House Debt Limit Vote: Republicans Vote Against Raising Debt Ceiling

[abelenkpe]

House Debt Limit Vote: Republicans Vote Against Raising Debt Ceiling

http://www.huffingtonpost.com/2011/05/31/house-debt-ceiling-vote-budget-cuts_n_869395.html

WASHINGTON (AP/The Huffington Post) -- House Republicans voted Tuesday evening to reject their own proposed $2.4 trillion increase in the nation's debt limit, a political gambit designed to reinforce a demand for spending cuts to accompany any increase in government borrowing. The vote was 318-97.

The House legislation would have allow government borrowing to reach $15.8 trillion, but it did not include any steps that GOP leaders -- who arranged the vote -- have demanded to restrain future spending.

Treasury Secretary Tim Geithner says Congress must raise the debt limit by Aug. 2 or the government will default, and he has warned the resulting turmoil could plunge the nation into another recession or even an economic depression.

(more at link)

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Wonder how the global economy will react to this news?

[sakabatou]

1. Republicans kill America

And the media doesn't even raise a finger.

[LonePirate]

2. Almost 100 Dems voted with the Rethugs here?

[abelenkpe]

6. Does seem wrong doesn't it? nt

[CC]

3. Probably won't react at all since

the repukes called their buds on Wall Str. and explained what they were doing (trying to back Dems in a corner) and held the vote after the market had closed just in case anyone one didn't get the message in time. A major waste of time and attention.

[abelenkpe]

5. Yeah, but they can't control the markets around the globe can they?

Should be interesting to see the reaction over the next week or so. Kinda surprised it's not a bigger news story but what do I know?

[DCBob]

4. Investors know this is a dumb meaningless political tactic..

and they also know neither the GOPers (most of them) or the Dems want this country to hit the debt ceiling.

[abelenkpe]

7. So you think it's just a bluff to try and get dems to

sacrifice medicare and make other drastic spending cuts? A big game of chicken?

[DCBob]

8. Yes.. or more likely to just give them political cover from the teabaggers..

they need to make it look like they are serious.. even it they aren't.