Posted on 02/15/2014 6:56:11 PM PST by NormsRevenge
RANCHO MIRAGE, California (Reuters) - President Barack Obama signed legislation on Saturday that raises the U.S. debt limit through March 2015, taking the politically volatile issue off the table with congressional elections coming up this November. Without an increase in the statutory debt limit, the U.S. government would have soon defaulted on some of its obligations and would have had to shut down some programs, an historic event that would have caused severe market turmoil.
On a long holiday weekend in a desert resort area in southern California, Obama put his signature on the legislation without fanfare, while behind closed doors at the Sunnylands retreat.
It was a quiet end to the latest chapter in what has been one of the more challenging aspects of his presidency, as he and his fellow Democrats have repeatedly sparred with Republicans over increasing the country's borrowing authority.
Extending the debt ceiling to March 2015 means the issue may not get caught up in election-year politics.
Congress had given final approval to the increase after final action in the Senate on Wednesday, but only over the objections of Texas Republican Ted Cruz, a favorite of the conservative Tea Party movement. It appeared at first there would not be enough Republicans to join the Democratic majority and advance the bill.
But a decision by Senate Republican leader Mitch McConnell and No. 2 Senate Republican John Cornyn, who are both up for re-election this year, to vote to advance the measure ensured that it would survive.
(Excerpt) Read more at news.yahoo.com ...
Can you say “Asymptotic?’
Speaker “Doormat “ Boehner in a courageous Bigger Budget Action, BBA, last week must be so proud of his Loyal “bipartisan” support of Unlimited National Poverty Debt.
Just think, Boehner has been Loyal to increasing the National Poverty Debt for only 25 years - - - - . It has grown from a mere 2 Billion back then.
Let’s call it a Floor instead of Ceiling to save everyone’s time.
You've been suckered by that line. The ONLY debt that risks sovereign default is the actual DEBT. That is 6% of the annual budget. The ongoing revenues are sufficient to cover it. The only reason it wouldn't be covered is if a POLITICAL DECISION was made by OBAMA to not pay that 6%. Most of the "budget" is money being poured into social security and medicare. Defense amounts to about 18%.
The spineless cowards we sent to guard the people's money have instead allowed the little boy with the credit card to keep spending recklessly. The only end to this is a currency crash. Before that happens, you can expect a "bail-in" raid on your bank accounts and retirement accounts. Riots will follow. That is what the golfing gay boy wants so badly.
Just as "live to fight another day" only applies to battles that cause real death, caving in to the enemy to avoid a loss is not the same as a winning strategy - it is an easy win for the enemy. Liberals never let up, no matter how they are originally reacted to. Republicans take the initial bad feedback as a sign that they need to change their strategy and their convictions in order to not 'lose". Which side seems to be scoring most of the gains between Johnson and now?
The Social Security Administration's got close to $5 TRILLION in their trust fund.
They don't need a debt-limit increase to use that.
“Asymptotic”?
Or “exponential”?
Of course they’re stolen and spent already.
The point is that they can be redeemed without increasing the national debt; SSA tells the Treasury they are redeeming a bond, the Treasury issues one of their own to fund the SSA redemption, and the Fed “prints” the money to buy the Treasury bond.
No net change to national debt, no debt-ceiling problem
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