Debt Increases/"Jobs" Bill passes

[eagleseven]

House Approves U.S. Debt Limit Increase, Jobs Bill (Update1) - Bloomberg.com

Dec. 16 (Bloomberg) -- The House approved a $290 billion increase in the limit on U.S. government borrowing along with a $154 billion economic-aid package as lawmakers raced to wrap up their work for the year.

Lawmakers voted 218-214 to raise the debt ceiling to $12.394 trillion, the fourth such increase in 18 months. Hours later, the House agreed 217-212 on new spending for infrastructure projects, extended unemployment benefits and aid to state governments. The chamber also passed a $636 billion defense budget bill. All three measures await Senate action.

While the debt and defense measures are likely to reach President Barack Obama’s desk by Christmas, the jobs plan faces opposition in the Senate, where lawmakers are wary of its effect on the government’s $1.4 trillion budget deficit. House Democrats said the jobs measure would aid struggling families.

“We’re trying to bail out our people,” said Ways and Means Committee Chairman Charlie Rangel, a New York Democrat. “We’re trying to restore the hope and confidence they had, we’re trying to keep kids in school, we’re trying to put food on their table.”

Total GDP: $12,990,200,000,000
Total Public Debt: $12,134,970,556,795
Total Federal Income: $2,157,000,000,000
Total Federal Expense: $3,998,000,000,000

 

[ba1614]

What's the purpose of having a debt ceiling when these greedy fucks just increase it whenever they feel like it?
Where is the incentive to control spending when you can increase your overdraft 4 times in just 18 months?

 

[eagleseven]

What's the purpose of having a debt ceiling when these greedy fucks just increase it whenever they feel like it?

It gives them something to do?