Thursday, December 24, 2009

U.S. taxpayers' Christmas present: Congress raises debt ceiling to $12.4 trillion

The Senate voted today to raise the ceiling on the government debt to $12.4 trillion, a massive increase over the current limit and a political problem that President Barack Obama has promised to address “next year”.

This one vote raised the ceiling on government debt by $290 Billion.

The current measure was deemed needed as a result of the out-of-control budget deficit, which registered $1.4 trillion for the budget year that ended in September.

The current debt ceiling is $12.1 trillion and is set to be reached by Dec. 31.

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