Tuesday, March 07, 2006

Higher Debt Ceiling Sought - CBS News

Higher Debt Ceiling Sought - CBS News:
Treasury officials, briefing congressional aides last week, said that during the week of March 20, the government will run out of maneuvering room to keep from exceeding the current limit.

In his letter, Snow notified lawmakers that Treasury would begin tapping the Civil Service Retirement and Disability Fund, which Treasury officials said would provide a 'few billion' dollars in extra borrowing ability.

Treasury officials also announced that on Friday they had used the $15 billion in the Exchange Stabilization Fund, a reserve that the Treasury secretary has that is normally used to smooth out volatile movements in the value of the dollar in currency markets.

Treasury has also been taking investments out of a $65.3 billion government pension fund known as the G-fund.
It's a bad sign when the only way to make the monthly payments is by increasing the credit limit on the ol' charge card. This has to stop, and I don't trust BushCo to do so wihout ruining decades of progress and responsibility.

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