GOP Eyes Defense Bill to Raise Debt Limit

[Khephra]

GOP Eyes Defense Bill to Raise Debt Limit

WASHINGTON -- House Republicans may use the $417 billion defense bill for something other than financing the military -- raising the government's borrowing limit later this year.

When the House debates the defense spending measure on Tuesday, it is likely to add an innocent-sounding provision saying the government's credit rating should be protected.


more..........

http://www.newsday.com/news/politics/wire/sns-ap-debt-limit,0,3632418.story?coll=sns-ap-politics-headlines

[Wapsie B]

1. B But But..............

what about those evil tax and spend liberals?

[dusty64]

20. The taxcut and spend

rethugs are FAR worse at ever managing the economy. How the fallacy started that they are better at it is beyond me and its up to the Democrats to bust that bullshit bubble once and for all.

[kevinhnc]

28. It makes so much sense though!

For the most part, Republicans have been spoiled rich kids all of their lives, why should they have learned how to BUDGET MONEY or even the importance of budgeting at all, god forbid?!?

[whistle]

2. National debt limit is $7.4 trillion and the republican controlled...

...congress can't live within that limit with a growing economy, 1.3 million new jobs created since the beginning of the year and another $370 billion tax reduction for corporations and the wealthy? What is wrong with this picture people? Maybe it's the republican congress along with George Bush that needs to go on unemployment this November!

[KDLarsen]

3. Eh, how about spending the money on Iraq & Afghanistan?

.. or is it already decided that those money are going to come from the national parks?

[UpInArms]

4. was it only Feb 2003 that the debt was $6.4 Trillion?

yeah, that's right - and they raised the limit $900 Billion to $7.3 Trillion and we're "bumping" up against that.

http://www.cnn.com/2003/ALLPOLITICS/02/20/debt.limit.ap/

Government hits national debt ceiling

WASHINGTON (AP) -- Replaying a drama from last year, the government is once again bumping against the debt limit of $6.4 trillion and the Treasury Department has begun taking evasive actions to prevent an unprecedented default on the national debt.

Treasury Secretary John Snow informed leaders of Congress on Wednesday that the government would reach the borrowing limit on Thursday and he would begin pulling investments out of a $48 billion government pension fund to make room for normal public borrowing auctions.

In a reference to the looming possibility of a war with Iraq, Snow urged Congress to act without delay to raise the borrowing limit.

<snip>

The drama was similar to one that unfolded last year as Congress finally raised the debt ceiling from $5.95 trillion to the current limit of $6.4 trillion on June 28, but only after months of debate and brinksmanship with then-Treasury Secretary Paul O'Neill having to resort to ever-more elaborate procedures to shift funds in order to clear room for necessary borrowing.

Republicans will push to approve the Bush administration's request for a higher debt limit, citing the need to protect the country's excellent credit rating. U.S. Treasury securities are considered the safest investment in the world because the government has always met its obligations.

...more...



The estimated population of the United States is 294,369,850
so each citizen's share of this debt is $24,521.63.

The National Debt has continued to increase an average of $1.64 billion per day since September 30, 2003

[Barkley]

17. Great Data UpInArms!

We're busy trying to get France, Germany, and Russia
to forgive Iraq's debt and we're heading for insolvency.

Long-term interest rates on T-bills are rising; now I see why:
we've got $1.64 billion in bonds/ securities to sell each day.

That much money has got to have a crowding-out effect on the private financial markets: diverting money to government bonds from private investments.

Going default is a possibility.
Even if we don't officially declare it.

Japan, China and Saudia Arabia hold much of our debt.
If they start dumping US securities, we could be in real deep trouble.

[stepnw1f]

5. I'm Really Starting To Believe That This Administration Is

drowning our country to drown our govt. They are weakening our government on purpose.

[RUMMYisFROSTED]

6. The United Bathtub of America.

[Rebellious Republican]

10. Bingo, absolutly, Jeb Bush has already said that..........

No shit, that really is the plan, read it and weep...........

"And if we are, we can embed in society a sense of caring that makes government less necessary.There would be no greater tribute to our maturity as a society than if we can make these buildings around us empty of workers; silent monuments to the time when government played a larger role than it deserved or could adequately fill."
http://www.tallahassee.com/mld/tallahassee/4893247.htm

[remfan]

7. What's that make it - the fourth time since * took office? n/t

[Media_Lies_Daily]

8. I think it's actually the fifth or sixth time. Amazing.

[gratuitous]

9. Call me irresponsible

Call me unreliable

Oooh, sometimes the unrestrained patriotism of the Republican party just makes me want to bust out in song!

Any wage slave working person who votes Republican is an idiot who shouldn't be trusted to walk out in public without an escort!

[salin]

11. Anyone keeping track of how many times, since bushjr was elected,

that congress has voted to raise the debt limit?

[UpInArms]

14. here's a background

http://www.foxnews.com/story/0,2933,55033,00.html

Senate Approves Raising Debt Limit

Tuesday, June 11, 2002

WASHINGTON — The Senate approved a $450 billion extension of the federal debt limit Tuesday and threw the matter back to the House, where election-year politics has prevented a direct vote.

The Democratic-controlled Senate approved the increase by 68-29 after Republicans decided against offering major amendments. Boosting the current $5.95 trillion debt ceiling by $450 billion is expected to provide enough room for the government to borrow money until at least December -- after the November elections for control of the House and Senate.

The Bush administration has said the limit must be increased by June 28 or the government will face default for the first time in history. The last time the debt ceiling was raised was in 1997, just before annual federal deficits turned into surpluses.

(my note: that took the debt ceiling to $6.4 trillion)

...more...

http://www.congress.gov/cgi-bin/bdquery/z?d108:HJ00051:@@@L&summ2=m&

SUMMARY AS OF:
5/27/2003--Public Law. (There are 3 other summaries)

(This measure has not been amended since it was passed by the House on April 11, 2003. The summary of that version is repeated here.)

Amends Federal law to increase the statutory limit on the public debt from $6.4 trillion to $7.384 trillion.

here's the current number:



The estimated population of the United States is 294,370,937
so each citizen's share of this debt is $24,522.26.

The National Debt has continued to increase an average of $1.64 billion per day since September 30, 2003

If congress passes this one, it will be the 3rd time since *Co took office.

[salin]

15. Great summary - you are a veritable trove

of information with references.

Thank you.

Think of it - NO needed increase in the debt ceiling from 1997-2000 ...

Three needed increases between 2001-2004. Most of that time under complete Republican rule (save one year with a near tie in the senate.) Who still believes that the GOP is the "fiscal conservative" party? More like the "let's spend fist over fists of dollars" party.

[UpInArms]

16. Thanks Salin

The fiscal policies have been one of my fixations for a long time

http://www.americaheldhostile.com/ed012902.shtml

[hedgetrimmer]

12. and fresh from the bench kephra runs a hot one down into the endzone!

the fans are going wild.... Go Keph! Go Keph!

[TahitiNut]

13. With these deficits, is it any wonder?

[Barkley]

18. I think the Bush tax-cuts were a 'giant rightwing conspiracy'.

to keep the nation in debt.

US debt held in bonds and securities is an asset that many wealthy people, corporations and foreign gov'ts hold and trade.

Bonds held abroad give the US an implicit foreign policy tool: default

Buying and selling bonds/ securities is also how the Fed conducts "Open Market Operation" which helps regulated the money supply and interest rates.

Great Chart!

[gratuitous]

23. Call it a transfer of wealth

From the working class, paying for essential government services, to the upper class in the form of corporate and overrich welfare handouts. Halliburton, just to take one example, is looting the Treasury for billions of dollars. They've been fined millions because they're chiseling the no-bid, cost-plus contracts they were awarded. But if you could steal a billion dollars, and only have to pay back a million of it, wouldn't you do it? Or, to put it in terms you and I could more readily understand, if you could steal a thousand dollars and make all criminal liability go away by giving back one dollar, why would you waste your time making money the old-fashioned way (i.e. by earning it)?

This is a massive transfer of the nation's wealth from the working millions to the idle and corrupt thousands.

[Bandit]

26. This should be made into a poster and/or a bumper sticker

It needs to get pasted on every telephone pole and every bulletin board across the nation. It is a powerful statement of the same type Michael Moore uses. Truth "In your face". Impossible to argue against.

[UpInArms]

19. kick

:kick:

[CBHagman]

21. Welcome to debtor nation.

The sad thing is that by the time the full impact of this policy is clear to all (and causing suffering), Bush will be able to scamper away and blame someone else, very much like those revolting California Republicans.

[pinto]

22. call it the "Leave Our Children in Debt" act.

[TahitiNut]

24. "Mortgaging Our Future"

:shrug:

[salin]

27. Opening the red-ink flood gates

for as long as the eye can see...

[74dodgedart]

25. Kerry needs to bring this up repeatedly..

He needs to stress the increase in gov't spending, the record deficits, the disappearing surpluses, etc that has occured under Bush and repub congress.

This is an issue that won't go away, and will resonate with people on boths sides of the aisle.