The House voted to hike the debt ceiling by $1.9 trillion to $14.294 trillion. (Photo Credit: Getty Images/File)
New York (CNNMoney.com) - The House on Thursday approved a record-level increase in the cap on how much the government can borrow.
The House also approved a measure that imposes tougher budget rules on lawmakers.
The votes, which broke down largely along party lines, come one week after the Senate approved both measures.
The House voted to hike the debt ceiling by $1.9 trillion to $14.294 trillion.
The debt limit hike is expected to cover the Treasury's borrowing needs past the November mid-term elections and into 2011. That means lawmakers up for re-election won't need to take another politically sensitive vote before the polls open.
Unbelievable. Obama and his minions are totally shameless. Can we recall this clown before he completely destroys the country, if it's not too late. No democrats in 2010 or 2012.
Lets not forget that when the Republicans controlled congress, they were the ones passing these resolutions.
This isn't really news. Every year, this debt ceiling hike has to happen. The party in control passes the resolution, and the minority party howls at the moon.
Democrats know what they are doing, You don't cut the spending that is designed to stimulate the economy. If you hold back money to small businesses, job creation, and infrastructure needs, you paralyze the economy and it stops growing.
Republicans know nothing about the economy – as evidenced by their total destruction of it under Bush. They proclaim how "fiscally conservative" they are. What a joke. Yea, they only criticize the money for programs to help America families but still slip in pork money for their rich buddies, corporate backers who buy their votes and always support anything to do with War. Republicans love War. They love to spend money killing people but are not willing to spend a nickel to save the lives of Americans with healthcare reform.
Smart move, democrat congress.
Opponents will be dumb not to point this out at the midterm contest.
Another nail in the coffin of freedom and liberty.
Unbelievable – No wonder Social Security is going broke. Even though we have paid into it, every pay check, the government has borrowed against it for their own pet projects. What now? Raise Social Security Taxes?
"Today will help usher out an era of irresponsibility and begin putting the country back on a fiscally sustainable path," Obama said after the vote.
No, that already happened; January 19th, 2010 in Massachusetts.
Of course the Republi-nos opposed it! I'm sure at this juncture no one expects them to do anything but oppose everything. That's what they do - just say no!!!! However, that absolutely does not stop them from taking credit for things that look politically good - for example, even though to a person they voted no on the stimulus bill, they all showed up at ribbon cutting ceremonies to take credit for shovel ready projects that helped to create jobs! What a bunch of phonies they are.
This barely passed 217-212 with all Republicans and over 30 Democrats voting against it. Bipartisian opposition to the out of control spending. Just not quite enough Democrats to join the Republicans. I don't know why the Democrats bothered to stop at 14.294 trillio. The 2011 deficit is projected to be another 1.3 trillion and deficits for a decade after that average close to a trillion a year. The cap is a joke, why bother having one? Soon if not already we will be spending more on annual interest for the debt than on social programs for the poor. Can't wait to see the liberal progressives spin to defend that.
That is almost our entire GDP.... $14.441 trillion is our current GDP btw!