Snow Urges Congress To Raise Debt Limit

Snow said that Treasury, if the debt limit was not raised by then, would have to take "extraordinary actions" to keep paying its bills for everything from Social Security to national defense spending. Even if Treasury took "all available prudent and legal actions to avoid breaching the statutory debt limit, we anticipate that we can finance government operations no longer than mid-March." The debt limit was last raised in November 2004 by $800 billion to its current level. The letter to Congress does not specify an amount the Treasury wants the ceiling set at this time. But he said quick action was needed to preserve the U.S. ability to borrow in global capital markets at the lowest rates possible. http://news.yahoo.com/s/nm/20051229/pl_nm/economy_debtlimit_dc

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