Still, the budget office said, the government will need to continue borrowing to fill the gap between spending and revenues, and the total federal debt — the accumulated total of such borrowing — will rise to $21.6 trillion in 2022, from the current level of $15.2 trillion.
Mr. Paterson has been recently insisting that he refuses to support any borrowing to fill the deepening hole in the budget.
Whenever a South Korean bank wants to expand its loan book faster than its retail deposits, it relies on foreign borrowing to fill the gap.
The administrations of Ms. Whitman and former Gov. James J. Florio relied heavily on borrowing to fill the fund, established 15 years ago to pay for construction and maintenance of roads and bridges.
The bill adopted on Friday would give the National Flood Insurance Program the authority to borrow $9.7 billion to fill claims stemming from damage caused by Hurricane Sandy and other disasters.
And with billions in unserviced debts, Nigeria cannot borrow more to fill the hole.In January General Abubakar reached a tentative agreement with the IMF.
That meant the government had to borrow money to fill the gap, adding to the UK's growing debts.
Interest rates, however, have proved significantly more favorable than the administration projected, meaning that the government will pay less to borrow money to fill that hole than it expected.
(The name Ray Robinson was an accident. He'd borrowed it to fill in for a fighter with that name, and it stuck. A sportswriter added the "Sugar").
Mr. Lance acknowledged that past Republican governors have employed the same borrowing method to fill budget gaps, a point the state's treasurer, Mr. McCormac, made on Monday.
