House votes for $1.9 trillion more debt
By The Associated Press
This article was published February 4, 2010 at 1:27 p.m.
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WASHINGTON — The House on Thursday voted to allow the government to go $1.9 trillion deeper in debt — or about $6,000 more for every U.S. resident.
The measure, approved 217-212, would raise the cap on federal borrowing to $14.3 trillion. That’s enough to keep Congress from having to vote again before the November elections on an issue that is feeding a sense among voters that the government is spending too much and putting future generations under a mountain of debt to do it.
Already, the accumulated debt amounts to roughly $40,000 per person. And the debt is increasingly held by foreign nations such as China.
Passage of the bill would send it to President Barack Obama, who will sign it to avoid a first-ever, market-rattling default on U.S. obligations.
“I can’t think of a more reckless or irresponsible act. Defaulting is not an option,” said Rep. Jim McGovern, D-Mass. “If the United States defaults, investors will lose confidence that the U.S. will honor its debts in the future.
Democrats barely passed it through the Senate last week over a unanimous “no” vote from GOP members present.
Comments on: House votes for $1.9 trillion more debt
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Richard132 says... February 5, 2010 at 12:23 a.m.
Thanks Blanche and Pryor!!
Think about it this way America. You have a credit card with a spending limit of 5,000 dollars. You are at 4,999 and want to go to the movies and vacation, but you are having trouble with the min payment. Instead of saying hey, let's postpone the vacation till we pay off the smaller debts (aka dave ramsey) you call up the credit card and get the credit limit raised to 10,000 so you can spend more money on vacation and a new wardrobe to wear while on vacation.
Makes perfect sense if your last name is Lincoln and Pryor and you happen to be of the 'progressive' religion they belong to. But in common sense and practice try to do this and see how quickly you are bankfupted.
As a country we have a democrat/progressive congress that has taken a 450 billion dollar national debt at the end of 2008 to 1.4 trillion in less than a year.
Folks, no matter what Lincoln and Pryor say they are coming after everything you own so they can 'provide' services for you.
Thanks, guys.
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Richard132 says... February 5, 2010 at 12:52 a.m.
Trivia question?
Who from Arkansas voted for more debt the past few weeks? Hint...Lincoln and Pryor....
Thank them.
'''Moody's senior credit officer, freezes are nice " but said that it won't bring deficits down to a level where they no longer pose the threat of a fiscal crisis.
That would occur when the debt gets so large that interest payments on the debt are growing faster than the economy and government revenues, and the Treasury can no longer keep up with the debt payments while trying to fund the rest of the government.
"The debt trajectory is clearly continuously upward if further measures are not implemented," Mr. Hess said.
==(like, quit spending like a prostitute with someone elses money!! sorry to disparage prostitutes comparing them with politicians. At least they screw you with your permission))==
Moody's understands that "the government is constrained for the time being by the high unemployment rate," and that "a big fiscal adjustment right now would be politically difficult and could slow the economic recovery," he said.
But he cautioned that "extra spending for employment creation in the current fiscal year adds to the long-term debt" problem. ==(and the 'stimilus has not 'created' one single job")====
Some private watchdog groups have sounded the same warning as Moody's, though none of them has the power of the Wall Street rating agency to help bring about the budget crunch that they are predicting.
Similar, though less veiled, warnings by Moody's and other credit agencies triggered financial turmoil and played a critical role in forcing Ireland, Greece, Portugal and other European countries to take drastic measures to grapple with their huge debt problems in recent months.
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