The Real Recovery | December 27, 2009 | 8 comments

U.S. raises debt ceiling to 12.4 trillion

source: http://www.zeenews.com/news590101.htm

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Ihatethemall
Washington: The Senate voted Thursday to raise the ceiling on the government debt to $12.4 trillion, a massive increase over the current limit and a political problem that President Barack Obama has promised to address next year.
The Senate's rare Christmas Eve vote, 60-39, follows House passage last week and raises the debt ceiling by $290 billion. The vote split mainly down party lines, with Democrats voting to raise the limit and Republicans voting against doing so. There was one defection on each side, by senators whose seats will be on the ballot next year: GOP Sen. George Voinovich of Ohio and Democratic Sen. Evan Bayh of Indiana.

The bill permits the Treasury Department to issue enough bonds to fund the government's operations and programs until mid-February. The Senate will vote again on the issue Jan. 20.

Obama must sign the measure into law to prevent a market-rattling, first-ever default on U.S. obligations. The government piled up a record $1.4 trillion deficit in 2009 to counter a meltdown in financial markets and help bring the nation out of its worst recession in seven decades.
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8 comments // U.S. raises debt ceiling to 12.4 trillion

  • treewolf39
    • 0
      treewolf39  

    • Got to blame someone? Try the Fed or any one who voted for the bailout. My rather large question is, how can a broken government fix a broken government? Oh, and why would they want to?

    • 2 years ago
  • 2helenahandbasket
  • Ihatethemall
    • 0
      Ihatethemall  
    • 2helenahandbasket:

      EXACTLY.
      at what point will it end? These fools who think we can spend our way out of this mess really crack me up. If that doesnt go against every logical line of thought I dont know what does.

      I am to the point where I know its just about over for this country. There is nothing that can really save us from ourselves. I plan on just enjoying the rest of the ride and having a blast.

    • 2 years ago
  • schrock
    • 0
      schrock  

    • T5vZZ,
      >>i think its exceptionally unfunny that the Repubes charted a course that leaves no options, and defaulted representation to the Dems.>at this point, i think, the only way out is through..>possibly the proof that our leadership was looted in Bush&Co's exit.>if everything we see signals to more folly - the current failings were at the root of former scheming.

    • 2 years ago
  • T5vZZ
    • 0
      T5vZZ  

    • i think its exceptionally unfunny that the Repubes charted a course that leaves no options, and defaulted representation to the Dems. at this point, i think, the only way out is through.. possibly the proof that our leadership was looted in Bush&Co's exit. if everything we see signals to more folly - the current failings were at the root of former scheming. you(schrock) might be finding absolution on the tracks this sh!t-train was built on. but wheres the quick fix? funny how theres a multitude of problems that unapologetically converge on who next stepped up. maybe Obama's succeeding at everything set up to fail without cronies at the helm?

    • 2 years ago
  • schrock
    • 0
      schrock  
    • T5vZZ:

      >>i think its exceptionally unfunny that the Repubes charted a course that leaves no options, and defaulted representation to the Dems.>at this point, i think, the only way out is through..>possibly the proof that our leadership was looted in Bush&Co's exit.>if everything we see signals to more folly - the current failings were at the root of former scheming.

    • 2 years ago
  • T5vZZ
    • 0
      T5vZZ  
    • T5vZZ:

      i really walked right into that whole spiel. you really knocked em outta the park though..

      and /// if the way out is through, then the bridges have been burnt - is how i would finish the thought.

    • 2 years ago
  • schrock
    • 0
      schrock  

    • It's funny how the democrats cried for years about how the republicans were running up the debt and about all of the pork spending that was taking place. Now that the democrats have full control they are running the debt up even higher with even more pork spending using the excuse that they need to spend more money to bring the economy out of a recession. Will you Obama supporters criticize the democrats when we hit the next leg down or will you be just like the die hard Bush supporters and support him to the end? I don't blame anyone who voted for Obama (and not because I voted for him) however you need to hold the man to the same standards as you held Bush. Obama bailed out the banksters (who are nothing short of criminals) and fed walstreet while the rest of us were left to fend for ourselves. He has failed on his promise of transparency and accountability by all standards. He has escalated the war in the middle east and has asked congress to extended the patriot act which expires at the end of this year. Nothing has changed!!

    • 2 years ago
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