New boost to statutory debt ceiling
$240 Billion Vs. $260 Billion Debt Ceiling
The present $210 billion statutory limit on the public debt of the United States would be raised to $240 billion by a bill passed by the House, May 10, and now awaiting action by the Senate. The Fifth War Loan drive, to raise an additional $16 billion for prosecution of the war, will open on June 12, and the public debt is expected to rise to $214 billion by June 30. Because the June 30 total is $4 billion in excess of the present limit, it is imperative that the Senate give its approval to the proposed extension before the summer recess of Congress, now scheduled to begin on June 24.
Government war borrowing, ...