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: JURIST - The Paper Chase

US Senate votes to raise debt ceiling

By Bernard Hibbitts (editor) and University of Pittsburgh School of Law students.

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[JURIST] The US Senate on Thursday approved a measure raising the federal borrowing limit by $290 billion. The bill was passed pursuant to recommendations by officials at the US Treasury Department that additional funding was necessary to continue government operations. HR 4314, which passed 60-39, amends 31 USC § 3101 to authorize the federal government to hold a total of $12.4 trillion in public debt, an increase from the previous $12.1 trillion. The amount represents the sum necessary to fund continuing government operations until February. The bill, introduced on December 15, received House approval the following day before being presented to the Senate. US President Barack Obama must sign the legislation before it takes effect. The bill does not disburse funds for government operations, but formalizes debt obligations already incurred by the federal government. Debate over increasing the debt ceiling has reflected a continuing partisan divide over federal fiscal policy, echoing deliberation over a health care reform bill, which also passed Thursday in the Senate. The increase will be the fourth in 18 months and will augment $5.4 trillion in debt ceiling increases passed under former President George W. Bush.

Full post as published by JURIST - The Paper Chase on December 26, 2009 (boomark / email).