White House Wants Debt Limit Increase
EmailABC News’ Matthew Jaffe reports: The White House today prodded Congress to increase the federal debt limit, a much-needed move as the nation has racked up record levels of red ink in recent months. “The administration strongly supports passage of an increase in the public debt limit,” the White House said in a statement. “Such an increase is critically important to make sure that financing of federal government operations can continue without interruption and that the creditworthiness of the United States is not called into question.” The nation’s overall debt now stands at more than $12.3 trillion after soaring over the $12 trillion mark for the first time ever last November. In the last year the government has added to the debt as the country’s budget deficit swelled to record levels due to massive federal spending to stop the recession and save the financial system. The government is already $388 billion in the red after the first three months of fiscal year 2010, a deficit $56 billion higher than the shortfall for the same timeframe for the last fiscal year, a year that concluded with the government racking up a record debt of $1.4 trillion. A new proposal from Senate Democrats would boost the debt limit by $1.9 trillion up to $14.3 trillion. -Matthew Jaffe
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Of course Obama wants to increase the debt limit.He wants to bankrupt the country just as his friends Cloward and Piven taught him.
Posted by: bobmac | January 20, 2010, 5:36 pm 5:36 pm
“In a time of great need, when our families and our nation are finding it necessary to tighten our belts, and be more responsible with how we spend our money, we can’t afford to waste taxpayer dollars,” Obama said from the Eisenhower Executive Office Building this morning…
I believe in the Santa too.
Posted by: Virginia | January 20, 2010, 5:36 pm 5:36 pm
The debt limit is a joke that has been being raised regularly ever since the surplus of 2000 disappeared. They should go ahead and put in place a commission along the lines of the base closure commission to deal with the budget issues. Congress just can’t do it – the one time they blundered into an (almost) balanced budget it was squandered on tax cuts and massive increases in spending (and that WAS under a Republican Congress and President…).
Posted by: jhw539 | January 20, 2010, 5:50 pm 5:50 pm
Of course Obama wants to increase the debt limit.He wants to bankrupt the country just as his friends Cloward and Piven taught him.
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The Republicans under Bush added more to the national debt than all the previous administrations in history combined – and then presided over the crash and burn of the American economy.
Perhaps the Democrats should do just the same as the Republicans did – and then hand it back to the Republicans again. That would be just desserts for the Republicans.
Hypocrites.
Posted by: tierra | January 20, 2010, 5:53 pm 5:53 pm
US ‘creditworthiness Not called into question’ by Increasing the debt limit? Crazy. They seem intent on crashing the US dollar. China said this would happen.
Posted by: Jude Cowell | January 20, 2010, 6:02 pm 6:02 pm
Obama needs professional help with his narcissism, pathological lying, and fanatical spending habits.
Posted by: kyle | January 20, 2010, 6:03 pm 6:03 pm
Without money to make sweetheart deals and bribes Obama’s gets nothing done.
His policies stink so bad he has to payoff his own party to go along with it.
Posted by: ollie | January 20, 2010, 6:07 pm 6:07 pm
The Republicans under Bush added more to the national debt than all the previous administrations in history combined – and then presided over the crash and burn of the American economy.
Perhaps the Democrats should do just the same as the Republicans did – and then hand it back to the Republicans again. That would be just desserts for the Republicans.
What a bunch of hypocrites.
Posted by: tierra | January 20, 2010, 6:09 pm 6:09 pm
Posted by: tierra
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I think if you did a little more fact checking and a lot less name calling people would take your comments a little more seriously.
Posted by: seriously? | January 20, 2010, 6:11 pm 6:11 pm
This is unbelievable! The President obviously did NOT get the message from Massachusetts – STOP SPENDING MONEY WE DON’T HAVE!!!!
And Tierra – Obama has already spent more money in 1 year than Bush did in 8.
Posted by: ellsbells930 | January 20, 2010, 6:12 pm 6:12 pm
And Tierra – Obama has already spent more money in 1 year than Bush did in 8.
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Another lie and phony smear from the right wing. You are simply wrong – why is the right so stupid? Ignorance will destroy America.
Posted by: tierra | January 20, 2010, 6:21 pm 6:21 pm
tierra – It is not a lie. It is the truth. You may not like it, but that doesn’t make it a lie.
Posted by: ellsbells930 | January 20, 2010, 6:23 pm 6:23 pm
And Tierra – Obama has already spent more money in 1 year than Bush did in 8.
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This is a complete lie.
Posted by: tierra | January 20, 2010, 6:24 pm 6:24 pm
tierra – Just because you say it is a lie, doesn’t make it one. And calling people names really destroys your credibility.
Posted by: ellsbells930 | January 20, 2010, 6:31 pm 6:31 pm
And Tierra – Obama has already spent more money in 1 year than Bush did in 8.
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This is a complete lie.
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It is a complete lie and it demonstrates again how Republicans care less about the truth than partisan political gain. Sleazy.
Posted by: tierra | January 20, 2010, 6:59 pm 6:59 pm
Everyone has to tighten their belts except Obama’s big spending government.
Hypocrites.
Posted by: kyle | January 20, 2010, 7:30 pm 7:30 pm
Tierra – It doesn’t matter how many times you say it is a lie… it’s still not a lie. And you need to stop with the personal attacks. I have not called you any names. And guess what! I’m NOT a Republican. So stop making assumptions… you do know what they say about the word ASSUME don’t you?
Posted by: ellsbells930 | January 20, 2010, 7:42 pm 7:42 pm
Bush missed his opportunity after the collapse of the twin towers to aggressively pursue energy independence as a matter of national security. Obama missed his opportunity, after the collapse of the economy to aggressively pursue financial restraint as a matter of national security as well.
Posted by: cindy | January 20, 2010, 8:34 pm 8:34 pm
And Tierra – Obama has already spent more money in 1 year than Bush did in 8.
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This is a complete lie.
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It is a complete lie and it demonstrates again how Republicans care less about the truth than partisan political gain. Sleazy.
Posted by: tierra | January 20, 2010, 10:14 pm 10:14 pm
“A new proposal from Senate Democrats would boost the debt limit by $1.9 trillion up to $14.3 trillion.”…
.
Must be planning a massive spending binge of vote buying seeing as how the democrat brand is looking pretty pathetic after last night.
Posted by: gk | January 20, 2010, 10:29 pm 10:29 pm
tierra, first of all people would take you more seriously when you’re not swinging wild in anger at the world over a loss in Mass. Second, to call people liars and sleazes while attempting to prop up the Democrats is just embarrassing.
Obama is completely drunk with power and America is watching him stagger along the white line – with the rest of us in tow. Then to blame Bush repeatedly doesn’t help the Democrats – it might make them FEEL good, but if Bush was going around blaming Clinton for 9/11 a year after he was elected he would have never seen a second term.
The bottom line is the win in Mass. was a cup of hot coffee for the Democrats to sober up with.
Posted by: EPU | January 21, 2010, 12:48 am 12:48 am
Do not raise debt limit, start cutting back like most American families must do in times like these. A few less czars would be a good start !!!
Posted by: hkdakota | January 21, 2010, 8:44 am 8:44 am
We just increased the blasted limit – now he wants even more. Oh, wait a minute this is still Bush’s fault – right? Get rid of every idiot who votes yes on the request.
Posted by: Ken | January 21, 2010, 9:08 am 9:08 am
tierra – Once again, it is not a lie. I can do this as many times as you can. You can’t wear me down.
Posted by: ellsbells930 | January 21, 2010, 9:28 am 9:28 am
Obama has already spent more money in 1 year than Bush did in 8. Most accurate statement that I have heard all day!
Whoever said this isnt true lives in a LIE!
Posted by: ted | January 21, 2010, 11:07 am 11:07 am
Don’t worry Ted. Tierra will call you a liar & sleazy.
Posted by: ellsbells930 | January 21, 2010, 11:23 am 11:23 am
tierra —- Then simply show us the numbers instead of namecalling.
Posted by: lfrichar | January 21, 2010, 4:29 pm 4:29 pm
When Bush was sworn in on January 20, 2001, the national debt was $5,727,776,738,304.64.
When “W” left office on January 20, 2009, the national debt was $10,626,877,048,913.08.
The growth in the national debt during his eight years in office: $4,899,100,310,608.44.——-Now that the fiscal year has ended, we see that the feds ran a $1.58T deficit for FY 2009, the all-time record and the first deficit over a trillion bucks. This deficit is 3.4 times the $459B deficit of 2008, and 10 times the $160B deficit of 2007, which began when Republicans were still in control of Congress.
Posted by: lfrichar | January 21, 2010, 4:36 pm 4:36 pm
When Bush was sworn in on January 20, 2001, the national debt was $5,727,776,738,304.64. When “W” left office on January 20, 2009, the national debt was $10,626,877,048,913.08.
The growth in the national debt during Bush’s eight years in office: $4,899,100,310,608.44.
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That’s $4.89 Bush rang up in 8 years. The feds ran a $1.58T deficit for FY 2009
Obama has NOT spent more than that in one year. To say he did is a lie.
You should also remember the 2009 deficits are due in large part to Bush cutting back the tax revenues – thus deficit. AND that the economic collapse that took place on Bush’s watch further drained away revenues – hence more deficit.
Simple truth.
Posted by: tierra | January 21, 2010, 8:17 pm 8:17 pm
tierra – It is not a lie. You just don’t want to believe it.
Posted by: ellsbells930 | January 22, 2010, 6:43 am 6:43 am
I have asked my two senators to “NOT Support” any more increases the debt. I have asked them to look for cuts in spending instead. I still get upset when I think about the stimulus bills and all the wastful earmarks – like $50 Million for the San Franciso mouse.
Posted by: Bill Garrett | January 23, 2010, 11:25 pm 11:25 pm
any indepent fact check site will confirm that obama did not spend more in one year than bush did in 8 that’s denialk and deliberate ignortance you folksknow that’s true noe start talking about what you can do for your country not what your country can do for you, i.e., listen to your rant and glenn beck obsession
Posted by: david | February 22, 2010, 12:37 pm 12:37 pm