Senate approves increase in national debt limit
Senate panel sets national debt limit at $9.82 trillion, $4 trillion higher than when President Bush first took office.
September 12 2007: 4:18 PM EDT
WASHINGTON (AP) — A Senate panel on Wednesday approved an increase in the limit on the national debt to $9.82 trillion, the fifth increase in the government’s borrowing limit since President Bush took office.
The move came in response to a request by Treasury Secretary Henry Paulson to increase the debt limit before the government reaches the current $8.97 trillion limit in early October. The Senate Finance Committee approved the $850 billion debt limit increase by voice vote.