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Democrats propose $1.9T increase in debt limit

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Scarecrow Akhbar

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Democrats propose $1.9T increase in debt limitWASHINGTON – Senate Democrats on Wednesday proposed allowing the federal government to borrow an additional $1.9 trillion to pay its bills, a record increase that would permit the national debt to reach $14.3 trillion.

The unpopular legislation is needed to allow the federal government to issue bonds to fund programs and prevent a first-time default on obligations. It promises to be a challenging debate for Democrats, who, as the party in power, hold the responsibility for passing the legislation.

...

The record increase in the so-called debt limit is required because the budget deficit has spiraled out of control in the wake of a recession that cut tax revenues, the Wall Street bailout, and increased spending by the Democratic-controlled Congress. Last year's deficit hit a phenomenal $1.4 trillion, and the current year's deficit promises to be as high or higher.
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Yes people, keep telling us we "need to raise taxes", "tax the rich", "tax the greedy", etc etc etc.

Don't you even THINK about holding back on spending.
 
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Scarecrow Akhbar said:
Yes people, keep telling us we "need to raise taxes", "tax the rich", "tax the greedy", etc etc etc.

Don't you even THINK about holding back on spending.
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hopefully money can be abolished or something epic
 
So we're gonna pay our maxed-out Visa with our maxed-out Mastercard.
 
1. 1.9T!!!

2. In December, leadership tried for a more modest (LOL!) increase of 1.2

3. But it was scheduled SIMULTANEOUS with health care's final push

4. Stunningly stupid politics

5. It's demonstrable---the party can't plan two moves ahead

6. So leadership laid off, settling instead for a TEMPORARY raise of 290B

7. Good for an entire SIX WEEKS!

8. Apparently, now that health care is kaput the course is clear to RAISE THE ROOF

9. Just two weeks ago Geithner's Treasury Dept, with zero congressional backing, lifted all limits on taxpayer liability for any and all obligations incurred by Fannie and Fred

10. Massachusetts, for those not totally tone deaf to the American disposition, was all about deficits, debt and the dole

11. The voter feels a primeval, in-the-gut awareness that the govt's accounts are all askew

12. Careening over cliffs, $1.9T tall, palms sealed hermetically over ears

13. Bid bye bye, Barbara Boxer

14. Still, it will NEVER pass, this 1.9T increase in the credit card

15. The worst of all worlds, as always, for the worried wonks in Washington

16. Comprehensively responsible for politics repulsive

17. With no pot of payback at the end

18. In a related and equally regrettable development, the December JOBS REPORT has once more been revised downward

http://www.thebostonchannel.com/money/22300610/detail.html

19. Once more, statistics unexpected, disappointing, ominous projecting forward, and, most significantly, reversing the trajectory of new jobless claims which, up to December, were declining

20. The president pivots improvisationally to populism contemporaneous with his party's attempt to raise the debt ceiling ONE POINT NINE TRIL

21. So Baucus, the locked out Gatekeeper of Health Care, observes, "we have gone to the restaurant, we have eaten the meal..."

22. As out of touch as Obama, who disses Scott Brown's GM truck which, according to our tin eared president, "everybody can buy"

23. Most Americans aren't going to too many restaurants, Senator Baucus

24. The credit card's been maxed out
 
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Just a continuation of the last administration. How many times did they raise the debt ceiling and we weren't even in a recession. The economy was booming and still they had record deficits. Go figure.
 
well...

it's a matter of degree

LOL!
 
Dirty Harry said:
Just a continuation of the last administration. How many times did they raise the debt ceiling and we weren't even in a recession. The economy was booming and still they had record deficits. Go figure.
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Yeah, American governments don't have the balls to significantly raise taxes or cut spending these days, you know, the whole fiscal responsibility thing. What, cut our ridiculously large and wasteful military?? Never!
 
Scarecrow Akhbar said:
Sure it will.

Just watch.
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thanks, my friend

i appreciate your perspective

but they're gonna need 60

and i saw the disposition of 13 of em, i'm pretty sure it was 13...

yeah, it was 13, i just googled, who opposed reid on the doc fix

Senate Hands Reid a Defeat on ‘Doc Fix’ - Roll Call

bayh, dorgan, lieberman, feingold, wyden, tester, byrd, conrad, mccaskill, BILL nelson, kohl and both virginians, warner and combat boots webb

i've kinda come to know these guys, and i can't see em going there

the raising of the ceiling is a lot like the fix in that they're both totally unaccounted for, pure deficit

and in times as cold as those in massachusetts, y'know

i really don't think they'll get it

we'll see

keep up the good work, friend scarecrow
 
Woohoo! Another 2 Trillion down the toilet. I tell ya between 2 wars each costing us about a Trillion, a couple of bailouts each going for about 700 Billion, and some pending health care legislation that's bound to cost us at least a few Trillion... well eventually we're gonna have to start spending some real money.

You know who I feel bad for? The Chinese. We've borrowed Billions from those schmucks and they're not getting any of it back. Suckers! They don't understand capitalism. Rule 1. Don't loan money to people that need it.
 
Interest is gonna' come a knockin'.
 
Winnb said:
You know who I feel bad for? The Chinese. We've borrowed Billions from those schmucks and they're not getting any of it back. Suckers! They don't understand capitalism. Rule 1. Don't loan money to people that need it.
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lol, so true! America is going to declare national bankruptcy one of these days, then China is going to be ****ed. Then if China and America are ****ed, so is at least half the world's economy....
 
AgentM said:
lol, so true! America is going to declare national bankruptcy one of these days, then China is going to be ****ed. Then if China and America are ****ed, so is at least half the world's economy....
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China's going to get something for their debts. Don't you worry.
 
The Prof said:
well...

it's a matter of degree

LOL!
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Like I said the economy was booming when Bush raised the ceiling. He should have been paying down the debt.
 
Dirty Harry said:
Just a continuation of the last administration. How many times did they raise the debt ceiling and we weren't even in a recession. The economy was booming and still they had record deficits. Go figure.
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Why are you blaming the last administration? How about Congress?
 
Dirty Harry said:
Like I said the economy was booming when Bush raised the ceiling. He should have been paying down the debt.
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Since Congress appropriates the money, how would he do that?
 
American said:
Since Congress appropriates the money, how would he do that?
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Well, he did have the veto power and congress was also republican for 6 of those 8 years. Republicans have proven over and over again that they can be just as fiscally irresponsible as democrats, but they have so many fooled.
This from his first term while the GOP controlled congress.

040624_spending.gif
 
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Right now is the best time to be spending money. Once the economy begins to grow again and the fed raises interest rates we will have to make a real effort to pay off the debt. That means raise taxes. Otherwise our excessive debt will begin to crowd out the private economy. We cannot continue to use this notion that if we lower taxes we will get higher revenues, it will bankrupt the country this time if we do it.
 
drz-400 said:
Right now is the best time to be spending money. Once the economy begins to grow again and the fed raises interest rates we will have to make a real effort to pay off the debt. That means raise taxes. Otherwise our excessive debt will begin to crowd out the private economy. We cannot continue to use this notion that if we lower taxes we will get higher revenues, it will bankrupt the country this time if we do it.
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It really is too late to do anything. We have dug the hole too deep with all the out of control spending and borrowing of the last decade. It doesn't matter if you raise or lower taxes. Not to mention all the jobs that have been lost forever.
 
American said:
Since Congress appropriates the money, how would he do that?
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It's true that only Congress can tax and only Congress can spend. But the power of a President, especially when his own party controls the House and the Senate, is a strong influence on how Congress behaves. The President can still submit legislation to Congress and he has a whole staff of people working for him that do nothing but work with Congressman and Senators.

President Bush had every opportunity to cut spending. Neither side, Democrat or Republican would have been able to muster the votes to override a veto from Bush on a spending bill. I don't "think" they could have anyway...

And all of that ignores the Republicans that completely forgot about cutting spending when they held the power to do so.
 
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