No & Hell No!

11 12 2009

Debt Limit to Be Increased By Up to $1.9 Trillion

Debt Limit to Be Increased By Up to $1.9 Trillion

Debt Limit to Be Increased By Up to $1.9 Trillion

Debt Limit to Be Increased By Up to $1.9 Trillion

Debt Limit to Be Increased By Up to $1.9 Trillion

Debt Limit to Be Increased By Up to $1.9 Trillion

Nope, putting make-up, including lipstick, on this Pig does not make it any easier to kiss. Something very drastic will have to happen to our dirt-bags in Congress before they will change their ways. Let’s hope that whatever it is, it happens much sooner than later.

Gio-

Debt Limit to Be Increased By Up to $1.9 Trillion

Dec. 11 (Bloomberg) — House Majority Leader Steny Hoyer said the chamber will vote next week on increasing the U.S. debt limit by $1.8 trillion or $1.9 trillion.

Hoyer said the increase will be added to a Defense Department spending measure. Also to be added will be infrastructure spending, a six-month extension of unemployment benefits, and subsidies to help jobless people buy health insurance through their former employer, said Hoyer of Maryland.

Hoyer didn’t say how much those items would cost. He said lawmakers haven’t decided whether to attach legislation extending the estate tax beyond its Dec. 31 expiration. The defense measure may be the last major bill approved this year by the House.

The debt limit increase, raising the legal cap on government borrowing to about $14 trillion, would be the fourth in 18 months. A $1.8 trillion boost would probably be enough to prevent lawmakers from having to raise the limit again before next year’s midterm elections.

Such an increase would be more than twice the size of each of the past three debt limit increases, each of which lifted the cap by $800 billion or less.

A number of Democrats have demanded action to reduce the federal deficit as the price of their vote for the debt hike. This year’s deficit is projected to total $1.4 trillion, the same as last year, which was the largest since 1945. Deficits over the next 10 years will total $9 trillion, according to the nonpartisan Congressional Budget Office.

Blue Dogs

A group of House Democrats known as the Blue Dogs threatened today to oppose an increase unless the bill puts into law Congress’s “pay-go” rules that require spending increases and tax cuts to be financed with offsetting savings in the budget. Lawmakers sometimes waive that rule.

Hoyer said he didn’t know how many Blue Dogs would oppose a debt limit increase without that change, though he said it would be “very difficult” to the pass the bill without them. Republicans on the House Appropriations Committee said this week they wouldn’t support the defense bill if it would raise the debt limit.

A group of Senate Democrats threatened to oppose a debt- limit increase unless lawmakers agree to create a special commission to address the government debt. That is opposed by fellow Democrats such as Finance Committee Chairman Max Baucus, a Montana Democrat whose panel handles tax and spending matters.

Baucus yesterday called the idea “truly dangerous” because “if we were to cede all of our responsibilities to this commission” without allowing its recommendations to be amended, “we would risk setting in motion some truly terrible policy.”

Hoyer said lawmakers haven’t agreed on how long to extend the estate tax, saying it could be as little as one year. The House approved legislation last week to permanently extend the current tax, which imposes a top rate of 45 percent.

To contact the reporter on this story: Brian Faler in Washington at bfaler@bloomberg.net

Last Updated: December 11, 2009 12:36 EST

 

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2 responses

11 12 2009
Eowyn

Interest payment on our existing federal debt is more than ONE BILLION DOLLARS A DAY.

-Professor Burton Folsom, Jr., author of New Deal or Raw Deal: How FDR’s Economic Legacy Has Damaged America.

12 12 2009
sofa

having wiped the US out, they are just piling on, now.

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