The government should hit the national debt's $7.4 trillion ceiling this month, and the Bush administration told Congress again Monday it should raise the limit. That would be a politically sticky move just weeks from the Nov. 2 elections.
Treasury Department spokesman Rob Nichols said the government is on track to reach the limit in early October. He could not provide a more specific date but said the forecast is made "on a day-to-day basis," and Congress would be notified.
The government can juggle accounts to stay under the limit through mid-November to avoid default, as it has in the past. But the Bush administration is urging Congress, which expects to adjourn Friday, to go ahead and raise the ceiling.
"We've been calling on Congress to act now for months, and we think it's important that they do so," Nichols said.
The government's debt was $7.364 trillion as of Friday, $18.3 billion from the ceiling. Congress last boosted the limit in May 2003.
SOURCE
Treasury Department spokesman Rob Nichols said the government is on track to reach the limit in early October. He could not provide a more specific date but said the forecast is made "on a day-to-day basis," and Congress would be notified.
The government can juggle accounts to stay under the limit through mid-November to avoid default, as it has in the past. But the Bush administration is urging Congress, which expects to adjourn Friday, to go ahead and raise the ceiling.
"We've been calling on Congress to act now for months, and we think it's important that they do so," Nichols said.
The government's debt was $7.364 trillion as of Friday, $18.3 billion from the ceiling. Congress last boosted the limit in May 2003.
SOURCE