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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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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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To: RetiredArmy

From Zero Hedge. LOOK AT THE CHARTS!!!!!!!!!!

http://confoundedinterest.wordpress.com/2011/12/27/obama-to-ask-for-increase-in-debt-ceiling-of-1-2-trillion-and-no-end-in-sight/


51 posted on 12/27/2011 9:32:12 AM PST by whitedog57
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To: Hoodat

This is so discouraging.


52 posted on 12/27/2011 9:32:22 AM PST by ColdOne (I miss my poochie... Tasha 2000~3/14/11)
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To: Night Hides Not

Make sure that not all of your savings are in dollars


53 posted on 12/27/2011 9:32:39 AM PST by MinorityRepublican
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To: Hoodat

“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. Leadership means that ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership . Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit.”
- Sen. Barack Hussein Obama, March 16, 2006.


54 posted on 12/27/2011 9:32:51 AM PST by Lancey Howard
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To: Hoodat

I know this ain’t gonna happen but if somehow, CA Representative Tom McClintock became Speaker Of The House,we would see an end to this crap right away.


55 posted on 12/27/2011 9:34:22 AM PST by Signalman
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To: lonevoice

ping


56 posted on 12/27/2011 9:35:54 AM PST by Pride in the USA
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To: Hoodat

He must need the money to pay off his fat cat big bankers and failed green CEO’s.He needs impeached not re elected.


57 posted on 12/27/2011 9:39:26 AM PST by Dubya-M-DeesWent2SyriaStupid!
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To: ColdOne

Based on the current Federal burn rate, this 1.2 Trillion will be expended by July nlt August. Which means another debt raise will be a major issue for the election; unless the Repubicans get weak knees again.


58 posted on 12/27/2011 9:40:41 AM PST by JohnKinAK
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To: struggle

You mean- “Take the Boehner”?


59 posted on 12/27/2011 9:42:09 AM PST by mikrofon (The U.S. is becoming a debtor's prison.)
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To: y6162
Harry has big media in his pocket.....local rag lamented in headlines that people would have to really suffer if they didn't get to keep that $20 a week SS rollback....

sometimes I feel that is all lost...why bother anymore?...

60 posted on 12/27/2011 9:45:47 AM PST by cherry
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