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Obama signs debt-cap suspension into law

  • President Barack Obama has signed into law a bill that suspends the debt until March 16, 2015 after Congress approved the measure last week.
  • The legislation will probably delay the need for further Congressional action on the ceiling until mid-2015, as income-tax payments are expected to give the government more time until it runs out of cash after the new cap expires.
  • Obama also signed a bill that scales back benefit reductions for military veterans.
Comments (13)
  • Jake2992
    , contributor
    Comments (825) | Send Message
     
    It took 4 years for Republicans to understand why we raise the debt limit. Instead of refusing to pay our bills, Republicans shouldn't have wasted trillions on tax giveaways to the rich and needless wars in the first place. Ironically, Republicans have controlled the House, which controls the purse strings, for more years under President Obama than Democrats. At the same time the debt has ballooned to 17 trillion.

     

    The blame for our debt rests fully on the Republicans shoulders. There is simply not enough money in food stamps, welfare, housing assistance programs to make up for the massive debt Republicans have left for future generations.
    16 Feb, 03:25 PM Reply Like
  • The Rebel
    , contributor
    Comments (434) | Send Message
     
    Did you get your talking points today from Daily KOS or from Organizing for Action?
    16 Feb, 03:59 PM Reply Like
  • 1980XLS
    , contributor
    Comments (3314) | Send Message
     
    Can kicking forever.

     

    It works, until it doesn't.

     

    Forget the talking points.

     

    It's the math.
    16 Feb, 06:35 PM Reply Like
  • Worn out 123
    , contributor
    Comments (430) | Send Message
     
    There's enough blame to go around. Today is the first day of the rest of the days of the republic. Let us look at the $220 Trillion dollar debt INCLUDING unfunded liabilities. We must face up to it sooner or later and later is much more painful. Just ask the Greeks. Then ask the Italians and Spanish and French. Continue to just ignore the deficit is not the act of grownups. Congress and the president will face it sometime. Much better now than later.
    Unnecessary wars must cease as must multibillion dollar, off the budget, funding for secrete war innovations. The failed war on poverty must be on the table; Social Security, Medicaid, Medicare, food stamps, etc. The sooner we begin the less painful it will be on everyone. However, it must be agreed EVERYONE must give: the rich, middle class, and the poor, the small business, big business and multinationals. Some red tape has to be cut(taxes and restrictions) to allow capital to return to America to encourage investment for without that there is no substantial recovery. Conversely, banking regulations must be stiffened and given teeth to prevent another national banking crisis. Finally the tax code must be scraped and made anew in a simple form especially for "average Joes". Government is to the budget what overhead is to a business. 800,000 non-essential personnel must be reduced in size. We can do it, or like Greece, hide our heads in the sand with similar results. 
    Ask not what your country can do for you. Ask what you can do for your country.
    I am not a democrat nor would I ever vote for Romney. I'm an American citizen and you can keep my social security check if it will help the country recover.
    16 Feb, 10:48 PM Reply Like
  • Worn out 123
    , contributor
    Comments (430) | Send Message
     
    Bla, bla bla. Meaningless talking points. Unless we come together as Americans first this economy will simply wither away. When this has reached a sufficient level of incompetence I call the tipping point ALL freedom will be lost, not just economic stability.
    I'm gradually reaching a point where I am disgusted with those who proudly refer to themselves as democrats and republicans, each insisting on "their way or the highway", together pulling our economy down through boondoggle after boondoggle, losing our traditional high rating as an economic power, making other nations hate our interference and ill advised "preemptive attack" concept; stifling incentives of individual as well as national productivity and success with notions of extreme consumption. What politician anywhere is seriously addressing the frightening budget deficit of $220 TRILLION? It is high time we began to act like grownups here!
    17 Feb, 11:17 AM Reply Like
  • into dark shadows
    , contributor
    Comments (322) | Send Message
     
    If none of the ratings agencies downgrades the Obama's U.S.S.A. satellite then the Republic has been transformed and lost!
    The greatest experiment in man's self rule and freedom has become only a memory for the few remaining patriots.
    May the good Lord see fit to raise the conviction levels of the Tea Party and the proud Patriots like Cruz, Gohmert, Lee and Paul, just to name a few.
    16 Feb, 09:11 PM Reply Like
  • DianeLee
    , contributor
    Comments (346) | Send Message
     
    Suspending the debt limit is a seriously dangerous precedent to set, making it all too easy to suspend a debt limit altogether. At the very least we can expect a vicious fight just to once again enact the debt limit in any sense of reality. That is, until "other people's money" runs out. Does ANYbody remember Economy 101?
    17 Feb, 10:11 AM Reply Like
  • King Rat
    , contributor
    Comments (572) | Send Message
     
    The US has 2 major parties that alternately share power. When the former has power the latter decries abuse and irresponsibility (Obama's 2006 speech?) When the latter has power the former decries abuse and irresponsibility (Tea Party?).

     

    The partisan rhetoric that people even on this board buy into is the very rhetoric that perpetuates the cycle. The problem began before Obama was a senator and the Tea Party was a twinkle in anybody's eye. The solution requires an honest look at the nation's finances relating to anything from trade to local budgets to federal budgets. As I have mentioned before, the trade deficit is the people's crime against themselves and it is a crime of irresponsibility. When people vote, they vote for somebody to represent them. So when irresponsible people vote, do you expect them to vote for responsible people? OF COURSE NOT!!!!!

     

    You can't fix the government's finances when the government is by the people and of the people (and for the people) and the people themselves are financially myopic in what little they are not illiterate. It is not an issue of education, it is an issue of discipline.
    17 Feb, 02:20 PM Reply Like
  • Worn out 123
    , contributor
    Comments (430) | Send Message
     
    Let me point out there are well educated people pumping gas in service stations; as there are very clever people in prisons. There is good medicine and bad, just as there are good physicians and bad. At the bottom of any voting is this one idea that validates our current system, however. Whether a voter is a good voter or bad is based on the understanding that the voter understand what is in his/her own interest and vote accordingly. At the moment too many voters are only looking to the immediate benefit given them by voting for the candidate who would increase social programs. When they realize the tremendous cost in both dollars and liberties I have belief they will vote for that which is best for the country, because they will come to understand there will be nothing left worth having if they do not. It appears there will have to be a terrible blow dealt to Americas economy and millions must suffer the economic consequences of socialism/communism before this realization comes to pass, but, better the free choice of voting than any alternative.
    18 Feb, 11:41 AM Reply Like
  • 1980XLS
    , contributor
    Comments (3314) | Send Message
     
    Nah,

     

    They are too ignorant to even realize what is good for the country.

     

    And many others too selfish to care.
    18 Feb, 11:54 AM Reply Like
  • taxman100
    , contributor
    Comments (247) | Send Message
     
    The majority of voters are now on the government teat, either as a beneficiary, or an employee of a system that our Founding Fathers worked so hard to try to avoid.

     

    I see no possibility of a return to what this country was for the first 190 or so years. Secular Republics don't work that way - they all descend in a bankrupt, immoral, repressive state as things unravel.

     

    Simple as that,
    17 Feb, 07:02 PM Reply Like
  • 1980XLS
    , contributor
    Comments (3314) | Send Message
     
    100,

     

    Yes they will keep voting until 100% of them get free stuff. (the politicians will certainly oblige)

     

    Then what?

     

    Maybe Joe the Plumber has the answer?
    17 Feb, 07:12 PM Reply Like
  • Worn out 123
    , contributor
    Comments (430) | Send Message
     
    They will keep voting for more free stuff. More borrowing works until it doesn't.
    This is the old fable of the hard working ant and the carefree grasshopper. Only the socialist/communists are intervening to give the ants home and food stores to the grasshopper who played all summer, because he has nothing. The ant will disappear from the scene. The grasshopper and friends will live in the ants home all winter, knocking out windows and destroy it since they have no respect for what work brings. They will eat some of the ants food and waste the rest and next summer the house will have a "For Rent" sign(Detroit), but, none of the grasshoppers work, so they have no money for the rent. Young ants (capitol)will have gone to places where those who would not work are not given the rewards of those who would. So, in the end, it is still better to be a conservative ant.
    18 Feb, 11:54 AM Reply Like
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