More than a week ago, I told you about a Democrat proposal to increase the debt ceiling for the federal government by a whopping 15 percent from $12.4 trillion to $14.3 trillion dollars. The Senate just voted to go with the plan, and they voted exactly down party lines – 60 to 40.
From my previous post.
Not so unbelievable news from Washington D.C. tonight, where Democrats in Congress are requesting – from themselves – they be allowed to increase the federal debt ceiling more than 15 percent, from 12.4 trillion to 14.3 trillion. What’s a couple more trillion ya know?
This is not good news for Americans. Democrats in Congress are bent on destroying the economy of the United States $1 trillion at a time.
- Total debt ceiling increases under Bush and Republican Congress (6 years): $3.4 trillion
- Total debt ceiling increases under Bush and Democrat Congress (2 years): $2.35 trillion
- Total debt celiling increases under Obama and Democrat Congress (1 year): $3. trillion
From the New York Times, with my emphasis in bold.
The Senate voted narrowly on Thursday to increase the government’s borrowing authority to $14.3 trillion, which would allow the Treasury Department to continue servicing the country’s spiraling national debt through most of 2010.
Senate Democrats hope the 60 to 40 party-line vote will enable them to avoid another politically toxic vote on the issue before the November congressional elections.
The House of Representatives must also approve the hike before President Barack Obama can sign it into law.
Congress must periodically raise the legal limit for the government’s borrowing, and the Treasury Department is expected within weeks to exceed the current $12.4 trillion limit set in December.
Failure to raise the limit would roil financial markets, but lawmakers are never eager to sign off on a measure that allows the government to dig itself deeper into debt.
All the Democrats in the Senate seem OK with it.
Do they have a choice? Well, those approving the increase would say the financial markets and U.S. economy would completely crash without it. This is the bed we lie in when everyone starts depending on the federal government for everything.
Important note: (added by Steve Jan. 29) In reality, Congress extends the debt limit when they agree to spend money they do not have by passing legislation like porkulus. Extending the debt ceiling by vote is kind of like buying a rasberry push-up from the ice cream truck, and licking it all up as you walk home to ask mom for a dollar to pay the guy. Of course, mom’s not home.
Somehow, I don’t think the ice cream truck guy would like that.