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View All Blogs- Senate clears $1.2 trillion debt ceiling raise
(Posted By Jon Prior)The Senate voted 44-52 Thursday clearing President Obama to raise the debt ceiling by $1.2 trillion.
The ceiling will go to $16.4 trillion and, according to some estimates, may be breached again around the time of the November elections.
The Senate vote Thursday rejected a House resolution passed last week to block the president. Earlier in the month, Obama asked for the third increase, which was built into the compromise reached in August.
Congress passed legislation at the 11th hour last summer allowing an initial $400 billion increase to the limit, followed by automatic hikes of $500 billion and the latest $1.2 trillion that could only be blocked by a resolution, which the president could veto anyway had the Senate not block...
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