Washington (Aug. 4, 2004) — Projecting the scope of U.S. debt to reach its $7.84 trillion dollar annual limit well before the end of the year, Treasury Secretary John Snow warned members of Congress that the ceiling must be raised in order to keep financing the government.
In a letter to lawmakers, Snow said the debt would hit the $7.4 trillion limit “between late September and early October.”
Snow said even if certain emergency accounting procedures were implemented to keep the debt level below the limit, the government could not finance its operations past “mid-to-late November 2004.”
— WebCPA staff
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