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Senate Approves $500 Billion Increase in Borrowing Authority.(national debt $15.19 Trillion)
Wall Street Journel ^ | September 8, 2011 | By Corey Boles

Posted on 09/09/2011 1:03:49 PM PDT by rawhide

The U.S. Senate, in an unusual procedure, cleared the way Thursday for the U.S. to lift its borrowing authority by $500 billion to $15.19 trillion, enough to keep the support federal government borrowing through late January or early February.

The action came under an unusual legislative procedure spelled out under the August agreement to raise the U.S. debt ceiling and avoid a U.S. credit default. In a 52-45 vote, the Senate blocked an attempt by Republicans to slow down the process that will result in the $500 billion debt-ceiling increase.

The increase stems from a deal between Congress and the White House, finalized last month, that spells out how the borrowing limit would be increased by $500 billion. Under the process, lawmakers in both the House and Senate must vote on a resolution of disapproval against the increase in the borrowing limit. President Barack Obama would then have to veto the resolution of disapproval, and Congress would then vote to try and override that veto.

The complicated procedure, designed by Senate Minority Leader Mitch McConnell (R., Ky.), would allow an increase of the borrowing limit while allowing most Republicans to vote against such an increase.

There was a twist in this scenario Thursday evening, however. Democrats held firm, rejecting the resolution of disapproval, thereby speeding the process and increasing the borrowing limit immediately.

(Excerpt) Read more at blogs.wsj.com ...


TOPICS: Business/Economy; Crime/Corruption; Extended News; Government; Miscellaneous; News/Current Events; Politics/Elections
KEYWORDS: borrowing; broke; debt; debtceiling; increase; mcconnell; obama; palin; republicans; spending

1 posted on 09/09/2011 1:03:55 PM PDT by rawhide
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To: rawhide

McConnell got played.

And there’s another $1.5 trillion to come when obama runs out of overdraft checks by late fall.


2 posted on 09/09/2011 1:07:34 PM PDT by silverleaf (Common sense is not so common - Voltaire)
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To: rawhide

Solyndra proves spending doesn’t help create jobs.


3 posted on 09/09/2011 1:08:03 PM PDT by NoLibZone (Democrats are violent. Prisons are overflowing with democrats convicted of violent crimes.)
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To: rawhide

Spending is ‘deemed approved’ unless there is a pre-emptive vote against it? Sounds unconstitutional.


4 posted on 09/09/2011 1:09:17 PM PDT by lacrew (Mr. Soetoro, we regret to inform you that your race card is over the credit limit.)
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To: rawhide

Raised the debt ceiling without a whimper? It’s barely been a month!!


5 posted on 09/09/2011 1:09:29 PM PDT by griswold3 (Character is Destiny)
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To: rawhide

High treason.


6 posted on 09/09/2011 1:10:01 PM PDT by Psycho_Bunny (Public employee unions are the barbarian hordes of our time.)
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To: rawhide

McConnell, you IDIOT. Or maybe not—maybe you WANTED this to happen.


7 posted on 09/09/2011 1:10:46 PM PDT by American Quilter (aka American Hobbit)
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To: rawhide
The complicated procedure, designed by Senate Minority Leader Mitch McConnell (R., Ky.), would allow an increase of the borrowing limit while allowing most Republicans to vote against such an increase.

gee wow.

8 posted on 09/09/2011 1:11:42 PM PDT by the invisib1e hand (...then they came for the guitars, and we kicked their sorry faggot asses into the dust)
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To: American Quilter

We have a winner. This is all nothing but game-playing and ass-covering; political kabuki theater for the idiot masses.


9 posted on 09/09/2011 1:12:42 PM PDT by jpl
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To: the invisib1e hand

I am sick and tired of the games, no matter WHO is playing them.


10 posted on 09/09/2011 1:12:54 PM PDT by kalee (The offenses we give, we write in the dust; Those we take, we engrave in marble. J Huett 1658)
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To: rawhide

https://www.fms.treas.gov/fmsweb/viewDTSFiles?dir=w&fname=11090800.pdf

not yet reflected in treasury’s daily report....


11 posted on 09/09/2011 1:12:58 PM PDT by griswold3 (Character is Destiny)
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To: rawhide

I think “O” just got re elected.


12 posted on 09/09/2011 1:14:25 PM PDT by SMARTY ("When you blame others, you give up your power to change. " Robert Anthony)
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To: NoLibZone
THE GLOBAL WARMING HOAX WAS A MONEY MAKING SCAM AFTER ALL: THIS PROVES IT !!!!

Yeah, it was a " GREEN " jobs whatever you want to call it , green money in someone's pockets.
Wonder now ? Van Jones ? Naaaaaaa, he wouldn't have known about this ? would he ?

Dow Jones soon to be under 11,000... the Dems surely know how to revive a struggling economy.. Mega Sarcasm

What this proves is that the Democrats/Liberals don't know how to govern and make a mess of everything when they are in charge. It's like watching the Titanic slowly sinking and there's nothing you can do about it.
13 posted on 09/09/2011 1:18:21 PM PDT by American Constitutionalist (The fool has said in his heart, " there is no GOD " ..)
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To: NoLibZone
" Solyndra proves spending doesn’t help create jobs."

THE GLOBAL WARMING HOAX WAS A MONEY MAKING SCAM AFTER ALL: THIS PROVES IT !!!!

Yeah, it was a " GREEN " jobs whatever you want to call it , green money in someone's pockets.
Wonder now ? Van Jones ? Naaaaaaa, he wouldn't have known about this ? would he ?

Dow Jones soon to be under 11,000... the Dems surely know how to revive a struggling economy.. Mega Sarcasm

What this proves is that the Democrats/Liberals don't know how to govern and make a mess of everything when they are in charge. It's like watching the Titanic slowly sinking and there's nothing you can do about it.
14 posted on 09/09/2011 1:19:19 PM PDT by American Constitutionalist (The fool has said in his heart, " there is no GOD " ..)
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To: silverleaf

Nahh. He didn’t WE did.

And the good voters of Kentucky will re-elect this loser just as the voter’s of Boehner’s district will re-elect him.


15 posted on 09/09/2011 1:21:25 PM PDT by ZULU ( Non nobis, non nobis, Domine, sed nomini tuo da gloriam)
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To: silverleaf

McConnell was the player, he played us.

Exactly what Gov. Palin meant when she mentioned the “permanent political class”. He’s got to go!

Side note: Firefox 6.0, which I don’t like, now has Palin’s name in spellchecker. whoo-hoo!


16 posted on 09/09/2011 1:29:14 PM PDT by papasmurf (0bama...just doing the job Americans won't do.)
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To: American Constitutionalist
Solyndra would have worked had they passed “Cap and Trade.”

And therein lies the lie of the green economy or all of these other schemes. These firms are only profitable and exist when through regulatory framework you have requirements that make their products in demand. Which of course raises the cost to do business for others that really compete in a marketplace, often globally. Other fake markets include the public transit sector in every major US city and most recycling programs. A simplistic way to look at these schemes is to compare them to excessive overhead in a firm which makes them less competitive. At a macro level they make the US economy less efficient and offer the consumer products they really don't want while making the products and services they do want more expensive or less available i.e. CFL/incandescent bulb.

Realistically what these schemes boil down too is a the omniscient and omnipotent hand of the government guiding you through life and making choices for you through soft coercion. The government is in the business of picking winners and losers on the market, not simply regulating and ensuring "you're safe."

17 posted on 09/09/2011 1:38:08 PM PDT by Red6
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To: rawhide
Senate Approves $500 Billion Increase in Borrowing Authority

Doesn't mean diddely unless the House approves spending the money. All revenue spending bills must originate in the House. The chances of the House authorizing the pissing away of another half trillion are between very slim and none.

18 posted on 09/09/2011 1:41:48 PM PDT by GoldenPup
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To: rawhide
We need a "do-over", and EVERY Congress Member, EVERY government employee, and the ENTIRE WHITE HOUSE bunch needs to be run out of town, and we will then elect replacements.

In the words of Donald Trump: YOU'RE FIRED!

If only there were a mechanism to sh&*-can the whole lot of 'em, and then start over.

19 posted on 09/09/2011 1:43:28 PM PDT by traditional1 ("Don't gotsta worry 'bout no mo'gage, don't gotsta worry 'bout no gas; Obama gonna take care o' me!)
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To: American Quilter

Not so! Just Google the National Debt and read!

Son-of-a-Mitch McConnell GAVE “Professor” You Lie authority to raise the National Debt Ceiling ON HIS OWN ! It was part of the Bipartisan Cave In that ended the Debt Ceiling overspending problem.

The reason was simple, Mitch did not want to be blamed for “shutting down the government,” oh me , oh my, please don’t say those media-nasties to me, boo-hoo, sob, sob.

Son-of a-Mitch McConnell is the perfect RINO: he can talk the talk, but he can’t walk the walk, and at the first sign that he may need a spine NOT made out of jelly he Caves In! Disgusting!

Get ready, because Zero has his debt creation on the fast track now. Last night he asked for 450,000 million dollars and within a day he got it plus 50,000 million dollars.

Maybe we should call him Sub Zero because of the cold-blooded way he is destroying the financial health of all of out descendants.

If this is not a good time to impeach Obama, when will it be? He is incompetent, irresponsible, guilty of financial mismanagement, and has lost touch with reality. Need I go on?


20 posted on 09/09/2011 1:43:52 PM PDT by Graewoulf ( obamatrauma"care" violates the 1890 Sherman Anti-Trust Law.)
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To: rawhide
It is truly pathetic how the Republicans in Congress are rolled over by the Democrats. Obama has won everything he has wanted even with the new, allegedly conservative, House members.
21 posted on 09/09/2011 1:45:57 PM PDT by Prokopton
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To: Graewoulf
If this is not a good time to impeach Obama...

Maybe we should wait until we have Republican Congressional "leaders" who do not consistently do Obama's bidding.

22 posted on 09/09/2011 1:49:08 PM PDT by Prokopton
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To: SMARTY

Looks like the money prep for the JOBS BILL!!!


23 posted on 09/09/2011 1:53:28 PM PDT by Mr. Wright (is)
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To: rawhide
The U.S. Senate, in an unusual procedure, cleared the way Thursday for the U.S. to lift its borrowing authority by $500 billion to $15.19 trillion, ...
Oh really? The Senate did what? I think they better look at this before they start having Porterhouse Steaks for lunch.
U.S. Constitution
Article 1, Section 7

All Bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with amendments as on other Bills.

So the senate and Mitch McConnell can pound sand. As the article states: 'Under the process, lawmakers in both the House and Senate must vote on a resolution of disapproval against the increase in the borrowing limit'.

Well the senate has voted, but the House has not. And I don't think they'll go for this nonsense. They know full well the consequences they'll face if they play games with MONEY WE DON'T HAVE! ... and in the process would be bailing Obama out of the sh_thole he's dug for all of us.

24 posted on 09/09/2011 1:55:48 PM PDT by Condor51 (Yo Hoffa, so you want to 'take out consevatives'. Well okay Jr - I'm your Huckleberry..)
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To: silverleaf
McConnell got played.

Nope McConnell played us. Someday we will learn that the Establishment Political Class, is on their own side regardless of party.

25 posted on 09/09/2011 1:58:09 PM PDT by itsahoot (--I will still vote for Sarah Palin, even if she doesn't run.--My vote is already bought, so move on)
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To: silverleaf

“And there’s another $1.5 trillion to come when obama runs out of overdraft checks by late fall.”

Then they will need another $1.5-$2 trillion after that. It will never end.


26 posted on 09/09/2011 3:40:31 PM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
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To: Condor51

I agree with everything you have presented, however it looks like the House has been bamboozled by this shady piece of legislation. Obama is an idiot, but a shrewd one. He bypassed everyone with his fiat concerning illegals which went into effect immediately and now it looks like this may be the same type of manipulation. I want to know why this loophole was allowed to slide by without anyone saying Hey, hold up a minute— maybe we should take a closer look at this.


27 posted on 09/09/2011 4:15:53 PM PDT by Xyz22
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To: rawhide
SO this means the House has yet to vote on this--No?
28 posted on 09/09/2011 5:53:59 PM PDT by hinckley buzzard
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To: hinckley buzzard

Does the house have to vote on this? I’m confused.


29 posted on 09/09/2011 10:49:12 PM PDT by chris haney
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To: silverleaf

” - - - McConnell got played. - - - “

Not so! In order to avoid the dreaded tabloid media-nasties, Son-of-a-Mitch McConnell ( don’t you just love the way that rolls off your tongue?).

Anyway in August, 2011, Senator Son-of-a-Mitch McConnell and Senator Reid-in-the-Wind made a Bipartisan Cave-In whereby Obama could raise the National Debt Ceiling twice more ON HIS OWN !

So much for “ Control of the Pursestrings, “ Constitutional “Checks and Balances,” etc.

McConnell is a spineless wimp!


30 posted on 09/10/2011 11:38:28 AM PDT by Graewoulf ( obamatrauma"care" violates the 1890 Sherman Anti-Trust Law.)
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