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Thread: Obama to ask for increase to debt ceiling in a 'matter of days'

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    Obama to ask for increase to debt ceiling in a 'matter of days'

    Quote Originally Posted by The Hill
    Obama to ask for increase to debt ceiling in a 'matter of days'
    By Amie Parnes - 01/10/12 01:42 PM ET


    The Obama administration will be asking Congress to raise the debt limit in the coming days, White House press secretary Jay Carney said on Tuesday.


    "I'm confident it will be executed in a matter of days, not weeks," he told reporters.The notification by the administration — which had been scheduled for last month — was delayed because Congress has been holding only pro forma sessions.

    The White House will be asking Congress to raise the U.S. borrowing limit by $1.2 trillion. The move would mark the third and final increase from the debt-ceiling deal reached last year by Congress.
    Previous news stories identified the amount to be $1.2 Trillion dollars more.


    We are possibly near the height of irresponsibility to continue down the same path that we know leads to default.

    U.S. National Debt Clock : Real Time
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    Re: Obama to ask for increase to debt ceiling in a 'matter of days'

    Hopefully the president is told no.
    "A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murder is less to fear"

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    Re: Obama to ask for increase to debt ceiling in a 'matter of days'

    Raising the debt ceiling: necessary for the stability of our economy. Except when the other team is doing it.
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    Re: Obama to ask for increase to debt ceiling in a 'matter of days'

    Quote Originally Posted by jamesrage View Post
    Hopefully the president is told no.
    I very much doubt the Republican establishment would allow the Teabaggers to pull the hostage taking tactic out again. It did a lot of damage to them and the US economy. Doing that all over again a second time, closer to the election this time... I think they're smarter than that.

    Congress is who decides how much we spend. If they want to spend less, they should just spend less. Spending a lot then threatening to stiff people on the bills is just childish and destructive behavior. The American people won't tolerate them doing that a second time.
    Last edited by teamosil; 01-10-12 at 09:27 PM.

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    Re: Obama to ask for increase to debt ceiling in a 'matter of days'

    I thought this next $1.2t was already set aside. BHO merely has to ask to get it. This was to extend the limit to the end of 2012. I think the real battle is the next round of debt ceiling neogotiations.

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    Obama to ask for increase to debt ceiling in a 'matter of days'

    Obama to ask for increase to debt ceiling in a 'matter of days' - TheHill.com

    The Obama administration will be asking Congress to raise the debt limit in the coming days, White House press secretary Jay Carney said on Tuesday.

    "I'm confident it will be executed in a matter of days, not weeks," he told reporters.The notification by the administration — which had been scheduled for last month — was delayed because Congress has been holding only pro forma sessions.

    The White House will be asking Congress to raise the U.S. borrowing limit by $1.2 trillion. The move would mark the third and final increase from the debt-ceiling deal reached last year by Congress.


    The United States reached the $15.194 trillion debt limit on Jan. 4, according to Treasury statements.


    Since that time, Treasury has employed the "extraordinary measure" of tapping into its Exchange Stabilization Fund in order to avoid exceeding the limit
    This means that the US has issued $900 billion in debt in five short months. The remaining funds buffer to be granted of just $300 billion was originally intended to last the US until after the presidential election. Even if the $1.2 trillion count begins anew after this request, it still means the debt ceiling will be breached sometime in August/September (assuming a $180 billion gross issuance per month). It seems likely this issue may flare up at the worst possible time for Obama; a few months before the election. What impact this will have on his reelection campaign remains to be seen.

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    Re: Obama to ask for increase to debt ceiling in a 'matter of days'

    They'll delay until the last minute, pass a deal that doesn't ever truly pay for itself, and everybody will be on pins and needles 'til it happens. Dems will win the publicity spin and Obama will be the "awh, schucks...I tried y'all" kid in the corner.

    I'm tired of these sequels.
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    Re: Obama to ask for increase to debt ceiling in a 'matter of days'

    Quote Originally Posted by tessaesque View Post
    They'll delay until the last minute, pass a deal that doesn't ever truly pay for itself, and everybody will be on pins and needles 'til it happens. Dems will win the publicity spin and Obama will be the "awh, schucks...I tried y'all" kid in the corner.

    I'm tired of these sequels.
    The next increase, in the next couple days, will go smoothly as it was pre-approved in the August deal. The inevitable increase in the third quarter will no doubt be fireworks as both parties will attempt to politicize it as much as possible.
    "There is an excellent correlation between giving society what it wants and making money, and almost no correlation between the desire to make money and how much money one makes." ~Dalio

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    Re: Obama to ask for increase to debt ceiling in a 'matter of days'

    Quote Originally Posted by Rhapsody1447 View Post
    The next increase, in the next couple days, will go smoothly as it was pre-approved in the August deal. The inevitable increase in the third quarter will no doubt be fireworks as both parties will attempt to politicize it as much as possible.
    I was referring to the pre-election increase...but yes.
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    Re: Obama to ask for increase to debt ceiling in a 'matter of days'

    Quote Originally Posted by Rhapsody1447 View Post
    The remaining funds buffer to be granted of just $300 billion was originally intended to last the US until after the presidential election.
    No, the deal struck was that the Republicans agreed to raise the limit but only if it was structured in such a way that it would need to be raised again prior to the next presidential election. That was the main "get" they got. They believe that will undermine Obama's re-election chances. Personally I think it could end up undermining their own election chances if they handle it remotely like they did last time.

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