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Bush administration takes emergency steps to avoid debt ceiling

Old 10-14-04, 02:29 PM
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Bush administration takes emergency steps to avoid debt ceiling

WASHINGTON (AFP) - US President George W. Bush (news - web sites)'s administration weathered a pre-election mauling as it announced emergency measures to skirt a 7.38-trillion-dollar debt limit.



Treasury Secretary John Snow said he would use pension money to keep the government running.


In a letter to Senate majority leader Bill Frist, Snow said he was immediately suspending payments to a federal employees' retirement scheme, the Government Securities Investment Fund (G-Fund).


The missing money would be repaid in full later, with no net effect on the fund or retirees, he promised.


The treasury secretary said he was forced to take the emergency accounting step because Congress had not acted on his August 2 request for the government's legal debt limit to be raised.


Any move by Congress to raise the debt limit could be politically embarrassing.

[more]


http://story.news.yahoo.com/news?tmp...e_economy_debt

because of 9-11
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Old 10-14-04, 02:35 PM
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Tell me again how this guy is a fiscal conservative?
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Old 10-14-04, 04:17 PM
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Re: Bush administration takes emergency steps to avoid debt ceiling

Originally posted by bfrank
WASHINGTON (AFP) - US President George W. Bush (news - web sites)'s administration weathered a pre-election mauling as it announced emergency measures to skirt a 7.38-trillion-dollar debt limit.
Sorry Mr. President, your card is being denied.
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Old 10-14-04, 04:29 PM
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I assume most government employee types are going to vote for Kerry now. Or do they tend to vote Democrat already?
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Old 10-14-04, 04:31 PM
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Whenever I read anything about this administration, all I can hear is the Benny Hill Show theme. I think it's their soundtrack.
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Old 10-14-04, 04:35 PM
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Dear American Foreign Press,

You lost me at "mauling".

Sincerely,

weargle
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Old 10-15-04, 11:40 PM
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Not news.. same thing happened during the Clinton administration...

Congress didn't want to act before elections for political reasons.. They will right after.
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Old 10-15-04, 11:55 PM
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Originally posted by matchpenalty
Not news.. same thing happened during the Clinton administration...

Congress didn't want to act before elections for political reasons.. They will right after.
Nothing to see here.

Clinton did it too.

This opens the door to elicit hot intern sex for George.
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Old 10-16-04, 10:18 AM
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i think we should stop all entitlement checks from going out. that will stop the growth of debt.
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