US Senate Passes Bill to Sharply Raise Federal Debt Ceiling

Home>>World

Last updated at: (Beijing Time) Saturday, May 24, 2003

US Senate Passes Bill to Sharply Raise Federal Debt Ceiling

The US Senate passed a legislation Friday to raise government's debt ceiling by a record 984 billion dollars.

DISCUSSION

CHINESE

SEND TO FRIEND

The US Senate passed a legislation Friday to raise government's debt ceiling by a record 984 billion dollars.

The bill was approved by a vote of 53-44 after the US congress had passed a new tax-cut package totaling 330 billion US dollars, less than half of the amount which President George W. Bush initially proposed.

The bill is now sending to the US president for signature.

Bush's certain signature would boost the US government's debt limit to 7.38 trillion dollars, enough to let it borrow money until sometime next year.

The current debt ceiling of 6.4 trillion US dollars was breached earlier this year. The US Treasury Department have to pay its bills by shifting money from government retirement and other funds in the past several months.

The bill was passed at a time when the US federal deficit is expected to reach a record high of over 300 billion dollars in current fiscal year ending on Sept. 30.

Questions?Comments? Click here

US Federal Deficit Exceeding 300 Billion Dollars

Chinese Crack Down on Public Spitting ( 2 Messages)

United States Afraid of its Own Shadow: Mahathir ( 8 Messages)

Int'l Community Aids China's SARS-control ( 6 Messages)

BBC Leader Criticizes US Coverage of War against Iraq ( 17 Messages)

US Interference in China's Internal Affairs Doomed to Failure: FM Spokeswoman ( 7 Messages)