Paulson Asks Congress to Lift Debt Limit
Paulson Tells Congress the Current Debt Ceiling Will Be Hit on Oct. 1
WASHINGTON (AP) -- Treasury Secretary Henry Paulson told Congress on Wednesday the government will hit the current debt ceiling on Oct. 1.
He sought quick action to increase the limit, saying it was essential to protect the "full faith and credit" of the country, especially at a time of financial market turmoil.
The limit is $8.965 trillion. Unless Congress votes to raise it, the country would be unable to borrow more money to keep the government operating and to pay debt obligations coming due.
Do I think this is the end of the world? No. Do I think this is whorth mentioning? You know it.
