House approves 'clean' debt limit after Republicans drop demands

Comments (43)
akcoins wrote:

The House approved the expenditures so they should pay when they come due. If you or I tried to pull what they did last time our creditors would have us in court in a NY minute.

Feb 11, 2014 8:11pm EST  --  Report as abuse
augieben wrote:

So now, there is no one able to hold the line on monstrous spending and borrowing. Guess we are all going for a big ride.

Feb 11, 2014 9:06pm EST  --  Report as abuse
Laborman wrote:

Good for the markets and economic stability. Fight the good fight on future budgets and spending. But nice to act like adults for a change (at least a small number of Republicans) and pay our legal obligations without political grandstanding. What dumbed-down redneck Republicans don’t understand is that if we default or there is a threat of default, it rattles world markets and forces up interest rates to compensate for the added risk to investing in the U.S. That raises mortgage interest rates on those trailers and pickup trucks. This benefits China, as they end up appearing to be the only “adult” economic superpower.

Feb 11, 2014 9:27pm EST  --  Report as abuse
Laborman wrote:

Good for the markets and economic stability. Fight the good fight on future budgets and spending. But nice to act like adults for a change (at least a small number of Republicans) and pay our legal obligations without political grandstanding. What dumbed-down redneck Republicans don’t understand is that if we default or there is a threat of default, it rattles world markets and forces up interest rates to compensate for the added risk to investing in the U.S. That raises mortgage interest rates on those trailers and pickup trucks. This benefits China, as they end up appearing to be the only “adult” economic superpower.

Feb 11, 2014 9:27pm EST  --  Report as abuse
raisinkane wrote:

Another great example of why they all need to be replaced. Putting off fiscal responsibility has to STOP!

Feb 11, 2014 9:50pm EST  --  Report as abuse
raisinkane wrote:

Obviously Laborman knows nothing about economics or the penalties for continued overspending.

Feb 11, 2014 9:55pm EST  --  Report as abuse
carnivalchaos wrote:

One right decision is good, but it doesn’t make up for the 99 bad decisions. We can’t go on like this. Somewhere along the line Republicans bought into the strangest, most absurd myth of all, the government is NOT meant to serve the people. It only makes sense to them.

Feb 11, 2014 10:42pm EST  --  Report as abuse
4825 wrote:

Increasing the national debt year after year and pushing up the credit card debt limit year after year is not serving the american people. Not sure why anyone would think otherwise.

Feb 11, 2014 10:49pm EST  --  Report as abuse
Bakhtin wrote:

4825 wrote:
“Increasing the national debt year after year and pushing up the credit card debt limit year after year is not serving the american people. Not sure why anyone would think otherwise.”

Because they understand basic economics, and there is no credit card.

Feb 11, 2014 11:55pm EST  --  Report as abuse
theovulator wrote:

Bakhtin wrote:

4825 wrote:
“Increasing the national debt year after year and pushing up the credit card debt limit year after year is not serving the american people. Not sure why anyone would think otherwise.”

“Because they understand basic economics, and there is no credit card”.

Bakhtin. Even from the commanding view of your overseas crow’s nest, it should be, REASONABLY EXPECTED of you to conclude, along with the rest of us, minutely-small minority of posters here, that something like 99.99% of the U.S. population ABSOLUTELY does NOT have “a basic understanding of economics”.

Whether you agree with ANY posted views or not, CERTAINLY YOU AGREE WITH THAT.

Feb 12, 2014 12:25am EST  --  Report as abuse
Whatsgoingon wrote:

@Bakhtin “…and there is no credit card.” LOL but there’s interest payment, which the rich collects from the middle class hundreds of billions a year…Plus China gets a slice, too.

Feb 12, 2014 12:35am EST  --  Report as abuse
toonik_ph wrote:

Just heard about this.. wow.

http://www.insidertradingwire.com/joachim-psotta-vp-controller-of-philip-morris-int-buys-1201629-worth-of-pm/

Feb 12, 2014 1:40am EST  --  Report as abuse
Jocylen wrote:

Amazing.. this article content,

http://www.insidertradingwire.com/insider-trading-at-unitedhealth-grou-symbol-unh-alerted-on-021014-933pm/

Feb 12, 2014 4:02am EST  --  Report as abuse
Jocylen wrote:

Amazing.. this article content,

http://www.insidertradingwire.com/insider-trading-at-unitedhealth-grou-symbol-unh-alerted-on-021014-933pm/

Feb 12, 2014 4:04am EST  --  Report as abuse
ndacboss wrote:

It appears that Mr Boehner wants to retire.

Feb 12, 2014 4:27am EST  --  Report as abuse
ExDemocrat wrote:

This was a triumph for President Obama. He has another year to once again do nothing about the federal government’s many $tens of trillions in unfunded entitlement program liabilities. He is on course for handing the federal government over to his successor in 2017 in much worse financial condition than he inherited from his predecessor.

Feb 12, 2014 5:39am EST  --  Report as abuse
Bakhtin wrote:

Rants are easy to spot. They are the posts where the poster TYPES like THIS BECAUSE they THINK it makes them look SMART.

Feb 12, 2014 5:47am EST  --  Report as abuse
theovulator wrote:

Caps for emphases, NOT smarts.

As you well know.

Feb 12, 2014 6:25am EST  --  Report as abuse
panjok1 wrote:

The headline should say this….”Republicans stood out of the way while the Liberal Democrats wrote themselves a blank check that will push America over the edge and into debt America will never be able to recover from!”
I hope at least some of these Democrats are seeing what Obamacare really is now! Obama is yet again letting another group out of the requirements even though he has no legal base to do so. I hope these Democrats realize that he did this so they wouldn’t lose in the next elections. Obama knows how screwed up Obamacare is and once everyone finds out they have no way of winning any elections! Don’t you people get it? I lost $200 a month because of Obamacare! My hours were dropped from 33 a week to 27. This is hurting people all over America and maybe it hasn’t hurt you, but that doesn’t make it right! How is hurting 10 times as many people (just to help a few)fair in your book? Now I have to try and find a third job so I can make up this extra $200 I have lost! Not to mention one of my medicines went from $45 a month (been that way for 5 years) to $114 a month! This is all because of Obamacare! Thanks a lot

Feb 12, 2014 6:41am EST  --  Report as abuse
4825 wrote:

@Bakhtin, The country pays interest on the debt just like a credit card. If you do not see the similarity between the country’s debt limit and a credit card then it is more than likely due to your lack of ever having to pay interest on a credit card, credit line or a mortgage. No need for you to feel embarrassed though as a lot of people do not understand the concept and that is why our country is in such a hole.

Feb 12, 2014 8:03am EST  --  Report as abuse
dandilion wrote:

So, even when Republicans do something good that you approve of, you still insult them….I feel sorry for those with so much hate.

Feb 12, 2014 9:29am EST  --  Report as abuse
Bakhtin wrote:

4825

Once again you prove how little you understand of basic economics…

One: governments don’t borrow money. They create debt and then sell it. I would love to see you trying to create debt and sell it to your credit card company.

Two: You have to pay off your credit card at some point. Governments don’t.

Third: The biggest ‘lender’ to the US government is…. do you know? I think not.

The reason I see no similarity between a credit card and a sovereign currency is because I am not an FoxBot idiot. I do understand basic economics.

Feb 12, 2014 9:37am EST  --  Report as abuse

“If there’s something attached to the debt ceiling, it should be addressing the underlying problem, which is, we’re spending too much money,” said Representative Jim Jordan, a conservative Republican from Ohio.

—–

“All bills for raising revenue shall originate in the House of Representatives; but the Senate may propose or concur with amendments as on other Bills.”

ARTICLE 1, SECTION 7; US CONSTITUTION

If Representative Jim Jordan can’t understand how or why all this money is being spent, he, along with the rest of the House Republicans and all the chuckleheads in the right wing bubble, need to take a refresher course of 9th grade US Government. (Hint: IT’S YOU!!!)

Feb 12, 2014 10:09am EST  --  Report as abuse
4825 wrote:

@Bakhtin- Your bawdiness on here gets pretty old. Your crude desire to try to make everyone else appear uninformed while you attempt to make yourself look informed is pitiful at best. You lack the ability to have a civil and intellectual conversation.

First, debt that has been issued will most assuredly be paid off at some point, one way or another. You can issue and let it sit, paying the interest on it as long as you desire (unless it is called or demanded by the holder) but the increase in debt erodes the value of the dollar that is in circulation, a form of payment. Look at today’s value of the dollar verses that of past years. Even a slant minded individual like you should be able to see that.

Second, I have credit that I only have to pay interest on and can let it sit for as long as I am willing to pay interest, just like the government debt (as long as it is not called). Government credit card is an fitting description.

Third, we all know the magnitude of the FED’s balance sheet. But, it matters not who the largest purchaser is since we are paying for the debt carry one way or the other, usually more ways than one. We either retire it or we pay interest on it. The more debt we accumulate as a nation, the less the value in our dollar. This is another way the government taxes the citizens without most even realizing it.

I can see from your response that you are one of the unenlightened ones. So Bakhtin, you just keep wallowing in your liberal belief that everything will be hunky dory with all the increases in national debt and liquidity. When you get out of that pool at some future point you may find it is too late. Of course, when it becomes to late, I am certain you will be silent and not be able to be found.

Feb 12, 2014 10:55am EST  --  Report as abuse
Bakhtin wrote:

theovulator wrote:
“Caps for emphases, NOT smarts.

As you well know.”

Caps for kids, as I well know.

Feb 12, 2014 10:55am EST  --  Report as abuse
Bakhtin wrote:

USofRationality wrote:
“If there’s something attached to the debt ceiling, it should be addressing the underlying problem, which is, we’re spending too much money,” said Representative Jim Jordan, a conservative Republican from Ohio.”

As I have said a few times before, the Republican answer to thinking they don’t have enough money is to sell the house and the car and take the kids out of college then sit around whining about hard times. The liberal answer is to earn more money.

Which is why Obama’s answer is to increase GDP, because more income fixes everything. Republicans want to cut spending (or at least they say they do…) and then sit around whining, presumably because they think austerity did such a great job in Europe.

The Jim Jordan’s of the world must live in a different universe, one in which the EU has a growth rate of 10% instead 0f 0.1%.

Feb 12, 2014 11:02am EST  --  Report as abuse
willich6 wrote:

This was a great strategy; Boehner’s acting upset, but this was played out to plan.
No govt shutdown in an election year; 200 Repub congressman can say they ‘voted’ against it to their supporters back home; the 21 who voted for it were ‘selected in advance’ from safe districts to guarantee passage; the repubs now have another issue (the deficit) to ‘hammer’ their opponents in Nov; nobody takes their eyes off obama’s policy failures; kerry keeps getting ‘headlines’ failing around the world;
Watch how the 7 -8 ‘risky’ Dem senators vote; bet you some of them vote No to try and look good at home before Nov.

Feb 12, 2014 11:14am EST  --  Report as abuse
Mott wrote:

This sudden-love from republicans is driven by the learning that their decade old mantra of – small government and calls to curtail government spending that in fact, translated into hurting businesses at large and hence the reversal in their course and approval for continued borrow-and-spend while making sure that don’t touch the real root-cause of unregulated duty-free imports brought upon by the WTO agreements.

Feb 12, 2014 11:45am EST  --  Report as abuse
Bakhtin wrote:

4825

You really should stop typing. Every post highlights over and over how little you know.

No… debt issued by the US government never, ever, ever has to be paid off. I know those idiots at Fox keep saying it does, but that is because they too don’t have a clue. In fact, Republicans in general don’t have a clue which is why they destroyed the US economy.

The US government does not borrow. They create debt and then sell it. The buyers get interest on the debt they buy, but there is no mechanism at all by which they can be ‘paid off’. Who, exactly, has the authority to tell the US government what to do with the US currency? Those who buy US bonds can sell them to get ‘paid off’, but the USA cannot be forced to buy them.

Maybe you do have interests only credit, but there is a mechanism that can force repayment because you don’t own the currency and you are not a sovereign state and you did borrow rather than create debt and sell it. Huge, fundamental differences but what would you care? Fox says it is like a credit card so you say it is like a credit card..

It does matter who the largest purchaser and as I predicted, you clearly don’t know. The largest holder of US government debt is the US Federal Reserve. Can you figure out for yourself who gets most of the interest paid by the US government?

Feb 12, 2014 11:46am EST  --  Report as abuse
ineeditbad wrote:

We are All being Taxed to the Hilt…Who will pay this back? You and I of course…What about the Sequestration that is cutting jobs like crazy all over the Country???
Here is a link to our Current Debt. Sit down before you look…:
http://www.worldometers.info/us-debt-clock/

Feb 12, 2014 12:06pm EST  --  Report as abuse
Whatsgoingon wrote:

@Bakhtin “Which is why Obama’s answer is to increase GDP, because more income fixes everything.”

Increasing GDP is the way to go. Could you share some examples what Obama has done? IMHO his socialism agendas push people into the game of racing to the bottom. His ACA and minimum wage are unfunded promises that speeds up demise of the middle class. His incompetence wasted billions of tax dollars. I’d be delighted to learn how these help increase GDP.

Feb 12, 2014 12:08pm EST  --  Report as abuse
Whatsgoingon wrote:

@Bakhtin “In fact, Republicans in general don’t have a clue which is why they destroyed the US economy.” I agree. But how’s “taxing middle class to death” a better solution?

Feb 12, 2014 12:26pm EST  --  Report as abuse

@ineeditbad, you say ‘We are All being Taxed to the Hilt’ but you are just plain wrong, another rightie/Obama hater divorced from reality. Refer to http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=205

As you can say the individual income taxes as % of GDP is now about 7.3%, while when we had balanced budgets in the 90′s it was on the order of 9-9.5%. So in other words you are being taxed now less then you where when we had balanced budgets. So you statement of ‘We are All being Taxed to the Hilt’ is juts plain wrong.

Feb 12, 2014 12:37pm EST  --  Report as abuse

@whatsgoingon, why do I always have to show you rightie/Obama haters what socialism is…

so·cial·ism noun \ˈsō-shə-ˌli-zəm\
: a way of organizing a society in which major industries are owned and controlled by the government rather than by individual people and companies

Full Definition of SOCIALISM

1
: any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods
2
a : a system of society or group living in which there is no private property
b : a system or condition of society in which the means of production are owned and controlled by the state
3
: a stage of society in Marxist theory transitional between capitalism and communism and distinguished by unequal distribution of goods and pay according to work done

Please explain how ANY of Obama’s proposed policies fit this definition (here is a hint, none do)

Lastly here is the GDP change in the quarter before Obama took over (Q4 2008) -7-8% annualized rate. In q4 of 2013 the GDP was growing at about a 3-3.5% rate. Looks like Obama is doing a pretty dam good job. just imagine how much better things could be if Congress actually cooperated and did things like a Jobs Bill or infrastructure improvements, or restored a progressive tax system, or increased the minimum wage. All of those would help the biggest fundamental not allowing our economy to grow, the vast amount of income inequality. So far every proposal from the GOP would just exacerbate income inequality.

Feb 12, 2014 12:42pm EST  --  Report as abuse
4825 wrote:

@Bakhtin- What a joke. It is well known by most that you are a european. What most do not know however is your motivation for the stalking. Care to enlighten us?

Feb 12, 2014 1:54pm EST  --  Report as abuse

If Bakhtin is European, does that make his opinions any less valid. Personally I can not hold it against him for living in a more enlightened society then ours.

Feb 12, 2014 1:57pm EST  --  Report as abuse
Whatsgoingon wrote:

@USAPragmatist2 I am independent. I’d appreciate if you stop your name calling. I also answered your “socialism definition” before. Just click my name and find my past posts.

I do agree that we need to reduce income inequity, but racing to the bottom is the wrong approach. Building a bloated government to divide the pie, as happened in past socialism failures, will result in the pie’s disappearance. How old were you when the Soviet collapsed in 1991?

IMHO innovation holds the key for this country’s sustainable growth. More money should be spent on education, science and R&D, not laws and websites forcing everyone to buy the same crappy HC, or holes in web systems to facilitate privacy breaches.

If Detroit can shake off its unfunded promises and return to profitability, adding more at federal level is counter intuitive, at best. POTUS needs to lead people through hard choices that get us into a better future, not feed voters’ weakness hoping others to pay their bills. It will backfire. Judging by his approval rate it may be already happening.

Feb 12, 2014 1:59pm EST  --  Report as abuse

4825 wrote:
“@Bakhtin- What a joke. It is well known by most that you are a european.”

I love how this guy throws around words he thinks are insults, like “liberal”, “leftist”, “socialist”, “European”.

Really, that’s about as insulting as being called “mature”, “intelligent”, “egalitarian”, “respectable”…

Feb 12, 2014 2:27pm EST  --  Report as abuse

@whatsgoingon, If you have been exposed to the definition of Socialism, then why do you continue to falsely portray Obama policies as socialist? If are truly an independent then you would not do this.

I do agree with this ‘IMHO innovation holds the key for this country’s sustainable growth. More money should be spent on education, science and R&D’ then you go on to say ‘not laws and websites forcing everyone to buy the same crappy HC, or holes in web systems to facilitate privacy breaches.’ I assume you are referring to the PPACA, that does not force everyone to buy the ‘same crappy HC’, the website is a free marketplace, many different insurers have different plans on there, so they not all the same. Yes privacy breaches is a problem, but in ANYTHING nowadays, the worst data breaches are usually from private industry (witness Target recently). Unfortunately these breaches are a fact of modern day life.

BTW Obama’s approval rating is low because people are mad at government in general, this is because in the last 5-6 years the GOP has purposefully been making government dysfunctional. As Obama was the one that ran on bipartisanship, the GOP leadership made a political calculation that being partisan would Obama make look worse. How you would even give those that put party before country any credibility astounds me. Heck look at Congress’s approval rating, or even worse look at the GOP’s. Seems to me they are trying to bring us all down to their level.

Feb 12, 2014 2:29pm EST  --  Report as abuse
Whatsgoingon wrote:

@USAPragmatist2 “How you would even give those that put party before country any credibility astounds me.” I feel the same way. Can’t figure out why people go to jail for petty thefts, yet sworn officials get nothing selling the country, openly betraying the people they are supposed to serve. Did Benjamin Franklin miss anything here?

Feb 12, 2014 2:51pm EST  --  Report as abuse
4825 wrote:

@usofrationality- Are you ashamed or embarrassed to be called what you are? It appears you are or otherwise you would not be discussing it in the contex that you did. You are what you are, don’t try to run from it. Hey, I also like the “this guy” thing. May change my user name to it, thanks.

Feb 12, 2014 3:05pm EST  --  Report as abuse
Bakhtin wrote:

Whatsgoingon wrote:
“Increasing GDP is the way to go. Could you share some examples what Obama has done?”

He has turned around the Republican recessin and delivered over 4 years of the GDP growth the USA needs. He has enabled business to thrive and make record breaking profits, made consumers feel more confident and spend more which results in factory output climbing and unemployment falling.

That all looks good to me.

BTW, you call Obama socialist as though it is a bad thing, but in most countries in the world Obama is seen as right of centre and far from being a socialist.

Feb 12, 2014 7:40pm EST  --  Report as abuse
Bakhtin wrote:

4825

What we are laughing at is your obsession with identitiy politics, in which every identity except ‘Tea Party’ is an insult, and your resultant inability to engage with the issues.

Feb 12, 2014 7:43pm EST  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.