Senate permits gov't to borrow an additional $1.9T (BREAKING: UPDATE)

Senate permits gov't to borrow an additional $1.9T

Check below this original post in this OP for the updated breaking news!

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

WASHINGTON (AP)—Senate Democrats are counting on their soon-to-expire 60-vote majority to raise the U.S. debt ceiling by $1.9 trillion so they do not have to take more politically painful votes on government borrowing until after the November elections.

They have no room for error. In the face of monolithic Republican opposition, they will need all 60 votes Thursday to let the government continue borrowing almost 40 percent of what it spends, much of it from China and other Asian nations who buy U.S. securities.

The legislation would put the government on track for a national debt of $14.3 trillion—equal to about $45,000 for every American—and provide a vivid reminder of the United States' dire fiscal straits. New estimates released by the Congressional Budget Office on Tuesday show that the U.S. this year could run a deficit matching last year's record $1.4 trillion shortfall.

Read the full article here

BREAKING NEWS UPDATE

(sorry for caps)

WASHINGTON (AP) - The Democratic-controlled Senate has muscled through a plan to allow the government to go a whopping $1.9 trillion deeper in debt.

The party-line 60-40 vote was successful only because Republican Sen.-elect Scott Brown has yet to be seated. Sixty votes were required to approve the increase. The measure would lift the debt ceiling to $14.3 trillion. That's about $45,000 for every American.

Democrats had to scramble to approve the plan, which means they won't have to vote on another increase until after the midterm elections this fall. To win the votes of moderate Democrats, President Barack Obama promised to appoint a special task force to come up with a plan to reduce the deficit. The House must still vote on the measure before it's sent to Obama for his signature.

Read the full article (with UPDATE) here

This is a bunch of crap, Obama says we are to lower the nation dept (what a joke) and now this. I will update when more information is available, anyone else is free to add to this or U2U me with any info they have so I can update the OP (I will give credit to whomever helps).

Wow, freaking wow. Nice timeing, right after BO's campaign speach . . . errr I mean SOTU speach. Yet if asked, I'm sure this'll be President Bush's fault some how. I swear from day one, BO gave me the impression that he was destroying this country from within. Are we even going to have a country left by the time obama The Destroyer and the democrats get done? I feel sorry for the next President, I mean just how is he going to fix this huge mess obama's going to be leaving?

Support the war?

THEN YOU SUPPORT THE DEFICIT.

If you don't like it... SHUT UP.