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Old 01-20-2010, 08:48 PM  
petegz28 petegz28 is offline
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Democrats propose $1.9T increase in debt limit

WASHINGTON Senate Democrats on Wednesday proposed allowing the federal government to borrow an additional $1.9 trillion to pay its bills, a record increase that would permit the national debt to reach $14.3 trillion.

The unpopular legislation is needed to allow the federal government to issue bonds to fund programs and prevent a first-time default on obligations. It promises to be a challenging debate for Democrats, who, as the party in power, hold the responsibility for passing the legislation.

It's hardly the debate Democrats want or need in the wake of Sen.-elect Scott Brown's victory in Massachusetts. Arguing over the debt limit provides a forum for Republicans to blame Democrats for rising deficits and spiraling debt, even though responsibility for the government's financial straits can be shared by both political parties.

The measure came to the floor under rules requiring 60 votes to pass. That's an unprecedented step that could mean that every Democrat, no matter how politically endangered, may have to vote for it next week before Brown takes office and Democrats lose their 60-vote majority.

Democratic leaders are also worried that Sen. Evan Bayh, D-Ind., who opposed the debt limit increase approved last month, will vote against the measure.

The record increase in the so-called debt limit is required because the budget deficit has spiraled out of control in the wake of a recession that cut tax revenues, the Wall Street bailout, and increased spending by the Democratic-controlled Congress. Last year's deficit hit a phenomenal $1.4 trillion, and the current year's deficit promises to be as high or higher.

Congress has never failed to increase the borrowing limit.

"We have gone to the restaurant. We have eaten the meal. Now the only question is whether we will pay the check," said Finance Committee Chairman Max Baucus, D-Mont. "We simply must do so."

A White House policy statement said the increase "is critically important to make sure that financing of federal government operations can continue without interruption and that the creditworthiness of the United States is not called into question."

Less than a decade ago, $1.9 trillion would have been enough to finance the operations and programs of the federal government for an entire year. Now, it's only enough to make sure Democrats can avoid another vote before Election Day.

Republican Sen. John Thune of South Dakota immediately offered an amendment to end the bank and Wall Street bailout, officially known as the Troubled Asset Relief Program, or TARP. Thune would prohibit further expenditure of TARP funds and would require that all funds paid back be used to retire debt.

The latest increase comes on top of a stopgap $290 billion measure that cleared the Senate on Christmas Eve. Given the country's finances, that measure would last only about six weeks, lawmakers said, requiring the far larger measure that's pending.

http://news.yahoo.com/s/ap/20100120/..._debt_limit_11
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Old 01-20-2010, 08:54 PM   #2
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The record increase in the so-called debt limit is required because the budget deficit has spiraled out of control in the wake of a recession that cut tax revenues, the Wall Street bailout, and increased spending by the Democratic-controlled Congress. Last year's deficit hit a phenomenal $1.4 trillion, and the current year's deficit promises to be as high or higher.
Now, just think about that for a second. A recession that cut tax revenues. Why have tax revenues been cut? Because people are either out of work or otherwise reluctant to spend money.

So, the $1.9 tril question to the Dems and Obama is, WTF ARE YOU JACKING AROUND WITH HEALTH CARE YOU IDIOTS??

I hate to do this, but to quote James Carville, "it's the economy, stupid".
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Old 01-20-2010, 09:25 PM   #3
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Old 01-20-2010, 09:42 PM   #4
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Old 01-20-2010, 09:49 PM   #5
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Old 01-20-2010, 09:52 PM   #6
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Old 01-21-2010, 07:26 AM   #7
petegz28 petegz28 is offline
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So as unemployment rose more than expected today, lets spend more money!!!!
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Old 01-21-2010, 07:30 AM   #8
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Old 01-21-2010, 07:42 AM   #9
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They are going by the textbook on how to completely screw themselves and us.

Before things can be fixed correctly, we evidently have to go through a lot of pain.

At least this is one more step toward cleaning house and getting rid of all of the politicians.
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Old 01-21-2010, 07:44 AM   #10
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Before things can get fixed right, we evidently have to go through a lot of pain.

They are going by the textbook on how to completely screw themselves and us.


At least this is one more step toward cleaning house and getting rid of all of the politicians.
I know it sounds bad and admittedly in the very beginning I was for aiding AIG and saving jobs. But once things came more to light I felt that the best thing, though it would have been very painful, was to let the banks fail. The market would have corrected itself. We should have just ripped the band-aid off instead of peeling it off, cm by cm hoping at some point it wouldn't hurt.
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Old 01-21-2010, 07:49 AM   #11
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This is what happens when the media picks up a rock in Chicago and a corrupt sleazebag crawls out and they create a BS narrative about him and sell him as hope and change, and the people are dumb enough to fall for it.
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Old 01-21-2010, 07:52 AM   #12
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I dont understand, these people in congress have had some of the best education money can buy, yet they don't know the least bit about the monetary system and how it works here in the United States. I'm no economist by any means, but I DO know that adding more debt to the current debt will NOT bring you out of a recession.
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Old 01-21-2010, 07:54 AM   #13
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Originally Posted by CoMoChief View Post
I dont understand, these people in congress have had some of the best education money can buy, yet they don't know the least bit about the monetary system and how it works here in the United States. I'm no economist by any means, but I DO know that adding more debt to the current debt will NOT bring you out of a recession.
Hey! They are Congress!!! They know better than everyone!!!!!
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Old 01-21-2010, 03:32 PM   #14
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Glen Beck just did a piece on what we could buy with $1.9 tril...it was great. Here were some of the things...

1. The entire economic output if Brazil AND Ireland for 2008
2. 422 aircraft carriers
3. 75 Gulf Stream 5's for EACH person in Congress
4. EVERYONE'S credit card debt
5. Pay off all the 200,000 mortgages
6. Everything made and exported in the U.S. from Jan 1, 08 to Jun 30, 09

And the best...

With $1.9 Tril we could be EVERY MAN, WOMAN AND CHILD 1 night with an Elliot Spitzer hooker at $6k !!!

, that was great
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Old 01-22-2010, 09:36 AM   #15
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State Unemployment Climbs; Four States Reach Records

Buzz up! 0 Print..On Friday January 22, 2010, 11:12 am
Unemployment rose in most states in December-even breaking records in a couple of states-a reversal from previous months when states showed improvement, according to government data released Friday.



Joblessness in four states-South Carolina (12.6 percent), Delaware (9 percent), Florida (11.8 percent) and North Carolina (11.2 percent)-and the District of Columbia (12.1 percent) reached record highs.

In all, 43 states and the District of Columbia saw their rates increase last month, while four states reported a decrease and three states had no change in their unemployment, according to the Labor Department.

The December data is a reversal from the previous month, when 36 states reported lower unemployment.

Earlier this month, the government reported that the national unemployment rate remained at 10 percent in December.

Michigan, again, had the highest jobless rate in the nation, though it eased to 14.6 percent from 14.7 percent in November.

"We haven't seen much movement for the past couple of months," said Rick Waclawek, director of Michigan's Bureau of Labor Market Information and Strategic Initiatives.



Behind Michigan, Nevada had the second highest rate in the country with 13 percent, followed by Rhode Island (12.9 percent) and South Carolina (12.6 percent.)

North Dakota had the lowest jobless rate in country at 4.4 percent in December, followed by Nebraska and South Dakota at 4.7 percent each.
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