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U.S. Congress Congress Increases Debt Limit To 24 Quadrillion Dollars

Politics / US Debt Dec 26, 2009 - 01:02 PM GMT

By: Mike_Shedlock

Politics

Congress did not really increase the debt ceiling to $24 quadrillion but it may as well have. If every increase is a foregone conclusion, then it is a waste of time debating approvals.


On Thursday, with little fanfare, Congress Increased The Debt Limit.

Congress's move to lift the federal government's borrowing limit by $290 billion -- enough to last about two months -- sets the stage for a contentious debate early next year on government spending.

The Senate on Thursday approved the increase in a 60-39 vote that was largely along party lines. The House passed the measure last week.

The additional $290 billion in borrowing ability lifts the total public debt the federal government can hold to about $12.4 trillion and will allow the government to keep borrowing through February.

Treasury officials had warned that the current limit of $12.1 trillion was close to being breached. Congressional leaders scrambled to raise the ceiling before they began the holiday recess.

An increase in the debt ceiling is largely symbolic as it represents money already spent by the U.S. government.

Year in and year out, and sometimes multiple times a year, Congress stages a carnival act for public display where the representatives all get together and pretend to be shocked at the size of the deficit and vow to do something about it next year.

Of course next year never comes.

If Republicans in general do not like deficit spending and Democrats in general do not like deficit spending then why does the deficit go up every year? The only conclusion is members of both parties are liars.

By Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management . Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.

Visit Sitka Pacific's Account Management Page to learn more about wealth management and capital preservation strategies of Sitka Pacific.

I do weekly podcasts every Thursday on HoweStreet and a brief 7 minute segment on Saturday on CKNW AM 980 in Vancouver.

When not writing about stocks or the economy I spends a great deal of time on photography and in the garden. I have over 80 magazine and book cover credits. Some of my Wisconsin and gardening images can be seen at MichaelShedlock.com .

© 2009 Mike Shedlock, All Rights Reserved

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