Us Debt Limit Votes
January 30th, 2011 | 
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Do you understand the Debt ceiling bill?
I just read peoples responses to the debt ceiling bill question, and i got the hint that most really do not understand its implications
1. The debt ceiling bill does raise the debt limit enough to see us through to early 2013. It is not a “blank check” for Obama to spend. It only covers what is currently being paid for. ie government pensions, SS payments, Interest on debt etc. If Obama authorizes new spending.. First of all this would need to be passed in congress as a spending bill and second (most importantly) the debt ceiling would be reached much faster than 2013. COME ON THIS IS JUST COMMON SENSE
2. The law was passed so that 2 cuts happen. 1st cut is immediate of 1 trillion, 2nd cut is voted on (another 1.5 trillion) but if agreement is not made than the cuts are automatic 50% from defense 50% from domestic spending
Sorry but that is basically not true. You are maybe 10% correct. Otherwise you are basically lying.
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Votes on Measures to Adjust the Statutory Debt Limit, 1978 to Present Almost all borrowing by the federal government is conducted by the Treasury Department, within the restrictions established by a single, statutory limit (ceiling) on the total amount of debt that may be outstanding at any time. By law, the Treasury cannot exceed federal debt limits, so the Treasury periodically has had to ask Congress to enact new debt limits so it can fulfill its financial commit… |
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