Tags: US | Debt | Ceiling

Congress Raises Debt Ceiling to $12.4 Trillion

Thursday, 24 Dec 2009 08:11 AM

The Senate has voted to raise the ceiling on the government debt to $12.4 trillion. That is a $290 billion increase over the current ceiling.

The House approved the increase last week. The Senate's rare Christmas Eve vote, 60-39, permits the Treasury Department to issue enough bonds to fund the government's operations and programs until mid-February. The Senate will vote again on the politically tricky issue on Jan. 20.

President Barack Obama must sign the measure into law to prevent a market-rattling, first-ever default on U.S. obligations. The measure is needed after the government piled up a record $1.4 trillion deficit in 2009 to counter a meltdown in financial markets and help bring the nation out of its worst recession in seven decades.

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Economy
The Senate has voted to raise the ceiling on the government debt to $12.4 trillion. That is a $290 billion increase over the current ceiling.The House approved the increase last week. The Senate's rare Christmas Eve vote, 60-39, permits the Treasury Department to issue...
US,Debt,Ceiling
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2009-11-24
Thursday, 24 Dec 2009 08:11 AM
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