Congress Raises Federal Debt Cap

Thursday, February 04, 2010

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.


More in:

The WQXR e-newsletter. Show highlights, links to music news, on-demand concerts, events from The Greene Space and more.

Leave a Comment

Register for your own account so you can vote on comments, save your favorites, and more. Learn more.
Please stay on topic, be civil, and be brief.
Email addresses are never displayed, but they are required to confirm your comments. Names are displayed with all comments. We reserve the right to edit any comments posted on this site. Please read the Comment Guidelines before posting. By leaving a comment, you agree to New York Public Radio's Privacy Policy and Terms Of Use.

Follow WQXR