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Thread: Senate Permits Govt to Borrow An Additional 1.9T

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    Senate Permits Govt to Borrow An Additional 1.9T

    An AP story found on RCP:

    RealClearPolitics - Politics - Jan 28, 2010 - Senate permits gov't to borrow an additional $1.9T

    The Senate voted Thursday to allow the government to go a whopping $1.9 trillion deeper in debt, offering a vivid election-year reminder that the government has to borrow 40 cents of every dollar it spends.

    The measure would put the government on track for a national debt of $14.3 trillion more than $45,000 for every man, woman and child in the United States. And the debt is increasingly held by foreign nations such as China.

    The budget for the current year is about $3.5 trillion and the deficit will probably match last year's $1.4 trillion. The government would have to borrow to cover that $1.4 trillion.

    The measure passed 60-39 under ground rules insisted upon by Republicans that required 60 votes to pass it. Democrats and allied independents control 60 seats for now and were only able to win the vote because Republican Sen.-elect Scott Brown of Massachusetts has yet to be seated.

    While Thursday's vote went smoothly, it came after weeks of difficult negotiations between the White House and both House and Senate Democrats.

    Moderate House "Blue Dog" Democrats came away with a tough new "pay-as-you-go" budget law to make it harder to run up the deficit with new tax cuts or federal benefit programs. Senate Democrats won a promise from President Barack Obama to name a bipartisan task force to come up with a plan for dealing with the spiraling debt but one whose recommendations are unlikely to ever see an up-or-down vote.

    Meanwhile, Obama won symbolic support for his proposal for a partial domestic spending freeze.

    A 56-strong majority of senators supported a plan, by Sens. Jeff Sessions, R-Ala., and Claire McCaskill, D-Mo., that was strikingly similar to Obama's freeze on domestic programs annually funded by Congress. It failed because 60 votes were required, but the tally serves as a positive sign that even though there's significant opposition from Democratic liberals, Obama's domestic freeze is likely to be adopted when Congress debates its budget.

    The debt limit increase comes as a relief to Democrats worried about having to cast multiple, bite-sized increases in the debt in the run-up to the critical midterm elections this fall. Instead, the new limit would allow majority Democrats to avoid another vote until after the midterm elections this fall.

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    Re: Senate Permits Govt to Borrow An Additional 1.9T

    Comments:

    1. Thank you, Mr Populist.

    2. I sure hope that DISCRETIONARY SPENDING FREEZE sails thru.

    3. His timing is so ontologically Obamite.

    4. What an oaf.

    5. The Party needed all 60 to pass it.

    6. Couldn't have done it were Massachusetts there.

    7. The bluedogs won a "tough" (LOL!) pay-as-you-go proviso.

    8. The Senate encourages President Pieface to appoint that prestigious bipartisan panel, the now famous Debt Commission, conceived in the panicked perception of the president some time in the last week.

    9. Except the Commission, to be enacted by executive order, will be not be "binding" since the Upper House hosed it down, 53 to 47, on Tuesday.

    10. The Freeze front, however, is moving Obtuse Obama's way.

    11. THANKS TO BROAD SUPPORT FROM THE GOP.

    12. It's the LEFT of the PARTY that's OPPOSED.

    13. LOL!

    14. The almost limitless lifting of the ceiling, in the meantime, is so CYNICAL, just the type of manipulative politicizing the complaining president pointed out last nite.

    15. The PARTY uncaps its credit card NOW so it can go into November hoping the voters forget.

    16. There's so much Obama wants us all just to forget.

    17. Like Geithner and AIG, like Mutallab and Fort Hood and KSM, like health care...

    18. He pretends it all never happened.

    The Prof

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    Re: Senate Permits Govt to Borrow An Additional 1.9T

    Didn't we just get a speech about reigning in the government deficit?
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: Senate Permits Govt to Borrow An Additional 1.9T

    Where the hell is he gonna get the money?
    Jackboots always come in matched pairs, a left boot and a right boot.

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    Re: Senate Permits Govt to Borrow An Additional 1.9T

    Quote Originally Posted by chevydriver1123 View Post
    Where the hell is he gonna get the money?
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: Senate Permits Govt to Borrow An Additional 1.9T

    Quote Originally Posted by chevydriver1123 View Post
    Where the hell is he gonna get the money?
    Isn't the senate culpable in this?

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    Re: Senate Permits Govt to Borrow An Additional 1.9T

    They just raised it in December now they are doing it again. They can not continue to do this every month. This is the democrats problem for the GOP is not voting for this.

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    Re: Senate Permits Govt to Borrow An Additional 1.9T

    Quote Originally Posted by EnigmaO01 View Post
    Isn't the senate culpable in this?
    Yes, they had to hurry it through before Brown gets to Washington. The Republicans might do something evil, like only accept an extension that runs out on October 15th. They're so evil, they might do something that would get the Democrats bad press just weeks before an election. Shame on them.

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    Re: Senate Permits Govt to Borrow An Additional 1.9T

    Senate Permits Govt to Borrow An Additional 1.9T
    Does anyone see the irony here? the govt just gave itself permission to borrow more money? Really?

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