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With Eye to 2010 Election, Dems Prepare to Raise U.S. Borrowing Limit by Nearly $2T

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The Prof

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FOXNews.com - With Eye to 2010 Election, Dems Prepare to Raise U.S. Borrowing Limit by Nearly $2T

Congress is poised to lift the federal borrowing limit by as much as $1.8 trillion before the end of this year, a number large enough to avoid revisiting the matter next year when Democrats will have to defend their majority in midterm elections.

The Treasury is nearing the current debt ceiling of $12.1 trillion, and Congress must authorize raising the amount the United States can borrow to avoid the country going into default to its creditors.

House Speaker Nancy Pelosi, D-Calif., said Thursday that the House would combine legislation raising the debt limit with a bill that funds the wars in Iraq and Afghanistan, greatly increasing the chances that the bill will clear Congress before the government can max out its credit card.

"We have already raised it in the House but we need to have a vehicle so that the Senate can vote on it, and it is our intention to have something on the Department of Defense bill next week," she said at a news conference.

House Minority Leader John Boehner, R-Ohio, said Republicans will vote against increasing the debt limit.

"And we'll vote against it because of their trillion-dollar stimulus plan that hasn't worked. We'll vote against it because of all of this excessive spending that's in this bill right here, a 12 percent increase with 5,000 earmarks -- all of it pushing the debt to record heights," he said at a news conference.

"Listen, they have made a habit of taking defense appropriation bills, bills that fund the support of our troops, and adding on there the most distasteful things they can think of, trying to make sure they get it passed on the backs of our soldiers," he added. "It's a bad way of doing business."

But Democrats face a difficult task of folding the measure into the Defense spending bill, because House rules prevent additions of "air-dropped" items to legislation that has passed through both chambers. Democrats will need a two-thirds vote to overcome a likely Republican bid to strip the measure out of the spending bill.

Pelosi could convert the spending bill into a "message" to avoid the "air-dropped" problem but the bill would then be sent to the Senate where it would be open to a filibuster.

With government spending brushing up against the debt limit right now, Democrats have decided they would rather face the music now for hiking the ceiling to accommodate a massive annual deficit than deal with it next year when Republicans could seize on the matter for political gain in the 2010 congressional election.

"We've incurred this debt. We have to pay our bills," House Majority Leader Steny Hoyer told Politico newspaper on Wednesday, confirming the $1.8 trillion figure.

A Treasury official added that the best estimate now is that the United States will hit the debt ceiling in mid-to-late December.

As lawmakers try to deal with a debt that nearly matches the annual U.S. economy, the House could vote as early as Thursday on a $446.8 billion year-end package that would provide up to a 10 percent increase of funding to more than a dozen Cabinet departments and agencies.
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Some notes:

1. ONE POINT EIGHT TRILLION!

2. MORE!

3. They gotta get it done IN DECEMBER.

4. Both House and Senate.

5. Can't have it in 2010.

6. How's that gonna impact Reid?

7. They're all over the place.

8. An unexpectedly converted deficit hawk after his China chats.

9. A summiting JOBS warrior just last week.

10. Promising payroll holidays, capital gains, small biz...

11. A day ago, it's suddenly a Second Stimulus.

12. Tacitly admitting that Plan Pelosi flopped, his only answer is---more of the same.

13. Does he think Americans have forgotten his urgent admonitions to HURRY! HURRY! when it came to stimuli and bailouts?

14. And now all know the money's not been spent and nothing has been accomplished.

15. So they're gonna attach the Debt Ceiling as rider to a defense bill.

16. Didn't they see this coming?

17. Pelosi's as improvisational as her overplied president.

18. "We have to pay our bills," hollers Hoyer.

19. So cynical, on so many levels.

20. At the same time, a HALF TRIL increase for cabinet secretaries.

The Prof
 
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Re: Dems To Raise Debt Ceiling by 1.8 Trillion

we got em

they have no chance and no way out
 
Re: Dems To Raise Debt Ceiling by 1.8 Trillion

The Prof said:
we got em

they have no chance and no way out
Click to expand...

Well there is also the possibility of the dollar collapsing due to the insane spending and riots in the streets following said collapse. Of course that would be a scorched earth tactic that benefits no one.
 
Re: Dems To Raise Debt Ceiling by 1.8 Trillion

horrible times economically for patriotic, red, white and blue americans

socially severe, as well

plum pickings, tho, politically

as positive a political outlook for people like you and i as i've ever seen

hang in, friend, if you can

cliff
 
Re: Dems To Raise Debt Ceiling by 1.8 Trillion

What's to worry - the rich will pay for it all! No one with incomes less than $250,000 will have to pay anything for any of this spending. So sit back, relax, and be comforted that you are benefiting from the grand and benign governing of the Democratic elite who knows what is best for you.

I can't believe I just typed that shrek! Gotta go wash my hands off with some whiskey and disinfect them!
 
Re: Dems To Raise Debt Ceiling by 1.8 Trillion

Well there is also the possibility of the dollar collapsing due to the insane spending and riots in the streets following said collapse. Of course that would be a scorched earth tactic that benefits no one.
Click to expand...

The collapse of the banking industry would have led to pandemonium as well, although in both cases most likely not to the extent you have imagined.
 
Re: Dems To Raise Debt Ceiling by 1.8 Trillion

This is insanity....no, this is a crime, this is the reason we have a constitution, this country has gone off the rails!:shock:
 
Re: Dems To Raise Debt Ceiling by 1.8 Trillion

i don't know about the collapse of banking

but those moneybags must not be behaving themselves

cuz obama's gonna summon em to summit on monday

gonna give em a real presidential down dressing

meanwhile, 44% want bush back (ppp)

Bush closes the gap - Ben Smith - POLITICO.com

already

it's that bad
 
Re: Dems To Raise Debt Ceiling by 1.8 Trillion

What's new everyone knows the the Liberal motto if at first you don't succeed spend more of what you don't have on things that don't help until the Obama Kwanza miracle comes along on a magic Camel, or is that a magic carpet and Obama Bucks flow forth from the the Credit Fairy in an orgy tax and spend until there is nothing left to spend and no one left to tax.

Then Obama can will be able rejoice in the season of success over his plan to destroy the Nation from within.

Congratulations Liberals you're helping Obama do in one year what the Nation's other enemies couldn't do in 233 years and two World Wars, and cold war that lasted over 30 years.

I hope you are proud of your fuhrer.
 
Re: Dems To Raise Debt Ceiling by 1.8 Trillion

You have to understand that both parties in congress are just the face of industry at this point, on many levels. If it wasn't the Dems doing this it would be the GOP and the entire debate would be coming from the opposite angle. The bankers control the economy and in turn control a great deal of congress.

If you want to be angry, you should be angry at the secrecy surrounding the Federal Reserve and its undemocratic opaqueness in a time of financial crisis. It's absorbing YOUR money and telling you nothing about it.

I'm almost fully convinced at this time that bipartisan forces in congress are mutually engaged in the deliberate self-destruction of the current U.S. financial system. It's just a shame that most people are too busy towing partisan lines to take a hard look at what's going on.
 
Re: Dems To Raise Debt Ceiling by 1.8 Trillion

This a friggen riot;I have this vision in my head of a large ship (titanic?).The crew standing around pointing their long, crooked finger, at the iceberg and saying it’s the icebergs fault instead of helping to launch the lifeboats. The crew being the Republican party. :2wave:
 
Re: Dems To Raise Debt Ceiling by 1.8 Trillion

donc said:
This a friggen riot;I have this vision in my head of a large ship (titanic?).The crew standing around pointing their long, crooked finger, at the iceberg and saying it’s the icebergs fault instead of helping to launch the lifeboats. The crew being the Republican party. :2wave:
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Even funnier, I'm picturing you peeking from under the deck on that same ship pointing your finger at the Republicans.:doh
 
Re: Dems To Raise Debt Ceiling by 1.8 Trillion

Taylor said:
Even funnier, I'm picturing you peeking from under the deck on that same ship pointing your finger at the Republicans.:doh
Click to expand...


Nah, not under the deck, I’m on the iceberg with the polar bear…. global warming yano. :2wave:
 
Re: Dems To Raise Debt Ceiling by 1.8 Trillion

Some notes:

1: Bullet points that go

2: across multiple lines are

3: stupid

4: learn to write in

5: English please
 
Re: Dems To Raise Debt Ceiling by 1.8 Trillion

Redress said:
Some notes:

1: Bullet points that go

2: across multiple lines are

3: stupid

4: learn to write in

5: English please
Click to expand...


L
O
L

:mrgreen:
 
Re: Dems To Raise Debt Ceiling by 1.8 Trillion

Redress said:
Some notes:

1: Bullet points that go

2: across multiple lines are

3: stupid

4: learn to write in

5: English please
Click to expand...
Fix 3-5 and you've got yourself a fine haiku!:2razz:
 
Re: Dems To Raise Debt Ceiling by 1.8 Trillion

I also saw today that they are projecting the deficit in 2019 (just 10 years from now) to be near 25 trillion. At what point do we wake up and realize we have got to stop spending? As it stands it will likely take several generations to pay off the deficit even if we could manage to cut all the BS.
 
Re: Dems To Raise Debt Ceiling by 1.8 Trillion

1. the difference between the dems and the gop since inauguration could not be any wider than the grand canyon

2. zero republicans voted for the stimulus

3. zero support cap and trade or obamacare

4. the new york times reported 3 saturdays ago that mere SERVICE on the debt, INTEREST ALONE, will soon (by 2016 or 2017) approach ONE TRIL PER YEAR

Wave of Debt Payments Facing US Government - CNBC

5. own it, dems

6. there's not a single red fingerprint on it
 
Re: Dems To Raise Debt Ceiling by 1.8 Trillion

The Prof said:
1. the difference between the dems and the gop since inauguration could not be any wider than the grand canyon

2. zero republicans voted for the stimulus

3. zero support cap and trade or obamacare

4. the new york times reported 3 saturdays ago that mere SERVICE on the debt, INTEREST ALONE, will soon (by 2016 or 2017) approach ONE TRIL PER YEAR

Wave of Debt Payments Facing US Government - CNBC

5. own it, dems

6. there's not a single red fingerprint on it
Click to expand...

Okay ... how about some non partisan facts!?

Debt limit when Bush took over: 5.5 trillion.

Debt limit when Bush left office: 11.315 trillion

Number of times the US congress under Republican control raised the debt limit under Bush : 4

Number of times the US congress under Republican/Democratic control raised the debt limit under Bush : 3

Number of total times the debt limit was raised under Bush : 7

And you were saying on who was owning what?
 
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Re: Dems To Raise Debt Ceiling by 1.8 Trillion

bush lost, bush was a disaster

and yet 44% want him back

you're comparing our current president to bush?

LOL!

such standards

i woulda thought you might perhaps aspire instead for obama to be a SUCCESSFUL president

oh well
 
Re: Dems To Raise Debt Ceiling by 1.8 Trillion

A better measure is the deficit under Bush versus Obama. Bush's highest deficit was his last year in office. From the CBO (http://www.cbo.gov/ftpdocs/105xx/doc10521/budgetprojections.pdf)

(Billions of dollars)
........................Actual
................................2008.....2009.....2010.....2011
On-Budget Deficit......-642....-1,720..-1,485..-1,029
Off-Budget Surplus(a)....183.......133.......104......108
Total Deficit................-459....-1,587...-1,381....-921

Source: Congressional Budget Office.
(a). Off-budget surpluses comprise surpluses in the Social Security trust funds as well as the net cash flow of the Postal Service.

So, we got 2008 under Bush at -642. We are getting at least -1,720 for Obama in 2010. The debt is growing faster under Obama than under Bush. That's an extra trillion in spending Obama added to the Debt in his first year. It is just going to get worse with Healthcare added in, but that won't hit for a few years.
 
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Re: Dems To Raise Debt Ceiling by 1.8 Trillion

The Prof said:
bush lost, bush was a disaster

and yet 44% want him back

you're comparing our current president to bush?

LOL!

such standards

i woulda thought you might perhaps aspire instead for obama to be a SUCCESSFUL president

oh well
Click to expand...

No I am calling you on your partisan hypocrisy. It was BUSH JR, not Obama that raised the debt ceiling 7 times and doubled the US debt. And Reagan was even worse btw.
 
Re: Dems To Raise Debt Ceiling by 1.8 Trillion

reefedjib said:
A better measure is the deficit under Bush versus Obama. Bush's highest deficit was his last year in office. From the CBO (http://www.cbo.gov/ftpdocs/105xx/doc10521/budgetprojections.pdf)

(Billions of dollars)
........................Actual
................................2008.....2009.....2010.....2011
On-Budget Deficit......-642....-1,720..-1,485..-1,029
Off-Budget Surplus(a)....183.......133.......104......108
Total Deficit................-459....-1,587...-1,381....-921

Source: Congressional Budget Office.
(a). Off-budget surpluses comprise surpluses in the Social Security trust funds as well as the net cash flow of the Postal Service.

So, we got 2008 under Bush at -642. We are getting at least -1,720 for Obama in 2010. The debt is growing faster under Obama than under Bush. That's an extra trillion in spending Obama added to the Debt in his first year. It is just going to get worse with Healthcare added in, but that won't hit for a few years.
Click to expand...

And? How much of that deficit is from bailing out Wall Street? How much of that deficit is from programs started under the Bush administration?

Funny how you and your cohorts totally ignore the fact that the debt ceiling was raised 7 times by your dear Bush in his 8 years and 4 of those was when the Republicans were in full and total control of congress lol. Talk about being hypocritical now... It is soo ironic that when Bush was setting new spending record after record, the right fell in behind him and backed him regardless. Cut taxes, no problem! Start a war.. hey start 2 wars, No problem, lets just raise the debt ceiling!

But now that they are not in power these same people have gone all "fiscal conservative" and are demanding cuts in a recession......the only thing you should not be doing..

pathetic partisan hacks.
 
Re: Dems To Raise Debt Ceiling by 1.8 Trillion

PeteEU said:
And? How much of that deficit is from bailing out Wall Street? How much of that deficit is from programs started under the Bush administration?

Funny how you and your cohorts totally ignore the fact that the debt ceiling was raised 7 times by your dear Bush in his 8 years and 4 of those was when the Republicans were in full and total control of congress lol. Talk about being hypocritical now... It is soo ironic that when Bush was setting new spending record after record, the right fell in behind him and backed him regardless. Cut taxes, no problem! Start a war.. hey start 2 wars, No problem, lets just raise the debt ceiling!

But now that they are not in power these same people have gone all "fiscal conservative" and are demanding cuts in a recession......the only thing you should not be doing..

pathetic partisan hacks.
Click to expand...
Pete doesn't give a **** about the US, "Yeah let's raise the debt ceiling, wth I'm in Spain."
 
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