Wednesday, December 16, 2009

Congress Settles for $300B Increase in Debt Ceiling Until Next Year

From the

House Democrats settle for a $300 Billion increase in the national debt ceiling in order to avoid limits on spending.

Moderate Democrats had intended to attach amendments to the initial $1.8 Trillion increase that would have required congress to pay for any new legislation by either cutting spending in other areas, or raising taxes. In order to avoid what seemed like a responsible reaction to out of control spending Democratic leaders changed the debt hike to $300B for the next two months, and intend to debate for the rest of the increase next year when congress returns to session.

In an uncharacteristic move Democratic leaders have also said they would not attach the debt hike to the defense spending bill, as it was initially thought. It is doubtful that this is a trend, but for a change congress seems to be letting a bill stand or die on its own merits.

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