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US Congress raises national debt limit

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posted on Nov, 19 2004 @ 10:07 AM
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Up and up we go, $ 8.18 trillion dollars. Still no national health care, same old education system, still have homeless. Rich get rich and the poor get poorer. How will this be paid off. If they didn't raise the limit, the government would be shut down..

Also seen this story on CNN but couldn't find any links yet.

english.aljazeera.net...

The US House of Representatives has voted to raise the national debt ceiling by $800 billion to nearly $8.2 trillion.

By a party-line vote of 208 to 204, lawmakers agreed to the increase late on Thursday, following Senate approval on Wednesday, also on a party-line vote of 52 to 44.

The move allowed the US government to avoid the unwelcome prospect of running short of operating funds.

The increase is the third in as many years.

The US Treasury Department told lawmakers it needed a vote on the measure by Thursday to avoid a government default.

Democrats in Congress have decried the ballooning US debt, which they warn could reach $14.5 trillion in 10 years unless drastic action is taken.




posted on Nov, 19 2004 @ 10:26 AM
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And the best part is, in spite of controlling both the Executive and Legislative branches of the US Government, Republicans are blaming the Democrats for the "out of control spending" that's making this action necessary.


Seriously, though I'm not a big fan of "tax-and-spend" economic policy, I much prefer that to the "not-tax-and-still-spend" school of thought that's running the show now.



posted on Nov, 19 2004 @ 03:20 PM
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What is the point of having a limit if you can raise it? This sounds insane! Both parties are culpable though.



posted on Nov, 19 2004 @ 09:08 PM
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Coupled the raise in the debt ceiling with the IMF warning about the value of the Dollar and pretty soon American Soldiers in Iraq will be making less than street urchins.

Can you say INFLATION???



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