US Treasury formally seeks hike in US debt ceiling

Mon Aug 2, 2004

WASHINGTON, Aug 2 (Reuters) - Treasury Secretary John Snow on Monday put the ball squarely in Congress' court on the debt ceiling issue, warning lawmakers the U.S. government could not be financed past November unless they act to raise the limit.

In a letter sent to Capitol Hill leaders, Snow said the debt subject to the $7.384 trillion limit will be hit "between late September 2004 and early October 2004." Even if the government takes certain accounting maneuvers to stay beneath the ceiling, as it has done in the past, Snow said, "we can finance government operations no longer than mid-to-late November 2004."

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