Obama To Ask For $1.2 Trillion Debt Limit Hike...

Discussion in 'Politics' started by paulitician, Dec 28, 2011.

  1. paulitician
    Offline

    paulitician Platinum Member Supporting Member

    Joined:
    Oct 7, 2011
    Messages:
    38,401
    Thanks Received:
    4,136
    Trophy Points:
    1,130
    Ratings:
    +11,972
    More "Hope & Change" i guess. Boy,don't we all long for the days when he at least pretended to be against raising Debt Limits? What a dupe job.


    The White House plans to ask Congress by the end of the week for an increase in the government's debt ceiling to allow the United States to pay its bills on time, according to a senior Treasury Department official on Tuesday.

    The approval is expected to go through without a challenge, given that Congress is in recess until later in January and the request is in line with an agreement to keep the U.S. government funded into 2013.

    The debt is projected to fall within $100 billion of the current cap by December 30, when the United States has $82 billion in interest on its debt and payments such as Social Security coming due. President Barack Obama is expected to ask for authority to increase the borrowing limit by $1.2 trillion, part of the spending authority that was negotiated between Congress and the White House this summer.

    Under the agreement struck in August during the showdown over the government's debt limit, the cap is automatically raised unless Congress votes to block the debt-ceiling extension. Lawmakers have 15 days within receiving the request to vote, which is largely symbolic because the president can veto it and Congress would be unlikely to muster the two-thirds majority to override it. Moreover, the U.S. House of Representatives also is in recess until January 17.

    The deal called for raising the debt ceiling by $2.1 trillion to serve the nation's borrowing needs into 2013 and also included mandatory cuts to the federal budget deficit. Since then, the extension has been increased twice by a total of $900 billion.

    The debt limit currently stands at $15.194 trillion and would increase to $16.394 trillion with the request.

    Obama to ask for debt limit hike: Treasury official | Reuters
    - Big Government
     
  2. Oddball
    Offline

    Oddball BANNED Supporting Member

    Joined:
    Jan 3, 2009
    Messages:
    41,428
    Thanks Received:
    8,397
    Trophy Points:
    0
    Location:
    Drinking wine, eating cheese, catching rays
    Ratings:
    +8,409
    Somehow or another, this just has to be the fault of the wealthy, congressional republicans, ATM machines, the Japanese earfquake/tsunami and/or GEORGE BOOOOOOOOOSH!. :lol:
     
  3. paulitician
    Offline

    paulitician Platinum Member Supporting Member

    Joined:
    Oct 7, 2011
    Messages:
    38,401
    Thanks Received:
    4,136
    Trophy Points:
    1,130
    Ratings:
    +11,972
    Oh absolutely. This guy really has been the biggest dupe-job in History. How can his followers be so uninformed & duped? He hasn't changed anything. Crazy stuff for sure. :cuckoo:
     
  4. bitterlyclingin
    Offline

    bitterlyclingin Silver Member

    Joined:
    Aug 4, 2011
    Messages:
    3,075
    Thanks Received:
    414
    Trophy Points:
    98
    Ratings:
    +448
    Maybe it because the concept of "If its free its for me" still gallops through humanity's soul, why these still ring true today,and why Barry is still succesful beating out the same old tunes as then.



    Ode to the Welfare State | Power Line
     
  5. paulitician
    Offline

    paulitician Platinum Member Supporting Member

    Joined:
    Oct 7, 2011
    Messages:
    38,401
    Thanks Received:
    4,136
    Trophy Points:
    1,130
    Ratings:
    +11,972
    Interesting point. Thanks.
     

Share This Page