Democrats to lift debt ceiling by $1.8 trillion

vote-democrat-its-easier-than-working.jpgDemocrats are preparing to raise the federal debt ceiling by as much as $1.8 trillion before the New Year. Their strategy is to make sure this debt ceiling is taken care of before the 2010 elections and before they decide to raise it again. From Politico:

“We’ve incurred this debt. We have to pay our bills,” House Majority Leader Steny Hoyer told POLITICO Wednesday. And the Maryland Democrat confirmed that the anticipated increase could be as high as $1.8 trillion — nearly twice what had been assumed in last spring’s budget resolution for the 2010 fiscal year.

The leadership is betting that it’s better for the party to take its lumps now rather than risk further votes over the coming year. But the enormity of the number could create its own dynamic, much as another debt ceiling fight in 1985 gave rise to the Gramm-Rudman deficit reduction act mandating across-the-board spending cuts nearly 25 years ago.

Already in the Senate, there is growing pressure in both parties for the creation of a novel bipartisan task force empowered to force expedited votes in the next Congress on deficit reduction steps now shunned by lawmakers.


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December 10, 2009 · Filed Under General Politics

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