House backs $290 billion debt limit increase

[Guy Whitey Corngood]

Source: Reuters

The House voted 218 to 214 to raise the debt limit to $12.394 trillion. The Senate expects to vote before the Treasury Department reaches its current limit of $12.1 trillion, according to an aide.

Democratic leaders struggled to round up the 218 votes needed for passage amid increasing public concern about stubborn budget deficits. No Republicans voted for it.

House Majority Leader Steny Hoyer said Congress had no choice but to raise the limit to avoid a catastrophic default that would rattle financial markets.

"It is not about pointing fingers, it is about taking responsibility," Hoyer said.










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Read more: http://www.reuters.com/article/idUSTRE5BF58220091216?type=politicsNews

[notesdev]

1. That'll cover at least what, 90 more days?

Treasury is already over the debt limit and are going full-Enron in order to justify breaching it.

[Guy Whitey Corngood]

2. Congress: "Umhhyeah the check's on the mail....What you haven't received it?

I could have sworn......."