Senate Proposes Increasing U.S. Debt Limit to $14.3 Trillion http://www.bloomberg.com/apps/news?pid=20601103&sid=a8STKZn2nYiU The U.S. debt limit would be raised by $1.9 trillion to $14.29 trillion under an amendment proposed in the Senate. The chamber began debate yesterday on raising the debt ceiling for the fifth time in two years after lower tax revenue from the recession and higher stimulus spending boosted the calendar-year budget deficit to an all-time high last year. âIf Congress does not enact this legislation, and soon, then the Treasury would default on its debt for the first time in history,â said Senate Finance Committee Chairman Max Baucus, a Montana Democrat. We put the PIIGS to shame.... but hey, we can get away with it. They can't. Problem is, all this debt will need to be serviced.... extend and pretend until the collapse. Faber was right, money printing will be going on until the entire system collapses.