The amount of U.S. debt subject to the country's legal maximum has topped $14 trillion for the first time.
On Wednesday, the amount of debt subject to the cap hit $14.001 trillion at the close of trade, according to the daily Treasury statement released on Thursday.
That means the country is less than $300 billion away from the $14.294 trillion debt ceiling, which is a cap on how much the federal government can legally borrow.
http://money.cnn.com/2011/01/20/news/economy/debt_record_high/index.htm
The national debt exceeds $14 trillion, but the administration wants the authority to borrow more. That makes no sense.
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