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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Soul Crusher on January 12, 2012, 12:42:51 PM
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Obama asks Congress for $1.2 trillion increase in nation’s borrowing limit
By Associated Press, Updated: Thursday, January 12, 3:10 PM
http://www.washingtonpost.com/politics/congress/obama-asks-congress-for-12-trillion-increase-in-nations-borrowing-limit/2012/01/12/gIQA7QT7tP_story.html
WASHINGTON — President Barack Obama is asking Congress for another $1.2 trillion increase in the nation’s debt limit.
The request is largely a formality. It’s the third and final request the president is allowed under a deal the White House and lawmakers reached in August to prevent a government default.
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inShare..But Republicans are likely to use the election-year request as an opportunity to criticize the president’s spending policies.
Congress has 15 days to reject the president’s request. The White House says Obama would veto any objections in order to avoid a default.
Obama originally planned to make this request in late December. But with Congress on vacation until mid-January, lawmakers asked Obama to delay his request so they could vote on the matter when they return.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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"The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. It is a sign that the US Government cannot pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies. Increasing America's debt weakens us domestically and internationally. Leadership means that, the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better."
Senator Barack H. Obama, March 2006
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We knew this coming, but if Barry keeps fucking with the Congress like this, it's going to bite him in the ass.
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Another $5 trillion and the economy will be fixed. Just ask Straw Man.
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It's only money.
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Look, if we spend more money on doomed green energy companies and subsidies for African genital washing-- America will be back!!!
Just ask Straw man!
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Obama on Pace to Borrow $6.2T in One Term—More Than All Presidents from Washington Through Clinton
Combined
By Terence P. Jeffrey
January 13, 2012
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President Barack Obama and Treasury Secretary Tim Geithner (AP Photo/Gerald Herbert)
(CNSNews.com) - President Barack Obama has been increasing the national debt during his presidency by an average of $4.24 billion per day ($4,240,506,004.34) putting him on a pace to increase the national debt by $6.2 trillion ($6,195,379,272,340.74) by the end of his term on Jan. 20, 2013, according to the debt figures published by the U.S. Treasury.
That $6.2 trillion is more debt than was accumulated by all U.S. presidents from George Washington through Bill Clinton combined.
In fact, the U.S. national debt did not eclipse the $6.195 trillion level—the amount Obama is on pace to increase it in one term—until August 19, 2002, during President George W. Bush’s second year of office.
The national debt was $10.6 trillion ($10,626,877,048,913.08) on Jan. 20, 2009, the day Obama was inaugurated. As of the close of business on Jan. 11, 2012, it was $15.2 trillion ($15,236,307,075,631.58.) In Obama’s first 1,087 days in office, the debt increased $4.6 trillion ($4,609,430,026,718.50)—or an increase of $4.24 billion ($4,240,506,004.34) per day.
At that daily rate, the debt would increase a total of $6.2 trillion ($6,195,379,272,340.74) over the entire 1,461 days of Obama’s four year term.
At the close of business Aug. 19, 2002, the total national debt was $6.195 trillion.