TITLE

Bush Quietly Signs Debt-Limit Increase

AUTHOR(S)
Duff, Susanna
PUB. DATE
May 2003
SOURCE
Bond Buyer;5/28/2003, Vol. 344 Issue 31644, p5
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
U.S. President George W. Bush approved a fanfare legislation that increases the public debt limit by 984 billion dollar to 7.384 trillion dollar. The bill, which was approved by the Senate on May 23, 2003 after it was passed by the House, clears the way for the Treasury Department to end its three-month halt on selling State and Local Government Series (SLGS) securities that made it more cumbersome for some issuers to do advance refundings. SLGS are purchased by state and local governments at specially tailored interest rates to meet arbitrage restrictions imposed on the investment of bond proceeds. The Treasury Department plans to resume selling SLGS on June 2 and started accepting orders for the specially tailored securities within the week ending on June 1, 2003.
ACCESSION #
9944962

 

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