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House Republicans Punt on 1st Down Agrees to Let Administration Borrow Until May 19th
Confounded Interest ^ | 01/23/2013 | Anthony B. Sanders

Posted on 01/23/2013 12:36:06 PM PST by whitedog57

House Republicans surprised Americans by punting on 1st down and agreeing to let the Administration borrow until May 19th.

Jan. 23 (Bloomberg) — House Republicans’ bill to temporarily suspend limit on federal borrowing until mid-May may allow Treasury to borrow for months after that, Bloomberg BNA reports, citing analysts.

• Bill’s language “would seem to allow the Treasury to replenish all the trust fund balances that have depleted so far this month, which means that all of its ‘extraordinary’ debt ceiling accounting adjustments would reset once this initial legislation was approved,” Wrightson ICAP Chief Economist Lou Crandall said in e-mail yesterday

• In note to clients, RBC Capital Markets says measure is “short-term punt that would buy Washington more time to negotiate a longer-term solution. The question then becomes where this punt lands”

• NOTE: Measure would suspend debt ceiling, currently a $16.394t, from date of bill’s enactment until May 19, at which point ceiling would be raised by amount of debt issued during suspension period

This is especially concerning such the debt held by the public has grown by 113% since Q2 2008, but the real GDP has only grown by 2.57% over nearly 4 1/2 years.

Apparently, House Republicans weren’t chanting “Hold that line! Hold that line!” Instead, “Punt! Punt!”

What happens next? I was expecting a line to be drawn in the sand on spending. And maybe it will. Rep Paul Ryan (R-WI) is working on a 10 year plan to balance the Federal budget. I hope it works better than 2 of China’s 5 year plans.

But agreeing to let the Administration keep borrowing and THEN raising the debt ceiling to a new level .. is like punting on first down in a close football game.


TOPICS: Business/Economy; Government; Politics
KEYWORDS: 113th; bho44; boehner; ceiling; debt; debtceiling; obama
Boehner: Punt, Punt, Punt!!!!!!!!!!!
1 posted on 01/23/2013 12:36:13 PM PST by whitedog57
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To: whitedog57

Punting on every down....

and some demand we root for this team!


2 posted on 01/23/2013 12:39:35 PM PST by GeronL (http://asspos.blogspot.com)
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To: whitedog57

Wouldn’t suspension of the debt ceiling simply revert to how congress had to borrow money before the existence of the debt ceiling? I believe that before it existed, they had to pass a law authorizing every single sale of treasuries. The debt ceiling made it easier for them to borrow.


3 posted on 01/23/2013 12:39:35 PM PST by andyk (I have sworn...eternal hostility against every form of tyranny over the mind of man.)
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To: whitedog57

At least fake tan crybaby Boehner and the Republicans in congress are consistent. Consistently weak. Consistently cowardly.


4 posted on 01/23/2013 12:40:27 PM PST by Astronaut
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To: whitedog57

Spineless pu$$ies.


5 posted on 01/23/2013 12:40:45 PM PST by MuttTheHoople (Pray for Joe Biden- Proverbs 29:9)
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To: whitedog57

Karnac, the magnificent, will predict the future:

House Republicans punt on 2nd down - agrees to let administration borrow until Sep 2013.

House Republicans punt on 3rd down - agrees to let administration borrow until May 19, 2014.

House Republicans punt on 4th down - agrees to let the Bat Eared B*stard stay a third term.

House Republicans protest the fact that they are lined up at the guillotine along with progressives following the country’s economic collapse and completion of Revolution II.


6 posted on 01/23/2013 12:56:49 PM PST by Da Coyote
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To: whitedog57
House Republicans surprised Americans by punting on 1st down and agreeing to let the Administration borrow until May 19th.

This surprised Americans? I am certainly not surprised. I figured all along that they would do this. It is not surprising at all.

7 posted on 01/23/2013 12:57:52 PM PST by Mark17 (California, where English is a foreign language)
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To: whitedog57

8 posted on 01/23/2013 1:02:11 PM PST by mirkwood
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To: GeronL
Punting on every down.... and some demand we root for this team!
I will not root for this team until it fields an aggressive OFFENSIVE. I was a life-long Republican for 40 years and changed my registration to Ind in 2007 when GWB destroyed the GOP by never ever answering his critics that were tearing him a new one every single day. THE TEA PARTY/CONSERVATIVES NEED TO FORM THEIR OWN PARTY SINCE IT IS CLEAR THEY CANNOT TAKE OVER THE LEADERSHIP OF THE GOP.

What happened to Iron Lady Michele Bachmanns rumored challenge to the current Weepership?

Bachmann Will Challenge Boehner For GOP Leadership Dec. 12, 2012
9 posted on 01/23/2013 1:04:59 PM PST by Cheerio (Barry Hussein Soetoro-0bama=The Complete Destruction of American Capitalism)
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To: andyk

Nope. The bill provides that the debt limit will be raised automatically by the amount of debt issued between the date of the bill’s enactment through May 18. It’s pretty much a blank check. It does include language to prevent the government from advancing future debt into this period to take advantage of the automatic increase.


10 posted on 01/23/2013 1:11:45 PM PST by mdwakeup
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To: whitedog57

I suspect that they will still be borrowing on May 20 too!


11 posted on 01/23/2013 1:16:00 PM PST by Theodore R. ("Hey, the American people must all be crazy out there!")
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To: Astronaut

Really though Boehner, McC et al are just as weak as the Republican primary voters who made their careers possible.


12 posted on 01/23/2013 1:17:32 PM PST by Theodore R. ("Hey, the American people must all be crazy out there!")
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To: whitedog57

Dumb schmucks could not even set the new deadline at April 15 to score the obvious PR points.


13 posted on 01/23/2013 1:28:17 PM PST by Buckeye McFrog
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To: whitedog57

Punting wouldn’t be so bad if they atleast tried to advance the ball on the three previous downs but what is the sense in punting on first down every time.


14 posted on 01/23/2013 1:34:08 PM PST by Uncle Chip
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To: whitedog57

“I was expecting a line to be drawn in the sand on spending.”

Yeah, that’s what the big-talking Gutless Old Party leadership told us. They told us the fiscal cliff deal wasn’t really the time to face-off on spending, so they said they would do it when it’s time to raise the debt ceiling.

I can’t keep up with how many lines in the sand the CINOs have allowed the Commie/Dhims to cross, there have been so many.


15 posted on 01/23/2013 1:49:05 PM PST by SharpRightTurn (White, black, and red all over--America's affirmative action, metrosexual president.)
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To: whitedog57
To paraphrase Hillary Clinton, "What the hell difference does it make at this point!"

Seriously, we can't pay back our debt as it is, does it really hurt to add more?

If you don't have the money to pay your bar tab, why not buy a round for the house.

16 posted on 01/23/2013 1:51:58 PM PST by Aevery_Freeman (Proud Thought Criminal since 1984)
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To: whitedog57

The USA has a two Party system...the “Democrats” and the “democrats”.

Motto for the Dems: “Show no quarter!”

Motto for the dems: “He who runs away, lives to run another day.”


17 posted on 01/23/2013 2:32:23 PM PST by OldArmy52 (The question is not whether Obama ever lies, but whether he ever tells the truth.)
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To: whitedog57

Oh Gee! What conviction and principles they have! /sarc.


18 posted on 01/23/2013 2:55:03 PM PST by Jean2
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To: whitedog57
It seems to me that Boehner’s plan is essentially telling the administration they have 4 free months to spend like drunken sailors on any executive project they want, as he's guaranteed that we will cover it. What does the GOP get out of this anything? It won't be good press, because that’ll never happen. More likely they'll made to look the fool again when some outrageous program is paid for up front by the administration...
19 posted on 01/23/2013 3:55:01 PM PST by Kay Ludlow (Government actions ALWAYS have unintended consequences...)
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To: Cheerio

FWIW, she did vote against this today.


20 posted on 01/23/2013 7:54:22 PM PST by TurboZamboni (Looting the future to bribe the present)
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