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First time in history Debt limit rises to 1 trillion
The Senate approved raising the temporary debt ceiling from 985 billion to 1.079 trillion, sending the bill to President Reagan. The measure, set to take effect with the new fiscal year, allows continued borrowing to pay bills. Eighteen Democrats joined 46 Republicans in backing the increase. 6 Republicans and 28 Democrats opposed.
MENTIONED IN THIS ARTICLE
Associated Press
Washington
Senate
Reagan
America
William Proxmire
Wisconsin Democrat
Russell Long
D-La
U.S
Treasury
Treasury Department
Congress
Senate Finance Committee
Robert Dole
R-Kan
House
Daniel Patrick Moynihan
D-N.y
Moynihan
Proxmire