On Wednesday, the U.S. House of Representatives denied President Barack Obama an increase in new borrowing authority. The tally was 239 to 176. The nation’s debt is currently $15.2 trillion and the proposed increase of $1.2 trillion is expected to cover U.S. obligations through this year’s presidential election.
Sander M. Levin, a Democratic Rep. of Michigan said, “It’s a rerun of a bad movie. House Republicans have returned to Washington with the same confrontational tone.” It is reported that the debt ceiling increase will unlikely be prevented because Wednesday’s vote was part of last year’s summer deal.
