Federal Debt Limit Increased
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A divided US Senate approved an $800 billion increase in the federal debt limit Wednesday, a major boost in borrowing that Sen. John Kerry and other Democrats
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WASHINGTON (CBS.MW) -- The Senate was expected Wednesday to approve legislation that would hike the federal debt limit by $800 billion, just as the Treasury Department runs out of room to maneuver under the existing ceiling.
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The U.S. House of Representatives on  Thursday voted to increase the federal credit limit by $800  billion to $8.184 trillion, a move that will allow the measure  to be sent to President Bush for signing into law.
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Treasury Secretary Henry Paulson said on Wednesday he expects the federal government to reach its $8.965 trillion statutory debt limit on October 1.
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Americans reached for their credit  cards with gusto in May after an April lull, sending overall  U.S. consumer borrowing up by $12.90 billion -- more than twice  the forecast rise, a Federal Reserve Board report showed on  Monday.
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President Bush on Friday signed into law a measure authorizing an &#36;800 billion increase in the credit limit of the United States, the White House said.
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Ford Motor Co.  plans to raise the  amount of a borrowing plan to roughly $22 billion to $23  billion from an original $18 billion, as it increases the size  of a revolving credit line and a convertible note sale.
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Interest rates on short-term Treasury bills rose in yesterday's auction to the highest levels in three months.
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Treasury debt prices rose on Wednesday on short covering, but benchmark yields stayed near five-year highs as strong economic data raised the prospect that the Federal Reserve may increase interest rates.
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Democrats accused Republicans of disastrous economic policies as Congress moved Thursday toward shipping President Bush an &#36;800 billion increase in the federal borrowing limit.
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The central bank ordered banks in the country to increase reserves for the first time in 17 years to rein in household debt and help curb a surge in property prices. The Bank of Korea raised the required reserve ratio on demand deposits to 7 percent from 5 percent, it said Thursday in a statement. The move was the latest effort by policy makers to damp rising household debt and surging property prices, which last month rose at the fastest pace in three years, threatening economic expansion. The government said last week that it planned to build more apartments and tighten lending restrictions for home buyers.
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The U.S. Federal Reserve on  Wednesday raised interest rates for a sixth straight time,  extending a policy of gradually lifting borrowing costs to  levels high enough to ward off inflation pressures.
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In another indication of increasing consumer debt, a new federal report has found that the percentage of borrowers who turned to high-cost loans to buy or refinance their houses rose last year.
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Business & money: Average interest rates on personal loans have jumped to almost double the advertised rate
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The US House of Representatives on Thursday prepared to raise the nation&#39;s debt ceiling by $800 billion, taking the new limit to $8.184 trillion.
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The U.S. Federal Reserve on Wednesday raised interest rates for a sixth straight time, extending a policy of gradually lifting borrowing costs to levels high enough to ward off inflation pressures.
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Sky-high interest rates on credit cards can make a mountain of debt seem insurmountable. Eventually for some, it is.