U.S. to hit new debt ceiling within 10 days?

Originally posted by FortAnthem
reply to post by Vitchilo

 

HOLY CRAP!!!!

Vitchilo got an avatar

!!!


wait a minute, let me check....

[atsimg]http://files.abovetopsecret.com/images/member/ed07fdf6e2f3.jpg[/atsimg]

[atsimg]http://files.abovetopsecret.com/images/member/737d18217c1a.gif[/atsimg]



I better pack my ice skates.

Yeah hell has frozen over...

TrueAmerican convinced me to finally get myself an avatar. ... it only took 7 years, but I got there!

In other news, Obama will continue to spend for sure... and congress too... after all, 2012 is election time... and no way in hell they cut the deficit before then... because cutting the deficit means cutting the GDP...

Gee I wish I could use government math and just get an increase on my credit card limits instead of having to actually pay them down.

Originally posted by Vitchilo

Originally posted by getreadyalready
This article says the current ceiling is $16.7 Trillion?

Does the new compromise have some automatic incremental raises?

edit on 30-8-2011 by getreadyalready because: (no reason given)

Obama has been given the authority by congress to raise it by himself until 16.7 trillion. He can raise it in 3 phases.

14.694 trillion (first phase) 15.194 trillion (second phase) 16.694 trillion (final phase)

The first phase is about to be reached... it will be reached in September. Obama has to raise it by himself... which he will...

The ONLY WAY it doesn't increase is if congress pass a bill to stop Obama from doing so... which won't happen with democrats controlling the senate.

The debt ceiling bill showed the republicans for what they really are... they are for the increase in debt, just like democrats, they just want to pin the responsibility on Obama...

edit on 30-8-2011 by Vitchilo because: (no reason given)

Cool thanks for the info.