Panel OKs Debt Limit Increase
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WASHINGTON — The Senate Finance Committee approved a $244-billion hike in the government’s borrowing authority today, up to a record $2.3 trillion, and voted to prohibit use of Social Security funds to finance government.
The Finance Committee approved the debt bill, 12 to 2, and included a provision sponsored by Sen. Daniel Patrick Moynihan (D-N.Y.) that prohibits borrowing from Social Security trust funds for interim financing of the debt. A huge controversy developed last year when the trust funds were used for that purpose.
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