House Majority Leader Steny Hoyer, (D., Md.) said the U.S. House will take up a bill Thursday to increase the federal government's borrowing limit by $1.9 trillion, enough to enable the Treasury to pay its bills through 2010.
The debt limit increase was passed in the Senate last week by a 60-39 vote. Once the increase is signed into law, the federal government will be able to borrow up to $14.3 trillion, by far the highest amount of debt it has ever held on its books.
House passage of the bill would send it to President Barack Obama for his signature. The current limit of around $12.4 trillion will be breached by the end of February.