Posted on 12/27/2011 8:24:48 AM PST by Hoodat
WASHINGTON (Reuters) - The White House plans to ask Congress for an increase in the debt limit before the end of the week, according to a senior Treasury Department official.
The debt limit is projected to fall within $100 billion of the current cap by December 30. President Barack Obama is expected to ask for additional borrowing authority to increase the limit by $1.2 trillion.
Under the new budget, Congress can only vote to block the debt-ceiling extension with a disapproval resolution. Lawmakers have 15 days within receiving the request to vote down the debt limit increase.
The debt limit currently stands at $15.194 trillion and would increase to $16.394 trillion with the request.
(Excerpt) Read more at news.yahoo.com ...
coincidentally, the economy went south after rats took control...
This was all planned to be during Congress recess and both parties have a hand in it. If we don’t raise hell to a level that matters then it will go on and on. It’s time to take a stand, or just give up. Which will it be?
This aught to just about finish off our economy - we are so screwed
“sometimes I feel that is all lost...why bother anymore?...”
Yes, all is lost. One word: Costa Rica
this whole thing could be turned around if 500,000 good Christian couples started producing like an old fashioned Catholic or Mormon would have done...I'm absolutely serious....
we're losing the numbers game...
DC is so stupid and cowardly. How many increases before the election? They should have just did it all at once. As it is, it will hurt some or all of the candidates for various office(s).
lol, ‘Costa Rica’ is two words. How about ‘Uruguay’?
Did anyone bother reading the article?
This is just implementing the August agreement the GOP surrendered to. It isn’t a new change or new request.
Does this mean that Congress has the option to reverse the asinine decision they made last August? If the House disapproves the debt ceiling increase, then it will remain at $15.3 trillion? Or will it require the Senate to disapprove as well? If the former is true, then there is still hope. If not, then it proves that our Republican Congressional leaders sold us out, and are now actively aiding and abetting Obama’s war against America.
Time for EVERYONE in America to draw the line and say "WE WON'T BE SENDING IN OUR TAX RETURNS, AND WE WON'T BE SENDING ANYMORE CHECKS TO THE IRS"
It's time to cut these bastards off at the knees folks, It's way past time for a MAJOR tax revolt in this country. We need to organize an effort on Apr 15th to show up at every post office at midnight. Instead of filing the return we BURN IT!
Did you add in all wonderful savings we will get with our nifty new Obama Care?
Gays in the military should help with the budget too. They can share bunks and blankets.
And the investments in green technology are paying off now, big time.
Are you sure we don't have a budget surplus?
Every five months the bastards will raise the debt ceiling, raising future taxes by $45 to $100 Billion Dollars a year every year in perpetuity, Just to Cover the Interest on the National Debt.
Huissein has the credit card, and we pay the bill.
I see a very nasty and messy divorce on the horizon.
>>Huissein has the credit card, and we pay the bill. I see a very nasty and messy divorce on the horizon.
Unfortunately, I don’t feel this will change no matter who gets elected...anyone remember the last time the republicans controlled the WH, and both houses of congress?
It will take a true financial disaster in the US before action is taken, and by then it will be too late to save us.
FUBO!! And the same to any Republican who dares go along with this crap!!
Rebellion is brewing!!
I can see Nov 2012 from MY house!!
Hell yeah! Go Tea Party!!
No, it means Congress surrendered to Obama. Congress gave Obama the POWER to veto them. So this is just procedural so the incumbent GOP can say they voted against raising the debt ceiling in their re-election ads. That is all this is.
Obama requests raising the debt ceiling. The GOP all vote against it. Obama then vetoes their vote and single-handedly raises the debt ceiling. McConnell gave Obama this power in the August agreement.
This is what has my head exploding. The GOP had ALL the leverage in the debt ceiling and could have demanded real cuts, or a spending cap or anything, for their agreeing to raise the debt ceiling. Instead, the establishment leaders like McGutless & Boner surrendered and caved.
They did agree in a way so they can all run their re-election adds saying “I voted against the debt ceiling and it is Obama’s fault for raising it.” Freepers will know different but your average idiot voter will believe the adds and re-elect their incumbents.
So it is just political theater. The GOP did nothing to really fight o prevent the debt ceiling from being raised. They just want to go on record as “we tried.”
The Stupid Idiotic Worthless Party.
Nor do I expect to hear anything from Romney or Newt.
Unfortunately the other GOP candidates don't matter...and may not say anything cogent anyway.
We're sooo screwed.
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