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.”

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access