U.S. senator (Grassley) sees no rush for debt limit hike

[UpInArms]

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-02-14T190804Z_01_N14385631_RTRIDST_0_ECONOMY-CONGRESS-DEBT.XML

WASHINGTON, Feb 14 (Reuters) - The U.S. Senate might wait until mid-March to raise the U.S. borrowing limit, despite Treasury Department warnings that the government could exceed the current cap within days, a key Senate Republican said on Tuesday.

Sen. Charles Grassley of Iowa, who chairs the Finance Committee, said that if the Senate does not raise the $8.18 trillion debt limit this week before the start of a weeklong recess, it would vote before the next recess tentatively set for March 18.

On Monday, a Treasury Department spokesman said the federal government was on track to hit the current debt ceiling by mid-February.

If U.S. borrowing authority is not lifted soon, the Treasury Department could use such extraordinary measures as dipping into several government funds to avoid default, as it has in the past.

Grassley, an Iowa Republican, told Reuters the goal would be to get the debt limit legislation passed "with the least debate."

<snip>

Under a nonbinding budget blueprint approved by Congress last spring, the debt limit would rise by $781 billion. Such an increase would bring to more than $3 trillion the total increases in government borrowing authority enacted under President George W. Bush.

...more...


The estimated population of the United States is 298,525,115
so each citizen's share of this debt is $27,514.87.

The National Debt has continued to increase an average of
$2.05 billion per day since September 30, 2005

[Hobarticus]

1. Attaboy, Chuck!

Don't do anything to stop the rising floodwaters....just raise the ceiling.

Jackass.

[BR_Parkway]

2. When did 14 Feb stop being mid-February?

[emulatorloo]

3. When Rove says jump, Grassley says "How High?"

Sorry can't come up with anything more original and witty. Being stuck w him as a Senator has me at my wit's end.

[Critters2]

4. One of the few good things about leaving Iowa...

Chuck isn't my senator anymore.