Breaking- US Senate negotiators 'very close' to announcing a deal on debt: Report

Azdraik
Ok, I do not like the fact that the pretty much have a clause to nullify the debt limit all together.

"Default Prevention

Sec. 1002. (a) Short Title. - This section may be cited as the "Default Prevention Act of 2013".

(b) Certification. - Not later than 3 days after the date of this Acr, the President may submit to Congress a written certification that absent a suspension of the limit under section 3101(b) of title 31, United States Code, the Secretary of the Treasury would be unable to issue debt to meet existing commitments.

(c) Suspension.-

(1) In general. - Section 3101(b) of title 31, United States Code, shall not apply for the period beginning on the date on which the President submits to Congress a certification under subsection (b) and ending on Febuary 7, 2014"

So, for 90 days they get cart blanch with debt... yea that is a great idea.

Just be happy I am not a Rep. I would vote no due to that clause alone.

edit on 10/16/2013 by Azdraik because: (no reason given)

I interpreted this the same way, a carte blanche. I think this is a really bad idea, like opening the bank vault to the shopping addict with no limits. Seeing as how this country is that shopping addict, I think this is going to really bite us badly in the butt come next year....

reply to post by Nyiah


Oh thanks for quoting me... I missed some spelling errors the first time around

But to add something to the conversation. Who cares what the Senate is doing. Thought all appropriation bills have to originate in the House, or did that change when I was not looking.

reply to post by Nyiah


7 other things the senate bill funds....

Post

The Senate prepared to vote Wednesday night on a compromise measure that would reopen the federal government and raise the debt limit through Feb. 7. But the 35 pages of legislative text manages to provide for a few other programs as well. Here are seven other things the compromise bill does (Follow along with the full text of the bill, here):

The bill passed....81 to 18

Let's see if the House drops the ball later tonight.

Azdraik
Ok, I do not like the fact that the pretty much have a clause to nullify the debt limit all together.

"Default Prevention

Sec. 1002. (a) Short Title. - This section may be cited as the "Default Prevention Act of 2013".

(b) Certification. - Not later than 3 days after the date of this Act, the President may submit to Congress a written certification that absent a suspension of the limit under section 3101(b) of title 31, United States Code, the Secretary of the Treasury would be unable to issue debt to meet existing commitments.

(c) Suspension.-

(1) In general. - Section 3101(b) of title 31, United States Code, shall not apply for the period beginning on the date on which the President submits to Congress a certification under subsection (b) and ending on February 7, 2014"

So, for 90 days they get cart blanche with debt... yea that is a great idea.

Just be happy I am not a Rep. I would vote no due to that clause alone.

edit on 10/16/2013 by Azdraik because: (no reason given)

But isn't that the point of this - to lift the debt until 2/7/14?

Anyone know when the House is scheduled to vote?

reply to post by Dianec


Lifting the debt would be changing the number in Section 3101(b) of title 31, United States Code.

Increasing it by the expected amount over that period of time not just nullifying the law itself.

reply to post by Vortiki


11 pm, or so i have heard.

Thorneblood
reply to post by Vortiki

 

11 pm, or so i have heard.

How epic would it be to have the bill shut down with one hour until default?

I for one, wish it would just happen already, sick to death of being threatened with it and watching as the country slowly grinds to a halt.

Lets just crash this mother and get it going again, the right way.

Azdraik
reply to post by Dianec

 

Lifting the debt would be changing the number in Section 3101(b) of title 31, United States Code.

Increasing it by the expected amount over that period of time not just nullifying the law itself.

Thank you for clarifying but I'm still not sure why it's a surprise. I had no doubt they would do all of this. I feel I'm missing something. Are you saying they have an unlimited cap? Sky is the limit. Even if it wasn't that has never mattered much to the government.

Oh, how could we forget.

Here comes Obama....few minutes he will be live here

Think he will whip it out and slap it on the table?

"Suck it America."

reply to post by Dianec


Ok the current law is as follows.

"The face amount of obligations issued under this chapter and the face amount of obligations whose principal and interest are guaranteed by the United States Government (except guaranteed obligations held by the Secretary of the Treasury) may not be more than $14,294,000,000,000, outstanding at one time, subject to changes periodically made in that amount as provided by law through the congressional budget process described in Rule XLIX [1] of the Rules of the House of Representatives or as provided by section 3101A or otherwise."

There is an actual number there $14,294,000,000,000. By suspending that section of the code that means it does not exist in the eye of the law now. Which means that $14,294,000,000,000 might as well be 999,999,999,999,999, because it no longer exists.

Come 2-7-14 per the resolution they will figure out what to pay and what not to, but until then play ball.

I guess that answers that, Obama declares he will sign the bill the second it comes to him. I guess everything is up to the House at the point.

Vortiki
I guess that answers that, Obama declares he will sign the bill the second it comes to him. I guess everything is up to the House at the point.

Why wouldn't he sign it, he gets the carte blanche dining card he's been waiting for....

Is this another stunt so Obama could bomb Syria? there would be an just an hour of debate before they actually vote? what kind of BS is this?

reply to post by Vortiki


www.pennlive.com... not sure if they are gonna vote tonight but this is the live stream of the debate going on in the house so hopefully this can answer your question,as i post this pelosi is talking

I'm watching *supposedly live* this on CSPAN2.

The title to what is "LIVE" is called, "Public Affairs Programming". Who the hell wants to watch something titled that? What does that even mean?!

I certainly want to see the ass-covering live on tv.

Most Americans should be watching this as well.

In order to even FIND CSPAN2 on my local cable provider, I had to hit "menu" and start at channel 1. CSPAN isn't really a news channel grouped with others. It's cleverly hidden, and I hate that fact.

I doubt those with antenna's and broadcast TV can get it.

here you go.

guess it passed now its off to obamas desk to sign gues this is all over for now

It's through the house - 285y, 144n, 4nv.

Well its over folks see you in February