Snow Says Debt Limit Will Have to Go Up

[Khephra]

WASHINGTON -- Treasury Secretary John Snow told lawmakers Wednesday that the nation's debt limit will probably have to be raised sometime in late summer so the government can continue borrowing money.

Snow made the ballpark estimate while testifying before the House Budget Committee about the president's proposed budget, which shows the government expects to spend $521 billion more than it collects this year.

The timing could place Congress in the debate over debt financing shortly before the presidential election.

The legal limit on government debt currently sits at $7.4 trillion. Congress last year passed a record $984 billion boost when the borrowing authority ran out, after an intensely partisan debate over the president's economic policies.

more................

http://www.newsday.com/news/politics/wire/sns-ap-budget-deficit,0,1177802.story?coll=sns-ap-politics-headlines

[LosinIt]

1. I swear if B*sh was chosen by God to lead us.....

Then She must really hate us.

[Nay]

2. Can you imagine the howling from Republicans if a Democratic

president spent like this?

[Seldona]

3. For the second year in a row?

Someone needs to tell these guys no.

This is simply unbelievable.

[remfan]

4. Correct me if I'm wrong, but this is the 3rd time they've had to

raise the debt ceiling since * took occupancy.

[indepat]

5. No s**t!

[izzie]

6. I heard part of that and these were the guys talking up good news.

My hair was on end most of the time. I would say this country is in deep trouble. This stock market being up looks like a bubble of a different type but still not real.That even other counties do not wish to buy our bonds is scary enough but the countries that are buying them is even more scary.

[0007]

7. Oh Shit!!

[snippy]

8. How very republican.

Of the $3.5 trillion or so of accumulated federal deficits since 1960, over 90% was under republican presidents. Of the 14 times since then that the deficit has exceeded 3% of GDP, every single time it was under a republican president.
http://www.whitehouse.gov/omb/budget/fy2004/sheets/hist01z3.xls

[UpInArms]

9. kick

:kick:

[Just Me]

10. Reagan proved deficits don't matter,....

,...of course, it took us quite some time to recover from them. Bush's deficits will take a whole generation to overcome. But, hey *LOL*, how's about that $300 tax refund,...isn't worth a $50,000 debt on each American family?

[Just Me]

11. Corporate demons profitting off of instant gratification tendencies,...

,...that's what I see. Creating big profits for corporations through deficits built upon manipulating the human weakness for instant gratification.

[fob]

12. What kind of justice would that be if the debt limit were raised during

the repuke convention(I mean the same time as, not that they're THAT stupid to do it AT the convention)

Headlines

Repukes in NY to hold convention

Debt limit raised for 3rd time in 3 years


Disclaimer: The justice would be the resultant drop in bush* approval, not in the realization of a bad economic indicator

[htuttle]

13. Whatta' ya mean we're broke?!?

That's impossible. We've still got checks left!

[snippy]

14. LOL. Dubya? Is that you?