WASHINGTON (February 4, 2010)—The U.S. House Thursday voted 217-212 to let the government to borrow $1.9 trillion to pay its bills, raising the so-called debt limit to $14.3 trillion, which is more than $45,000 for every person living in the United States.

Rep. John Carter, R-Round Rock, opposed the measure.

Rep. Chet Edwards, D-Waco, voted in favor of it.

The massive increase in the debt is required because the government now has to borrow more than 40 cents of every dollar it spends because the recession has caused a slump in revenues at the same time spending has spiked.

Carter said the vote could trigger a “precipitous decline” in the value of the dollar.

“This action by the President and Speaker Pelosi has triggered alarms that could lead to a cut in the U.S. bond rating over the next year,” Carter said.

“That spells a potential fiscal disaster of a magnitude unseen since the 1930s.

“The reckless spending of the Democrat House has now crossed the threshold into the absurd,” he said.

The House also adopted new budget curbs to try to make it harder to run up the U.S. deficit with new tax cuts or federal benefit programs.

The Democratic-backed plan would make it more difficult to extend permanently some of the tax cuts that expire at the end of this year and means that new revenues or spending cuts would have to "pay for" much of President Barack Obama's proposed jobs bill.

The measure, which passed the House Thursday by a 233-187 vote, attempts to curb the spiraling budget deficit by requiring spending increases or tax cuts to be "paid for" with cuts to other programs or tax increases.

Carter voted against the measure.

Edwards voted for it.

“Adopting pay-as-you-go policies can be a critical part in reviving America’s economy and getting the country back on its financial feet,” Edwards said.

“Without pay-as-you-go policies in place the last 7 years, the largest surpluses in national history have turned into the largest deficits in history,” Edwards said.

“For the good of our children and our country’s future, it is time to correct that mistake and to see it never happens again,” he said.