House agrees to $1.9 trillion more debt

100 Days DemocratsAccording to the AP, The House on Thursday voted to allow the government to go $1.9 trillion deeper in debt — or about $6,000 more for every U.S. resident.
The measure, approved 217-212, with all 217 votes coming from Democrats according to Michelle Malkin. Not even RINOs like Mark Kirk voted for it. This now raises the cap on federal borrowing to $14.3 trillion, just enough to get past the November elections, and into early 2011.

Already, the accumulated debt amounts to roughly $40,000 per person. And the debt is increasingly held by foreign nations such as China.

Passage of the bill will send it to President Barack Obama, who will sign it to avoid a first-ever, market-rattling default on U.S. obligations.

“I can’t think of a more reckless or irresponsible act. Defaulting is not an option,” said Rep. Jim McGovern, D-Mass. “If the United States defaults, investors will lose confidence that the U.S. will honor its debts in the future.

Democrats barely passed it through the Senate last week over a unanimous “no” vote from GOP members present.

To help win passage, Democrats are also adopting — in a vote later Thursday afternoon — budget rules designed to curb a spiraling upward annual deficit — projected by Obama to hit a record $1.56 trillion for the budget year ending Sept. 30. The new rules would require future spending increases or tax cuts to be paid for with either cuts to other programs or equivalent tax increases.

If the rules are broken, the White House budget office would force automatic cuts to programs like Medicare, farm subsidies and unemployment insurance. Current rules lack such teeth and have commonly been waived over the past few years at a cost of almost $1 trillion.

Most other benefit programs — including Medicaid, Social Security and food stamps — would be exempt from such cuts, and Republicans said that the rules lack teeth.

“In place of real fiscal discipline, it offers a phony pay-as-you-go rule that is more loopholes and exceptions and does nothing to tackle our government’s long-term structural deficit,” said Rep. Pete Sessions, R-Texas.

Skeptics say lawmakers also will find ways around the new rules fairly easily. Congress, for example, can declare some spending an “emergency” — a likely scenario for votes later this month to extend jobless benefits for the long-term unemployed.

And, indeed, there already are exceptions to the new rules, such as for extending former President George W. Bush’s middle-class tax cuts past their expiration a year from now. That would add $1.4 trillion to the federal debt over the next decade.

As the bill passes, the drunken sailors, aka the Democrats cheer and applaude.


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February 4, 2010 · Filed Under Democrats

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