OMG- they want up to $11 TRILLION?
WTH is going on?
The $11Trillion is just the open line of credit, not how much they ‘want’, although I bet that line of credit will be maxed out unless there are stopgaps built in (ie, you can only access XX for this reason under these circumstances).
I think the 11 trillion refers to the expansion of the budget deficit.
Dennis Kukookish giving his analysis now. Beam me up! Mister Speaker.
$11.3 trillion will be the new ceiling on the national debt. As of September 18, our national debt was $9,664,631,803,259.07. The current ceiling for the national debt had already gone up to $10.6 trillion.
The additional $700 billion would take the national debt ceiling to $11.3 trillion.
The story Rescue plan seeks $700B to buy bad mortgages has some more details.