Reply #22: Admin Ask Congress to Up Debt Limit (on to $8.2 TRILLION)

[katty]

cont'd: http://www.msnbc.msn.com/id/11699012/

Administration asks Congress to up debt limit

Retirement funds tapped; U.S. will pass $8.2 trillion ceiling around March 20

Win Mcnamee / Getty Images "I know that you share the President’s and my commitment to maintaining the full faith and credit of the U.S. government,” Treasury Secretary John Snow wrote in asking Congress to raise the limit.
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Updated: 12:54 p.m. ET March 6, 2006
WASHINGTON - Treasury Secretary John Snow notified Congress on Monday that the administration has now taken “all prudent and legal actions,” including tapping certain government retirement funds, to keep from hitting the $8.2 trillion national debt limit.

In a letter to Congress, Snow urged lawmakers to pass a new debt ceiling immediately to avoid the nation’s first-ever default on its obligations.

“I know that you share the president’s and my commitment to maintaining the full faith and credit of the U.S. government,” Snow said in his letter to leaders in the House and Senate.