The Senate voted Thursday to allow the government to go a whopping $1.9 trillion deeper in debt, offering a vivid election-year reminder that the government has to borrow 40 cents of every dollar it spends.
The measure would put the government on track for a national debt of $14.3 trillion — more than $45,000 for every man, woman and child in the United States. And the debt is increasingly held by foreign nations such as China.
The budget for the current year is about $3.5 trillion and the deficit will probably match last year's $1.4 trillion. The government would have to borrow to cover that $1.4 trillion.
Keep watching the National Debt Counter in the right column of this page. It is going to get much higher in a hurry. Congress has no intention of getting off their spending binge.
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