Secretary Paulson urges Congress to vote to raise the limit, so the federal government can continue to borrow money.WASHINGTON (AP) -- Treasury Secretary Henry Paulson told Congress on Wednesday that the federal government will hit the current debt ceiling on Oct. 1.
He urged quick action to increase the limit, saying it was essential to protect the "full faith and credit" of the country, especially at a time of financial market turmoil.
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I trust Paul more than I trust Paulson.
Somehow Paulson's warnings seemed more like threats. Unneeded threats, actually. The Senate likes to spend as much as the House does, so Paulson should have no worries. The federal government will continue spending money and placing the burden on my grandchildren.
My grandchildren... We definitely need Ron Paul in the White House.
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