Wednesday, November 03, 2004

Bush: Thanks America (for taking Cheney's advice)



White House: Debt Ceiling Must Be Raised

Wed Nov 3,12:54 PM ET White House - AP


By MARTIN CRUTSINGER, AP Economics Writer

WASHINGTON - The Bush administration announced Wednesday that it will run out of maneuvering room to manage the government's massive borrowing needs in two weeks, putting more pressure on Congress to raise the debt ceiling when it convenes for a special post-election session.



Treasury Department (news - web sites) officials announced that they will be able to conduct a scheduled series of debt auctions next week to raise $51 billion. However, an auction of four-week Treasury bills due to be completed on Nov. 18 will have to be postponed unless Congress acts before then to raise the debt ceiling.


"Due to debt limit constraints, we currently do not have the capacity to settle our four-week bill auction scheduled to settle on Nov. 18," Timothy Bitsberger, acting assistant Treasury secretary for financial markets, said in a statement.

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