Debt ceiling raise 1.8 T-rillion

[Lumpy 1]

Yup that's 1.8 trillion with a "T"

In a bold but risky year-end strategy, Democrats are preparing to raise the federal debt ceiling by as much as $1.8 trillion before New Year’s rather than have to face the issue again prior to the 2010 elections.

Dems to lift debt ceiling by $1.8 trillion, fear 2010 backlash - - POLITICO.com

 

[Dont Taz Me Bro]

I'm trying to figure out what the point of having a debt ceiling is when they can just raise it every six months anyway.

 

[uscitizen]

Yeah kinda like congressional pay raises.

But lets all forget how many times congress raised the debt ceiling during the last administration.

 

[Dont Taz Me Bro]

Yeah kinda like congressional pay raises.

But lets all forget how many times congress raised the debt ceiling during the last administration.

You don't point to someone else's wrong to justify your own. Yes, the Congress under Bush did raise the debt ceiling multiple times, however, they're not in power anymore and therefore has no relevancy to this current action. If this Congress continues to follow those same hurtful policies they are just as responsible. They should be stopping this kind of stuff, but as they have shown, this administration is no better than the last.

 

[LibocalypseNow]

But But...I thought Hopey Changey was against raising the Debt Ceiling? I seem to remember him giving a pious & preachy speech opposing raising the Debt Ceiling when he was a Senator. So why the change? Hmm?

 

[dmc3792]

at least we aren't spending tons of money on pointless things

 

[LibocalypseNow]

"Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren." "America has a debt problem and a failure of leadership."

Who do you think made those statements?

Those are couple of quotes from Senator Barack Obama's pious & preachy speech criticizing the previous administration for attempting to raise the Debt Ceiling. He then went on to vote against raising the Debt Ceiling.

Yikes! What a sad scam.

 

[amrchaos]

Quick question

What is the purpose of the debt ceiling if the government can figuratively ignore it?(raising it is basically ignoring it!!)

I mean, why waste their time raising it to begin with? What is suppose to happen when the government surpass the debt ceiling?? Do anyone know??

 

[uscitizen]

Yeah kinda like congressional pay raises.

But lets all forget how many times congress raised the debt ceiling during the last administration.

You don't point to someone else's wrong to justify your own. Yes, the Congress under Bush did raise the debt ceiling multiple times, however, they're not in power anymore and therefore has no relevancy to this current action. If this Congress continues to follow those same hurtful policies they are just as responsible. They should be stopping this kind of stuff, but as they have shown, this administration is no better than the last.

No better or no worse?

Glass half full or half empty.

My point is that I posted items like this on political boards while Bush was president and it was always disses by those on the right.
Hypocracy is the key here.

 

[amrchaos]

If the Japanese and Chinese ever become allies......Thank god for Blood rivalries!!

 

[LibocalypseNow]

"The fact we are here today to debate raising America's Debt limit is a sign of leadership failure. It is a sign that the U.S. Government can't pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies."

Well said Mr. Obama! First time i have ever agreed with anything he has said.

 

[manu1959]

Yeah kinda like congressional pay raises.

But lets all forget how many times congress raised the debt ceiling during the last administration.

ok i will bite....how many times did congress vote to raise the debt celing between 2000 and 2008....

 

[manu1959]

at least we aren't spending tons of money on pointless things

like a war in the middle east....or aids in africa or stem cell research or bringing democracy to liberia....

 

[amrchaos]

Quick question

What is the purpose of the debt ceiling if the government can figuratively ignore it?(raising it is basically ignoring it!!)

I mean, why waste their time raising it to begin with? What is suppose to happen when the government surpass the debt ceiling?? Do anyone know??

I found out!!

Misery for all!! Democrats and Republicans alike. Bwahahaha


TAX HIKES AND REDUCTION IN GOVERNMENT SPENDING!!

 

[LibocalypseNow]

How could a guy who gave such a pious & preachy speech opposing raising the Debt Ceiling while in Congress,now demand that Congress raise the Debt Ceiling? Hmm?

 

[uscitizen]

In 2003...


Bush Quietly Raises Debt Limit
Ceremony Planned For Tax Cut, No Fanfare For Related Debt Hike


Eye On The Economy

In-depth features on U.S. markets, taxes, employment and the Federal Reserve.
(CBS) Without comment or ceremony, President Bush on Tuesday signed a bill allowing a record $984 billion increase in the amount the federal government can borrow, to a record $7.4 trillion.

The increased federal borrowing will enable the government to pay for the $350 billion economic stimulus package that the GOP-led Congress passed last week at Mr. Bush's behest.

Mr. Bush will hold a signing ceremony at the White House on Wednesday to celebrate passage of that legislation, White House spokesman Ari Fleischer announced. The package includes $330 billion in tax cuts and $20 billion in aid for states.
Bush Quietly Raises Debt Limit - CBS News

2006...
Bush Signs Bill Raising Debt Limit
Monday, March 20, 2006


WASHINGTON — With no fanfare, President Bush signed a bill Monday pushing the ceiling on the national debt to nearly $9 trillion.

The measure allows the government to borrow an additional $781 billion and prevent a first-ever default on Treasury notes. It also lets the government pay for the war in Iraq without raising taxes or cutting popular domestic programs.

The debt limit increase was the fourth of Bush's presidency, totaling $3 trillion. With the budget deficit near record levels, an additional increase in the debt limit almost certainly will be required next year.

FOXNews.com - Bush Signs Bill Raising Debt Limit - Politics | Republican Party | Democratic Party | Political Spectrum

2008...

Bush Administration Adds $4 Trillion To National Debt

(AP)With no fanfare and little notice, the national debt has grown by more than $4 trillion during George W. Bush’s presidency.

It’s the biggest increase under any president in U.S history.

On the day President Bush took office, the national debt stood at $5.727 trillion. The latest number from the Treasury Department shows the national debt now stands at more than $9.849 trillion. That’s a 71.9 percent increase on Mr. Bush’s watch.

The bailout plan now pending in Congress could add hundreds of billions of dollars to the national debt – though President Bush said this morning he expects that over time, “much if not all” of the bailout money “will be paid back.”

But the government is taking no chances. Buried deep in the hundred pages of bailout legislation is a provision that would raise the statutory ceiling on the national debt to $11.315 trillion. It’ll be the 7th time the debt limit has been raised during this administration. In fact it was just two months ago, on July 30, that President Bush signed the Housing and Economic Recovery Act, which contained a provision raising the debt ceiling to $10.615 trillion.

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

 

[amrchaos]

The Gramm-Rudman-Hollings Balanced Budget and Emergency Deficit Control Act of 1985 (Pub.L. 99-177, title II, December 12, 1985, 99 Stat. 1038, 2 U.S.C. § 900) and Budget and Emergency Deficit Control Reaffirmation Act of 1987 (Pub.L. 100-119, title I, Sept. 29, 1987, 101 Stat. 754, 2 U.S.C. § 900) (both often known as Gramm-Rudman) were, according to U.S. Senator Phil Gramm of Texas, "the first binding constraint imposed on federal spending, and its spending caps have become part of every subsequent U.S. budget. Together with a rapidly growing economy it produced the first balanced federal budget in a quarter of a century."

Senators Ernest Hollings (D-South Carolina), Warren Rudman (R-New Hampshire) and Phil Gramm (R-Texas) were the chief sponsors. The Acts were aimed at cutting the budget deficit, which at the time was the largest in history. They provided for automatic spending cuts (called "sequesters") if the deficit exceeded a set of fixed deficit targets. The process for determining the amount of the automatic cuts was found unconstitutional in the case of Bowsher v. Synar, 478 U.S. 714 (1986) and Congress enacted a reworked version of the law in 1987. Gramm-Rudman failed, however, to prevent large budget deficits. The Budget Enforcement Act of 1990 supplanted the fixed deficit targets.

Balanced budgets did not actually emerge until the late 1990s; however, even these budgets were not balanced when including "off-budget" spending.

Yeah--time for something like this, baby!!

 

[LibocalypseNow]

Yes and didn't Hopey Changey and the Democrats vote against raising the Debt Ceiling when the last administration did it? So why the sudden change?

 

[manu1959]

In 2003...


Bush Quietly Raises Debt Limit
Ceremony Planned For Tax Cut, No Fanfare For Related Debt Hike


Eye On The Economy

In-depth features on U.S. markets, taxes, employment and the Federal Reserve.
(CBS) Without comment or ceremony, President Bush on Tuesday signed a bill allowing a record $984 billion increase in the amount the federal government can borrow, to a record $7.4 trillion.

The increased federal borrowing will enable the government to pay for the $350 billion economic stimulus package that the GOP-led Congress passed last week at Mr. Bush's behest.

Mr. Bush will hold a signing ceremony at the White House on Wednesday to celebrate passage of that legislation, White House spokesman Ari Fleischer announced. The package includes $330 billion in tax cuts and $20 billion in aid for states.
Bush Quietly Raises Debt Limit - CBS News

2006...
Bush Signs Bill Raising Debt Limit
Monday, March 20, 2006


WASHINGTON — With no fanfare, President Bush signed a bill Monday pushing the ceiling on the national debt to nearly $9 trillion.

The measure allows the government to borrow an additional $781 billion and prevent a first-ever default on Treasury notes. It also lets the government pay for the war in Iraq without raising taxes or cutting popular domestic programs.

The debt limit increase was the fourth of Bush's presidency, totaling $3 trillion. With the budget deficit near record levels, an additional increase in the debt limit almost certainly will be required next year.

FOXNews.com - Bush Signs Bill Raising Debt Limit - Politics | Republican Party | Democratic Party | Political Spectrum

2008...

Bush Administration Adds $4 Trillion To National Debt

(AP)With no fanfare and little notice, the national debt has grown by more than $4 trillion during George W. Bush’s presidency.

It’s the biggest increase under any president in U.S history.

On the day President Bush took office, the national debt stood at $5.727 trillion. The latest number from the Treasury Department shows the national debt now stands at more than $9.849 trillion. That’s a 71.9 percent increase on Mr. Bush’s watch.

The bailout plan now pending in Congress could add hundreds of billions of dollars to the national debt – though President Bush said this morning he expects that over time, “much if not all” of the bailout money “will be paid back.”

But the government is taking no chances. Buried deep in the hundred pages of bailout legislation is a provision that would raise the statutory ceiling on the national debt to $11.315 trillion. It’ll be the 7th time the debt limit has been raised during this administration. In fact it was just two months ago, on July 30, that President Bush signed the Housing and Economic Recovery Act, which contained a provision raising the debt ceiling to $10.615 trillion.

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

so if i read that right a republican majority congress did it twice and a democrat majority did it once......for a total of 3 times in 8 years....i will bet obama will sign more than that in his tenure....

 

[LibocalypseNow]

"Increasing our Debt weakens us domestically and internationally. Leadership means that the Buck stops here."