Panel OKs $60-Billion Debt Ceiling Hike
WASHINGTON — The Senate Finance Committee approved a $60-billion increase in the nation’s debt ceiling Tuesday, 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 to $2.86 trillion from the current $2.8 trillion to let the government pay its bills through Oct. 31. If the measure is approved by the full Senate and House, the debt ceiling will have to be increased again this fall.
Finance Committee Chairman Lloyd Bentsen (D-Tex.) proposed the three-month rise instead of an increase approved on May 17 by the House as part of its budget plan. The House proposed increasing the ceiling by $322.7 billion to $3.12 trillion.
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