Sept. 20, 2007 – 1:55 p.m.
The Senate is expected to vote before its Columbus Day recess on legislation to raise the ceiling on the national debt to almost $10 trillion.
Sen.
On Sept. 12 the Senate Finance Committee approved legislation (
No Senate vote has been scheduled yet, but one is expected soon.
The debt limit has grown by $3 trillion since 2002.
Debt that is subject to the statutory limit includes publicly traded securities purchased by Wall Street investors, savings bonds and special securities held by trust fund accounts that finance Social Security, Medicare and other government programs. If the debt limit is not increased, Treasury would be unable to pay interest on existing notes and bonds or borrow more funds.


