House GOP set to reject debt ceiling increase

Discussion in 'Congress' started by JimH52, May 31, 2011.

  1. JimH52
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    JimH52 Gold Member

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  2. Oddball
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    Oddball BANNED Supporting Member

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    Two-faced frauds.

    Except in the case of Pelosi...Had she another face, she certainly wouldn't be wearing the one she has now.
     
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  3. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    If we don't do something about cutting government spending and debt now, 25% rates will look cheap.
     
  4. JimH52
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    JimH52 Gold Member

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    You won't have to wait if the GOP blocks the raise. It will be in August. When GW raised the ceiling, not a word....
     
  5. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    GW didn't increase Federal Debt by $5T in two years, nor did he run $1T+ deficits for as far as the eye can see. Obama voted against raising the debt ceiling when Bush was President. He should support not raising it now.
     
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  6. JimH52
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    JimH52 Gold Member

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    Oh, I want Obama and the Democrats to let the GOP vote to default the Country. I think it would be a great political move for them. Everyone will remember who voted NO....again.
     
  7. daveman
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    daveman Diamond Member

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    John Williams, over at Shadow Stats, compiles economic data for inflation and unemployment the way it used to be calculated pre-1990. Based on that data, the CPI inflation rate is over 10%, and the unemployment rate is over 15% (see charts). The Misery Index is the sum of the current inflation rate and the unemployment rate. If it were to be calculated using the older methods, the Index would now be over 25, a record high. It surpasses the old index high of 21.98, which occurred in June 1980, when Jimmy Carter was president. Most believe the height of the Index along with the Iranian hostage crisis is what caused Carter to lose his re-election bid.​
    EconomicPolicyJournal.com: Shadow Stat Misery Index Highest on Record
     
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  8. Oddball
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    Oddball BANNED Supporting Member

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    It's not a default if you quit spending more than you take in.
     
  9. Quantum Windbag
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    Quantum Windbag Gold Member

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    :clap2:

    Maybe if the Democrats had had the balls to do this back when Bush was spending all that money we would never have had a recession.

    Just something to think about.
     
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  10. JimH52
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    JimH52 Gold Member

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    Actually GW Bush nealry doubled the deficit during his eight years. Read Below


    Bush Administration Adds $4 Trillion To National Debt - Couric & Co. - CBS News


    UPDATED: Debt Ceiling Limits (1939- 2011) | The Big Picture

    • G.O.P. Strategy On Debt Ceiling (March 1, 2002)
    Republican leaders in the House told the Bush administration that they did not have enough votes to increase the legal limit on the national debt and urged the White House to attach the measure to another piece of popular legislation, possibly a supplemental military appropriations bill. The administration has asked Congress to raise the debt limit by $750 billion, to $6.7 trillion, by the end of March, when the government is likely to breach the limit. Richard W. Stevenson
    ~
    • Bush Seeks Increase in National Debt Limit (December 25, 2002)
    The Bush administration asked Congress today to approve another increase in the limit on national debt, saying it will run out of the authority to borrow money by late February.
    The deputy Treasury secretary, Kenneth W. Dam, in a letter to the House speaker, J. Dennis Hastert, cited the cost of combating terrorism and the economic slowdown for the government’s growing indebtedness.
    The federal government, which enjoyed a budget surplus as recently as two years ago, had a shortfall of $157 billion this year and is expected to have a larger one in 2003.
    Congress raised the government’s debt limit in July by $450 billion, to a total of $6.4 trillion, but administration officials predicted even then that they would need to raise the limit again by some time next year.

    • As U.S. Debt Ceiling Is Reached, Bush Administration Seeks to Raise It Once Again (October 15, 2004)
    Less than a day after President Bush implied that Senator John Kerry lacked ”fiscal sanity,” the Bush administration said on Thursday that the federal government had hit the debt ceiling set by Congress and would have to borrow from the civil service retirement system until after the elections.
    Federal operations are unlikely to be affected because Congress is certain to raise the debt limit in a lame-duck session in November. Congressional Republicans had wanted to avoid an embarrassing vote to raise the debt ceiling just a few weeks before Election Day.
    Since Mr. Bush took office in January 2001, the federal debt has increased about 40 percent, or $2.1 trillion, to $7.4 trillion. Congress has raised the debt ceiling three times in three years, raising it most recently by $984 billion in May 2003.
    ~
    • Senate Approves Budget, Breaking Spending Limits (March 16, 2006)
    The Senate narrowly approved a $2.8 trillion election-year budget Thursday that broke spending limits only hours after it increased federal borrowing power to avert a government default.
    The budget decision at the end of a marathon day of voting followed a separate 52-to-48 Senate vote to increase the federal debt limit by $781 billion, bringing the debt ceiling to nearly $9 trillion. The move left Democrats attacking President Bush and Congressional Republicans for piling up record debt in their years in power.
    ~
    • Bush signs sweeping housing bill (July 30, 2008)
    President George W. Bush signed into law on Wednesday a huge package of housing legislation that included broad authority for the Treasury Department to safeguard the nation’s two largest mortgage finance companies and a plan to help hundreds of thousands of troubled borrowers avoid losing their homes.

    The law authorizes the Treasury to rescue the mortgage finance giants, Fannie Mae and Freddie Mac, should they verge on collapse, potentially by spending tens of billions in federal monies. Together, the companies own or guarantee nearly half of the nation’s $12 trillion in mortgages.
    To accommodate the rescue plan for the mortgage companies, the bill raises the national debt ceiling to $10.6 trillion, an increase of $800 billion. The bill also creates significant liabilities and risks for taxpayers, that are virtually impossible to calculate.

    So the ceiling went from 5.727 Trillion to 10.6 Trillion during Bush's tenure. And the Republicans, with their nose rings, went right along with him...
     

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