JBond
12-28-2011, 01:29 PM
President Obama will ask this week for a $1.2 trillion raise in the federal borrowing limit, according to a Treasury Department official.
The action would raise the country’s debt ceiling to $16.4 trillion from $15.2 trillion. News of Obama’s request was first reported by Reuters (http://www.reuters.com/article/2011/12/27/us-usa-treasury-debt-idUSTRE7BQ0KU20111227).
Lest the words “debt ceiling” spark panic over the possibility of another showdown with Congress that could bring the nation to the brink of default, fear not. The August (http://www.gpo.gov/fdsys/pkg/PLAW-112publ25/pdf/PLAW-112publ25.pdf) debt deal provides for a $1.2 trillion increase that can be blocked only if Congress passes a “resolution of disapproval.”
If such a resolution were to pass, it would likely be vetoed by Obama. And any attempt by Congress to override the veto would require a two-thirds supermajority in each chamber.
On top of that, there’s the matter of timing. The August debt ceiling legislation states that any resolution of disapproval must make its way through Congress within 15 days of the president’s request.
If Obama announces his position this week, Congress would have to vote on a disapproval resolution by Jan. 14 at the latest.
But the House isn’t scheduled to return (http://www.washingtonpost.com/blogs/2chambers/post/2012-house-calendar-keeps-gop-two-weeks-on-one-week-off-plan/2011/10/27/gIQAfhB8LM_blog.html) to the Capitol until Jan. 17, and the Senate doesn’t return until Jan. 23 (http://www.washingtonpost.com/blogs/2chambers/post/senate-releases-outline-of-2012-calendar/2011/11/01/gIQALVjAdM_blog.html). Aides to leadership in both chambers did not immediately respond to a request for comment on whether any disapproval votes are planned.
Six trillion dollars in new debt over 3 years. WTF? Then add up the other secret debt and crap investments we owe via the Fed which is estimated between $38 to $60 trillion dollars. Screw it. Maybe I will vote for the nut job, Ron Paul. There is no doubt in my mind he is a crazy SOB, but his domestic fiscal policy appears to be sound. There are days I feel like we need to start with a clean slate in DC. I have never been in favor of term limits for congress, but I am beginning to change my mind. We need to step off the crazy train. Something must change. It will one way or another. I hope and pray the self absorbed assholes in DC figure it out before it is to late. We can still correct our course, but it will be painful and appear cruel to many, but if we don't that temporary pain will turn into something much worse.
http://www.washingtonpost.com/blogs/2chambers/post/obama-to-ask-for-increase-in-debt-ceiling/2011/12/27/gIQApypjKP_blog.html
The action would raise the country’s debt ceiling to $16.4 trillion from $15.2 trillion. News of Obama’s request was first reported by Reuters (http://www.reuters.com/article/2011/12/27/us-usa-treasury-debt-idUSTRE7BQ0KU20111227).
Lest the words “debt ceiling” spark panic over the possibility of another showdown with Congress that could bring the nation to the brink of default, fear not. The August (http://www.gpo.gov/fdsys/pkg/PLAW-112publ25/pdf/PLAW-112publ25.pdf) debt deal provides for a $1.2 trillion increase that can be blocked only if Congress passes a “resolution of disapproval.”
If such a resolution were to pass, it would likely be vetoed by Obama. And any attempt by Congress to override the veto would require a two-thirds supermajority in each chamber.
On top of that, there’s the matter of timing. The August debt ceiling legislation states that any resolution of disapproval must make its way through Congress within 15 days of the president’s request.
If Obama announces his position this week, Congress would have to vote on a disapproval resolution by Jan. 14 at the latest.
But the House isn’t scheduled to return (http://www.washingtonpost.com/blogs/2chambers/post/2012-house-calendar-keeps-gop-two-weeks-on-one-week-off-plan/2011/10/27/gIQAfhB8LM_blog.html) to the Capitol until Jan. 17, and the Senate doesn’t return until Jan. 23 (http://www.washingtonpost.com/blogs/2chambers/post/senate-releases-outline-of-2012-calendar/2011/11/01/gIQALVjAdM_blog.html). Aides to leadership in both chambers did not immediately respond to a request for comment on whether any disapproval votes are planned.
Six trillion dollars in new debt over 3 years. WTF? Then add up the other secret debt and crap investments we owe via the Fed which is estimated between $38 to $60 trillion dollars. Screw it. Maybe I will vote for the nut job, Ron Paul. There is no doubt in my mind he is a crazy SOB, but his domestic fiscal policy appears to be sound. There are days I feel like we need to start with a clean slate in DC. I have never been in favor of term limits for congress, but I am beginning to change my mind. We need to step off the crazy train. Something must change. It will one way or another. I hope and pray the self absorbed assholes in DC figure it out before it is to late. We can still correct our course, but it will be painful and appear cruel to many, but if we don't that temporary pain will turn into something much worse.
http://www.washingtonpost.com/blogs/2chambers/post/obama-to-ask-for-increase-in-debt-ceiling/2011/12/27/gIQApypjKP_blog.html