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Thread: Senate raises debt limit to 9 TRILLION dollars; 30 grand for every American citizen

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    Elite Member Grimmlok's Avatar
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    Wink Senate raises debt limit to 9 TRILLION dollars; 30 grand for every American citizen

    The Senate voted Thursday to allow the national debt to swell to nearly $9 trillion, preventing a first-ever default on U.S. Treasury notes.

    The bill passed by a 52-48 vote. The increase to $9 trillion represents about $30,000 for every man, woman and child in the United States. The bill now goes to President Bush for his signature.

    The measure allows the government to pay for the war in Iraq and finance Medicare and other big federal programs without raising taxes. It passed hours before the House was expected to approve another $91 billion to fund the war in Iraq and provide more aid to hurricane victims.

    The partisan vote also came as the Senate continued debate on a $2.8 trillion budget blueprint for the upcoming fiscal year that would produce a $359 billion deficit for the fiscal year beginning Oct. 1.

    The debt limit will increase by $781 billion. It's the fourth such move _ increasing the debt limit by a total of $3 trillion _ since Bush took office five years ago.

    The vote came a day after Treasury Secretary John Snow warned lawmakers that action was "critical to provide certainty to financial markets that the integrity of the obligations of the United States will not be compromised."

    On Thursday, Treasury postponed next week's auction of three-month and six-month bills pending Senate action, though the move was likely to be quickly reversed given the Senate's vote.

    The present limit on the debt is $8.2 trillion. With the budget deficit expected to approach $400 billion for both this year and next, another increase in the debt limit will almost certainly be required next year.

    The debt limit increase is an unhappy necessity _ the alternative would be a disastrous first-ever default on U.S. obligations _ that greatly overshadowed a mostly symbolic, weeklong debate on the GOP's budget resolution.

    Democrats blasted the bill, saying it was needed because of fiscal mismanagement by Bush, who came to office when the government was running record surpluses.

    "When it comes to deficits, this president owns all the records," said Minority Leader Harry Reid, D-Nev. "The three largest deficits in our nation's history have all occurred under this administration's watch."

    Only a handful of Republicans spoke in favor of the measure as a mostly empty Senate chamber conducted a brief debate Wednesday evening.

    Senate Finance Committee Chairman Charles Grassley, R-Iowa, said Bush's tax cuts account for just 30 percent of the debt limit increases required during his presidency. Revenue losses from a recession and new spending to combat terrorism and for the war in Iraq are also responsible, he said.

    As for the $781 billion increase in the debt limit, Grassley said: "It is necessary to preserve the full faith and credit of the federal government."

    Before approving the bill, Republicans rejected by a 55-44 vote an amendment by Max Baucus, D-Mont., to mandate a Treasury study on the economic consequences of foreigners holding an increasing portion of the U.S. debt.

    At present, foreign countries, central banks and other institutions hold more than one-fourth of the debt, but that percentage is growing rapidly.

    Following the debt limit vote Thursday, the Senate was expected to vote late in the day on the budget plan, a nonbinding measure proposing tax and spending guidelines for the next five years.

    Sen. Arlen Specter, R-Pa., appears poised to win an increase of $7 billion in new and real funding for education and health research. The $7 billion would effectively be used to break Bush's $873 billion budget cap for 2007, which represents the most significant vestige of fiscal discipline remaining in Senate Budget Committee Chairman Judd Gregg's budget.

    The underlying Senate budget plan is notable chiefly for dropping Bush's proposed cuts to Medicare and for abandoning his efforts to expand health savings accounts or pass legislation to make permanent his 2001 tax cut bill.

    Unlike last year, when Congress passed a bill trimming $39 billion from the deficit through curbs to Medicaid, Medicare and student loan subsidies, Senate GOP leaders have abandoned plans to pass another round of cuts to so-called mandatory programs.

    But Gregg's measure re-ignites last year's battle over allowing oil drilling in Alaska's Arctic National Wildlife Refuge, since it would let Senate leaders bring an ANWR drilling measure to the floor under rules blocking a filibuster by opponents.
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Elite Member Grimmlok's Avatar
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    Default Re: Senate raises debt limit to 9 TRILLION dollars; 30 grand for every American citizen

    Omg think of the inflation. WONT SOMEONE PLEASE THINK OF THE INFLATION.
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Default Re: Senate raises debt limit to 9 TRILLION dollars; 30 grand for every American citizen

    i wonder what the debt per capita in canada is

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    Default Re: Senate raises debt limit to 9 TRILLION dollars; 30 grand for every American citizen

    What would you do with a trillion?
    To burn through that much money, a person would have to spend over $35 million a day, for life.
    March 16, 2006: 1:21 PM EST
    WASHINGTON (Reuters) - For those who struggle to balance their checkbooks every month, it might be difficult to comprehend Thursday's vote by the U.S. Senate to raise the government debt limit to nearly $9 trillion.

    After all, how much is a trillion?

    It's the number one followed by 12 zeros. But that doesn't explain how the federal government could need to pass a law enabling it to borrow up to $8.965 trillion.

    "It's hard to understand what a trillion is. I don't know what it is," confessed Senate Budget Committee Chairman Judd Gregg, a New Hampshire Republican, this week when debating the government's staggering fiscal obligations.

    It doesn't help that the standard hand-held calculator comes nowhere close to computing numbers in the trillions. About the best it can do is 99,999,999.

    John Nolan, a mathematics professor at American University in Washington, said that a trillion is "not a big number at all" for some theoretical problems. "But in terms of practical numbers it's just overwhelming."

    So he conjured up a spending spree, something Americans might be able to relate to. "If you spent a million dollars a day for a million days (2,739 years)," you'd hit $1 trillion, Nolan observed.

    To burn through $1 trillion in the average American life span of 77 years, you'd have to part with about $35,580,857 and change every day from birth.

    Don Albers, associate executive director of the Mathematical Association of America, said to forget about all the fancy numbers. "I don't think the problem so much is understanding that number as just understanding whether they've got more money coming in than is going out," he said.

    And that's the rub. The federal government has been on a spending binge. Just since 2002, the Republican-controlled Congress has had to hike the Treasury Department's credit card limit four times, for a total of more than $3 trillion.

    Congress can take some comfort in knowing that at this rate, it will take a very long time to exhaust the trillions and spill into the quadrillions. "Let's hope that they won't be using that" number ever, Albers said.


    Find this article at:
    http://money.cnn.com/2006/03/16/news...reut/index.htm

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    Default Re: Senate raises debt limit to 9 TRILLION dollars; 30 grand for every American citizen

    I could spend 35 million in 1 minute.
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Default Re: Senate raises debt limit to 9 TRILLION dollars; 30 grand for every American citizen

    penis enlargements don't cost that much!

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    Default Re: Senate raises debt limit to 9 TRILLION dollars; 30 grand for every American citizen

    Pfft, bitches can get their own gargantuwangs.
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Talking Re: Senate raises debt limit to 9 TRILLION dollars; 30 grand for every American citizen

    Quote Originally Posted by MonkeyMix
    duh....he's getting one for himself and all his boyfriends.

    he must have a lot of "friends"!

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    Thumbs down Budget approved, national debt rises futher

    Senate Approves Budget, Breaking Spending Limits
    By CARL HULSE
    Published: March 17, 2006

    WASHINGTON, March 16 The Senate narrowly approved a $2.8 trillion election-year budget Thursday that broke spending limits only hours after it increased federal borrowing power to avert a government default.

    The budget decision at the end of a marathon day of voting followed a separate 52-to-48 Senate vote to increase the federal debt limit by $781 billion, bringing the debt ceiling to nearly $9 trillion. The move left Democrats attacking President Bush and Congressional Republicans for piling up record debt in their years in power

    Senator Harry Reid of Nevada, the Democratic leader, said Thursday that given Mr. Bush's record, "I really do believe this man will go down as the worst president this country has ever had."

    http://www.nytimes.com/2006/03/17/politics/17spend.html
    How big of a hole is our government going to dig? When will this BS stop?

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