Congress Sends Bush $800B Debt-Limit Hike [View All]

[goobergunch]

Congress Increases Federal Borrowing Power, Sending $800 Billion Debt-Limit Hike to Bush



WASHINGTON Nov 18, 2004 — Congress sent President Bush an $800 billion boost in the federal borrowing limit on Thursday, spotlighting how the budget has lurched out of control in recent years and how hard it will be to afford future initiatives.

The House approved the measure by a near party-line 208-204 vote as White House and bipartisan congressional bargainers moved to the verge of agreement on a year-end spending package expected to total $388 billion. Negotiators said just a handful of issues remained unresolved, and a package might be ready for votes by late Friday.

With the government facing imminent default because it has depleted its authority to borrow money, the debt limit bill would pump up the federal borrowing cap to $8.18 trillion. That is 70 percent the size of the entire U.S. economy, and more than $2.4 trillion higher than the debt Bush inherited upon taking office in 2001.

"The president commends the Congress for passing the debt limit increase," the White House said in a written statement that did not mention the magnitude of borrowing involved or its causes. "Passage of this legislation was important to protect the full faith and credit of the United States."

continued at link....

Incidentally, the House vote:

ON PASSAGE
S 2986, the Debt Ceiling bill
               AYES    NOES	PRES	NV
REPUBLICAN	208	 10	 	 9
DEMOCRATIC	 	193	 	12
INDEPENDENT	 	  1	 	 
TOTALS	        208	204	 	21

http://clerk.house.gov/evs/2004/roll536.xml