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  1. #1 Obama to ask for debt limit hike: Treasury official 
    Senior Member txradioguy's Avatar
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    The White House plans to ask Congress by the end of the week for an increase in the government's debt ceiling to allow the United States to pay its bills on time, according to a senior Treasury Department official on Tuesday.

    The approval is expected to go through without a challenge, given that Congress is in recess until later in January and the request is in line with an agreement to keep the U.S. government funded into 2013.

    The debt is projected to fall within $100 billion of the current cap by December 30, when the United States has $82 billion in interest on its debt and payments such as Social Security coming due. President Barack Obama is expected to ask for authority to increase the borrowing limit by $1.2 trillion, part of the spending authority that was negotiated between Congress and the White House this summer.

    Under the agreement struck in August during the showdown over the government's debt limit, the cap is automatically raised unless Congress votes to block the debt-ceiling extension. Lawmakers have 15 days within receiving the request to vote, which is largely symbolic because the president can veto it and Congress would be unlikely to muster the two-thirds majority to override it. Moreover, the U.S. House of Representatives also is in recess until January 17.

    The deal called for raising the debt ceiling by $2.1 trillion to serve the nation's borrowing needs into 2013 and also included mandatory cuts to the federal budget deficit. Since then, the extension has been increased twice by a total of $900 billion.

    The debt limit currently stands at $15.194 trillion and would increase to $16.394 trillion with the request.

    http://www.reuters.com/article/2011/...7BQ0KU20111227
    In Memory Of My Friend 1st Sgt. Tim Millsap A Co, 70th Eng. Bn. 3rd Bde 1st AD...K.I.A. 25 April 2005

    Liberalism Is The Philosophy Of The Stupid

    To Achieve Ordered Liberty You Must Have Moral Order As Well

    The libs/dems of today are the Quislings of former years. The cowards who would vote a fraud into office in exchange for handouts from the devil.
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    Senior Member DumbAss Tanker's Avatar
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    Quote Originally Posted by txradioguy View Post
    Under the agreement struck in August during the showdown over the government's debt limit, the cap is automatically raised unless Congress votes to block the debt-ceiling extension. Lawmakers have 15 days within receiving the request to vote, which is largely symbolic because the president can veto it and Congress would be unlikely to muster the two-thirds majority to override it. Moreover, the U.S. House of Representatives also is in recess until January 17.

    If all it takes is Congressional inaction to let it happen, he's got it in the bag already, because Reid will simply never docket it for a vote unless Obama wants him to do that. No matter what the House does, Obama has the trump card in his hand, in the form of that dried-up little crook from Nevada.
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    Senior Member txradioguy's Avatar
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    Quote Originally Posted by DumbAss Tanker View Post
    If all it takes is Congressional inaction to let it happen, he's got it in the bag already, because Reid will simply never docket it for a vote unless Obama wants him to do that. No matter what the House does, Obama has the trump card in his hand, in the form of that dried-up little crook from Nevada.
    It dovetails nicely with the fact that this president refuses to submit a budget. When you aren't constrained by budgetary limits you can spend as much as you want and give it to who you want and more importantly when you need more...you can simply blame one part of congress for not wanting to pony up more free $$$$$$.
    In Memory Of My Friend 1st Sgt. Tim Millsap A Co, 70th Eng. Bn. 3rd Bde 1st AD...K.I.A. 25 April 2005

    Liberalism Is The Philosophy Of The Stupid

    To Achieve Ordered Liberty You Must Have Moral Order As Well

    The libs/dems of today are the Quislings of former years. The cowards who would vote a fraud into office in exchange for handouts from the devil.
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  4. #4  
    Senior Member Apache's Avatar
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    When are we going to reign in these fools? I can't get away with that plan....:mad:
    Government is not the solution to our problem, government is the problem.
    Ronald Reagan

    We could say they are spending like drunken sailors. That would be unfair to drunken sailors, they're spending their OWN money.
    Ronald Reagan

    R.I.P. Crockspot
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