Now you know why Mr. Bush's administration was diverting you with talk of 'wars OF terror'......
WASHINGTON, Sept 27 (Reuters) - With the U.S. government fast approaching its current $8.965 trillion credit limit, the Senate on Thursday gave final congressional approval of an $850 billion increase in U.S. borrowing authority.
The Senate voted 53-42 to raise the debt ceiling to $9.815 trillion, the fifth increase in the U.S. credit limit since President George W. Bush took office in January 2001. The U.S. House of Representatives approved the higher debt limit earlier this year as part of the overall budget resolution and the legislation now goes to Bush for his signature.
"We have no choice but to approve it. If we fail to raise the debt ceiling soon, the U.S. Treasury will default for the first time in its history," said Senate Finance Committee Chairman Max Baucus.
U.S. debt stood at about $5.6 trillion at the start of Bush's presidency.
2007-09-28
09:49:07
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