Money | debt ceiling Congress Ups Nat'l Debt Ceiling to $12.4T Bill would authorize Treasury to fund gov through Feb. By Newser Editors and Wire Services Posted Dec 24, 2009 11:51 AM CST Copied Senate Majority Leader Harry Reid of Nev., left, listens as Sen. Charles Schumer, D-N.Y., right, drives home a point while answering questions on Capitol Hill in Washington today. (AP Photo) The Senate voted today to raise the ceiling on the government debt to $12.4 trillion, a massive increase over the current limit and a political problem that President Barack Obama has promised to address next year. The Senate's rare Christmas Eve vote, 60-39, follows House passage last week and raises the debt ceiling by $290 billion. The vote split mainly down party lines. There was one defection on each side, by senators whose seats will be on the ballot next year: GOP Sen. George Voinovich of Ohio voted for the increase, and Democratic Sen. Evan Bayh of Indiana against. "Congress has not adopted a credible process to restrain spending and eliminate red ink," Bayh said a statement after the vote. The bill permits the Treasury Department to issue enough bonds to fund the government's operations and programs until mid-February. Read These Next New Fox star, 23, misses first day after car troubles. Iran's supreme leader makes first public comments since ceasefire. Her blood isn't compatible with anyone else's. Man accused of killing his daughters might be dead. Report an error