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LIVING BEYOND OUR NATIONAL MEANS: Congress Raises National Debt Limit
washingtonpost.com -- Congressional approval of a $450 billion boost in federal borrowing authority spared the government from choosing between defaulting on the national debt and using "shaky ... or potentially fraudulent accounting devices," Treasury Secretary Paul O'Neill said Friday. He made the comment to reporters a day after Congress increased the borrowing limit. O'Neill said Treasury would not have wanted to put itself in a position of "being accused of following the horrendous accounting" practices by some major corporations that have come to the surface in recent months. The federal government must set the "standard for integrity" when it comes to accounting practices, he said. The $450 billion increase will provide enough money for the government to pay its bills until at least December, O'Neill said. That means Congress will not have to face the borrowing question again until after the November's elections that will determine which party controls the Senate and House.

posted by West 10:25 AM