×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: debt | limit | increase

House Seeks Debt Limit Increase to $10.2 Trillion

Friday, 14 March 2008 02:01 PM

WASHINGTON -- The government's debt limit would be raised to $10.2 trillion under a budget plan for next year approved by the U.S. House of Representatives.

The House's fiscal 2009 budget, which passed on Thursday, would increase U.S. borrowing authority by $385 billion from the current limit of $9.815 trillion, according to the House Budget Committee.

The Senate on Friday passed its own version of a fiscal 2009 budget that did not address the question of raising federal borrowing authority.

The two chambers in coming weeks are expected to try to work out their differences and then pass a budget for next year that would spend $3 trillion while projecting a deficit in the range of $340 billion to $366 billion for the year.

It is not clear whether negotiators will adjust the House's proposed $10.2 trillion debt limit.

Large annual deficits have caused the federal debt to climb steeply since President George W. Bush took office, rising from $5.6 trillion in January, 2001, to $9.3 trillion on Wednesday.

Congress last approved an increase in Washington's borrowing authority last September, increasing the credit limit by $850 billion.

Some lawmakers recently have estimated that the Treasury Department could bump up against the current $9.815 trillion limit either shortly after November presidential and congressional elections or early next year, depending on revenues and economic performance.

© Reuters 2007. All rights reserved.

-


US
WASHINGTON -- The government's debt limit would be raised to $10.2 trillion under a budget plan for next year approved by the U.S. House of Representatives.The House's fiscal 2009 budget, which passed on Thursday, would increase U.S. borrowing authority by $385 billion from...
debt,limit,increase
229
2008-01-14
Friday, 14 March 2008 02:01 PM
Newsmax Media, Inc.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved
Download the NewsmaxTV App