Posted on 09/27/2007 7:55:32 PM PDT by NormsRevenge
WASHINGTON, Sept 27 (Reuters) - With the U.S. government fast approaching its current $8.965 trillion credit limit, the Senate on Thursday gave final congressional approval of an $850 billion increase in U.S. borrowing authority.
The Senate voted 53-42 to raise the debt ceiling to $9.815 trillion, the fifth increase in the U.S. credit limit since President George W. Bush took office in January 2001. The U.S. House of Representatives approved the higher debt limit earlier this year as part of the overall budget resolution and the legislation now goes to Bush for his signature.
"We have no choice but to approve it. If we fail to raise the debt ceiling soon, the U.S. Treasury will default for the first time in its history," said Senate Finance Committee Chairman Max Baucus.
"Plainly, especially in this credit crisis, we cannot let that happen," the Montana Democrat added.
The U.S. Treasury Department has been pressing Congress to pass the debt increase quickly. Last week Treasury Secretary Henry Paulson said the government would hit its current $8.965 trillion debt limit on Oct. 1.
But Sen. Tom Coburn, an Oklahoma Republican, urged lawmakers to reject the debt increase and concentrate on spending cuts instead.
"Families across America don't have the luxury of loaning themselves any money when they've maxed out their credit. But that's what we're going to do," Coburn said.
Lawmakers said the $850 billion increase in borrowing authority, the second largest since Bush took office, should be enough to last the government through next year's congressional and presidential elections.
U.S. debt stood at about $5.6 trillion at the start of Bush's presidency.
"Increasing the debt limit is necessary to preserve the full faith and credit of the United States of America," said Iowa Sen. Charles Grassley, the senior Republican on the Finance panel. (Additional reporting by Richard Cowan)
theres no point to even have a debt ceiling. they just raise it everytime they get close. unreal.
We need to take back power and get our guys in there and have them govern with a promise, in writing, to America that they will put a stop to shenanigans such as this! Quick someone call up Newt!
oh... wait...
“”Increasing the debt limit is necessary to preserve the full faith and credit of the United States of America,” said Iowa Sen. Charles Grassley, the senior Republican on the Finance panel.”
Bwahahahaha.... It does the exact opposite!!!! Preserve credit? We are a debtor/slave nation.
It’s no wonder the dollar is falling like a brick...
So, who exactly do we owe 9 trillion dollars to?
So....more borrowing from China.
So, who exactly do we owe 9 trillion dollars to?
As you know, some rich bass-terds that call themselves the federal reserve.
Never a thought towards cutting spending....its just easier to keep owing more and more. Insanity!
I think the lenders will require something more than the full faith and credit to secure the debt increase.
Lessee, how can we back up our promise to pay with something more than pledging our already over-extended faith and credit without bankrupting the country?
What we need to do is throw the borders wide open and entice a few more million folks to pitch tent here. Yeah, that'll do it.
Gotta get my calculator out for this one. That'll be one trillion more in taxes paid by our new happy campers. But how to legitimatize the immigrants? Oh, well. We'll think of something.
I honestly believe that the reason for this is to break this country. Then they’ll tell us the only way out will be the NAU and the Amero......just watch. Estimates are by next November we’ll see the NAU....unless the people stop it.
Exactly. It's a ruse. And the politicians seem to think that we're just too stupid to figure that out.
And just what are the people going to do about it. I see massive demonstrations happening. I see the National Guard called out to stop the demonstrations. Maybe this is what it will take to get the politicians attention. We will not give up our country.
I was watching this on C-SPAN too. I didn’t think they’d actually pass it though. Senator Coburn gave a great speech about it. Though I hate how all the Dems rag on Bush for spending so much on the war when they themselves spend a crapload in Congress too. This one guy slammed Bush for his debt legacy, and yeah every President has faults, but at least Bush actually has the courage to stand up to our enemies and not cower in Washington. The Dems can’t ignore their own multitudinous screw-ups if they’re gonna complain about other people’s. And then there were Carter’s multitudinous (is that a word?) screw-ups which were even worse than Bush’s, but we won’t go into that...
Can Congress do ANYthing right?
We’re going to need that ceiling much higher if the Democrats get their way on nationalized health care.
I would say the American taxpayer.
Instead of the “amero” one suggestion for the name of our new “uber-currency” is the “fiatsco”. I think that’s quite a bit more descriptive, don’t you?
Hell yes.
8.9, 9.8..what's the big deal??
Open up the floodgates, let the good times roll.
One of the most disappointing things about our time with a Republican house and senate was the spending. Not what I hoped for from professed conservatives.
A trillion here. A trillion there. Soon you will be talking REAL money.
I want in. I want a piece of the action. I want to just authorize an increase of one million on my Visa Card with no intention of ever paying it back. I mean, if it’s good for the goose...
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