US House agrees to US$1.9 trillion more debt
WASHINGTON (AP) — The House of Representatives yesterday voted to allow the Government to go US$1.9 trillion deeper in debt — an increase of about US$6,000 more for every US resident that provided a vivid election-year reminder of the country’s perilous financial condition.
The huge debt increase, approved 217-212, is only enough to keep the Government afloat for about another year as it borrows more than 40 cents of every dollar it spends on programmes like defence, health care, feeding the poor and protecting the environment, much of it from China and other Asian nations.
The budget tops US$3.7 trillion this year and the deficit’s approaching US$1.6 trillion under the budget submitted by President Barack Obama this week.
The huge increase — to US$14.3 trillion — in the cap on federal borrowing was designed by Democratic leaders to ensure that the rank and file will not have to vote again to run up another increase before facing voters increasingly angry over Government spending and debt in the November elections.
Already, the accumulated debt amounts to roughly US$40,000 per person.
“This debt is being piled on the backs of our kids and grandkids with no relief in sight,” House Minority Leader John Boehner, a Republican, said.