U.S. Senate sets Thursday vote on raising debt limit

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-03-15T234054Z_01_N15344142_RTRIDST_0_ECONOMY-TREASURY-LIMIT-UPDATE-1.XML

WASHINGTON, March 15 (Reuters) - The Senate will begin debate on Wednesday on legislation to raise U.S. borrowing authority with a vote on passage on Thursday, Senate Majority Leader Bill Frist said on Wednesday.

The U.S. Treasury Department has bumped up against its current limit on borrowing, which is set by law at $8.18 trillion. The legislation would raise the U.S. debt limit by $781 billion.

Frist said the Senate will vote on one amendment to the legislation: a Democratic move calling for a study of foreign-held debt, which has been rising rapidly in recent years.

If the Senate were to approve that amendment, the legislation would be sent back to the U.S. House of Representatives for approval. The House initially passed the $781 billion debt limit hike nearly a year ago.

Senate Republican aides in recent days have indicated there might be support for the foreign-held debt study on separate legislation. Republican leaders were hoping to avoid amending the bill on borrowing authority and thus avoid a House vote.

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The estimated population of the United States is 298,783,154
so each citizen's share of this debt is $27,717.92.

The National Debt has continued to increase an average of
$2.10 billion per day since September 30, 2005

The article says they'll begin debate on Wednesday.

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