NATION : Senate Panel OKs Rise in U.S. Debt
From Times wire services
WASHINGTON —
The Senate Finance Committee approved a $60-billion increase in the nation’s debt ceiling today, the first in two years, amid warnings that Social Security and other benefits will not be paid in September if the increase is rejected.
The panel approved a hike from the current $2.8 trillion to $2.86 trillion to let the government pay its bills through Oct. 31. The short-term increase, if approved by the full Senate and House, would need to be followed by another vote to increase the debt ceiling this fall.
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