President George W. Bush on Monday signed into law a $781 billion increase in U.S. borrowing authority, making the
Treasury Department’s new debt limit $8.965 trillion, White House spokesman Scott McClellan said.
Last week, the Senate approved the increase in borrowing authority requested by the Treasury Department to avoid a government default.
From May 1, 2000:
In a written statement, Clinton said the $216 billion payment represented the largest debt paydown in American history, and he said that the federal government’s long-term debt is now $2.4 trillion lower than projected to be when he first took office.
However, the U.S. government still has a long way to go before it pays down the entire national debt, which now stands at $5.7 trillion.