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Obama to ask for debt limit hike: Treasury official
Reuters ^ | 12-27-2011 | Margaret Chadbourn

Posted on 12/27/2011 8:24:48 AM PST by Hoodat

WASHINGTON (Reuters) - The White House plans to ask Congress for an increase in the debt limit before the end of the week, according to a senior Treasury Department official.

The debt limit is projected to fall within $100 billion of the current cap by December 30. President Barack Obama is expected to ask for additional borrowing authority to increase the limit by $1.2 trillion.

Under the new budget, Congress can only vote to block the debt-ceiling extension with a disapproval resolution. Lawmakers have 15 days within receiving the request to vote down the debt limit increase.

The debt limit currently stands at $15.194 trillion and would increase to $16.394 trillion with the request.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Breaking News; Business/Economy; Government; News/Current Events
KEYWORDS: broke; debt; debtlimit; deficit; hightreason; inneedosomerestraint; obama; obamanomics; spending; treasury
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Didn't we just do this in August?
1 posted on 12/27/2011 8:24:51 AM PST by Hoodat
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To: Hoodat

Your statement was my first exact thought. Didn’t they have a war over this?


2 posted on 12/27/2011 8:26:27 AM PST by RetiredArmy (The End of Days draws near. In this time, you should be drawing closer to the Lord Jesus Christ.)
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To: Hoodat

Time to bend over, Boehner!


3 posted on 12/27/2011 8:26:36 AM PST by struggle (http://killthegovernment.wordpress.com/)
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To: Hoodat

unexpected


4 posted on 12/27/2011 8:27:18 AM PST by WOBBLY BOB (Congress: Looting the future to bribe the present.)
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To: Hoodat

Where does this end? when does this stop? I guess when there is no more money to take from us and then the riots start.


5 posted on 12/27/2011 8:27:38 AM PST by mk2000
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To: Hoodat

HO LEE KRA~P ~!~!~!~!~!~!~!~!~!~!

ARE THEY GOING TO LET THIS MORON SPEND US INTO OBLIVION????????

FIRE BOEHNER NOW~!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

GINGRICH SHOULD CALL FOR HIS RESIGNATION AS SPEAKER (he is the onyl candidate with the balls to do something like this)


6 posted on 12/27/2011 8:28:25 AM PST by Mr. K (Physically unable to profreed <--- oops, see?)
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To: struggle

Brother, we’re ALL bending over .....


7 posted on 12/27/2011 8:28:25 AM PST by Robe (Rome did not create a great empire by talking, they did it by killing all those who opposed them)
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To: Hoodat

One can only kick a can so far with a foot infected with gangrene.

And here we meet the can again.


8 posted on 12/27/2011 8:28:30 AM PST by VanDeKoik (1 million in stimulus dollars paid for this tagline!)
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To: Hoodat

A billion this week, a few billion last week, a few more for next week. Rinse and repeat. It never ends with this admin.


9 posted on 12/27/2011 8:28:34 AM PST by bgill (The Obama administration is staging a coup. Wake up, America, before it's too late.)
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To: Hoodat
It's an automatic $1.2 trillion increase given to Hussein on a silver platter by:




10 posted on 12/27/2011 8:29:14 AM PST by jimbo123
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To: Hoodat
we have a terrorist in the white house. he will destroy this country without another attack
11 posted on 12/27/2011 8:29:19 AM PST by mt tom
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To: Hoodat

Don’t worry. Congress will form a Super Committee to deal with this issue.

Oh wait......


12 posted on 12/27/2011 8:29:31 AM PST by headstamp 2 (Time to move forward not to the center.)
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To: Hoodat

Greece. Italy. Spain. America. Pathetic.


13 posted on 12/27/2011 8:30:02 AM PST by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money.)
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To: Hoodat
The debt limit is projected to fall within $100 billion of the current cap by December 30.

WTF does THAT mean?

The new debt limit ill be within $100b of the current one in 4 days?

???

14 posted on 12/27/2011 8:30:02 AM PST by Izzy Dunne (Hello, I'm a TAGLINE virus. Please help me spread by copying me into YOUR tag line.)
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To: mk2000

Trying to figure out the end game is really important. It would seem that inflation/hyper inflation is the intermediate result. Wait a few years.


15 posted on 12/27/2011 8:31:49 AM PST by Former Proud Canadian (Obamanomics-We don't need your stinking tar sands oil, or the jobs that go with it.)
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To: Hoodat

The junkies need another shot in the arm... and congress will say, “who do we make out the check to?”...

You know this one is a slam dunk.

This no longer surprises anyone... the desensitizing is working...


16 posted on 12/27/2011 8:32:14 AM PST by hope_dies_last
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To: Hoodat
This ties in with my resolution for 2012: draw the line on spending in my HH. I have my budget laid out, to include vacation, (continued) reductions in debt, and additions to an emergency fund.

Time for someone, anyone, in DC to draw the line and say "ENOUGH IS ENOUGH!!!"

17 posted on 12/27/2011 8:33:01 AM PST by Night Hides Not (My dream ticket for 2012 is John Galt & Dagny Taggart!)
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To: headstamp 2
this will call for a Super Duper Committee.
18 posted on 12/27/2011 8:33:57 AM PST by WOBBLY BOB (Congress: Looting the future to bribe the present.)
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To: Hoodat
Under the new budget,

What budget ?
19 posted on 12/27/2011 8:34:33 AM PST by stylin19a (obama - "FREDO" smart)
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To: Hoodat

He won’t even be back from his vacation, and he’s going to ask to raise the debt limit? Must be his and Manchelle’s Hawaii sojourn has cost us more than we originally thought.


20 posted on 12/27/2011 8:34:46 AM PST by mass55th (Courage is being scared to death - but saddling up anyway...John Wayne)
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To: Hoodat

Harry Reid beat the crap out McConnell and Boehner at every turn.

There is no practical way to stop the debt limit increase.


21 posted on 12/27/2011 8:36:06 AM PST by y6162
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To: stylin19a
good catch...

Eight Hundred Days Without A Budget-A new milestone in Democrat Party governance is reached. (from July 2011)

Democrats have controlled the Senate and the White House since the election of 2008, and the House of Representatives up until this year. Certainly they could have passed any budget they desired, including one with tax increases and spending increases. But they chose to ignore the 800-day gorilla in the room because they don't want to be on record supporting a budget that actually does what they want. Then the public could hold them accountable for their cowardly and irresponsible behavior in the face of national fiscal calamity.

While the House has passed a serious, credible budget that tackles this debt crisis head-on, 800 days — and $7.3 trillion dollars — have come and gone since the Democrat-led Senate has adopted a budget. Not only is a budget a concrete fiscal plan, but it expresses a philosophy of governing. Democrats’ refusal to pass a budget — and refusal to put their big-government economic theories on paper — is of extraordinary significance. Making matters worse, the only budget submitted by the president is a fundamentally unserious plan that doubles our debt and speeds us to economic decline.

The Democrats have not even proposed a budget. President Obama gave a speech on the topic a few months ago, but it was a demagogic campaign speech intended primarily to attack Paul Ryan – author of the Republican “Path to Prosperity” package of very concrete proposals – who was sitting in the front row. Back in May, Senate Majority Leader Harry Reid (D-NV) stated, “There’s no need to have a Democratic budget in my opinion. It would be foolish for us to do a budget at this stage.” Does he still consider it “foolish” fifty days later?

http://www.humanevents.com/article.php?id=44718

22 posted on 12/27/2011 8:38:47 AM PST by WOBBLY BOB (Congress: Looting the future to bribe the present.)
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To: stylin19a

What Budget? We have a Budget? Where is it?

SOB is on vacation and asking for more money.

Of course he will get it. There isn’t a backbone in the Congress strong enough to say no.
Thy screwed over the military when the Super-Committee couldn’t make up its mind, who will they fugg over this time? Cut the Air Force One Budget. Ground Obama.

He has Millions in a campaign fund let him take that and his bus’s on the road.


23 posted on 12/27/2011 8:39:43 AM PST by Venturer
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To: Hoodat

I hope they all get fired before taxes hit 90%.
Teaparty patriots, are you listening?


24 posted on 12/27/2011 8:39:47 AM PST by swamprebel (Where liberty dwells, there is my country.)
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To: Hoodat
Raise the debt limit or else;

1. Black Women and Children will burst into flames

2. You are Racist against Blacks

3. Black churches will burn

4. All the above


I can hardly wait for the MSM and Beckel to spin this into RAT gold.

25 posted on 12/27/2011 8:40:30 AM PST by MaxMax
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To: MaxMax

The White House and first lady are worried there won’t be funds for cover their Christmas vacation.
Why doesn’t the House put the White House on a budget? Do they have unlimited funds?


26 posted on 12/27/2011 8:45:26 AM PST by Oldexpat
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To: Former Proud Canadian

Keynes stated that the best way to implement socialism was to inflate the currency to steal the wealth of the individual in such a way that not one man in a million would know what was happening.


27 posted on 12/27/2011 8:48:52 AM PST by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: Hoodat
There is no way to stop this second installment of Zero's credit card since he can veto any Congressional disapproval. WHAT A BUNCH OF A$$HATS WE HAVE IN CONGRESS - can the congressional gas bags seriously claim to not understand their low single digit approval ratings? Huh?
28 posted on 12/27/2011 8:52:50 AM PST by Cheerio (Barry Hussein Soetoro-0bama=The Complete Destruction of American Capitalism)
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To: All
Flashback: House approves debt ceiling bill (Aug 2, 2011)

WASHINGTON (CNN) -- The House approved a last-minute deal to raise the debt ceiling on Monday that will impose sweeping spending cuts, while narrowly averting an unprecedented national default.
The agreement calls for up to $2.4 trillion in savings over the next decade, raises the debt ceiling through the end of 2012 . . .

29 posted on 12/27/2011 8:55:03 AM PST by Hoodat (Because they do not change, Therefore they do not fear God. -Psalm 55:19-)
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To: Hoodat

Back in August, Congress passed a deal to raise the nation’s debt ceiling after a highly contentious debate between the two parties. Back then, the fight was over about a $2 trillion increase in spending. So imagine what might happen when Congress returns from vacation to find the president has asked for another $1.2 trillion increase in the limit.

According to Reuters, that’s exactly what Obama is getting ready to do:

The debt limit is projected to fall within $100 billion of the current cap by December 30. President Barack Obama is expected to ask for additional borrowing authority to increase the limit by $1.2 trillion.

Under the new budget, Congress can only vote to block the debt-ceiling extension with a disapproval resolution. Lawmakers have 15 days within receiving the request to vote down the debt limit increase.

The debt limit currently stands at $15.194 trillion and would increase to $16.394 trillion with the request.

http://www.theblaze.com/stories/reuters-obama-will-ask-for-1-2-trillion-increase-in-debt-limit-by-weeks-end/


30 posted on 12/27/2011 8:57:21 AM PST by kcvl
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To: Hoodat
The White House plans to ask Congress for an increase in the debt limit before the end of the week...

I'll predict Friday afternoon, December 30; the ultimate Friday afternoon news dump, leading into the holiday weekend, with all the Congresscritters home in their districts, and most of the TV talking heads in the Hamptons. The worse the news, the less attention the Administration wants paid to it.

31 posted on 12/27/2011 8:57:21 AM PST by southernnorthcarolina ("Better be wise by the misfortunes of others than by your own." -- Aesop)
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To: Hoodat

“The White House plans to ask Congress for an increase in the debt limit before the end of the week”

From ASIA???


32 posted on 12/27/2011 8:59:20 AM PST by treetopsandroofs (Had FDR been GOP, there would have been no World Wars, just "The Great War" and "Roosevelt's Wars".)
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To: southernnorthcarolina

How can they even propose this without ANY spending cuts??????????????????????????????


33 posted on 12/27/2011 8:59:42 AM PST by SumProVita (Cogito, ergo...Sum Pro Vita. (Modified Decartes))
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To: Hoodat

At this point, the only phrase that can be used to describe hiking the debt limit is, literally “High Treason”.


34 posted on 12/27/2011 9:01:18 AM PST by Psycho_Bunny (Why do people keep telling me Killcult is a Religion Of Peace?)
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To: Hoodat

I thought Congress can’t do anything as Reid sent the Senate home for a month?


35 posted on 12/27/2011 9:01:18 AM PST by AU72
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To: Venturer

Nearly 1000 days of political cowardice, reckless irresponsibility, and dereliction of duty. Enjoy your milestone, Democrats. May the American people remember it well in 2012.


36 posted on 12/27/2011 9:02:08 AM PST by WOBBLY BOB (Congress: Looting the future to bribe the present.)
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To: Hoodat
The answer is not only NO...but...


STOP HIM IN HIS TRACKS...HERE AND NOW!

37 posted on 12/27/2011 9:03:59 AM PST by Jeff Head (Liberty is not free. Never has been, never will be. (www.dragonsfuryseries.com))
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To: Hoodat

Tea Party needs to be hitting the streets! Enough of this garbage.


38 posted on 12/27/2011 9:04:06 AM PST by cblue55 (Annoy a Liberal: Say "Merry Christmas")
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To: Hoodat

Those 4 million dollar vacations are just a taxpayers credit card burning a hole in hussein’s pants.


39 posted on 12/27/2011 9:05:14 AM PST by freeangel ( (free speech is only good until someone else doesn't like it)
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To: Hoodat

6 Now Joseph and all his brothers and all that generation died, 7 but the Israelites were exceedingly fruitful; they multiplied greatly, increased in numbers and became so numerous that the land was filled with them.

8 Then a new king, to whom Joseph meant nothing, came to power in Egypt. 9 “Look,” he said to his people, “the Israelites have become far too numerous for us. 10 Come, we must deal shrewdly with them or they will become even more numerous and, if war breaks out, will join our enemies, fight against us and leave the country.”

11 So they put slave masters over them to oppress them with forced labor, and they built Pithom and Rameses as store cities for Pharaoh. 12 But the more they were oppressed, the more they multiplied and spread; so the Egyptians came to dread the Israelites 13 and worked them ruthlessly. 14 They made their lives bitter with harsh labor in brick and mortar and with all kinds of work in the fields; in all their harsh labor the Egyptians worked them ruthlessly.

Kind of makes you wonder WHO is in charge?


40 posted on 12/27/2011 9:06:53 AM PST by LucianOfSamasota (No good deed...)
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To: Hoodat

Hey House of Reps: let’s re-elect the guy and let him raise the debt limit 1.5 Trill every 6 months. No problem.


41 posted on 12/27/2011 9:10:05 AM PST by morphing libertarian
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To: Hoodat

Oui Oui!!

Boehner.. FRench for ‘retreat’.


42 posted on 12/27/2011 9:12:32 AM PST by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard .. Obama: Epic Fail or Bust!!!)
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To: Hoodat

The only difference between these @$$h@t$ and group of drunken sailors, is that the sailors are forced to quit when they run out of money


43 posted on 12/27/2011 9:13:08 AM PST by verga (We get what we tolerate and increase that which we reward)
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To: Hoodat

The request should be preceded by the words -

It is with profound shame and embarrassment that I come to you today asking you add to the already crippling mortgage burden you and I have laid on other people’s children.


44 posted on 12/27/2011 9:15:12 AM PST by DManA ( ex)
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To: Jeff Head

Well said FRiend. I can’t wait to see what Standard and Poors does with our credit rating now.


45 posted on 12/27/2011 9:17:13 AM PST by verga (We get what we tolerate and increase that which we reward)
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To: DManA

“The request should be preceded by the words -

It is with profound shame and embarrassment that I come to you today “

LOL. You are right but the truth is Barry is sitting on the beach in Hawaii right now laughing his Kenyan behind off about how much the dims own McConnell and Boehner.


46 posted on 12/27/2011 9:19:40 AM PST by lodi90
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47 posted on 12/27/2011 9:24:38 AM PST by mcmuffin ("Wanting your country back is not the same thing as working to take it back." JB Williams, Patriot U)
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To: cblue55

“Tea Party needs to be hitting the streets! Enough of this garbage.”

We need to burn up the phone lines to DC in January and let the Milquetoast Senate RINO’s know we expect the 1,000 day anniversary of no dim budget to be a big event. And throw in the joke 97-0 senate Barry budget for good measure. It would really resonate with voters (who must have a personal budget!) but they are apparently surrender monkeys afraid of fire from the MSM and the White Hut.


48 posted on 12/27/2011 9:28:51 AM PST by lodi90
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To: Hoodat

I guess those dried beans and rice I stored are gonna come in real handy.........................soon................


49 posted on 12/27/2011 9:29:16 AM PST by Red Badger (Every child should have a meadow to play in..............)
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To: mcmuffin

That’s a great graphic, except the budget “cut” is actually just a promise to boost the credit card at a slightly slower pace - - but the balance owed still goes UP.


50 posted on 12/27/2011 9:30:18 AM PST by Lancey Howard
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