Raising U.S. Debt Ceiling Above $2 Trillion Gets Approval of Senate Finance Committee
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WASHINGTON — The Senate Finance Committee, heeding a Reagan Administration warning that the Treasury will soon run out of cash, voted Tuesday to raise the national debt limit above $2 trillion.
The committee approved by voice vote a bill raising the debt limit by more than $250 billion, to $2.078 trillion. That will cover government red ink, which is accumulating at a rate of $20 billion a month, through next year.
John J. Niehenke, acting assistant Treasury secretary for domestic finance, testified last week that the government will run out of cash by Oct. 15 unless the Senate approves the additional borrowing. The House already has approved the additional debt.
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