Blast from past- Obama Signs Law Raising Debt Limit Feb 2010

[Trajan]

From the archives....lest some have forgotten.

Notice the Paygo riff...(paying attention Sallow?)

President Obama Signs Law Raising Public Debt Limit from $12.4 Trillion to $14.3 Trillion

February 12, 2010 3:21 PM

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.


President Obama Signs Law Raising Public Debt Limit from $12.4 Trillion to $14.3 Trillion - Political Punch

and now the senate vote at the time...the house was a walk over naturally;

57 yes ( 2 reps)
35 No ( 3 dems)
8 not voting

for names etc...

Senate Vote 374 - Approves Massive Spending Bill - NYTimes.com



so, what happened to Paygo?

 

[Richard-H]

All previous Presidents and Congresses have routinely raised the debt limit. There was nothing new or sensational about it.

Did you at all wonder where the first $12.4 trillion in debt came from?

 

[Steelplate]

7 times in 8 years under Bush.... but I guess that was different for some reason.

 

[Trajan]

All previous Presidents and Congresses have routinely raised the debt limit. There was nothing new or sensational about it.

Did you at all wonder where the first $12.4 trillion in debt came from?

I never said there was......

do you at all wonder how we blew thru 2 Trillion dollars ( oh and the war's' costs are 250B using 2010's cost + 6 months of this years funding) in 18 months?

what happened to paygo.....?

 

[AquaAthena]

All previous Presidents and Congresses have routinely raised the debt limit. There was nothing new or sensational about it.

Did you at all wonder where the first $12.4 trillion in debt came from?

And do we want to repeat all those costly mistakes??

 

[Avorysuds]

7 times in 8 years under Bush.... but I guess that was different for some reason.

Nope no different.

Hey, can you tell us all just how horrible of a President Bush for all of us?!?! I'd love to hear how Bush helped fuck the country but spending so much that he had to have the debt ceiling raised!

Go on, make Obama, I mean Bush look bad!

Or, maybe it's just different under Obama?

 

[Trajan]

you'd be surprised at how few people even realize he already jacked the ceiling once in his term, a 'double' dose of leadership fail if you will

 

[DontBeStupid]

do you at all wonder how we blew thru 2 Trillion dollars ( oh and the war's' costs are 250B using 2010's cost + 6 months of this years funding) in 18 months

I don't wonder. It was a combination of a weak economy, low tax rates and the Recovery Act. Add in the GOP blackmail in December and that's pretty much it.

 

[elvis]

you'd be surprised at how few people even realize he already jacked the ceiling once in his term, a 'double' dose of leadership fail if you will

so what would you call Bush? a seven-fold failure?

 

[Trajan]

you'd be surprised at how few people even realize he already jacked the ceiling once in his term, a 'double' dose of leadership fail if you will

so what would you call Bush? a seven-fold failure?

sure, if Bush had talked the shit on the debt ceiling, obama talked the talk, he appears to have avoided wlaing thw walk, twice when this deal is signed. thats why I added that blurb.



( do I need to go thru the litany?..... yes I blame for bush too, for- spending like drunken cocaine besotted sailor, he invaded Iraq to please daddy, afghan. cause he thought they made great carpets, aids, the miss on my cousins 396...what else...)

.

 

[Trajan]

do you at all wonder how we blew thru 2 Trillion dollars ( oh and the war's' costs are 250B using 2010's cost + 6 months of this years funding) in 18 months

I don't wonder. It was a combination of a weak economy, low tax rates and the Recovery Act. Add in the GOP blackmail in December and that's pretty much it.

"blackmail"?...

you mean the 38.5 Billion dollar blackmail?

 

[DontBeStupid]

do you at all wonder how we blew thru 2 Trillion dollars ( oh and the war's' costs are 250B using 2010's cost + 6 months of this years funding) in 18 months

I don't wonder. It was a combination of a weak economy, low tax rates and the Recovery Act. Add in the GOP blackmail in December and that's pretty much it.

"blackmail"?...

you mean the 38.5 Billion dollar blackmail?

Hmm. Sounds like you're only counting the loss of revenue from the payroll tax cut and not any of the revenue we would have gained from repealing parts of the Bush tax cuts.

Kind of dishonest of you.

 

[Trajan]

I don't wonder. It was a combination of a weak economy, low tax rates and the Recovery Act. Add in the GOP blackmail in December and that's pretty much it.

"blackmail"?...

you mean the 38.5 Billion dollar blackmail?

Hmm. Sounds like you're only counting the loss of revenue from the payroll tax cut and not any of the revenue we would have gained from repealing parts of the Bush tax cuts.

Kind of dishonest of you.

It would be if I had some idea of what your talking about, what blackmail took place, exactly?

 

[California Girl]

you'd be surprised at how few people even realize he already jacked the ceiling once in his term, a 'double' dose of leadership fail if you will

so what would you call Bush? a seven-fold failure?

Which President called raising the debt ceiling a 'failure of leadership'?

 

[Steelplate]

7 times in 8 years under Bush.... but I guess that was different for some reason.

Nope no different.

Hey, can you tell us all just how horrible of a President Bush for all of us?!?! I'd love to hear how Bush helped fuck the country but spending so much that he had to have the debt ceiling raised!

Go on, make Obama, I mean Bush look bad!

Or, maybe it's just different under Obama?

apparently it is.... because no one said anything about it under Bush. Hey, I don't have all that many gripes against Bush. I can only name a few... Homeland Security, Patriot Act, fighting two wars AND cutting taxes to somehow magically pay for them(which still goes on today, BTW)....wasn't nuts about the Wall Street bailouts, especially with no required accountability from those dickheads, but the economy was failing at that point... so it was what it was.

That's about it.... Other than those items... I don't have a problem with Bush... and in all actuality... the ones that irk me the most is the wars/tax cuts and the Patriot Act.... there's no way in hell that makes any kind of sense at all, and the Patriot Act was Gestapo-ish in nature.... the rest were judgment calls where hindsight is always 20/20.

So here we are at a crisis point in an already depressed economy. Why pick right now to fight ideological battles and not do what's right for our economy? 450 prominent businessmen petitioned the Congress to get their collective heads out of their asses with this.

So, I talked to you in a reasonable fashion... now... you tell me. Why is it a mortal sin now under Obama? I don't give a shit who the president is... this is important. We cannot default for the first time in American History just to have some political talking point for the upcoming election. That's putting politics before country... and I don't care what the situation is.... it's despicable.

Yes, I know... in your eyes, Obama is doing the same thing because he sees the need for revenue increases. But in this case, I agree with him... if your side is going to hold the country hostage over cuts, then there should be reciprocal revenue increases to take SOME of the burden of these cuts off of the Middle Class.... He isn't even talking reciprocity... he's talking TOKEN sacrifices in comparison to what you guys want the Middle Class and poor to bear.

So... if both sides aren't going to budge on the budget... then they need to increase the debt limit to keep the country afloat and fight the budget battle on it's own merits instead of trying to hold our entire economy at risk. It's irresponsible.

 

[DontBeStupid]

"blackmail"?...

you mean the 38.5 Billion dollar blackmail?

Hmm. Sounds like you're only counting the loss of revenue from the payroll tax cut and not any of the revenue we would have gained from repealing parts of the Bush tax cuts.

Kind of dishonest of you.

It would be if I had some idea of what your talking about, what blackmail took place, exactly?

Maybe you were asleep for the month of December when the GOP said that absolutely nothing would get passed in Washington until there was an extension of the Bush Tax Cuts for the wealthy. You should take a second and read up on it.

 

[Ame®icano]

Obama signed another debt ceiling increase in December 2009. HR 4314

 

[Nosmo King]

All previous Presidents and Congresses have routinely raised the debt limit. There was nothing new or sensational about it.

Did you at all wonder where the first $12.4 trillion in debt came from?

I never said there was......

do you at all wonder how we blew thru 2 Trillion dollars ( oh and the war's' costs are 250B using 2010's cost + 6 months of this years funding) in 18 months?

what happened to paygo.....?

We cut taxes under Bush and fought two wars. I wonder if those debits have anything to do with a massive deficit? After all, there was a budget surplus when Bush was sworn in.

And Ronald Reagan raised the debt ceiling 18 times in eight years. But no one wanted to see his birth certificate or shouted out "You lie!" during his speeches to congress.

The Conservative wing of the Republican party has accomplished two wonderful things. First, they have lowered the bar on civil discourse and raised the ante on hard core partisanship. They are, in effect, holding the credit worthiness of the United States of America hostage for political purposes.

Next, they have managed to convince some willing sycophants that raising taxes to the same levels as the Clinton boom years will somehow wreak the economy (as if having the nation default will show no adverse problems!) We had job growth and a booming economy before the reactionary policies of lowering taxes while prosecuting costly and largely ineffective wars started up.

 

[Trajan]

Obama signed another debt ceiling increase in December 2009. HR 4314

impossible he signed one, what? 2 months later?

 

[Trajan]

Hmm. Sounds like you're only counting the loss of revenue from the payroll tax cut and not any of the revenue we would have gained from repealing parts of the Bush tax cuts.

Kind of dishonest of you.

It would be if I had some idea of what your talking about, what blackmail took place, exactly?

Maybe you were asleep for the month of December when the GOP said that absolutely nothing would get passed in Washington until there was an extension of the Bush Tax Cuts for the wealthy. You should take a second and read up on it.

soooo, in other words they won the election.....right, we knew that, and?