Reid wants $1T debt hike to end of 2014

Reid wants $1T debt hike to end of 2014


As Obama said in 2006 "That's *Trillion* with a *T*"

It looks like Obama and Harry are trying to get a debt deal that *might* last until Dec 2014.

Obviously, they are trying to get around any possible bad decisions affecting the 2014 elections.

Apparently the *proposal* is based on the usual binge spending, because it doesn't seem to include any spending constraints.

Are they Nuts ?

I think the red "Trust but Verify" indicator light is flashing !!!!

Where is Obama's and Harry's budget anyway ?

Senate Majority Leader Harry Reid (D-Nev.) is moving legislation to push the debt limit until Dec. 31, 2014, well beyond next year’s midterm election.

Senate aides estimate the bill would increase federal borrowing authority by about $1.1 trillion.

The administration estimates the nation will hit the upper bounds of its $16.7 trillion debt ceiling on Oct. 17, although in recent days experts have said that deadline may be flexible.

Senate Republican Leader Mitch McConnell (Ky.) blasted Reid’s proposal for not including any spending reform.

“What he proposes is to raise the debt limit by $1 trillion, but not do anything about the debt,” McConnell said. “Not a single reform to get spending under control. We’ve got a debt close to $17 trillion.

“Washington is borrowing nearly $2 billion — a day. And he’s fine with that,” he added.

Reid wants $1T debt hike to end of 2014

I say: C-U-T ... and Deep !!

I think we're better off listening to Warren Buffet:

Billionaire investor Warren Buffett says the debt ceiling should be done away with, arguing it is nothing more than an “artificial limit” that ends up wasting time in Congress.

...

“The way to limit debt is by taking in revenues that are appropriate in relation to your expenditures,” he said. “And to have the artificial limit which gets raised in the end disrupt the activities in an important way of Congress periodically, I think it’s a waste of Congress’ time.”

reply to post by xuenchen

It really is small potatoes to them now, we are approaching the $87 Trillion mark by some estimates for the whole shabang.

Now who believes that will be paid?

All parties and all presidents will enact laws/rules/regulations and "change" to suit their corporate backing, some are smart about it, like Bush, who signed things into law near the end of his stay which makes it look like the future talking heads are responsible for his actions, same with Clinton.

Bottom line, is they all make the debt go up. And not for many years has anyone made a valid attempt at trying to reduce the deficit. The other problem, is the change is not good.

Some say an enlightened despot is the best ruler one could have. If you have a leader, with vision and good character that truly wants to strengthen his country's economics, they need their plan in it for the long haul. That means a 25+ year term. Not maximum 8, which sadly, is the only thing keeping the country from being well organized dictatorship, however, if you find that enlightened despot, things might actually be better that way...

It does sound like an accurate description for the request of a slush fund.

I say they get limited to Sept 1st. (grin)

Let them go into election with that one to deal with and it might get them to behave for at least a few months.