Stephanie
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- Jul 11, 2004
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By MAGGIE HABERMAN
Last Updated: 8:00 AM, February 5, 2010
Posted: 2:54 AM, February 5, 2010
Congress voted yesterday to raise the US debt ceiling by a staggering $1.9 trillion putting every man, woman and child in the country $6,000 deeper in the hole as Wall Street tanked because of debt problems in Europe.
The House of Representatives trying to act well before the November elections, because lawmakers fear a backlash -- approved a debt ceiling of $14.3 trillion.
The figure amounts to an increase of roughly $6,000 for every US resident, and brings the accumulated debt total to $40,000 per person.
"This debt is being piled on the backs of our kids and grandkids with no relief in sight," said House Minority Leader John Boehner (R-Ohio).
Republicans criticized the aggressive spending measures Democrats have taken to blunt the impact of the deepest economic downturn in 70 years.
"They took out a monster loan that is not paying off," said Rep. Pete Sessions (R-Texas).
Economists sounded the alarm, saying the debt hike could negatively impact interest rates and hit an already battered economy in the gut.
Financial markets were roiled by concerns that Greece might default on its obligations, and that massive amounts of new debt in Portugal and Spain would not be bought by investors.
Those fears, combined with disappointing job figures at home, sent the US markets reeling -- with the Dow Jones industrial average falling 268 points. Critics of the growing deficit also worry about the US government selling so much debt to China.
Read more: Owe, no! Debt ceiling soars as Dow sinks - NYPOST.com
Last Updated: 8:00 AM, February 5, 2010
Posted: 2:54 AM, February 5, 2010
Congress voted yesterday to raise the US debt ceiling by a staggering $1.9 trillion putting every man, woman and child in the country $6,000 deeper in the hole as Wall Street tanked because of debt problems in Europe.
The House of Representatives trying to act well before the November elections, because lawmakers fear a backlash -- approved a debt ceiling of $14.3 trillion.
The figure amounts to an increase of roughly $6,000 for every US resident, and brings the accumulated debt total to $40,000 per person.
"This debt is being piled on the backs of our kids and grandkids with no relief in sight," said House Minority Leader John Boehner (R-Ohio).
Republicans criticized the aggressive spending measures Democrats have taken to blunt the impact of the deepest economic downturn in 70 years.
"They took out a monster loan that is not paying off," said Rep. Pete Sessions (R-Texas).
Economists sounded the alarm, saying the debt hike could negatively impact interest rates and hit an already battered economy in the gut.
Financial markets were roiled by concerns that Greece might default on its obligations, and that massive amounts of new debt in Portugal and Spain would not be bought by investors.
Those fears, combined with disappointing job figures at home, sent the US markets reeling -- with the Dow Jones industrial average falling 268 points. Critics of the growing deficit also worry about the US government selling so much debt to China.
Read more: Owe, no! Debt ceiling soars as Dow sinks - NYPOST.com
