CLEVELAND (Reuters) -
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.
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.
Update:
From May 1, 2000:
WASHINGTON (CNN) – President Bill Clinton said Monday that the United States would pay off $216 billion in debt this year, bringing to $355 billion the amount of the nation’s debt paid down in the three years since the government balanced the budget and began running surpluses.
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.
Comments
5 Comments so far. Leave a comment below.there goes my house in the Hamptons.
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I’m not very good at economics, so maybe my comment is inane… but how the hell are you guys in the US going to pay for that amount???
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“Mission Accomplished” – we’re bankrupt.
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What was the debt when the guy started?
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On top of that, thanks to Dubya, my medication has just doubled in cost….which is a very big deal, considering I don’t have insurance and pay for everything out of pocket.
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