goofyjumper 0 #1 September 19, 2007 AP Congress Asked to Lift Debt Ceiling Wednesday September 19, 1:19 pm ET By Martin Crutsinger, AP Economics Writer Paulson Tells Congress the Current Debt Ceiling Will Be Hit on Oct. 1 WASHINGTON (AP) -- Treasury Secretary Henry Paulson told Congress on Wednesday that the federal government will hit the current debt ceiling on Oct. 1. He urged quick action to increase the limit, saying it was essential to protect the "full faith and credit" of the country, especially at a time of financial market turmoil. The current debt limit is $8.965 trillion. Unless Congress votes to raise that ceiling, the country would be unable to borrow more money to keep the government operating and to pay debt obligations coming due. The United States has never defaulted on a debt payment but the decision on whether to raise the debt ceiling often sparks a prolonged political battle in Congress. In his letter to congressional leaders, Paulson said that according to data now available, the Treasury expects to hit the current debt ceiling on Oct. 1 -- the first day of the new federal budget year. However, that projection does not take into account maneuvers the government often has to employ of withdrawing investments from certain trust funds to create room for extra borrowing until Congress finally approves a debt increase. "The full faith and credit of the United States, to which we all remain committed, is a national asset and a cornerstone of the global financial system," Paulson said in his letter. "In light of current developments in financial markets, which would be exacerbated by uncertainty in the Treasuries market, I urge the Senate to pass the legislation reported by the Finance Committee to increase the debt limit as soon as possible." The Senate Finance Committee earlier this month approved increasing the limit on the national debt to $9.82 trillion. That boost of $850 billion would be the fifth increase in the government's borrowing limit since President Bush took office in 2001. The national debt is the total accumulation of annual budget deficits, which must be financed with borrowed money. Democrats blame Bush's tax cuts and the war in Iraq for pushing the debt to record levels. Republicans defend the tax cuts, saying the deficit is now on a downward trajectory in part because of the economic stimulus provided by the tax cuts. The House approved an increase in the debt limit in May when it adopted the annual congressional budget resolution, but the full Senate has yet to act to raise the limit. --------- ----------------- I love and Miss you so much Honey! Orfun #3 ~ Darla Quote Share this post Link to post Share on other sites
Amazon 7 #2 September 19, 2007 Dont you just love those small government Republicans out there. So much for Fiscal conservatism Quote Share this post Link to post Share on other sites
goofyjumper 0 #3 September 19, 2007 Quote Dont you just love those small government Republicans out there. So much for Fiscal conservatism What I really love is when they say that tax cuts (for the wealthy) in the long run will help this country. Let's see........2001 until now. I am still waiting for this great idea to come into play!----------------- I love and Miss you so much Honey! Orfun #3 ~ Darla Quote Share this post Link to post Share on other sites
NCclimber 0 #4 September 19, 2007 QuoteDont you just love those small government Republicans out there. Like who? Specifically? Anyway, aren't the Democrats supposed to be in control of Congress? Quote Share this post Link to post Share on other sites
Amazon 7 #5 September 19, 2007 Hell if I know... maybe you can find one hiding under a rock back there. Quote Share this post Link to post Share on other sites
goofyjumper 0 #6 September 19, 2007 QuoteQuoteDont you just love those small government Republicans out there. Like who? Specifically? George W. Bush----------------- I love and Miss you so much Honey! Orfun #3 ~ Darla Quote Share this post Link to post Share on other sites
ChasingBlueSky 0 #7 September 19, 2007 Looking back at that $200/check sent to me many years ago for those "incredible tax breaks" confirms what I said then: bad idea._________________________________________ you can burn the land and boil the sea, but you can't take the sky from me.... I WILL fly again..... Quote Share this post Link to post Share on other sites
NCclimber 0 #8 September 19, 2007 Quote Quote Quote Dont you just love those small government Republicans out there. Like who? Specifically? George W. Bush Quote Share this post Link to post Share on other sites
Butters 0 #9 September 19, 2007 QuoteDont you just love those small government Republicans out there. So much for Fiscal conservatism Republicans often call themselves Conservative but more often than not the only thing Republicans are Conservative about is their way of life which makes them Neo-Conservatives, not Conservatives. Democrates want more of my money to spend. Republicans want more of my money to spend. Damn it, I want more of my money to spend."That looks dangerous." Leopold Stotch Quote Share this post Link to post Share on other sites
Amazon 7 #10 September 19, 2007 QuoteRepublicans often call themselves Conservative but more often than not the only thing Republicans are Conservative about is their way of life (which makes them Neo-Conservatives, not Conservatives). Yeah we have seen how that is working out for them too.... BIG FUCKIN CLOSETS with some KINKY MOFO's Quote Share this post Link to post Share on other sites
goofyjumper 0 #11 September 19, 2007 QuoteLooking back at that $200/check sent to me many years ago for those "incredible tax breaks" confirms what I said then: bad idea. Exactly! Where do you think all the money came from? Not the Bush administration! But hey, it made him popular for a moment!----------------- I love and Miss you so much Honey! Orfun #3 ~ Darla Quote Share this post Link to post Share on other sites
Para_Frog 1 #12 September 19, 2007 So if I'm openly freaky, does that make me a paleo-con?- Harvey, BASE 1232 TAN-I, IAD-I, S&TA BLiNC Magazine Team Member Quote Share this post Link to post Share on other sites
kelpdiver 2 #13 September 19, 2007 Quote The current debt limit is $8.965 trillion. Unless Congress votes to raise that ceiling, the country would be unable to borrow more money to keep the government operating and to pay debt obligations coming due. The United States has never defaulted on a debt payment but the decision on whether to raise the debt ceiling often sparks a prolonged political battle in Congress. The US nearly did default in 1999 when the GOP stalled on the extension to embarass Clinton. It was literally down to the last hour when the Sec Treasury said fuck you all and broke the law to guarantee payments would be made. Soon after, Congress did their work, but the financial markets sat watching for a few hours. The price of a default would dwarf the subprime stuff we've been seeing. The bond trader I talked to about this in May said that he wouldn't be surprised if the Democrats (now the majority again) did a little bit of payback this year when the next deadline comes. Quote Share this post Link to post Share on other sites
idrankwhat 0 #14 September 19, 2007 Quote Quote Quote Dont you just love those small government Republicans out there. Like who? Specifically? George W. Bush You owe me a keyboard cleaning, and a diet coke Quote Share this post Link to post Share on other sites
goofyjumper 0 #15 September 19, 2007 Quote Quote Quote Quote Dont you just love those small government Republicans out there. Like who? Specifically? George W. Bush You owe me a keyboard cleaning, and a diet coke ----------------- I love and Miss you so much Honey! Orfun #3 ~ Darla Quote Share this post Link to post Share on other sites
kallend 2,112 #16 September 19, 2007 According to the Treasury web site, the debt has already passed $9Trillion. It was only $5.7T when Bush took over as president. Inflation adjusted graph attached. Thanks, Ron, George and George.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
CanuckInUSA 0 #17 September 19, 2007 QuoteAccording to the Treasury web site, the debt has already passed $9Trillion. It was only $5.7T when Bush took over as president. I'm curious to know what sort of added wealth Bush's closest friends have accumulated in this time. Try not to worry about the things you have no control over Quote Share this post Link to post Share on other sites
Amazon 7 #18 September 19, 2007 The Neo-Cons will want a..... CITE for that. Quote Share this post Link to post Share on other sites
Butters 0 #19 September 20, 2007 Wow, the Neo-Conservatives in the U.S.A. must be trying to conserve a very expensive way of life. How long will it last? PS: I'm not a Neo-Conservative but I would like a cite for it ... or would you prefer I just believe everything I read on the internet? "That looks dangerous." Leopold Stotch Quote Share this post Link to post Share on other sites
lawrocket 3 #20 September 20, 2007 Quote Quote Dont you just love those small government Republicans out there. So much for Fiscal conservatism What I really love is when they say that tax cuts (for the wealthy) in the long run will help this country. Let's see........2001 until now. I am still waiting for this great idea to come into play! See, what happens when person does not bring in enough money to pay what they owe? They lower their outlays. If a man can be circumsized, I'd suspect that you can take 10% off of anything. A 10% across-the-board slash in the budget would mean that the debt ceiling need not be raised. My wife is hotter than your wife. Quote Share this post Link to post Share on other sites
kallend 2,112 #21 September 20, 2007 Quote Quote Quote Dont you just love those small government Republicans out there. So much for Fiscal conservatism What I really love is when they say that tax cuts (for the wealthy) in the long run will help this country. Let's see........2001 until now. I am still waiting for this great idea to come into play! See, what happens when person does not bring in enough money to pay what they owe? They lower their outlays BORROW. . ... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
SpeedRacer 1 #22 September 20, 2007 Quote Quote Quote Dont you just love those small government Republicans out there. So much for Fiscal conservatism What I really love is when they say that tax cuts (for the wealthy) in the long run will help this country. Let's see........2001 until now. I am still waiting for this great idea to come into play! See, what happens when person does not bring in enough money to pay what they owe? They lower their outlays. If a man can be circumsized, I'd suspect that you can take 10% off of anything. A 10% across-the-board slash in the budget would mean that the debt ceiling need not be raised. Slashing the budget??? But what if we want to start another cool war? Speed Racer -------------------------------------------------- Quote Share this post Link to post Share on other sites
skinnyshrek 0 #23 September 20, 2007 You should just tell everyone how the best day of your life was meeting a republican when you were a child He probably doesnt remember the event http://www.skydivethefarm.com do you realize that when you critisize people you dont know over the internet, you become part of a growing society of twats? ARE YOU ONE OF THEM? Quote Share this post Link to post Share on other sites
kallend 2,112 #24 September 20, 2007 Quote Dont you just love those small government Republicans out there. So much for Fiscal conservatism The 39 administrations prior to Reagan left a combined debt of less than $1Trillion. The legacy of the "fiscally conservative" Reagan and 2 Bushes is an additional $6.4Trillion (approx) in debts.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
goofyjumper 0 #25 September 20, 2007 Quote You should just tell everyone how the best day of your life was meeting a republican when you were a child He probably doesnt remember the event He is talking about when I met Ronald Reagan as a child. I never told you it was the best day of my life! It was cool to meet the president at the time though. But I was a young kid. I didn't know any better----------------- I love and Miss you so much Honey! Orfun #3 ~ Darla Quote Share this post Link to post Share on other sites
