WillowTree
Diamond Member
- Sep 15, 2008
- 84,532
- 16,091
- 2,180
Congress is poised to lift the federal borrowing limit by as much as $1.8 trillion before the end of this year, a number large enough to avoid revisiting the matter next year when Democrats will have to defend their majority in midterm elections.
The Treasury is nearing the current debt ceiling of $12.1 trillion, and Congress must authorize raising the amount the United States can borrow to avoid the country going into default to its creditors.
House Speaker Nancy Pelosi, D-Calif., said Thursday that the House would combine legislation raising the debt limit with a bill that funds the wars in Iraq and Afghanistan, greatly increasing the chances that the bill will clear Congress before the government can max out its credit card.
"We have already raised it in the House but we need to have a vehicle so that the Senate can vote on it, and it is our intention to have something on the Department of Defense bill next week," she said at a news conference.
House Minority Leader John Boehner, R-Ohio, said Republicans will vote against increasing the debt limit.
FOXNews.com - With Eye to 2010 Election, Dems Prepare to Raise U.S. Borrowing Limit by Nearly $2T
The Party of Know knows!
The Treasury is nearing the current debt ceiling of $12.1 trillion, and Congress must authorize raising the amount the United States can borrow to avoid the country going into default to its creditors.
House Speaker Nancy Pelosi, D-Calif., said Thursday that the House would combine legislation raising the debt limit with a bill that funds the wars in Iraq and Afghanistan, greatly increasing the chances that the bill will clear Congress before the government can max out its credit card.
"We have already raised it in the House but we need to have a vehicle so that the Senate can vote on it, and it is our intention to have something on the Department of Defense bill next week," she said at a news conference.
House Minority Leader John Boehner, R-Ohio, said Republicans will vote against increasing the debt limit.
FOXNews.com - With Eye to 2010 Election, Dems Prepare to Raise U.S. Borrowing Limit by Nearly $2T
The Party of Know knows!
