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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Ann Corrigan who wrote (239883)	3/19/2002 3:46:57 PM
From: Baldur Fjvlnisson	Read Replies (1) \| Respond to of 769670

Totally bankrupt, mob-owned mess: O'Neill Set to Prevent Federal Default Tue Mar 19, 7:52 AM ET By ALAN FRAM, Associated Press Writer WASHINGTON (AP) - The Bush administration is preparing to prevent a federal default at month's end in the increasingly likely event that Congress fails to raise the federal borrowing limit by then. In a letter to congressional leaders Monday, Treasury Secretary Paul O'Neill formally alerted them that he will do whatever is necessary to ensure the government has the ability to pay its debts. "In the absence of other actions, I will take the necessary steps to ensure the protection of the full faith and credit of the United States government," O'Neill wrote. Federal borrowing will approach the current $5.95 trillion legal ceiling on March 25 and surpass it by April 1, O'Neill said. President Bush (news - web sites) wants lawmakers to raise the limit by $750 billion, which the administration believes would cover borrowing into 2004. Congress almost certainly will not raise the debt ceiling before beginning a two-week recess at week's end because the issue has become entwined in a fight over the budget. A federal default, which has never happened, is considered unthinkable because it would raise the government's borrowing costs and ripple through the world's economy. Congressional aides and lobbyists said last week they expect O'Neill to avoid a default by shifting funds in a retirement account the government manages for civil servants. That would put tens of billions of dollars into an account not counted toward the legal debt limit, freeing up room for more borrowing. O'Neill's letter did not specify what he would do. But O'Neill will use the tools that President Clinton (news - web sites)'s Treasury secretary, Robert Rubin, used in 1995 and 1996 during a budget fight with the Republican-led Congress, said a Treasury official on condition of anonymity. Rubin's techniques included shifting the retirement funds. Senate Majority Leader Tom Daschle, D-S.D., may try pushing a debt limit increase through the Senate this week that would last until next March, said aides from both parties. The move would let Democrats say they were keeping politics out of the debt limit debate and pressure GOP leaders in the House. Republicans there have a razor-thin majority and seem unable to win passage for the bill without attaching it to more attractive legislation like a forthcoming bill to finance the war on terrorism. Senate Republicans favor quick debt limit passage this week. Some Democrats want a shorter increase that would force another vote on the issue before the elections, which would give them a chance to blame borrowing on last year's massive GOP-sponsored tax cut. Many House Republicans oppose boosting federal borrowing. Most Democrats are ready to oppose it unless they win GOP budget concessions because they say it is being forced by the Bush tax cut. ___ On the Net: Office of Management and Budget: whitehouse.gov

To: Ann Corrigan who wrote (239883)	3/19/2002 4:17:54 PM
From: TigerPaw	Read Replies (1) \| Respond to of 769670

it's money well spent It seems so if you are connected with Carlyle and plan to make billions off the top. It's simple theft, no more like robbery since the threat of the marginal Bin Laden and floundering Saddam are used to coerce the money from our pockets. TP

To: Ann Corrigan who wrote (239883)	3/19/2002 10:15:07 PM
From: DavesM	Read Replies (1) \| Respond to of 769670

Ann, IMO Kennedy was just as important as Reagan in the collapse of the Soviet Union. He just doesn't get much credit because,...well,...it's somewhat embarrassing to most liberals. Instead, most would rather believe, that in his second term, John would magically turn into Robert.