It’s Official: Democrats Succeed In Pushing New Debt Ceiling To $14.3 Trillion
Courtesy of Tyler Durden at Zero Hedge
A mere three hours before the Bernanke cloture vote, America just got permission to hit 100% Debt/GDP. Thank Senate Democrats who just approved an amendment increasing the US debt ceiling by $1.9 trillion. The 60/40 vote was across party lines and only successful because Republican Sen.-elect Scott Brown has yet to be seated.
From Fox News:
Democrats had to scramble to approve the plan, which means they won’t have to vote on another increase until after the midterm elections this fall. To win the votes of moderate Democrats, President Obama promised to appoint a special task force to come up with a plan to reduce the deficit. The House must still vote on the measure before it’s sent to Obama for his signature.
