New York (CNNMoney.com) – With the federal government inching close to the debt ceiling, the Senate on Thursday passed a $290 billion increase to the amount of debt the Treasury is allowed to have.
The 60-39 vote follows House approval earlier this month of the same measure. President Obama is expected to sign the bill soon.
The new law raises the debt ceiling to $12.394 trillion from $12.104 trillion.
Related: What's the fuss?
As of Tuesday, the amount of debt subject to the limit on Treasury's books was $12.04 trillion, just $64 billion below the limit.
The increase is estimated to cover Treasury's borrowing needs through mid-February.
2 months only that is nuts how they keep spending and taking our money .it NEEDS TO STOP SOMEWHERE>
Great, spending us into a death sprial and then pass the health bill all in one day. We are in so much trouble people, I wish everyone would speak up and not just some of us.
This article is WORTHLESS: SHOW US WHO VOTED YES!!!!!!
Just what is the debt limit that the democraps will eventually set? 100 trillion? Where will all that money come from? China? I think not.
This is what you voted for America, spend/spend/spend and tax/tax/tax. America is going down the tubes. We will soon be borrowing from Brazil.
They just cant stop can they? The theft of our children's future continues.
Congress again can not find a way to cut spending and taxing so they have decided to increase the debt.
Why are we increasing the deficit? The health care measure is going to be reducing the deficit. Remember?
Did Obama mention that this was unprecedented?
When will we ever learn to spend less than we make!!! This debt is insane!
this will be an election issue.
endless spending on political influenced projects.
So if I max out my credit card I am allowed to just raise the limit? Sweet!!!
I hear it will more than double that by the time we can vote this idiot out of office in 2012. I'm sure we could charge him with treason and for failing to uphold his constitutional duties and impeach him before then, but the liberals in Congress will protect him (and themselves) until they are booted out in 2010.
The House and Senate voted to raise the debt . I wonder, if living alone and not needing the vote(s) of anyone else in my household, I can raise my debt ceiling when my checking account is about at it's limits? If the nation can do it then the citizens should be able to do it too. Either we should be able to do that or maybe use our computer printers to print up the money we need untill better times come around. On second thought, maybe it is not such a good idea seeing how I will have to pay down the debt limit back to it's original position which was one where I don't spend more than I make.
WOW. If I can figure that out in a matter of a seconds, I wonder why all those smart "Ladies and Gentlemen" in the Senate and House can't figure it out. Maybe we should send them an email. Maybe they can't read or flunked math in elementary school or did they even manage to graduate from the third grade. Their actions give me cause to wonder.
Let's take a brief Ross Perot moment here and look at that graph of the national debt under the Republican led, George Bush era. Seven trillion in new debt and funding for two wars is not even on the books. The Democratic Party is tax and spend. The Republican Party is borrow, spend and fund the wealthy.