[Weekly Compilation of Presidential Documents Volume 38, Number 26 (Monday, July 1, 2002)]
[Pages 1093-1094]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Letter to Congressional Leaders on Legislation To Increase the Public 
Debt Limit

June 25, 2002

Dear Mr. Speaker:  (Dear Mr. Leader:)

    I am writing to ask that the bipartisan cooperation you have shown 
in our war against terror and creation of a new Department of Homeland 
Security be extended to another important priority: maintaining the full 
faith and credit of the United States Government.
    Because of the economic slowdown that began in the summer of 2000, 
the terrorist attacks of September 11, and the ongoing expense of the 
war, the Secretary of the Treasury last December asked the Congress to 
increase the statutory ceiling on the Government's ability to raise 
funds. Seven months later, the Congress has still not acted, although it 
has routinely fulfilled this responsibility in the past.
    The Treasury has had to take extraordinary measures to allow the 
United States Government to continue to function normally as a result of 
the failure of the Congress to act. These are only temporary measures, 
not an excuse for the Congress to fail to fulfill its duties.
    I urge you and Minority Leader Gephardt to show the same spirit of 
bipartisan cooperation that Senate Majority Leader Daschle and Senate 
Minority Leader Lott showed 2 weeks ago with their bipartisanship on 
this important issue.
    As we fight for freedom, we must not imperil the full faith and 
credit of the United

[[Page 1094]]

States Government and the soundness and strength of the American 
economy.
    Sincerely,
                                                George W. Bush

Note: Letters were sent to J. Dennis Hastert, Speaker, and Richard A. 
Gephardt, minority leader, House of Representatives. An original was not 
available for verification of the content of this letter.