Skip to comments.Obama to ask for debt limit hike: Treasury official
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 ...
From Zero Hedge. LOOK AT THE CHARTS!!!!!!!!!!
This is so discouraging.
Make sure that not all of your savings are in dollars
The fact that we are here today to debate raising Americas 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 Americas debt limit.
- Sen. Barack Hussein Obama, March 16, 2006.
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.
He must need the money to pay off his fat cat big bankers and failed green CEO’s.He needs impeached not re elected.
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.
You mean- “Take the Boehner”?
sometimes I feel that is all lost...why bother anymore?...
coincidentally, the economy went south after rats took control...
This was all planned to be during Congress recess and both parties have a hand in it. If we don’t raise hell to a level that matters then it will go on and on. It’s time to take a stand, or just give up. Which will it be?
This aught to just about finish off our economy - we are so screwed
“sometimes I feel that is all lost...why bother anymore?...”
Yes, all is lost. One word: Costa Rica
this whole thing could be turned around if 500,000 good Christian couples started producing like an old fashioned Catholic or Mormon would have done...I'm absolutely serious....
we're losing the numbers game...
DC is so stupid and cowardly. How many increases before the election? They should have just did it all at once. As it is, it will hurt some or all of the candidates for various office(s).
lol, ‘Costa Rica’ is two words. How about ‘Uruguay’?
Did anyone bother reading the article?
This is just implementing the August agreement the GOP surrendered to. It isn’t a new change or new request.
Does this mean that Congress has the option to reverse the asinine decision they made last August? If the House disapproves the debt ceiling increase, then it will remain at $15.3 trillion? Or will it require the Senate to disapprove as well? If the former is true, then there is still hope. If not, then it proves that our Republican Congressional leaders sold us out, and are now actively aiding and abetting Obama’s war against America.
Time for EVERYONE in America to draw the line and say "WE WON'T BE SENDING IN OUR TAX RETURNS, AND WE WON'T BE SENDING ANYMORE CHECKS TO THE IRS"
It's time to cut these bastards off at the knees folks, It's way past time for a MAJOR tax revolt in this country. We need to organize an effort on Apr 15th to show up at every post office at midnight. Instead of filing the return we BURN IT!
Did you add in all wonderful savings we will get with our nifty new Obama Care?
Gays in the military should help with the budget too. They can share bunks and blankets.
And the investments in green technology are paying off now, big time.
Are you sure we don't have a budget surplus?
Every five months the bastards will raise the debt ceiling, raising future taxes by $45 to $100 Billion Dollars a year every year in perpetuity, Just to Cover the Interest on the National Debt.
Huissein has the credit card, and we pay the bill.
I see a very nasty and messy divorce on the horizon.
>>Huissein has the credit card, and we pay the bill. I see a very nasty and messy divorce on the horizon.
Unfortunately, I don’t feel this will change no matter who gets elected...anyone remember the last time the republicans controlled the WH, and both houses of congress?
It will take a true financial disaster in the US before action is taken, and by then it will be too late to save us.
FUBO!! And the same to any Republican who dares go along with this crap!!
Rebellion is brewing!!
I can see Nov 2012 from MY house!!
Hell yeah! Go Tea Party!!
No, it means Congress surrendered to Obama. Congress gave Obama the POWER to veto them. So this is just procedural so the incumbent GOP can say they voted against raising the debt ceiling in their re-election ads. That is all this is.
Obama requests raising the debt ceiling. The GOP all vote against it. Obama then vetoes their vote and single-handedly raises the debt ceiling. McConnell gave Obama this power in the August agreement.
This is what has my head exploding. The GOP had ALL the leverage in the debt ceiling and could have demanded real cuts, or a spending cap or anything, for their agreeing to raise the debt ceiling. Instead, the establishment leaders like McGutless & Boner surrendered and caved.
They did agree in a way so they can all run their re-election adds saying “I voted against the debt ceiling and it is Obama’s fault for raising it.” Freepers will know different but your average idiot voter will believe the adds and re-elect their incumbents.
So it is just political theater. The GOP did nothing to really fight o prevent the debt ceiling from being raised. They just want to go on record as “we tried.”
The Stupid Idiotic Worthless Party.
Nor do I expect to hear anything from Romney or Newt.
Unfortunately the other GOP candidates don't matter...and may not say anything cogent anyway.
We're sooo screwed.
Where’s the MSM shouting “unexpectedly?”
I don’t think we need to increase the debt limit again...not without massive, immediate cuts.
We could start by demanding the Senate, controlled by Hussein’s cult, PASS A DAMN BUDGET.
While the current House of Representatives HAS passed a budget for the federal government, Hussein’s cult-controlled U.S. Senate has NOT passed a budget in more than 970 days.
WAIT AND STOP
Did anyone read this post above?
IS THIS TRUE? If so then this isn’t even a story.
What is the truth?
A poster above said this
“Did anyone bother reading the article?
This is just implementing the August agreement the GOP surrendered to. It isnt a new change or new request.”
Here we go again! Get out the popcorn!
The article also says this
:The deal called for raising the debt ceiling by $2.1 trillion to serve the nation’s borrowing needs into 2013 and also included mandatory cuts to the federal budget deficit. Since then, the extension has been increased twice by a total of $900 billion.
The debt limit currently stands at $15.194 trillion and would increase to $16.394 trillion with the request.
Amen Mr. Robinson
“No, it means Congress surrendered to Obama.”
That is a good summary. The GOP think they are so smart tip toeing through the tulips and avoiding confrontation with Barry. But what is really happening is obama is skating toward 2012 never having been challenged to back up his jive with a scorable budget. Maybe the reason is the GOP has not pushed for the dims to produce FY budgets is that they intend to continue the baseline budgeting hocus pocus “cuts” and do not want to upset the apple cart.
And with the do nothing Senate not meeting again until Jan 23, 2012, it is AUTOMATIC.
Thanks Mr Speaker!
“Under the new budget, Congress can only vote to block the debt-ceiling extension with a disapproval resolution. “
And there you have it. History and the law turned upside down. The democrats may have wanted that, but so did The GOP leaders. And they should all be replaced. They have turned the tea party into a giant joke.
I don't know about you, but I've been writing and calling Congress repeatedly all year. It has no effect. The voters are considered a minor nuisance only slightly above missing their tee times. Something needs burning in DC, and it ain't the phone lines. Id like to see the Capital Police try to remove one million angry taxpayers from the halls of Congress. Since this is the year of the protestor, lets protest in a BIG way, eh?
Given the submissive, ball-less nature of the Congressional GOP “leadership,” Obama could’ve just quietly put in the order for the additional $, because he knows he’s going to get what he wants from them. But in Chicago Way tradition, he wants a PUBLIC humiliation.
Here’s how it’ll go:
1. For public consumption, there’ll be some token grappling, a few sound bites, a little feigned outrage and statements about really, really “meaning NO this time.”
2. Reid, Pelosi and Obama will run to the cameras blathering about how Republicans hate the middle class; are trying to derail all the amazing economic progress made in the last year; want old people to die; hate black people; and like to kick puppies, drown kittens and pull wings off flies.
3. On cue, the GOP will surrender, because after all, they mustn’t risk economic upheaval at this tenuous time.
4. Boehner and McConnell will prattle on about how the GOP “fought hard and got the best deal they could, given the circumstances.”
5. Once again, Obama’s poll numbers will shoot upward, as he and the dems run victory laps in celebration of yet another in an endless line of political triumphs.
Tell me I’m wrong and why... I dare ya.
“GINGRICH SHOULD CALL FOR HIS RESIGNATION AS SPEAKER (he is the onyl candidate with the balls to do something like this)”
Which candidate will say we should not raise the debt ceiling?
We did. And Boehner & McConnell & the Repubs caved in. And gave 0dumb0 another $2.4 TRILLION spending increase, of which $1.2 Trillion has already been sucked up by 0dumb0 & given to the unions & gubmint spending programs. The other $1.2 Trillion will be spent next year by 0dumb0 & given to the unions as payoffs to re-elect the RAT bastard commie pig.
And Boehner & McConnell gave 0dumb0 the Congress Super Committee to rein in spending, which so far is a gigantic bust.
And Boehner & McConnell got $1 Trillion promises to rein in spending increases over the next 10 years, which is absolutely meaningless.
And supposedly we got a whopping $380 million or 1/thousandth of 1 persent spending reductions (and I use that term loosely) in 2012.
Other than these things, Boehner & McConnell held firm in their budget reductions & debt ceiling increases to 0dumb0! /sarc
This is a great illustration! So simple even a libturd socialist demoRAT or Rino ought to understand... Wait... I guess not!
You hit the nail on the head! The GOP has squandered every bit of momentum & leverage that they had following the elections in Nov 2010.
The stupidity & cowardice of the Repub elitists is unbelieveable. It's the Stupid Party against the Evil Party and the Evil Party wins everytime. When is our country going to explode in righteous rebellion against the cowards & the evil bastards?
Not to worry——just last week Beranky carefully explained that money is not a problem. The Fed, he says, will print whatever is needed. ( His forklifts hold 8 million $ per pallet and they are robotized so they can print and haul around the clock without anybody getting tired). Beranky says that after the “crisis” eases he will start winding down the overspending.——Nothing inflationary about the Beranky plan, no sir, no way!-——His explanation, not mine, and the guy is supposed to be an expert on the Depression. I guess I’ll give him that-—he seems to know how to start one.
Back in 1964 my Econ 101 instructor explained exactly the same thing without mentioning socialism. He simply explained, and advocated, that government liked to pay off its debt with gradually inflating dollars——I learned right there that I had to always manage my own financial affairs to protect myself from inflation because I was going to have to beat government at it’s own game. He didn’t have anything to say about how to do that——I just assumed it was “Homework.”
As Nancy Reagan said: JUST SAY NO
It took awhile to square things but in 1967 and 1973 the Egypts lost their entire airforce and most of their armored forces. They’ve been a little humble in recent decades. Now they mught be wishing they had a little more Israeli straw so they can make a better brick. Their tourism bidness has gone to mudd since the recent unpleasantness in Cairo.