House moves to raise U.S. debt ceiling ($9,000,000,000,000)

Washington Times ^ | May 10, 2005

[RWR8189]

Washington, DC, May. 3 (UPI) -- The U.S. House has sent legislation to the Senate that would raise the federal debt limit to nearly $9 trillion, a $781 billion increase.

The House agreed to the increase under an automatically executing provision in the 2005 budget resolution approved by the House and Senate late last week.

The House officially sent the Senate a separate piece of debt-relief legislation increasing the limit as mandated by the self-executing provision in the budget resolution.

Gaining approval of the separate bill through the gambit avoided the need for a politically costly debate on the House floor over increasing the debt ceiling again and highlighting the inter-party split on the issue.

Fiscal conservatives within the GOP have been clamoring for greater fiscal discipline on budget matters considering the massive federal deficits, estimated to reach another record in dollar terms this year, for the second consecutive year.

[Luke Skyfreeper]

We're f****d.

[politicalwit]

"Belize is nice I spent a week there, great fishing, language is English, parts can be cheap. Costa Rica is also very nice, much more affordable."

Strange you should mention Costa Rica and Belize...I was looking for islands for sale this afternoon on both of those countries.

[Centurion2000]

The debt is a time bomb for the country. I have a 31 year old daughter. I don't have a clue how her generation will handle this monster. They may not be able to.

I'm 33 ... the only way we're gonna be able to handle this is to start LOTS of wars.

[Wolfie]

And not even a reach around while its happening.

[TNinga]

He's been re-elected. This is it. What is his excuse for not tightening the purse strings?

[rodguy911]

The only thing that can de-rail Hill at this point is a rat/ backlash which very well could happen. The clintons are brave enough(or crazy enough) to play both sides. They have the goods on rats and us, that's a dangerous game even for them.

[Cboldt]

If you started a business at the time Christ was living, and continuously lost money at the rate of $1,000,000 (one million) dollars per day, you would be $1,000,000,000,000 (one trillion) dollars in the hole, seven hundred years from now.

[inquest]

Do anything to get elected/re-elected, whatever the cost.

It's not just to get reelected. They're politicians, and politicians love to spend money. They have cousins, and campaign donors, and other buddies to reward with high-paying positions. That all costs money.

[rodguy911]

Probably a phenomenal investment. Our property here in the Keys is now sold by the square inch.

[TNinga]

Of course??

Why do you think spending was reduced under Bubba Clinton?

Contract with America (until I get what I want).

[TNinga]

Wars cost money!

[ThinkDifferent]

If Al Gore or John Kerry proposed any of the spending itmes that Bush have, we would have seen the Republicans in Congress fighting tooth and nail over them.

Exactly. I'm certain the deficit would be significantly lower with Kerry and a GOP Congress. Of course Kerry's complete idiocy on foreign policy would more than negate that improvement.

[TNinga]

He had to get re-elected!

[rodguy911]

Massive currency devaluations, inflation, who knows what the future brings. I don't see any budget balancers out there on either side, but you never know.

[Spiff]

Demcorats = Tax and Spend
Republiucans = Borrow and Spend

These charts come from the CATO Institute report called The Grand Old Spending Party: How Republicans Became Big Spenders.

This ain't your father's GOP anymore. Disgusting...

[rodguy911]

"What is his(GW's) excuse for not tightening the purse strings"


Great question.
I wish I knew. The only thing I would even speculate on is that maybe, just maybe, he is doing another "super" rope-a- dope. It's possible he is waiting for the rats to "demand" that we seal the border, "demand" that we balance the budget and fifty other things like that. And GW will slyly ask for air time and meekly say "O.K." But realistically, don't hold your breath.

[traviskicks]

http://www.neoperspectives.com/farmsubsidies.htm
On the Bush timid '5%' cut in farm subs.

[rodguy911]

I get it, but we are not talking millions here, we are talking the stratosphere. Billions and billions. Where is the payoff money to come from? My daughter is a good earner but not "that" good.

[traviskicks]

nice charts.

'ping'

[TomGuy]

My daughter is a good earner but not "that" good.

As Rush would say, "She needs to get a second job, then!"