House Agrees to $1.9 Trillion More Debt

The Associated Press:
The House on Thursday voted to allow the federal government to go $1.9 trillion deeper in debt - an increase of about $6,000 more for every U.S. resident that provided a vivid election-year reminder of the nation's perilous financial condition. The huge debt increase, approved 217-212, is only enough to keep the government afloat for about another year as it borrows more than 40 cents of every dollar it spends on programs like defense, health care, feeding the poor and protecting the environment. The budget tops $3.7 trillion this year and the deficit's approaching $1.6 trillion under the budget submitted by President Barack Obama this week.

Posted by Editor at February 5, 2010 12:43 AM