Again?? Obama seeks $1.2 trillion debt limit rise 1/13/12

    WASHINGTON (Reuters) - President Barack Obama formally notified Congress on Thursday that he plans a $1.2 trillion increase in the U.S. debt limit, prompting Republicans to level election-year charges that deficits are out of control.
    Obama, in a one-sentence letter to House of Representatives Speaker John Boehner, the top Republican in Congress, said "further borrowing is required to meet existing commitments."
    The proposed increase would push the debt ceiling to $16.394 trillion.
    The move by the Democratic president, who is seeking re-election in November, gives Congress 15 days to vote on a resolution of disapproval under terms of budget control legislation passed last year.
    Lawmakers are unlikely to muster the votes needed to block the boost in U.S. borrowing capacity, so a replay of last summer's debt limit drama that brought the federal government to the brink of default and cost the United States its top-tier credit rating is not expected.
    But the increase notification does give Republicans an opportunity to paint Obama as a spendthrift during an election year in which taxes and spending are key issues. They quickly blamed him for a lack of progress in reducing deficits after congressional deficit reduction talks collapsed late last year.
    "The President's runaway borrowing threatens the foundation of our economy and the financial future of every hardworking American," said Senator Jeff Sessions, the top Republican on the Senate Budget Committee.
    "It brings our nation closer to what the chairs of his own fiscal commission called 'the most predictable economic crisis in its history.'"
    Brendan Buck, a spokesman for Boehner, called Obama's request "another reminder that the President has consistently punted on the tough choices needed to rein in the deficit."
    Obama originally intended to exercise his authority to raise the debt limit on December 30 but House and Senate leaders asked him to delay the move to allow lawmakers to consider it while they are back in session. House members reconvene in Washington next week.
    To allow for the delay, the Treasury Department has had to turn to one of the measures it employed to keep the government afloat last summer - dipping into the Exchange Stabilization Fund, which has a dollar balance of about $22.7 billion.
    A Treasury official said other measures, such as suspending the daily reinvestment of assets in a government pension fund, may also be needed until the debt-limit increase is secured.
    Senator Orrin Hatch, the top Republican on the Senate Finance Committee, asked Treasury Secretary Timothy Geithner in a letter to give details of the extraordinary measures being taken to stay under the limit, which has already been increased by $900 billion since last summer's debt brawl to $15.194 trillion.



    +6  Views: 1313 Answers: 7 Posted: 8 years ago

    7 Answers

    This is just out there.

    He can't be that odd.

    Why would such a bad business man be in charge of a country?

    I call Jello!


    And to think...all the other jello brains will attempt to vote this spender back in. Maybe he should stop going into wars we CAN NOT AFFORD!!! One disaster after another with this clown.

    Ummm..I believe "W" started the really Big time expensive war..and "W" does have a bro. in FL. What a coinkidink.

    "W" might have started it but "O" has continued it. He is no better than "W".


    Here is what Obama said during a campaign stop in Fargo, N.D., in 2008:

    "The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents -- [Bush] added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back: $30,000 for every man, woman and child. It's irresponsible. It's unpatriotic."

    Well then, the question has to be asked: If Sen. Obama thought $9 trillion in national debt was "irresponsible" and "unpatriotic," does President Obama think it is "irresponsible" and "unpatriotic" that under his leadership, our debt has exploded to $14.6 trillion? And is he as troubled about the $47,000 that each man, woman and child in America owes on the debt today as he was about the $30,000 that each man, woman and child owed back in 2008?


    I think that these politicians just don't know what to do with the debt. The thing is that if they don't raise the ceiling you have to realize tat there are quite a few programs that will have to be eliminated or greatly reduced. The last time we went threough this we were told that if we didn't raise the debt we would have a full blown depression instead of a recession. Something has to be done and I am really disappointed in Obama because he seems so weak. I may have to go republican this time.


    CUT Federal spending!!! This does not mean cut our military! Stop going into foolish wars that create only a larger debt for the American people and produce no positive outcome. He is a wasteful president and I can't wait to help vote him out of office.

    That just goes to schow that Obama has no idea how to fix our economy. Another 4 years of the same and we will be another greece.

    disaster = obama = big spender = unqualified for his current job

    And he got it too .

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