Politics

Debt limit to rise to $8.18 TRILLION

Tax cut, spending caps are rejected
WASHINGTON -- The strict rules that once limited tax cuts and entitlement spending increases lapsed two years ago. Limits on spending lost their teeth. This year, Congress failed to pass a budget altogether. Last night, with the federal government warning that it was on the verge of defaulting on its debts, the House rejected efforts to reimpose restrictions on tax cuts and spending, then joined the Senate to raise the federal debt limit by $800 billion, to $8.18 trillion. Posted by Editor at November 19, 2004 11:34 AM