Treasury Secretary: $8.2 trillion debt ceiling too low

03/7/2006 | MSNBC

Treasury Secretary John Snow sent a letter to Congress asking legislators to increase the federal debt limit, saying the government was close to hitting the existing $8.2 trillion ceiling and defaulting on its debt. Snow said the administration intended to borrow a "few billion" from the Civil Service Retirement and Disability Fund while awaiting action from Congress.

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