Record 2008 Cost of War: $189.3bln

October 1, 2007
Record 2008 Cost of War: $189.3bln

For the fifth time since 2001, Congress is raising the debt limit, increasing it by $850 billion to $9.815 trillion. The Senate approved the plan on a 53-42 vote Thursday night. The House of Representatives has already signed off on the plan, without a direct vote.

According to the folks who follow this stuff closely, the national debt has been rising by an average of $1.36 billion per day since September of last year.

And each citizen now has a share of nearly $30,000.

But Congress has an easy solution to deal with the mounting red ink. Instead of fretting over it, members simply allow the government to borrow more money, much to the consternation of some critics.