Another Day Older And Deeper In Debt


Congress Approves $1.9 Trillion Debt-Limit Increase (Update1)

The U.S. Congress approved increasing the federal debt limit by $1.9 trillion, to $14.3 trillion, enough to prevent lawmakers from having to raise it again before November’s midterm elections.

The House voted 233-187 today to send the increase to President Barack Obama for his signature. The hike is more than twice the size of any of the four previous debt increases lawmakers approved in the past two years.

The Senate voted last month for the legislation, which includes a tightening of Congress’s “pay as you go” budgeting rules that may make it harder for lawmakers to add to the deficit.

“We have no choice, we have to take steps to get our financial house in order,” said Representative John Tanner, a Tennessee Democrat. The tougher budget rules “are a good first step,” he said.

Obama announced a 2011 budget request this week that projected the government will run $8.5 trillion in deficits over the next 10 years. Lawmakers of both parties complained that his budget plan wouldn’t do enough to control the shortfalls, while Moody’s Investors Service said it may cut the government’s bond rating in the next decade if the outlook doesn’t improve.

House Democrats, recognizing the political peril of an increase in the debt limit, decided to use a mechanism today that avoided a direct vote on the boost. Instead, they used a procedural vote that will trigger approval of the increase.

‘Procedural Games’

Representative Pete Sessions, a Texas Republican, accused Democrats of using “deceitful procedural games to hide the fact that they are raising the debt limit.”

Democrats said the pay-as-you-go changes showed they are serious about reducing the deficit. The plan will “usher out an era of irresponsibility and begin putting the country back on a fiscally sustainable path,” Obama said today in a statement.

Representative Paul Ryan of Wisconsin, the top Republican on the Budget Committee, said the plan is filled with loopholes. He called it a “fiscal charade” so that “we can go talk tough in the election about how we did this and that, while we bequeathed the next generation an inferior standard of living.”

The changes adopted today would enact lawmakers’ pay-as- you-go rules into law; the rules currently are frequently ignored by lawmakers. The rules require lawmakers to finance new federal benefit programs and tax cuts with savings elsewhere in the budget to avoid adding to the deficit.

See also:
House raises debt limit to $14.3 trillion
House sends debt limit increase, pay/go to White House
House sends $1.9 trillion debt-limit increase to Obama
House Votes to Hike Debt Limit
Debt ceiling raised: Again
The Vicious Cycle Between the Debt and the Ceiling
$1.9T US Debt Ceiling Hike Likely To Last Into 2011 -Source
Treasury Expects to Hit Debt Limit in February
US debt to hit proposed ceiling by end-February: Treasury
US National Debt Clock

To their credit, not a single Republican voted for this debt saddle.

/which is why we need to elect more Republicans this fall so we can cut up Obama’s credit card

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One Response

  1. Can any Republicans who suppose themselves bright explain how Bushes TARP was NOT Socialism? Can any of you assure me, irrespective of what your Political Party SAYS it believes in and has for however long, I should believe a single word of it after experiencing continued deficit disbursal under your pols? I relieve Reagan from this – the Eastern Bloc needed to be beaten out and I believe he’s the only leader of the last 50 years who had a sound excuse for it and as I see it we broken their backs economically. But since then?

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