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Congress Raises Federal Debt Cap

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The House approved a measure that would raise the cap on federal borrowing to $14.3 trillion. The statutory limit on public debt is now $12.104 trillion.

The Associated Press reports that House Democratic leaders are backing the measure so that the government can spend more over the next year, in line with President Barack Obama's new spending plan. The bill would permit the U.S. to spend $1.9 trillion trillion than is currently allowed, or about $6,000 more for every U.S. resident.

The Senate passed the measure by a slim margin last week. President Barack Obama is expected to sign it.  Congress would probably not have to vote on debt expenditures again until after the November 2010 elections.