Jack Tapper
ABC News
February 13, 2010

[efoods]Behind closed doors and with no cameras present, President Obama signed into law Friday afternoon the bill raising the public debt limit from $12.394 trillion to $14.294 trillion.

The current national debt is $12.3 trillion. Check out the National Debt Clock, which tells you your share of that — roughly $40,000 per citizen, $113,000 per taxpayer.

The bill also establishes a statutory Pay-As-You-Go procedure requiring that new non-emergency legislation affecting tax revenue or mandatory spending not increase the Federal deficit – in other words, that any new spending or tax cuts be paid for with new taxes or spending cuts.