Owe, no! Debt ceiling soars as Dow sinks

Discussion in 'Current Events' started by Stephanie, Feb 5, 2010.

  1. Stephanie
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    Stephanie Diamond Member Supporting Member

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    By MAGGIE HABERMAN

    Last Updated: 8:00 AM, February 5, 2010

    Posted: 2:54 AM, February 5, 2010

    Congress voted yesterday to raise the US debt ceiling by a staggering $1.9 trillion — putting every man, woman and child in the country $6,000 deeper in the hole — as Wall Street tanked because of debt problems in Europe.

    The House of Representatives — trying to act well before the November elections, because lawmakers fear a backlash -- approved a debt ceiling of $14.3 trillion.

    The figure amounts to an increase of roughly $6,000 for every US resident, and brings the accumulated debt total to $40,000 per person.

    "This debt is being piled on the backs of our kids and grandkids with no relief in sight," said House Minority Leader John Boehner (R-Ohio).

    Republicans criticized the aggressive spending measures Democrats have taken to blunt the impact of the deepest economic downturn in 70 years.

    "They took out a monster loan that is not paying off," said Rep. Pete Sessions (R-Texas).

    Economists sounded the alarm, saying the debt hike could negatively impact interest rates and hit an already battered economy in the gut.

    Financial markets were roiled by concerns that Greece might default on its obligations, and that massive amounts of new debt in Portugal and Spain would not be bought by investors.

    Those fears, combined with disappointing job figures at home, sent the US markets reeling -- with the Dow Jones industrial average falling 268 points. Critics of the growing deficit also worry about the US government selling so much debt to China.



    Read more: Owe, no! Debt ceiling soars as Dow sinks - NYPOST.com
     
  2. Joe Steel
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    Joe Steel Class Warrior

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    Such is the cost of negligence. We let conservatives destroy the country. Now we have to pay to fix it.
     
  3. Toro
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    Toro Diamond Member

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    There seems to be a whole lot of gloating about the market's decline from the Right over the past few days. Using the market to validate your political views isn't wise. The last time the Right on USMB was gloating over the market's decline was about this time last year. Then, the market rose 70%.
     
  4. Stephanie
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    Stephanie Diamond Member Supporting Member

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    where the hell do you see gloating? this was an article from a newspaper.:cuckoo:
     

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