Democrats propose $1.9T increase in debt limit

[Patranus]

Senate Democrats on Wednesday proposed allowing the federal government to borrow an additional $1.9 trillion to pay its bills, a record increase that would permit the national debt to reach $14.3 trillion.

http://news.yahoo.com/s/ap/20100120/ap_on_bi_ge/us_congress_debt_limit_11

I guess they didn't get the memo

Investors' growing anxiety about China's attempts to slow its economy and disappointing earnings reports in the U.S. led to another selloff in stocks.

http://finance.yahoo.com/news/Stock...0.html?x=0&sec=topStories&pos=5&asset=&ccode=

 

[MotF Bane]

No, stop increasing the fucking debt, bring it back down, you stupid assholes.

 

[LumbergTech]

http://news.yahoo.com/s/ap/20100120/ap_on_bi_ge/us_congress_debt_limit_11

I guess they didn't get the memo


http://finance.yahoo.com/news/Stock...0.html?x=0&sec=topStories&pos=5&asset=&ccode=

funny, i recall a certain former regime saying it doesnt matter

 

[palehorse]

No, stop increasing the fucking debt, bring it back down, you stupid assholes.

this. seriously.

 

[Robor]

Clearly this is all the Democrats fault. After all, the debt ceiling was never raised prior to 2007 or 2009. Oh wait... It's another PaTrollUs thread.

 

[ProfJohn]

Clearly this is all the Democrats fault. After all, the debt ceiling was never raised prior to 2007 or 2009. Oh wait... It's another PaTrollUs thread.

Over Bush's 8 years he added 5 trillion to the debt.

In just one year Obama added $1.6 trillion to the debt. At the rate he is going he will pass Bush's entire 8 year term by the end of his third year in office...

 

[BeauJangles]

Over Bush's 8 years he added 5 trillion to the debt.

In just one year Obama added $1.6 trillion to the debt. At the rate he is going he will pass Bush's entire 8 year term by the end of his third year in office...

Clearly this is a bad idea, but you can't lay this all at the foot of Obama. He has taken over a country that was entering the worst recession in at least fifty years.

 

[palehorse]

Clearly this is all the Democrats fault. After all, the debt ceiling was never raised prior to 2007 or 2009. Oh wait... It's another PaTrollUs thread.

hmm...

 

[cliftonite]

hmm...

Yes the policies of the previous 8 years had nothing to do with the need for that deficit.

 

[drebo]

So this is why stocks tanked today. I bet they just did it to avoid a rally caused by Scott Brown winning yesterday.

 

[Patranus]

Yes the policies of the previous 8 years had nothing to do with the need for that deficit.

Looks like it went up significantly more after 2006...what happened in January of 2007?

 

[palehorse]

Yes the policies of the previous 8 years had nothing to do with the need for that deficit.

I never said they didn't have any effect; but, the numbers we're looking at there are still wayyyyyyy beyond what is acceptable or sustainable.

IMO, Obama and our Congress are simply going too far. They're going to bury us.

 

[coloumb]

No, stop increasing the fucking debt, bring it back down, you stupid assholes.

It'll never happen unless someone or a group of people pay off the debt... or WW3 happens and we won't have to worry about any debt for a long...LONG time.

 

[drebo]

It'll never happen unless someone or a group of people pay off the debt... or WW3 happens and we won't have to worry about any debt for a long...LONG time.

It'll happen when the dollar collapses because we printed too much money in order to meet the interest payments to our Chinese debtors. It'll definitely happen then.

 

[GTaudiophile]

And if any Republicans vote to raise it, then they are just as guilty.

What I want is a government shut down.

 

[bfdd]

jesus fucking christ... seriously?

 

[Carmen813]

So...what do we cut first?

 

[Ozoned]

How about we downsize the government. Oh wait, we did that the last time we had a dem potus. It backfired.

http://www.gao.gov/archive/1999/gg99057.pdf

 

[First]

2009 is Bush's budget, I'm not sure why people keep citing the 2009 budget as if it's Obama's. Bush wrote it and was literally responsible for 90%+ of it.

 

[palehorse]

2009 is Bush's budget, I'm not sure why people keep citing the 2009 budget as if it's Obama's. Bush wrote it and was literally responsible for 90%+ of it.

Nobody here said that Bush is any example to follow -- he was a big-spending jackass -- but Obama is making Bush look very frugal, and he's doing so at a frightening and devastating pace.

 

[sciwizam]

2009 is Bush's budget, I'm not sure why people keep citing the 2009 budget as if it's Obama's. Bush wrote it and was literally responsible for 90%+ of it.

Umm, didn't the Dems hold off till Obama got elected and then had Obama sign it?

I might be wrong but remember something about the pork ridden Omnibus spending bill being signed by Obama, going against his going through the budget line-by-line pledge.

 

[First]

Nobody here said that Bush is any example to follow -- he was a big-spending jackass -- but Obama is making Bush look very frugal, and he's doing so at a frightening and devastating pace.

This is all true, yes. I was just stating it for the record.

 

[First]

Umm, didn't the Dems hold off till Obama got elected and then had Obama sign it?

I might be wrong but remember something about the pork ridden Omnibus spending bill being signed by Obama, going against his going through the budget line-by-line pledge.

Well right, except the Bush admin wrote it in 2008 and it was well over $1T by then. You have to have your budget in before the next fiscal year, so it's literally impossible for any admin to be anything but marginally responsible for their first budget; they all inherit. Of course, 2010 onward is all Obama and I'll be interested to see what the tax receipts and spending look like, that's for sure.

 

[nick1985]

They just dont learn

 

[soccerballtux]

It'll happen when the dollar collapses because we printed too much money in order to meet the interest payments to our Chinese debtors. It'll definitely happen then.

Nobody has printed anything. Printing is when you add money to circulation. What we have done is add money to circulation but created more debt-- that means the money will have to come out again at some time.

Please continue reading economics blogs and books, you'll come to see it just can't work like you think it will.
What we ARE in danger of is deflation, as consumers hold too much debt, the government does, the economy stagnates, and everyone gets scared and starts paying down their bills.