by Calculated Risk on 3/16/2006 01:53:00 PM

This was just a formality, but ...

Bloomberg reports: Congress Raises Debt Cap, Fourth Increase Under Bush

The U.S. Congress approved a $781 billion increase in the federal government's debt limit, the fourth time lawmakers have raised the cap since President George W. Bush took office.

The Senate voted 52-48 to increase the legal limit on federal borrowing to $8.97 trillion, up from $8.18 trillion. The House approved the measure last year, meaning the legislation now goes to the president for his signature.

This year will most likely set a new record with over $600 Billion added to the National Debt.