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Dem lawmaker looks to kill the debt limit (Nadler - the credit card hole can never be deep enough)
The Hill ^ | 8/10/11 | Peter Schroeder

Posted on 08/10/2011 6:06:39 PM PDT by Libloather

Dem lawmaker looks to kill the debt limit
By Peter Schroeder - 08/10/11 03:39 PM ET

Rep. Jerrold Nadler (D-N.Y.) wants to do away with the debt limit, and will introduce a bill to do just that.

Calling the debt limit “truly arbitrary” while blasting Republicans for playing a “dangerous game of chicken” with it, the liberal congressman said Wednesday he was drafting a bill to eliminate it.

"Let us abolish the debt ceiling, which has become a serious threat to our economic future and a pawn for Republicans intent on holding the economy hostage to impose their own extreme agenda,” he said in a statement.

Nadler also set his sights on credit-rating agency Standard & Poor’s, which last Friday issued the first ever downgrade of the nation’s once-sterling credit rating, setting off a tumultuous few days for financial markets.

S&P cited the heightened political drama that surrounded the debt-limit debate as a primary reason for the downgrade from AAA to AA+. It blasted policymakers for using the debt limit and threat of default as “political bargaining chips,” while noting that the two parties have shown little to no ability to make large steps to address the nation’s broader fiscal challenges.

S&P’s decision was “outrageous and unprecedented,” Nadler said, adding that the agency was in no position to judge after the financial crisis.

“This from S&P, which has no credible standing to downgrade anything and was itself complicit in creating the current meltdown by enthusiastically bestowing high ratings on risky mortgage-backed securities,” he said.

While blasting S&P, Nadler’s bill actually hits the same note as fellow rater Moody’s Investors Service.

In the midst of July’s debt-limit drama, Moody’s suggested Washington should scrap the debt limit altogether, saying it created “periodic uncertainty” as lawmakers publicly haggled over hiking it. Rather, it offered suggestions for how other nations keep a tight grip on their finances that would not come with the same level of distressing theatrics.


TOPICS: Crime/Corruption; Extended News; Government; News/Current Events
KEYWORDS: debt; limit; nadler; rat
Spending someone else's money is very intoxicating. I would like to spend his.
1 posted on 08/10/2011 6:06:44 PM PDT by Libloather
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To: Libloather

GONADler needs to use some of his own money to buy himself a brain.

The leftards want so badly to destroy this country. They have to be stopped.


2 posted on 08/10/2011 6:10:38 PM PDT by mardi59
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To: Libloather

Absolutely unconstitutional. It would transfer Congress’ power of the purse to the Executive.

Not that a demo-pig cares about that.


3 posted on 08/10/2011 6:11:56 PM PDT by DManA
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To: Libloather

Nadler-Idiot will fail.


4 posted on 08/10/2011 6:12:01 PM PDT by cranked
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To: Libloather

"hey Nadler, grab anutter donut why don'tcha"

5 posted on 08/10/2011 6:12:20 PM PDT by Doogle ((USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
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To: Libloather
I bet he would apply for Food Stamps to supplement his intake if he thought he could get away with it.


6 posted on 08/10/2011 6:12:46 PM PDT by SkyPilot
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To: Doogle

7 posted on 08/10/2011 6:15:20 PM PDT by Doogle ((USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
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To: SkyPilot

dats scary


8 posted on 08/10/2011 6:16:13 PM PDT by Doogle ((USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
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To: Libloather

Gerald Nadler...the poster boy for self-control and moderation wants to treat the Treasury like an all you can eat buffet...go figure.


9 posted on 08/10/2011 6:18:01 PM PDT by JrsyJack (a healthy dose of buckshot will probably get you the last word in any argument.)
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To: Libloather

We’ll need to build 2 x 8 scafolding to hang this fat lardass.


10 posted on 08/10/2011 6:18:03 PM PDT by sergeantdave
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To: Libloather

We give up the debt ceiling when you lose 300 lbs. of ugly fat and do Nutri System commercials. Typical commie solution to a federal problem.


11 posted on 08/10/2011 6:21:57 PM PDT by cashless (Unlike Obama and his supporters, I'd rather be a TEA BAGGER than a TEA BAGGEE.)
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To: Doogle

Freight elevator behind him ?


12 posted on 08/10/2011 6:22:37 PM PDT by molson209
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To: molson209

it might be his Segway


13 posted on 08/10/2011 6:26:08 PM PDT by Doogle ((USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
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To: Libloather

Do you think I can get Visa to do away with my credit limit and just let me run it up as high as i want? After all, why should I be burdened with a limit on what I can spend? I will pay it all back eventually...I promise! I just need to get through the next 30-40 years or so.


14 posted on 08/10/2011 6:27:49 PM PDT by SamAdams76
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To: Libloather
Representative Jerrold Nadler, D-NY Pictures, Images and Photos

The only congresscritter who's waist size is bigger than his height.

15 posted on 08/10/2011 6:30:00 PM PDT by Snickering Hound
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To: Libloather

The irrelevant Amish new Yorker is babbling for coverage.

He has been rendered mostly harmless by the last election


16 posted on 08/10/2011 6:35:15 PM PDT by bert (K.E. N.P. +12 ....Rats carry plague)
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To: SkyPilot
seriously, his nickname in Congress is the “waddler”, someone called him that a couple of years ago and he almost vapor locked...
17 posted on 08/10/2011 6:40:33 PM PDT by Rumplemeyer (The GOP should stand its ground - and fix Bayonets)
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To: SkyPilot
Hmmmmmm.


18 posted on 08/10/2011 6:42:57 PM PDT by VeniVidiVici ("Si, se gimme!")
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To: Libloather

Why is Nadler wasting his energy? There is no debt limit. Everybody knows that. Every time they need to, they raise it again.


19 posted on 08/10/2011 7:11:32 PM PDT by popdonnelly (The Liberal Era is over.)
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To: Libloather

Why is Nadler wasting his energy? There is no debt limit. Everybody knows that. Every time they need to, they raise it again.


20 posted on 08/10/2011 7:11:47 PM PDT by popdonnelly (The Liberal Era is over.)
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To: mardi59

** Vote Democrat **

“Because we just need to get this over with...”


21 posted on 08/10/2011 7:30:28 PM PDT by SaxxonWoods
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To: Libloather

Hey Nadler, how about a trade:

We’ll vote to abolish a debt limit in exchange for a Balanced Budget Amendment?


22 posted on 08/10/2011 7:38:12 PM PDT by cookcounty (Nullius in Verba. "Take no man's word for it.")
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To: Libloather

Think I’ll call Visa and Mastercard and see if I can get this deal. LOL


23 posted on 08/10/2011 7:46:18 PM PDT by LaybackLenny (All hail Her Royal Highness Sarah, Queen of The Hobbits)
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To: Doogle

Get rid of Waddler instead of the Debt Limit.


24 posted on 08/10/2011 7:47:11 PM PDT by pankot
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To: SaxxonWoods

** Vote Democrat **/

Just call it the “Pinko Party”.

GONADler has been sucking-up to many Happy Meals.


25 posted on 08/10/2011 7:57:54 PM PDT by mardi59
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To: LaybackLenny
Think I’ll call Visa and Mastercard and see if I can get this deal.

That's what I was thinkin'. Citibank and others LOST at least 10% of their value today because of the ongoing market crash. They can afford to lend me a few billion that I'll never pay off.

Times are good.

26 posted on 08/10/2011 8:00:03 PM PDT by Libloather (The epitome of civility.)
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To: popdonnelly

Cue SNL...pound chest...hack up pork chop....Daaa Bears!


27 posted on 08/10/2011 8:48:35 PM PDT by DAC21
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