Bush signs debt-limit increase

CNN ^ | July 1, 2002 | AP

[Alan Chapman]

WASHINGTON (AP) -- The White House announced in a one-sentence statement Monday that President Bush had signed into law a nearly half-trillion-dollar increase in the government's ability to borrow money.

White House press secretary Ari Fleischer put the news out on paper: "On Friday, June 28, 2002, the president signed into law S. 2578, increases the public debt limit from $5.95 trillion to $6.4 trillion."

[jae471]

The debt limit was last increased in 1997, before a string of four straight annual surpluses under President Clinton Congressional Republicans allowed part of the debt to be paid down.

[Vladiator]

I know Bush is trying to emulate Reagan, but this trip is not necessary.

[Tauzero]

"The $450 billion increase would provide enough money for the government to pay its bills at least until December."

Then what?

[Tourist Guy]

Borrow more.