New Deficits to Force Boost of Debt Ceiling WASHINGTON — Only four years after celebrating the end of chronic deficit spending, Congress soon will be forced once again to raise the federal debt ceiling so that the government can keep operating.
Treasury Secretary Paul H. O’Neill has notified Congress that the current $5.95-trillion debt ceiling could be breached as early as February. He asked lawmakers to move quickly to raise the limit to $6.7 trillion.
The ENRONIZATION of the American Economy.
“Sure, it’s a big deal. Instead of having latitude to do lots of things, we’re back to the old business of trying to balance our wishes and our resources,” said economist Susan Hering of UBS Warburg, a New York securities firm. “I’m sure it will loom large in the elections.”