Skip to comments.House Dems: Debt Limit Should Be Off the Table
Posted on 12/05/2012 5:44:05 PM PST by Olog-hai
The House Democratic leadership said Wednesday that the debt ceiling ought not be a negotiating item in Congress, thereby ceding their constitutional authority to borrow money to President Barack Obama.
The debt limit ought not to be held hostage to anything, said Minority Whip Steny Hoyer (D-Md.) during a press conference on Capitol Hill. It hurt our economy. We were downgraded for the first time in my career, and I think in history, by one of the rating agencies. The creditworthiness of America ought not to be put at risk, he said. It ought not to be a negotiating item.
The current debt limit stands at $16.394 trillion, which the Treasury Department expects to be met before the end of the year. As of the close of business Monday, the public debt reached $16.338 trillion, leaving less than $60 billion before the ceiling is met.
(Excerpt) Read more at cnsnews.com ...
Simple solution then pass a balanced budget amendment.
So, the slimeball Hoyer says we were downgraded because we didn’t raise the debt limit? As I understand it that’s exactly what got us downgraded. Am I wrong?
These morons are determined to destroy everything they can.
He’s partially right. It shouldn’t be a negotiating item. It should be agreed upon in a proper legislative way prior to any budget or spending bills are passed. This is (sort of) how the American family sets its own budget: figure out what you have to spend before you decide what to spend. Of course, most American families don’t start out so deep in debt with plans to increase the debt by 10% annually.
But the gummint needs to start somewhere.
Steny Hoyer thinks that our credit rating was downgraded because we didn’t have authority to raise the debt limit??
How about because we DID raise the debt limit Steny.
The people who rate us probably see that we are heading for bankruptcy each time we raise the limit.
Giving Obama the right to raise the limit as he se’s fit is like giving Candy to a diabetic.
Each time we borrow more money our creditworthiness is at risk Steny you good for nothing career politician a-hole.
The house ‘Rats would cede dictator power to Ø, then go home and let their pensions/healthcare glide them thru the remainder of their pitiful lives, with no more elections to worry about.
Does it really matter? Bonehead and Cantor will give Obama what he wants regardless.
Repubs: marginal tax rate increases should be off the table
Olog-hai~”:(from the article)”.. Minority Whip Steny Hoyer (D-Md.) during a press conference on Capitol Hill. It hurt our economy. We were downgraded for the first time in my career, and I think in history, by one of the rating agencies. The creditworthiness of America ought not to be put at risk, he said. It ought not to be a negotiating item.”
Well ,Steny it shoudln’t be such a problem except that Obama has spent more in 4 years ,than all the other Presidents combined since this nation was founded .
He came in with an alledged debt of 5 trillion dollars. In four years he has increased the national debt by 200%.
Imagine the damage he could do in another 4 unbrideled years ..
Steny , give up your seat in the House since you can’t handle your sworn oath and legislative responsibilities.
Incidently , if the President is such a great leader , why hasn’t he submitted a balanced budget in four years ?
Or , why hasn’t he submitted any budget that got any Democratic votes ? ... ever ?
Oh yes , he is a great campaigner and orator , ..but a leader he is NOT !
He can talk the talk
But he can’t walk the walk !!
This represents an opportunity and - if the Republicans were even a little smart - they would take advantage of it. (Don’t count on that, however!)
The issue: separate out “debt service payment ability” from total spending capacity for the federal government.
In other words, the Republicans should put forth a spending bill for 2013 to segregate dedicated funding - on an authorized/budgeted basis - for the country’s debt service obligations that may reasonably be projected for 2013, plus a little fudge factor just in case ...
By doing this - nobody could argue that Congress were jeopardizing repayment of debt by holding up the overall debt ceiling... The repayment of all debt obligations in 2013 would be assured, and investors holding those bonds would not need to worry. The democrats would not be able to use that phony excuse, and the Republicans would retain negotiating power from the debt ceiling.
However, this assumes that the Republicans WANT to have leverage to actually reduce Federal spending, something which I greatly doubt.
This is the largest power grab by the administration thus far.
We’ve given the car and our credit card to the teenagers on Saturday night, and now they want the limit on the credit card removed.
Just that fact that we’re having this conversation scares the cr*p out of me!
Congress is hell bent, even eager, to cede all of it’s Constitutional powers to the executive branch. Then disband Congress completely and have only two branches of govt. Turn the Capitol building into a museum.
I’m good with that. Take it off the table and don’t increase it. Let’s go over the cliff as well. Big pain now or excruciating pain later.
How about no tax increases and no debt increase either and see what is left after the fires die down?
Final Stage Obamanation Communism File.
I was actually alive during the debt ceiling debate, so I KNOW that the credit rating debacle was NOT because we had a fight over the debt limit, it was because sound fiscal policy LOST in that battle.
Which is exactly what raising the debt limit will do. The US was given a great gift from the hard work of previous generations and due to the trust of foreign governments. Our currency was accepted as the defacto reserve currency of the world. The entire planet had placed their trust and security with the US government. Our government is betraying that trust from the world community. The US government is irresponsibly debasing and devaluing the worlds reserve currency.