Senate Proposes Increasing U.S. Debt Limit to $14.3 Trillion

Alison Fitzgerald and James Rowley
Bloomberg
Thursday, January 21st, 2010

The U.S. debt limit would be raised by $1.9 trillion to $14.29 trillion under an amendment proposed in the Senate.

The chamber began debate yesterday on raising the debt ceiling for the fifth time in two years after lower tax revenue from the recession and higher stimulus spending boosted the calendar-year budget deficit to an all-time high last year.

“If Congress does not enact this legislation, and soon, then the Treasury would default on its debt for the first time in history,” said Senate Finance Committee Chairman Max Baucus, a Montana Democrat.

The White House in a statement urged lawmakers to pass the measure. “Such an increase is critically important to make sure that financing of federal government operations can continue without interruption,” it said.

Full article here

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