world can remain confident that the United States will always meet its obligations," Mr. Geithner said in a letter to lawmakers.

Mr. Geithner said the that it is "clearly a moment in our history" that requires support from both Democrats and Republicans for the increase.

"Congress has never failed to raise the debt limit when necessary," Mr. Geithner said.

The non-partisan Congressional Budget Office said Thursday the federal government's budget deficit reached $1.3 trillion through the first ten months of fiscal 2009, on track to reach a record high of $1.8 trillion for the 12-month period.


from..
http://online.wsj.com/article/SB124970470294516541.html

 

[uscitizen]

Jun. 26--President Bush yesterday told lawmakers they had a patriotic duty to end months of partisan squabbling and approve a major increase in the federal debt limit, even as the Treasury Department was forced to delay an auction of two-year bonds.

Despite the president's call, and Treasury Department warnings that the government would breach its legal ceiling on borrowing by week's end, House Republican leaders were unable to persuade rank-and-file members to support an increase in the $5.95 trillion federal debt limit.

http://www.highbeam.com/doc/1G1-87765233.html

U.S. Congress agrees to raise national debt limit
www.chinaview.cn 2007-09-28 13:11:50 Print

WASHINGTON, Sept. 27 (Xinhua) -- The U.S. Senate on Thursday approved a bill to raise the national debt limit by 850 billion U.S. dollars to 9.815 trillion dollars.

The debt limit increase bill was passed in the Senate by a 53-42 vote, and has been sent to President George W. Bush who is expected to sign it by Oct. 1, when the new fiscal year starts and the government hits its current borrowing ceiling of 8.965 trillion dollars.

The House approved an increase in the national debt limit in May this year.

Earlier this month, U.S. Treasury Secretary Henry Paulson urged quick actions from the Democrats-controlled Congress to raise the national debt limit, saying the U.S. government will hit the current debt ceiling on Oct. 1.

The national debt is the total accumulation of annual budget deficits, which must be financed with borrowed money.

The limit of the national debt has been raised several times since President Bush took office in 2001. The last time was in March 2006 when Congress agreed to raise the debt ceiling by 781 billion dollars.

http://news.xinhuanet.com/english/2007-09/28/content_6806725.htm

 

[TuTu Monroe]

By COREY BOLES and MICHAEL R. CRITTENDEN
Washington -- U.S. Treasury Secretary Timothy Geithner asked Congress to increase the $12.1 trillion debt limit on Friday, saying it is "critically important" that they act in the next two months.

Mr. Geithner, in a letter to U.S. lawmakers, said that the Treasury projects that the current debt limit could be reached as early mid-October. Increasing the limit is important to instilling confidence in global investors, Mr. Geithner said.

The Treasury didn't request a specific increase in the letter.

"It is critically important that Congress act before the limit is reached so that citizens and investors here and around the world can remain confident that the United States will always meet its obligations," Mr. Geithner said in a letter to lawmakers.

Mr. Geithner said the that it is "clearly a moment in our history" that requires support from both Democrats and Republicans for the increase.

"Congress has never failed to raise the debt limit when necessary," Mr. Geithner said.

The non-partisan Congressional Budget Office said Thursday the federal government's budget deficit reached $1.3 trillion through the first ten months of fiscal 2009, on track to reach a record high of $1.8 trillion for the 12-month period.


from..
http://online.wsj.com/article/SB124970470294516541.html

The national debt is very close to the limit. I think it is something like 11.6 trillion now.