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The Nation

October 22, 1986

President Reagan, expressing disappointment at Congress' reluctance to cut spending, signed legislation to increase the national debt ceiling to $2.3 trillion and shrink the federal budget deficit by $11.7 billion. The measure authorizes a $189-billion hike in the debt ceiling, which has more than doubled during Reagan's Administration. It will allow the government to continue borrowing through May 15.

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