The National Debt Ceiling has been increased once again. With no fanfare whatsoever, President Obama signed into law on February 12, 2010 a bill raising the national debt ceiling from $12.394 trillion to $14.294 trillion. The signing took place behind closed doors and with no cameras present.
The National Debt Ceiling had been raised less than two months ago, but this latest action was required because the national debt had risen to $12.35 trillion, and was expected to rapidly reach the ceiling put in place in December 2009. This could have prevented the federal government from borrowing additional funds, which could have shut down parts of the government.
This new National Debt Ceiling should last past the 2010 mid-term elections, which will spare Congressional Democrats and the Obama administration the embarrassment of having to raise it again in the midst of the election campaign.
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