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House agrees to $1.9 trillion more debt

WASHINGTON — The House has voted to allow the government to go $1.9 trillion deeper in debt — or about $6,000 more for every U.S. resident.

The measure, approved 217-212, would raise the cap on federal borrowing to $14.3 trillion. That's enough to keep Congress from having to vote again before the November elections on an issue that is feeding a sense among voters that the government is spending too much and putting future generations under a mountain of debt to do it.

Already, the accumulated debt amounts to roughly $40,000 per person. And the debt is increasingly held by foreign nations such as China.

Passage of the bill will send it to President Barack Obama, who will sign it to avoid a first-ever, market-rattling default on U.S. obligations.

"I can't think of a more reckless or irresponsible act. Defaulting is not an option," said Rep. Jim McGovern, D-Mass. "If the United States defaults, investors will lose confidence that the U.S. will honor its debts in the future.

Democrats barely passed it through the Senate last week over a unanimous "no" vote from GOP members present.

To help win passage, Democrats are also adopting — in a vote later Thursday afternoon — budget rules designed to curb a spiraling upward annual deficit — projected by Obama to hit a record $1.56 trillion for the budget year ending Sept. 30.

The new rules would require future spending increases or tax cuts to be paid for with either cuts to other programs or equivalent tax increases.

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