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Thread: House Debates $800B Debt-Limit Increase

  1. -1
    finataxia24's Avatar
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    House Debates $800B Debt-Limit Increase

    http://story.news.yahoo.com/news?tmp..._spending_debt





    WASHINGTON - Democrats and Republicans clashed over deficits and tax cuts Thursday as Congress moved toward sending President Bush (news - web sites) an $800 billion boost in the government's debt limit.



    The bill would increase the debt ceiling from its current $7.38 trillion, marking the third massive increase since Bush took office in 2001. The government reached the cap last month, paying its bills since with cash from a civil service retirement account, which it plans to repay.



    The Senate approved the legislation Wednesday by a near party-line 52-44 vote. With no alternative but an unprecedented federal default, the House debated the bill Thursday and planned an evening vote.



    Democrats were ready to oppose the measure en masse, saying it should have been accompanied by a requirement that tax cuts or new spending be paid for with budget savings. They blamed Bush's tax cuts for the relentless increase in government debt, a trend analysts expect to continue indefinitely, and noted that Republicans delayed the vote until after the Nov. 2 elections.



    "That didn't take long," said Rep. James McGovern (news, bio, voting record), D-Mass. "On just the third legislative day after the election, we are yet again confronting the need to raise the nation's debt limit."



    Republicans accused Democrats of playing politics with the issue. They blamed the recession for the red ink and said failure to increase the debt limit would cause default, higher interest rates and an inability of the government to pay its liabilities.



    "We can demagogue it. We can keep putting on all sorts of messages to feel good or draw political lines. ... But the reality is, we keep screwing around with this thing, we're going to shut the government down," said Rep. Thomas Reynolds (news, bio, voting record), R-N.Y.



    The debate came as lawmakers moved toward finishing their work for the year and ending what they hope will be an abbreviated lame-duck session. Heading the remaining business is a compromise $388 billion spending package financing most domestic programs.



    That overdue measure, which House-Senate bargainers hope to complete by Friday, curbs the recent growth of funds for biomedical research and education. It cuts Bush priorities, including a nuclear waste repository in Nevada, a hydrogen fuel initiative and aid to countries embracing open-market and democratic reforms.



    Completion of the debt limit measure would raise the government's borrowing limit to $8.18 trillion. That is $2.23 trillion higher than when Bush became president, and more than eight times the debt President Reagan faced when he took office in 1981.

    Democrats noted that the $5.6 trillion in surpluses that were projected for the next 10 years when Bush took office in 2001 have been transformed into $2.3 trillion in deficits now estimated for the coming decade.













    "All men having power ought to be mistrusted." ~ James Madison

    "The price of greatness is responsibility." -Sir Winston Churchill
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  2. -2
    FinfanInBuffalo's Avatar
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    Quote Originally Posted by finataxia24
    http://story.news.yahoo.com/news?tmp..._spending_debt





    WASHINGTON - Democrats and Republicans clashed over deficits and tax cuts Thursday as Congress moved toward sending President Bush (news - web sites) an $800 billion boost in the government's debt limit.



    The bill would increase the debt ceiling from its current $7.38 trillion, marking the third massive increase since Bush took office in 2001. The government reached the cap last month, paying its bills since with cash from a civil service retirement account, which it plans to repay.



    The Senate approved the legislation Wednesday by a near party-line 52-44 vote. With no alternative but an unprecedented federal default, the House debated the bill Thursday and planned an evening vote.



    Democrats were ready to oppose the measure en masse, saying it should have been accompanied by a requirement that tax cuts or new spending be paid for with budget savings. They blamed Bush's tax cuts for the relentless increase in government debt, a trend analysts expect to continue indefinitely, and noted that Republicans delayed the vote until after the Nov. 2 elections.



    "That didn't take long," said Rep. James McGovern (news, bio, voting record), D-Mass. "On just the third legislative day after the election, we are yet again confronting the need to raise the nation's debt limit."



    Republicans accused Democrats of playing politics with the issue. They blamed the recession for the red ink and said failure to increase the debt limit would cause default, higher interest rates and an inability of the government to pay its liabilities.



    "We can demagogue it. We can keep putting on all sorts of messages to feel good or draw political lines. ... But the reality is, we keep screwing around with this thing, we're going to shut the government down," said Rep. Thomas Reynolds (news, bio, voting record), R-N.Y.



    The debate came as lawmakers moved toward finishing their work for the year and ending what they hope will be an abbreviated lame-duck session. Heading the remaining business is a compromise $388 billion spending package financing most domestic programs.



    That overdue measure, which House-Senate bargainers hope to complete by Friday, curbs the recent growth of funds for biomedical research and education. It cuts Bush priorities, including a nuclear waste repository in Nevada, a hydrogen fuel initiative and aid to countries embracing open-market and democratic reforms.



    Completion of the debt limit measure would raise the government's borrowing limit to $8.18 trillion. That is $2.23 trillion higher than when Bush became president, and more than eight times the debt President Reagan faced when he took office in 1981.

    Democrats noted that the $5.6 trillion in surpluses that were projected for the next 10 years when Bush took office in 2001 have been transformed into $2.3 trillion in deficits now estimated for the coming decade.




    The level of hypocracy in all of this political wrangling is staggering. The article notes the many concerns about the deficit that the Democrats have raised. The article also includes this little nugget near the end (I'm sure leaving this out of the original post was an oversight).

    Democrats complained that the bill — which will let non-defense, non-domestic security programs grow by about 2 percent next year — was too stingy.

    So, let's blame the president for the budget crisis and complain that we are not spending enough money at the same time.
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  3. -3
    finataxia24's Avatar
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    this is the part u are bitching about

    which will let non-defense, non-domestic security programs grow by about 2 percent next year -- was too stingy. They said clean water grants, the National Science Foundation and federal subsidies for hiring local police officers were all being cut from last year, and that funds for education, biomedical research and veterans' health care were inadequate.
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    FinfanInBuffalo's Avatar
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    Quote Originally Posted by finataxia24
    which will let non-defense, non-domestic security programs grow by about 2 percent next year -- was too stingy. They said clean water grants, the National Science Foundation and federal subsidies for hiring local police officers were all being cut from last year, and that funds for education, biomedical research and veterans' health care were inadequate.
    Yes. Typical democrat rhetoric. When you examine the spending, the funds for education etc., are loaded with pork.

    "The Bush tax cuts are responsible for the deficit.....let's spend more money...."
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    Gone

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    Quote Originally Posted by finataxia24
    which will let non-defense, non-domestic security programs grow by about 2 percent next year -- was too stingy. They said clean water grants, the National Science Foundation and federal subsidies for hiring local police officers were all being cut from last year, and that funds for education, biomedical research and veterans' health care were inadequate.
    Why do I suddenly have the urge to sing "Empire" by Queensryche?
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    finataxia24's Avatar
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    ohall's Avatar
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    Quote Originally Posted by finataxia24
    LoL that's an old card. I believe Bush received a 4-year extension!

    ROFL!
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  8. -8
    Den54's Avatar
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    Quote Originally Posted by ohall
    LoL that's an old card. I believe Bush received a 4-year extension!

    ROFL!
    Not to mention a higher credit limit.
    I believe I can fly.
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  9. -9
    Wildbill3's Avatar
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    Snakes!Cam Wake 91Tannehill 171972 Dolphins Logo2013 Dolphins Logo
    okay so this was supposed to be a stupid move by bush? I don't get it, maybe it is just me, but if I had to compare this to my finances, and I had a credit card and some bills to pay, and while my bills don't have an interest rate, the credit card does.. if you don't pay the credit card min, then the rate goes up and you end up paying MORE than you would have. So even though we raised the ceiling this time we saved money in the long run.

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  10. -10
    finataxia24's Avatar
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    are u sure about everything u just said?? please provide facts to back it up....


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