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 ...
This is gonna go over like a lead brick - unless there are REAL spending cuts in the request ....
The PEOPLE are gonna say - with the LAST debt limit increase, there was the “Super Commission” that did NOTHING ...
Why should we pay for this debt limit increase now - WITHOUT spending cuts ...
As I remember Obama gets the second 1.2T automatically and it doesnt even require a vote. That was part of the Boehner I got 95% of what I wanted deal and is a done deal.
To block this congress would need 60 votes in the Senate.
Our historic President, Barack Obama the first anti-American president will now demonstrate how an anti-capitalist marxist socialist bankrupts America and ruins the free market private sector economy.
I hope they all get fired before taxes hit 90%.
Won't happen. Think Laffer Curve. Historically, people stop working, vacate the high tax region, engage in the underground economy or otherwise shield themselves from taxation.
Its already a slavery levels now, and more than half the population is unproductive and lives off the teat.
Besides, its mathematically impossible to pay any portion of the debt or even cover debt service through taxation. We passed that exit several trillion dollars ago.
And if that isn't bad enough, the Federal Reserve has granted both foreign and domestic banks and corporations with $16 Trillion backed by only the "full faith and credit" of the US Fer'al Government.
IOW, our fiat money is indeed Monopoly Money and the only reason its still used is that we are fools and the people we trade with are fools.
The point when we wake up and refuse to accept the dollar but rather take something else in trade is when the balloon violently explodes
” any of us *plannin* the future use of buying gas and groceries, and payin the mortgage AND the other credit cards by using a cc, we’d be in the streets pretty quickly...”
Why yes...we did. This one is squarely on the Republicans. This lil ditty was hidden in the bill from the American public.
Law makers knew that the need for an additional debt limit increase would fall about the time they went on break.
Included in the original debt ceiling increase was an opportunity for lawmakers to come back to Washington for a vote of displeasure in regards to the second debt limit hike.
This would give lawmakers a way of lodging their voice against the hike without actually having the ability to stop it. Just in time for the election cycle.
What a bunch of weasels. I'm calling Kevin Brady's office and let’m know how underhanded this is.
If Kevin Brady (R) were the last republican on the planet, I'd vote against him for voting in favor of the debt ceiling hike and not standing firm.
We do not have a two party system y'all. There are those who go to Washington and make noise, but at the end of the day....theres not a dimes (or a trillions) worth of difference between these two parties.
This is the exact reason folks like Tom Tancredo, Pat Buchanan, Ross Perot, Bachman and the like are marginalized, they stand outside the status quo and stand for policy that could actually turn the ship around.
Can't have that in Warshington...oh no. Let's givem a lil more compassionate conservatism or run The Maverick for Change McCain.
Newt, Mitt, Perry ARE the establishment.
No, I disagree. You will become a principled voter.
Don't let others decide who you should vote for.
If we keep fishing from the same ol pond, were gonna keep catchin the same ol big mouth bass.
In order to begin real change in government, it will take brave individuals to step out of the boat.
Now day’z, if you mention voting 3rd party, you get railed on relentlessly.
Turn that around for a moment. If republicans want my conservative independent vote, they need to fix their party, fix their candidates.
If republicans vote republican cause it's....well republican, they are the ones who are complicit in the destruction of America. Not you!
You're trying to make a change, they're voting the status quo, year after year after year after year.
That is casting the comfortable vote, not a vote that will facilitate real conservative change.
Could you imagine the shock waves that would reverberate through he Democrat and Republican establishment if a conservative independent won a 3rd party run?
Just to say, someone like Palin (doesn't have to be Palin) garnered 42% of the vote? These weasels up in Warshington would be scurrying for political cover.
Oh what a day it would be!
What a shock.
When will China tell obama to go f*** himself? They must know they will never get their money back, but they will give him even more?
Never vote for any piece of legislation that violates the Constitutions strict limits on government power.
Will not participate in the congressional pension system.
Exercise authority within the confines of the Constitution, and work to rein in a runaway federal government by binding it with the chains of that document.
What’s a “vacation”?
just more of the same one sided coin, and more than ever, makes my resolution to stick to my principles that much more determined...
about ready to start actively praying *for* a brutal crash of the system, so we can get beyond all the fear of the unknown crap and commence the rebuilding...
China is no longer purchasing US Treasury bonds. Our deficit is being funded exclusively by expanding the money supply. It’s the same thing the Weimar Republic did during the 1920’s.
Don’t write the check. Emergency meeting of the House, pass the STOP clause to the failed committee agreement.
Reading the committee agreement— if this IS allowed, then mcconnell, boehner, the lot of them need to go— NOW. this is sheer insanity.
Resist we... NOT? (Much?).
The SOB makes a big deal about a 2 month 40 dollar “cut” and then goes on a 4M plus vacay, then mentions— oh by the way daddy, my credit card is maxed out— need 1.2 Trill. My Lord, Almighty!
If reuters is making any rare sense, this is for the 2012 NON budget. Supposedly the 100Bil cap is being met through Dec. 30 2011. Good Lord, deliver us.
If we do that enough, we will change the GOP which is, IMHO, about the only chance we have at this point of avoiding a very bad train wreck.
Heck, we are in the midst of one already.
They set it up so the money is automatically pre-approved for borrowed by the treasury but congress can have a symbolic vote against it so individuals can vote against it without actually stopping it without getting blamed for shutting anything down, there-by symbolically voting against the debt with no effect.
It's silly anyway because congress just spent that money with the budget passed just before Christmas including the FICA tax cut extensions, so now they get a symbolic vote against the debt they just ran up.
The important thing is that Republicans are not as bad as Democrats because their symbolic votes look much better than the real bills they pass together. So vote Republican!
I'm one of the lucky ones...I just enjoyed my second anniversary of uninterrupted employment, and was able to take two weeks last summer.
It was my first "real" time off in at least five years, and we took advantage of it. Drove from Dallas to LA/Disneyland (via I-10), then up to Yosemite, Reno, and back on I-40.
The new bridge at Hoover Dam chopped an hour off the route from Vegas to AZ.