House follows Senate in voting to raise debt ceiling by $1.9 trillion

Today the House voted to raise the United States debt ceiling by $1.9 trillion to $14.3 trillion.  The Treasury department had said that if the ceiling was not raised that we would hit the debt cap sometime in February.

Rather than reign in spending, Democrats in Congress simply voted themselves a credit line increase, meaning the US debt will continue to soar.  It’s important to note that the Senate vote passed 60-40 along party lines, with the 60th Senate vote being Paul Kirk, who by Senate rule might not even have the authority to vote after Scott Brown won the special election earlier this month.  As a side not, it is not the only “party line” vote that Kirk has participated in since Scott Brown’s election.

While President Obama and the Democratic Congress continue their massive spending  spree, Moody’s Investor Service has said that the US is at risk for losing their AAA credit rating:

The credit ratings agency cautioned that if the US were to grow at slower pace levels than expected, the largest economy in the world’s already-extended finances could be over-stretched, in turn damaging its AAA credit rating.

Were the US to lose its AAA rating, it could cause further financial damage, by increasing the cost of borrowing money, a necessary evil for a country predicted to have a $1.56 trillion (£980bn) budget deficit this year.