Treasury Secretary Urges Congress to Raise Debt Limit

Looks like our federal public debt will approach $10 trillion dollars. Meanwhile, the government printing press keeps churning out greenbacks.

Treasury Secretary Urges Congress to Raise National Debt Limit

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Earlier this month, the Senate Finance Committee approved to boost the national debt limit to 9.82 trillion dollars, an increase of 850 billion dollars from the current level of 8.965 trillion dollars.

The national debt is the total accumulation of annual budget deficits, which must be financed with borrowed money.

The limit of the national debt has been raised several times since President George W. Bush took office in 2001.