What a great idea, let’s get ourselves deeper into the deficit hole.
The U.S. Senate, in an unusual procedure, cleared the way Thursday for the U.S. to lift its borrowing authority by $500 billion to $15.19 trillion, enough to keep the support federal government borrowing through late January or early February.
The action came under an unusual legislative procedure spelled out under the August agreement to raise the U.S. debt ceiling and avoid a U.S. credit default. In a 52-45 vote, the Senate blocked an attempt by Republicans to slow down the process that will result in the $500 billion debt-ceiling increase.
The increase stems from a deal between Congress and the White House, finalized last month, that spells out how the borrowing limit would be increased by $500 billion. Under the process, lawmakers in both the House and Senate must vote on a resolution of disapproval against the increase in the borrowing limit. Obama would then have to veto the resolution of disapproval, and Congress would then vote to try and override that veto.
The complicated procedure, designed by Senate Minority Leader Mitch McConnell (R., Ky.), would allow an increase of the borrowing limit while allowing most Republicans to vote against such an increase.
There was a twist in this scenario Thursday evening, however. Democrats held firm, rejecting the resolution of disapproval, thereby speeding the process and increasing the borrowing limit immediately.
Jackasses.
If you think the coming Euro crash will be bad, just wait until our economy completely collapses. It’s on the way.
Yep when they say they are going to cut spending I guess the Republican believed the Promises of Obama. And like always the senate does it fast to prevent any of the tax payers to respond to this move.
David,
No one, especially voting Republicans, will take Obama’s word for anything. We can tell he’s lying, because his lips are moving. The unfortunate part of all this, is that the Republican majority in the Congress went against the will of the voters who elected them and approved the “compromise”; the “super committee” that is supposed to make cuts equaling the $2.4 trillion hike in the debt limit. And of course, the Dem-controlled Senate shot the bill straight to Obama’s desk. I liked the Cut, Cap and Balance bill proposed by the Republicans, which as expected, was trashed by the Dem-controlled Senate.
Here’s a couple of links to my take on the debacle:
http://sfcmac.wordpress.com/2011/08/05/government-borrows-more-shoots-debt-up-another-238-billion-before-the-ink-is-dry-on-obamas-signature/
http://sfcmac.wordpress.com/2011/08/01/the-debt-ceiling-debacle-with-updates/
SFC MAC