House approves $290 billion increase in debt limit
From MyWay:
The House on Wednesday passed legislation giving the federal government the ability to borrow a whopping $290 billion to finance its operations for just six additional weeks.
The 218-214 vote sends the must-pass bill to the Senate, which is expected to approve it as its last act before adjourning for the year. The alternative would be a market-rattling, first-ever default on U.S. obligations.
The measure is needed as a result of the out-of-control budget deficit, which registered $1.4 trillion for the budget year that ended in September. The current debt ceiling is $12.1 trillion and is set to be reached by Dec. 31.
Democrats had hoped to pass a far larger increase of almost $2 trillion to avoid another vote before next year's midterm elections - and to wrap the increase into the popular defense appropriations bill to give some political cover.
$2 trillion? You’ve got to be joking me.
This is scary beyond all reason.