Posted on 10/27/2015 6:25:03 PM PDT by xzins
(CNSNews.com) - The new spending deal that resigning House Speaker John Boehner has made with the Democratic congressional leadership and President Barack Obama will suspend the legal limit on the federal government’s debt until after Obama leaves office.
“Subsection 901(a) provides for the temporary suspension of the limit on public debt through March 15, 2017,” says the official summary of the bill.
Obama will leave office on Jan. 20, 2017, when the next president is inaugurated.
Since Obama took office, the total debt of the federal government has already increased by $7,525,761,885,381.30—rising from $10,626,877,048,913.08 on Jan. 20, 2009 to $18,152,638,934,294.38 on Oct. 23, 2015.
The portion of the debt held by the public—as opposed to the “intragovernmental debt” (or money the Treasury has borrowed out of government trust funds)—has more than doubled during Obama’s presidency.
On Jan. 20, 2009, the debt held by public (including bills, notes, bonds and other securities sold by the Treasury) was $6,307,310,739,681.66. As of Oct. 23, 2015, it was $13,035,394,315,866.20—an increase of $6,728,083,576,184.54 (or almost 107 percent).
The $7,525,761,885,381.30 that the total debt has increased so far during the Obama presidency equals $64,134.73 for each of the 117,343,000 households that were in the United States as of June.
Boehner has already indicated he’ll use democrats to pass this in the House.
The Senate doesn’t need to pass it. It takes only 41 republicans to shut it down.
America needs to bring back businesses to America.
That is the problem.
We have offshored all of our businesses. We buy everything from China, Mexico and other countries.
Bring back American businesses.
Ahhh. But that’s the problem. Either the gop won’t get 41 (likely), or the the nuclear option will be used on us.
When he sobers up, he’s going to say — “I did WHAT??”
It takes only 41 republicans to shut it down.
Good luck with that.
I wouldn’t hold my breath if I were you.
This is crap! They need to cut. Starting with their overblown salaries and expense accounts. No more vacations for Obama. Time to eat YOUR peas ladies & gentlemen!
These people are crazy. You just need to project out the effect of borrowing 1/2 trillion to one trillion a year on interest only loans, and never planning on paying the principle. It is a predictable trajectory to when all your income goes to pay interest. Why would anyone loan money after that point is reached? It would amount to them funding something for free with no hope ever of getting their money back.
Any balanced budget amendment must read “borrowed money does not balance a budget”.
I don’t really expect it. I was just pointing out that we more than enough so-called conservatives to accomplish it.
OK, I am OK with that as long as 0bama/wife cilldren or Baener, wife children are held to pay or fae horrible consequence that would compel them to pay.
I left a ‘have’ out.
“When he sobers up, he’s going to say — “I did WHAT??””
When do you think that might be?
Many years from now.
I don’t think Boehner ever really sobers up.
How about we “suspend” him - with a length of barbed wired wrapped about his neck, from the highest flag pole in D.C.?
I am OK with this if 0bama and his family, and Boner and his family are on board. Which means they PAY for it. If not I think they and many other .govs have tax payments until paid off. I have disagreed with all the gov social spending and have been forced to pay for it. For lib politicians, many like me will catch you and demand their money back from you right now.
Yessim’ Boehner, down to his last public act of betrayal. What a bastard of humanity.
That’s awfully Orange of him.
A fighter to the end!
DK
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