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Feds Need To 'Raise Debt Limit Before Memorial Day'
Mon May 2003 12 11:29:54 ET

The federal government could run into problems if Congress doesn't raise the federal-debt limit before the Memorial Day recess, some analysts say.

The WALL STREET JOURNAL reported on Mondau: Treasury officials "have used creative accounting since Feb. 20 to stay below the $6.4 trillion federal-debt ceiling. The Treasury has secured extra borrowing room through a variety of emergency measures, but its current measures will last only a few more weeks." The House "agreed to a $984 billion increase as part of its 2004 budget blueprint.

"And Friday, Senate Majority Leader Bill Frist, (R., Tenn.), said the Senate this week would take up legislation raising the debt limit. Congress leaves for recess on May 23."

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