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Congress Increases Debt Limit To $ 14,294,000,000,000

by @ 2:57 pm on February 4, 2010. Filed under Credit Crisis, Economics, Politics

Well, this was inevitable:

WASHINGTON — The House on Thursday voted to allow the government to go $1.9 trillion deeper in debt – or about $6,000 more for every U.S. resident.

The measure, approved 217-212, would raise the cap on federal borrowing to $14.3 trillion. That’s enough to keep Congress from having to vote again before the November elections on an issue that is feeding a sense among voters that the government is spending too much and putting future generations under a mountain of debt to do it.

Already, the accumulated debt amounts to roughly $40,000 per person. And the debt is increasingly held by foreign nations such as China.

Passage of the bill would send it to President Barack Obama, who will sign it to avoid a first-ever, market-rattling default on U.S. obligations.

“I can’t think of a more reckless or irresponsible act. Defaulting is not an option,” said Rep. Jim McGovern, D-Mass. “If the United States defaults, investors will lose confidence that the U.S. will honor its debts in the future.

Do you really think that anyone believes that we’re good for that $ 14 trillion Congressman ?

3 Responses to “Congress Increases Debt Limit To $ 14,294,000,000,000”

  1. Vast Variety says:

    Do you seriously believe that either party is truly concerned about the debt?

  2. No, that’s why I don’t belong to either of the two major parties

  3. Guy Weisser says:

    You know what? They’re just rearranging the chairs on the deck of the Titantic. Isn’t that the phrase? With commercial real estate about to fall apart, this is just a cherry on top.

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