Congress OKs $1.9 trillion boost in debt limit

The spending continues as Rome burns.

The House on Thursday approved a record $1.9 trillion increase in the cap on how much the government can borrow.

The House also approved a measure that imposes tougher budget rules on lawmakers.

The votes, which broke down largely along party lines, come one week after the Senate approved both measures.

The legislation, which is expected to be signed by President Obama, will raise the debt ceiling to $14.294 trillion.

The debt limit hike is expected to cover the Treasury's borrowing needs past the November mid-term elections and into 2011. That means lawmakers up for re-election won't need to take another politically sensitive vote before the polls open.