The U.S. government is fast approaching its $8.965 trillion credit limit, which led the Senate to raise the limit by $850 billion on Thursday, according to Reuters. This is the fifth credit limit raise since President Bush took office.
Senate Finance Committee Chairman Max Baucus (D-Mont.) said, "we have no choice but to approve it" or otherwise the U.S. Treasury would have to default on its loans for the first time ever. Sen. Tom Coburn (R-Okla.) urged colleagues to reject the increase and instead focus on spending cuts.
All but 14 members of the House voted Wednesday for billions of dollars for the war in Iraq, according to afterdowningstreet.com. The continuing resolution will extend fiscal year 2007 spending levels at the same levels for seven weeks into fiscal year 2008, which begins Oct. 1.
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