House Backs Debt Increase, Bill Goes to Bush

Reuters / ABC ^

[RCW2001]

— WASHINGTON (Reuters) - The U.S. House of Representatives on Thursday approved a $450 billion increase in the U.S. credit limit, clearing the way for the government to proceed with planned debt auctions and ensuring that Social Security checks will go out on time.

The Republican-led House voted 215-214 to raise the debt ceiling to $6.4 trillion from $5.95 trillion. The measure now goes to President Bush for his signature.

The Democrat-led Senate passed the measure earlier this month. House Republican leaders, who had hoped to avoid a direct vote on raising the debt ceiling, scheduled the vote on the politically unpopular measure amid warnings by the U.S. Treasury Department that it needed Congress to pass the increase in borrowing authority by Friday.

The Treasury has been juggling its accounts to avoid going over the credit limit, but officials had told lawmakers they were running out of options. The agency had delayed debt auctions and had warned lawmakers that failure to act could have disrupted July Social Security payments.

[Lessismore]

For you gold bugs, at $320 / oz, this is 20 billion Troy ounces of gold. If I've done the conversions right, this is a cube of gold just under 104 feet high.

[rintense]

That's a big cube.

[WakeUpChristian]

US states ponder rise in income taxes

[Blood of Tyrants]

Any doubts whether or not Bush signs it?

[MJY1288]

I sure wish they would start selling "War Bonds" I would certainly convert some funds for the cause

[MJY1288]

LOL, President Bush was shot in the leg, not in the head. The democrats would love to see a proposal for an increase, they would be on it like the last train out of Siberia

[Mo1]

The Democrat-led Senate passed the measure earlier this month. House Republican leaders, who had hoped to avoid a direct vote on raising the debt ceiling, scheduled the vote on the politically unpopular measure amid warnings by the U.S. Treasury Department that it needed Congress to pass the increase in borrowing authority by Friday

You know what I will never get ..

THEY are the ones that increase the debt .. but yet some how they blame us for it .. GO FIGURE

[Kobyashi1942]

Big government spending and liberal agenda advancement bump!

[Vis Numar]

Are you joking? He was asking for even more debt that he recieved.

[cgbg]

Any doubts whether or not Bush signs it?

rofl or am I crying?

Let all the Bush apologists answer this question and make up lots of excuses.

Their tap dancing is beginning to alternate between amusing and annoying.

How about this slogan: "Vote Republican--It Will Take Them Longer To Bankrupt The Country."

[bonesmccoy]

Start mining...(DIG!)

[lewislynn]

Here is my little prediction, we will never see another balanced budget again in our lifetimes, no matter how much they tax us, they will spend more.

In this case "they" is Republicans.

[lewislynn]

Any doubts whether or not Bush signs it?

Why would he not sign it?...He and O'Neill are begging for it.

The real question should be: on what day of the week, at what time of the day, and will there be a ceremony or just a spattering of glad handers at the signing?

[Blood of Tyrants]

How about this slogan: "Vote Republican--It Will Take Them Longer To Bankrupt The Country."

Or "Vote Republican--because socialism lite is better than socialism."