House Republicans Back 3-month Debt Limit Increase



US House Republicans back 3-month debt limit increase (via AFP)

The House of Representatives will vote next week to temporarily raise the US debt limit for three months, the chamber’s leadership said Friday as Republicans leaned toward resolving a protracted fiscal impasse. The move would help defuse a time bomb that Congress and the White House face in late February…



         

Author: Guest Voice

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8 Comments

  1. Wow 3 whole, entire months, that’s as far as you guys can kick the can? Oh and tying passing a budget to Congress not getting paid is genius. Like that is the main issue with not raising the debt ceiling. Well played Mr. Cantor, well played.

  2. Reminds me of the long, protracted battles I had with equally intractable foes over an issue as hard fought as any in the halls of Congress:

    Bed time.

    If you’re a parent, you know what I’m talking about. Kids will do just about anything to avoid going to bed on time. You set the deadline, and when it approaches, inevitable negotiations/tantrums/foot-dragging starts. Even after bed time has arrived, the kid is in bed, and you think maybe you finally won the fight for once…”dad, can I have a glass of water?”

    And so another few minutes is gained against the ever present nemesis that is bed time.

    Our elected representatives really are acting like petulant children over this issue. Like bed time, they know it’s coming, they know there’s ultimately nothing they can do to avoid it, but when the deadline comes, we’re treated to the equivalent of “but mom, I’m not tired.”

    These are not children…they’re grown men and women. Many of them no doubt have children, and have had to enforce simple rules like bed time…doing homework…curfew. Or maybe not. If they can’t manage the people’s house, I am left to wonder how things work in their own houses.

  3. And the GOP is, of course, the party that was constantly complaining about how businesses weren’t doing many things because of uncertainty. Now delivering uncertainty by the ton is their specialty.

  4. But a three month increase pays for all the spending that has been approved to date since we’ve only approved spending through March 27 by a continuing resolution.

    So now that Republicans have agreed to pay for all the spending they’ve approved, our friends on the left are upset?

    How very odd.

  5. Yep.

  6. Well, actually I think we’re upset because it just means that based on recent history it just means that they think they can put off their next extortion attempt for three months. Not very odd at all.

  7. But a three month increase pays for all the spending that has been approved to date since we’ve only approved spending through March 27 by a continuing resolution.

    So now that Republicans have agreed to pay for all the spending they’ve approved, our friends on the left are upset?

    How very odd.

    Actually that’s NOT what it does. The pending approval of raising the ‘debt ceiling’ merely covers the cost of ‘servicing’ the existing debt without taking into consideration upcoming expenses the congress has already committed to and promised to pay.

    Until there is an increase in revenues (i.e. increased employment (jobs bill), tax hikes, etc.) the debt ceiling will (even with no additional spending) continue to rise and both the congress and SteveinCH know this.

    For someone who try’s to come across as knowledgeable regarding economics this kind of misleading statement is, to say the least, very “odd” indeed.

  8. The Congress has authorized expenditures through March 27 and that is all. You may not like that but that’s the reality of the situation.

    Sure, as Congress authorizes more spending, the ceiling will need to increase further. Of course, they could choose to authorize less spending or raise taxes more.

    The increase in the ceiling covers all the spending Congress has authorized to date. It clearly doesn’t cover all the spending they may authorize in the future but that’s a different thing.

    With no additional spending, the ceiling would not increase. Perhaps you are confusing budgeted spending and authorized spending or perhaps your are confused on another point.

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