Obama to ask for debt limit hike of 1.2 Trillion: Treasury official

Well well well..

Source

WASHINGTON (Reuters) - The White House plans to ask Congress for an increase in the debt limit before the end of the week, according to a senior Treasury Department official.

The debt limit is projected to fall within $100 billion of the current cap by December 30. President Barack Obama is expected to ask for additional borrowing authority to increase the limit by $1.2 trillion.

Under the new budget, Congress can only vote to block the debt-ceiling extension with a disapproval resolution. Lawmakers have 15 days within receiving the request to vote down the debt limit increase.

The debt limit currently stands at $15.194 trillion and would increase to $16.394 trillion with the request.

Look who isn't interested in keeping the debt down in the new year? Big surprise that the American Government is again attempting to place more and more debt in the pockets of the average American Worker.

I suppose he has to find a way to pay for all the tax cuts to millionaires. Now I bet you Republicans will fight and scream, but in the end, they will cave and this will move forward as planned. Although I expect them to put some social engineering into the bill, like th keystone pipeline or something of that nature.

Thoughts ATS?

~Keeper

reply to post by tothetenthpower


It doesn't really matter. Everything from this point forward is just to buy time.

It was only 6 month ago since the last raise in the debt limit! The numbers get larger and the time gaps between limits gets shorter!

reply to post by tothetenthpower


Un-freaking-believable! obama could care less about the hole he's digging us. What exactly is his plan, is it to turn us into a thrird world nation? It's just like prince pelosi's remark that unemployment checks create jobs. It would be a good thing if the Republicans actually dig their heels in and say enough already! No more money!

Well they can't use the marshal law threat this time to force it through because marshal law has already been made lawful. So the only other threat I can think of is that they will crash the economy and start imprisoning citizens.

What a bastard.

The approval is expected to go through without a challenge, given that Congress is in recess until later in January and the request is in line with an agreement to keep the U.S. government funded into 2013.

Congress takes a holiday vacation, so he pushes this through as they're gone. What an absolute joke.

Any they just had another debt limit increase..... thats like me requesting a debt limit increase on a credit card I cant pay..


So what the hell did they do with all of the money from the last increase?? they spent it? on what???

If i was hemorrhaging money as badly as the government was, I would be homeless.

If i was hemorrhaging money as badly as the goverment in a business, I would be sent to prison.... for Embezzlement.

But since its the government, its ok, they have our best interests in mind.

America is doomed. If you don't work, produce or sell, how does one pay off their debt?

It's mass madness.

reply to post by tothetenthpower
Back the truck up, there partner!

Obama can get the debt ceiling raised without congress?

How? I've heard something along these lines before, but no one ever sat down and splained it to this dumb little bunny.

reply to post by beezzer

Obama can get the debt ceiling raised without congress?

Sure he can. Congress gave him the authority to raise it by himself two times. This was the second and the last time. Next time, he needs congress to raise it.

Originally posted by Vitchilo
reply to post by beezzer

 

Obama can get the debt ceiling raised without congress?

Sure he can. Congress gave him the authority to raise it by himself two times. This was the second and the last time. Next time, he needs congress to raise it.

edit on 27-12-2011 by Vitchilo because: (no reason given)

So in theory, he could (instead) cut departmental spending as well. But he's choosing to continue spending.

Thanks.

reply to post by tothetenthpower


Gerald Celente and others have regularly called these guys
"money junkies". It fits, nothing is enough. They want more
because the baggie's empty already. They kept it, used it
up --- and they want more.
I found it stunning last year about this time when we were
all choosing what kind of ground meat to have for Christmas,
the White Shoe Boys all gave themselves approximately
sixty-two BILLION dollars in Xmas bonuses-- OUR money.
At the time that also represented a third of the combined
value of the Federal Reserve notes in circulation. Apparently
they needed a pretty big doggie biscuit to reward how well
they scammed us in the first place.
P.O.'d yet? Occupy? Not really a severe enough remedy IMO.
"Send the money Johnny, or youze snoozin' with the smelts."
Going back now for another gallon of unfiltered tap water, you
want me to supersize that Lithium for you?
"MUST...RESIST.....the CREEPING METAPHORS!" Shatner
with lotsa clarinets, gotta love it.

reply to post by becomingaware


Don't forget, he did the same thing when the un told him to bomb libya. Didn't bother to get their approval in that either. It's obama he does as he wants and isn't held accountable.

Originally posted by Chance321
reply to post by tothetenthpower

 

Un-freaking-believable!

obama could care less about the hole he's digging us. What exactly is his plan, is it to turn us into a thrird world nation? It's just like prince pelosi's remark that unemployment checks create jobs. It would be a good thing if the Republicans actually dig their heels in and say enough already! No more money!

That's absolutely not going to happen. 1.2 trillion is not even enough debt to handle 1 years deficit. If you are actually expecting the current politicians to cut military and domestic spending you just aren't paying attention. The total BS from Paul Ryan and the rest of the republicans that say they want to cut, are not cutting our current budget they only want to cut raises to future budgets. That is not a solution, we likely don't have even 2 years to cut spending massively, our economy could literally implode any day now.

Do not believe for a second a McCain presidency would have been any different, they both supported the bailouts, and both are complete banker sellouts.

The only politician running for president that really wants to cut spending is Ron Paul, he is our only hope, and it is a very small hope even if he does get elected.

reply to post by beezzer

So in theory, he could (instead) cut departmental spending as well. But he's choosing to continue spending.

Well he could cut departments...or bring the troops home or cut foreign aid or stop bailing out banks but no way he will.

Congress has the biggest responsibility. If they wanted, they could cut funding to all the worthless department (homeland security, tsa, etc...), cut funding for the wars, cut funding for the banks, etc...they hold the purse after all... but they won't do it.

Under the agreement struck in August during the showdown over the government's debt limit, the cap is automatically raised unless Congress votes to block the debt-ceiling extension. Lawmakers have 15 days within receiving the request to vote, which is largely symbolic because the president can veto it and Congress would be unlikely to muster the two-thirds majority to override it. Moreover, the U.S. House of Representatives also is in recess until January 17.

from Reuters

what i would like to know is if congress isn't in session, does the 15 day countdown clock start on the day the prez files it, or does the clock start the day congress is officially in session? Common Sense tells me it should start ticking down when they are in session, but this is the federal government we're talking about soo lol.
(my first post, go easy!)

reply to post by beezzer


Not exactly, he only has the power to request the increase to the debt limit under the deal reached in August. Congress can deny the request but, given the deal they made in August, don't have to explicitly allow the president to do it.

Congress doesn't have to be in session for the president to do things. While the president is 'on vacation.' He still has all the tools he needs to be president...congress doesn't do this.

I got a great idea and it's quite simple.... STOP SPENDING MONEY YOU DONT HAVE!!!!!!!!

You expect the citizens of this nation do this, but you keep spending like reckless A-holes... You are destroying our country, you are destroying our future....

We have become too used to the word trillion. Let me put it back in perspective:

He either wants to take all of the networth of:
1,500 billionaires or,
1,500,000 millionaires or,
15,000,000 with $100,000 or,
30,000,000 with $50,000


That must suck for the rest of you because I don't belong in any of those.

If they wanted, they could cut funding to all the worthless department (homeland security, tsa, etc...), cut funding for the wars, cut funding for the banks, etc...they hold the purse after all... but they won't do it.

Neither the congress nor the president has the authority to not raise the debt limit. That belongs to the shadowy overlords. If they did have the power they'd done it by now - unless they are all dumber than a 4 year old. Plus, to cut departments would put 200,000 out of work at a time when the economy is struggling. Why do you hate people so much? If he cut the wars then millions of brown-skinned terrorists would live and attack us because of our freedoms (thank God he's getting rid of that as an excuse), if he cut the banks then credit would dry up and the ponzi-scheme of an economy we have would fall apart and then we'd be out of jobs AND be blown up by terrorists, like Ron Paul and Martha Stewart.