SOS
07-02-2002, 10:27 AM
Bush signs debt-limit increase (http://www.cnn.com/virtual/editions/europe/2000/roof/change.pop/frameset.exclude.html)
WASHINGTON (AP) -- The White House announced in a one-sentence statement Monday that President Bush had signed into law a nearly half-trillion-dollar increase in the government's ability to borrow money.
White House press secretary Ari Fleischer put the news out on paper: "On Friday, June 28, 2002, the president signed into law S. 2578, increases the public debt limit from $5.95 trillion to $6.4 trillion."
Fleischer, in response to a question last week about whether Bush was embarrassed the debt limit needed to be raised under his watch, said no. He made clear the president wanted to sign the legislation quickly to avert an unprecedented federal default.
For months, Democrats used the issue as a symbol of what they say are Bush's failed fiscal policies and held out for a separate vote on the issue so that Democratic candidates in this fall's congressional elections could accuse Republicans of favoring federal borrowing to pay for the tax cut Bush pushed through Congress last year.
The $450 billion increase would provide enough money for the government to pay its bills at least until December. That means Congress should not have to revisit the always politically painful issue until after November's elections for control of the Senate and House.
The debt limit was last increased in 1997, before a string of four straight annual surpluses under President Clinton allowed part of the debt to be paid down.
They should spend this money to become more efficient, not wastefull with billions spent on pork projects... :) Yeah right, like that is going to happpen.
WASHINGTON (AP) -- The White House announced in a one-sentence statement Monday that President Bush had signed into law a nearly half-trillion-dollar increase in the government's ability to borrow money.
White House press secretary Ari Fleischer put the news out on paper: "On Friday, June 28, 2002, the president signed into law S. 2578, increases the public debt limit from $5.95 trillion to $6.4 trillion."
Fleischer, in response to a question last week about whether Bush was embarrassed the debt limit needed to be raised under his watch, said no. He made clear the president wanted to sign the legislation quickly to avert an unprecedented federal default.
For months, Democrats used the issue as a symbol of what they say are Bush's failed fiscal policies and held out for a separate vote on the issue so that Democratic candidates in this fall's congressional elections could accuse Republicans of favoring federal borrowing to pay for the tax cut Bush pushed through Congress last year.
The $450 billion increase would provide enough money for the government to pay its bills at least until December. That means Congress should not have to revisit the always politically painful issue until after November's elections for control of the Senate and House.
The debt limit was last increased in 1997, before a string of four straight annual surpluses under President Clinton allowed part of the debt to be paid down.
They should spend this money to become more efficient, not wastefull with billions spent on pork projects... :) Yeah right, like that is going to happpen.