The House has officially failed to pass legislation raising the Federal Debt limit to $16.7 trillion.
The vote was not even close, with 288 Nays to 74 Yeas. Only 1 Republican voted to increase the debt limit, with 228 voting against the increase.
Don't worry Turbo Tim, The Bernank can just turn on the printers if you run low on federal employee pension funds.
Now that Republicans have made their symbolic vote against the increase, we'll see how long it takes them to cave and agree on $30-$50 million in budget deductions and pass the debt increase.