House Will Vote On Raising Debt Ceiling Tonight

finance.yahoo.com...

House Republicans will vote tonight on a bill to raise the current $14.3 trillion federal debt ceiling by another $2.4 trillion, according to House Majority Leader Eric Cantor. Though the government hit the debt ceiling on May 16, it still has buffer time until August 2 to avoid defaulting on its payment obligations. However, smooth execution of the bill to raise the debt ceiling depends on the outcome of tonight’s vote.

The bill needs a two-thirds majority to pass. That implies that out of the total 432 House members, 288 votes in favor of raising the debt ceiling would be necessary to pass the bill. After Republicans won the House majority in the November 2010 midterms, there are only 192 Democrats in the House. Hence, if all House Democrats vote to elevate the debt ceiling, another 96 Republicans’ votes would be required to pass the bill.

With no spending cuts mentioned in the bill, it is most certain that the debt ceiling raise will not get the required number of votes.

Not really sure what to think about this. If they raise it, does that just mean more of the same old stuff? Nothing really will change? What if they dont raise it? Will they actually think about making cuts then?

Does it really even matter anymore if they raise, or dont raise, the debt ceiling at the moment?

Raising the ceiling without addressing the issue of spending is basically like taking out a new line of credit to pay for your 5 other maxed out cards. At this point I would say its all posturing and no real intent to solve anything just set up for the next big election cycle.

reply to post by buni11687


this whole scenario is totally ridiculous, these people can't even put a budget together between the two parties, they couldn't pass a Healthcare program without using shady tactics to gain majority, EVERYONE should just be fired already....enough already

....I owe Visa 500 million dollars, I'll be able to make payments and survive if they just extend my credit line another 100 million dollars


what happen to working together for the american people again (something they should ALWAYS be doing) after the tragety that happened in Arizona, literally months later and back to the blame game horse and pony show, "I'll only vote for that if there is something in it for my party" crap

They are planning to cut or get away with Medicare and the military pays to pay for this, so, it doesn't matter what they people, tax payer and voters want is what the elites reaping off this nation wants, they want money and by God they will get it.

We need to not only cut spending but cut taxes, especially on the business side. I'm not talking about billion dollar companies, but small business. I'm all for the Fair Tax. Not only will it jump start the economy, it will also take power away from government. Don't quote me on this but I think a study showed that it would take a business like Apple to multiply 87 times or something like that just to pay off the interest on all our loans. Everyone in government needs to offer their resignation and we should start from scratch. I have little to no faith in either party anymore.