Skip to comments.Senate Approves $500 Billion Increase in Borrowing Authority.(national debt $15.19 Trillion)
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 ...
McConnell got played.
And there’s another $1.5 trillion to come when obama runs out of overdraft checks by late fall.
Solyndra proves spending doesn’t help create jobs.
Spending is ‘deemed approved’ unless there is a pre-emptive vote against it? Sounds unconstitutional.
Raised the debt ceiling without a whimper? It’s barely been a month!!
McConnell, you IDIOT. Or maybe not—maybe you WANTED this to happen.
We have a winner. This is all nothing but game-playing and ass-covering; political kabuki theater for the idiot masses.
I am sick and tired of the games, no matter WHO is playing them.
not yet reflected in treasury’s daily report....
I think “O” just got re elected.
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.
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!
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."
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.
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.
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?
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