$800 Billion Debt Limit Hike Passes In Congress

The House has passed an increase on the Federal debt limit by a vote of 208-204. This raise in the limit brings the total amount allowed to be borrowed to $8.18 trillion. This debt is $2.4 trillion higher than the debt before Bush took office in 2001 and totals more than 70% of the entire U.S. economy. A statement from the White House announced that Bush will sign the legislation by next Monday. The Bush administration has now been a part of two consecutive record annual deficits.