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

To: Baldur Fjvlnisson who wrote (340149)	1/8/2003 11:44:40 AM
From: Baldur Fjvlnisson	Read Replies (1) \| Respond to of 769667

Fired - before he could talk of crisis again. --------------------------------------- O'Neill Warns of Debt Crisis Ceiling Boost Stalled on Hill as Treasury Counts Down Days _____OnPolitics_____ By John M. Berry Washington Post Staff Writer Wednesday, June 19, 2002; Page E02 Treasury Secretary Paul H. O'Neill yesterday reiterated warnings that nine days from now the U.S. government will run out of money to pay its bills unless Congress increases the limit on how much the Treasury can borrow. The national debt cannot exceed $5.95 trillion, and at the close of business Monday government borrowing stood a scant $25 million below that limit. Since mid-May, Treasury has avoided breaching the limit only by engaging "in a series of extraordinary account measures," O'Neill said. The secretary's statement apparently was issued in response to doubts by House Majority Leader Richard K. Armey (R-Tex.) that June 28 was actually a "drop-dead" date for action to raise the debt limit. O'Neill said that on that date, "we will be required to credit an interest payment of approximately $67 billion to various federal trust funds, including Social Security. We are also scheduled to make $54 billion in payments in the first few days of July, including approximately $30 billion of payments to Social Security beneficiaries and other trust fund beneficiaries." "It's time to put politics aside and do the right thing for the country," O'Neill said. Senate Majority Leader Thomas A. Daschle (D-S.D.) told reporters, "The government checks for Social Security, veterans and civil service retirement will bounce if the debt limit increase is not passed." The Senate passed a bill last week raising the debt limit by $450 billion, but the House has shown no sign of following suit. Because of the debt limit, Treasury was forced late Monday to cancel an announcement set for today giving details of its regular monthly auction of two-year notes that was to be be held next Wednesday. Even if the auction is not held next week, the Treasury has enough cash to continue government operations until the end of the month.