In March, the Senate narrowly voted to increase the federal [tag]debt limit[/tag] by $781 billion, bringing the debt ceiling to nearly $9 trillion. As it turns out, two months later, lawmakers decided the government needs a little more of a cushion.
A $2.7 trillion budget plan pending before the House would raise the federal [tag]debt ceiling[/tag] to nearly [tag]$10 trillion[/tag], less than two months after [tag]Congress[/tag] last raised the federal government’s borrowing limit.
The provision — buried on page 121 of the 151-page budget blueprint — serves as a backdrop to congressional action this week.
Indeed, it does. This week, congressional Republicans want to cut taxes for the wealthy (again) and pass a half-trillion-dollar defense policy bill.
The WaPo noted that this is becoming something of a habit for the Republican majority.
With passage of the budget, the House will have raised the federal borrowing limit by an additional $653 billion, to $9.62 trillion. It would be the fifth debt-ceiling increase in recent years, after boosts of $450 billion in 2002, a record $984 billion in 2003, $800 billion in 2004 and $653 billion in March. When Bush took office, the statutory borrowing limit stood at $5.95 trillion.
Yeah, and when he took office, Bush vowed to a balanced budget and pay off the national [tag]debt[/tag], too.