The House of Representatives on Thursday voted to allow the government to go $1.9 trillion deeper in debt – an increase of about $6,000 more for every U.S. 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 programs like defense, health care, feeding the poor and protecting the environment, much of it from China and other Asian nations.
The budget tops $3.7 trillion this year and the deficit’s approaching $1.6 trillion under the budget submitted by President Barack Obama this week.
The huge increase – to $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 $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.
Economists warn that the rapidly-rising debt could force interest rates higher and, if left unchecked, could have even worse consequences for the economy.
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I know my debt is around 40K