A new record that won’t have many applauding: The Senate voted Thursday to raise the legal limit on government borrowing to $14.3 trillion. The vote fell along party lines, with 60 Democrats voting to raise the cap by $1.9 trillion. By doing so, Democrats avoid having to revisit the national debt before November’s elections. However, the Democrats also took steps to rein in budget deficits, reinstating as part of the bill, in another party-line vote, pay-as-you-go rules that prevent lawmakers from funding tax cuts or new entitlements through deficit spending.
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