United Liberty
Congress to raise the debt ceiling…again
Sun, 11/15/2009 - 11:18am | posted by Jason Pye
Congress will vote to raise the debt ceiling by the end of the year:
The Obama administration is confident Congress will raise the country’s debt limit by year end to avert a showdown similar to the one that shuttered parts of the government in 1995, administration officials said.The White House wants an increase of at least $1 trillion to $1.5 trillion, according to a person familiar with the deliberations between lawmakers and the administration. Record budget deficits are pushing the national debt closer to the $12.1 trillion statutory limit.
An increase in the debt ceiling, the amount of money the federal government can borrow, was tucked away as part of the “stimulus” bill in February. The debt ceiling has been increased five times since March 2006.
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