Results 1 to 2 of 2
  1. #1 Senate sets Christmas eve vote on U.S. debt limit 
    An Adversary of Linda #'s
    Join Date
    Aug 2005
    The U.S. Senate on Tuesday set a Christmas Eve vote on final congressional approval of a bill to provide a two-month increase in the federal debt limit.

    The measure, passed last week by the House of Representatives, would increase the debt limit, now at $12.1 trillion, by $290 billion.

    Senate Democrats may approve the measure largely by themselves because most, if not all, Republicans are expected to vote against it, Republican aides said. Democrats control the Senate, 60-40.

    Republicans have objected to raising the debt limit, accusing Democrats of reckless spending. Democrats counter by noting that the debt exploded during the administration of Republican President George W. Bush, which ended in January.

    Democratic President Barack Obama is expected to promptly sign the debt-limit measure into law after Senate approval.

    The Treasury Department has warned that it would likely reach the current debt limit by December 31, potentially putting the United States at risk of default.


    Democratic leaders had hoped to raise the limit by at least $1.8 trillion, enough to ensure they would not have to revisit the issue before the November 2010 congressional elections. But they were unable to agree on measures that lawmakers had hoped to attach to the legislation to control the debt. The two-month hike provides more time to reach a deal.

    The government posted a record $1.4 trillion deficit in the fiscal year ended September 30 and is on track this year to spend at least $1 trillion more than it collects.

    The debt has more than doubled since 2001, due to wars in Iraq and Afghanistan, tax cuts and the worst recession since the 1930s, one that has caused tax revenues to plunge and spending on federal safety-net programs to rise.
    Reply With Quote  

  2. #2  
    Senior Member
    Join Date
    Jun 2005
    Woodland Park, Colorado, United States
    Education without values, as useful as it is, seems rather to make man a more clever devil.
    C. S. Lewis
    Do not ever say that the desire to "do good" by force is a good motive. Neither power-lust nor stupidity are good motives. (Are you listening Barry)?:mad:
    Ayn Rand
    Reply With Quote  

Posting Permissions
  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts