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« Ron Paul: Face The Truth About 9/11 | Main | Let Us Now Praise Famous Economists »
Saturday
Sep102011

DEBT CEILING - Senate Approves $500 Billion Increase In Borrowing Authority

WSJ

The U.S. Senate, in an unusual procedure, cleared the way Thursday for the U.S. to lift its borrowing authority by $500 billion to $15.19 trillion, enough to keep the support federal government borrowing through late January or early February.

The action came under an unusual legislative procedure spelled out under the August agreement to raise the U.S. debt ceiling and avoid a U.S. credit default. In a 52-45 vote, the Senate blocked an attempt by Republicans to slow down the process that will result in the $500 billion debt-ceiling increase.

The increase stems from a deal between Congress and the White House, finalized last month, that spells out how the borrowing limit would be increased by $500 billion. Under the process, lawmakers in both the House and Senate must vote on a resolution of disapproval against the increase in the borrowing limit. President Barack Obama would then have to veto the resolution of disapproval, and Congress would then vote to try and override that veto.

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Reader Comments (12)

Sep 10, 2011 at 1:58 PM | Unregistered Commenterjohn
At one point Mr. Obama made a major gaffe; he identified Abraham Lincoln as the founder of the Republican Party.
Lincoln did not join the Republicans until 1856, over two years after the party was founded. The first Republican convention was held in Ripon, Wisconsin in 1854.

Such a gaffe would have brought huge amounts of ridicule and derision on George W. Bush, but in the case of Obama the media yawned.

Actually, they did more than yawn; government-funded PBS has altered the transcript of the President's speech, removing the offending comment.

http://www.americanthinker.com/blog/2011/09/pbs_alters_transcript_to_hide_obama_gaffe.html
Sep 10, 2011 at 4:31 PM | Registered CommenterDailyBail
Lincoln spawned the end of Federalism in America. We ended apartheid with the free market. Lincoln ended slavery with the death of half a million people.
Sep 10, 2011 at 8:08 PM | Unregistered CommenterRagnar Danneskjöld
@Sep 10, 2011 at 4:31 PM | DailyBail

I believe we've gotten numb to "STUPID" coming from the mouths of all our WONDERFUL GOVERNMENT OFFICIALS.
Sep 10, 2011 at 11:24 PM | Unregistered CommenterTR
Let me guess. Please god don't let you know who get out any truth about what happens in Vegas.
Sep 10, 2011 at 11:27 PM | Unregistered CommenterDave
Just kidding DB. LOL.

It's more like, Dear God, please don't let anyone know that my office is located literally next door to the EEOC in the federal building on the Strip. And it would be kind if you don't allow people to know, even the representatives that I refuse any and all office visits and that it is my policy because I'm afraid of people. Oh!... and please for the love of money and my son who is running for NV governor all the time, Don't allow people to know that I got the two biggest gaming corporations to get together for massive bussing of all strip employees to vote for me instead of Sharon Angle. Last, and I swear that I'll be good from now on if you would please consider keeping just this generation of casino workers involved silent so I don't have to pay fines and go to club Fed.

Or I could be wrong.
Sep 10, 2011 at 11:37 PM | Unregistered CommenterDave
This photograph of Harry Reid looks like he's in a paroxysm of religious fervor to the ascendant god of profligacy, Barack Obama. What is wrong with Harry, is he entirely devoid of his wits, it's like he's a dummy on Obama's hand, like the dummies Jeff Dunham uses in his act. Harry Reid's obeisance to the socialist dreams of Obama and his enablers is beyond comprehension, he seems unaware that these debts will never be repaid, it's like the people incurring more debt knowing full well it leads to bankruptcy and hoping it gives them a fresh start. Wait, isn't that the plan used by the failed socialist nations, tear it all down and start a new society??
Sep 11, 2011 at 2:28 PM | Unregistered CommenterVernon Clayson
Expect bankers to come knocking for another round of bailouts.
Sep 12, 2011 at 1:51 AM | Unregistered Commenterfliteshare
That is one thing he can get away with that's frustrating. However DB the way you wrote it allows for the obvious to be seen. I notice that people seem to be re-thinking their vote by the day. Didn't he say President Lincoln was his favorite president? If so, that's pretty shamefull. I was one of the "sheeple" who thought he was really intelligent. Now I just think, what was I thinking?
Sep 12, 2011 at 2:19 AM | Unregistered CommenterDave
Why do we need a debt limit?

It's only about POLITICS OF FEAR.

the fed can just print it behind closed doors and add it to the other $250 TRILLION debt they hold.
Sep 12, 2011 at 10:51 AM | Unregistered CommenterPaul
I think Reid is praying that when the American People will make it happen Quick......they could burn me slowly to death in a concret slead with 3 gallons of Diesel Fuel in it. Worse yeat they could rope me down in the Hog Pen, slit my belly open and let all the Bores out..................

Yup, please let it happen Fast, the American People know what I've done to them.
Sep 12, 2011 at 6:16 PM | Unregistered CommenterTexas Dar

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