Obama Raises Us Debt Limit

12.29.09 | FL News Team

President Obama has officially raised the limit on the national debt to 12-point-four-trillion dollars. Obama has signed a bill passed by Congress last week approving an increase from the previous ceiling of just over 12-trillion dollars. The measure provides two more months of funding for a record deficit, as the administration tries to stimulate the U.S. economy after the worst recession in 70 years.

 Critics claim Obama is making the deficit worse. However, the White House blames the recession on wide-ranging problems inherited from the Bush administration. The U.S. national debt has doubled since 2001.