UPDATED:
The U.S. House of Representatives on Thursday voted to allow the federal 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 increasingly is held by foreign nations such as China.
Passage of the bill sends it to President 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, Massachusetts Democrat. “If the United States defaults, investors will lose confidence that the U.S. will honor its debts in the future.”
Democrats barely passed the increase through the Senate last week over a unanimous “no” vote from GOP members present.
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If a group of people wanted to destroy the American economy in order to re-make it according to their ideas of ‘social justice’, their final solution would be to borrow into oblivion, strangulation through regulation takes too long, these socialists are in a hurry.
They were doing that before, only it involved violence rather than social redistribution. A dollar of debt is a dollar of debt, and once you elect your kind of candidate the spending won’t stop – lobbyists need to get paid.
Ironic that as the US votes to allow this, thier currency has been on the rise, due to financial crisis in other nations.