Senate must raise debt ceiling above $12T

uscitizen

uscitizen

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Senate must raise debt ceiling above $12T
By Walter Alarkon - 09/07/09 12:11 PM ET

The Senate must move legislation to raise the federal debt limit beyond $12.1 trillion by mid-October, a move viewed as necessary despite protests about the record levels of red ink.

The move will highlight the nation’s record debt, which has been central to Republican attacks against Democratic congressional leaders and President Barack Obama. The year’s deficit is expected to hit a record $1.6 trillion.

http://thehill.com/homenews/senate/57493-senate-must-raise-debt-ceiling-above-12t
 
TuTu Monroe said:
I can see why.
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all of that 1.6 trillion is not Obama's. Bush spent a lot on TARP, GM, etc before he left. Remember we run most of this year on the Bush Budget.

also the cost of Iraq and Afganistan is now on the budget, unlike Bush with his supplemental spending.
 
uscitizen said:
all of that 1.6 trillion is not Obama's. Bush spent a lot on TARP, GM, etc before he left. Remember we run most of this year on the Bush Budget.

also the cost of Iraq and Afganistan is now on the budget, unlike Bush with his supplemental spending.
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The FYE ends September 30, 2009. Obama's baby was 870,612 billion as of the end of July, 2009

Like I asked before, what president has ever put wars in the budget? There are too many variables and that's why they were put in as supplementals in the first place. They are still very traceable. Obama said he was going to wait until October to put the wars in the budget. Has he changed his mind again? One never knows, because he says one thing and does another. I'll have to analyze the new statement that is coming out shortly.
 
uscitizen said:
all of that 1.6 trillion is not Obama's. Bush spent a lot on TARP, GM, etc before he left. Remember we run most of this year on the Bush Budget.

also the cost of Iraq and Afganistan is now on the budget, unlike Bush with his supplemental spending.
Click to expand...
Yes but when it was the Bush presidency it was OK. The "hero" Cheney said that we discovered in the 80's that they didn't matter. But NOW that it is a Dem president and a Dem Congress IT MATTERS. You know nothing of when things are important and when they aren't.
 
uscitizen said:
all of that 1.6 trillion is not Obama's. Bush spent a lot on TARP, GM, etc before he left. Remember we run most of this year on the Bush Budget.

also the cost of Iraq and Afganistan is now on the budget, unlike Bush with his supplemental spending.
Click to expand...

the CBO calculates the consequences of Obama's spending at just over $7trillion added to the national debt over ten years, his own numbers put it at
$9trillion.....thus, even if he doesn't spend another penny in the next three years, 4 months, he will have outspent Bush's deficits for eight years......
 
It all depends on what the debt is for. For example, we may tell our children not to borrow and go into debt if they were thinking about purchasing a new car but we would encourage them to borrow if it was to finance their education (assuming we didn't have the funds to loan them).

The wars, the tax breaks for the wealthy.....those things did nothing for the average citizen. On the other hand helping companies stay afloat enabling people keep their jobs, implementing a medical plan....people benefit from those things.
 
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