Mar 16, 2006

Senate Votes To Raise Debt Ceiling

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(Washington, DC) The US Senate voted today to raise the limit on the national debt to $9 trillion, avoiding a first-ever default on US Treasury notes.

The measure 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 bill passed by a 52-48 vote, and the debt increase to $8.965 trillion represents about $30,000 for everycitizen of the United States. The bill now goes to President Bush for his signature.

Senate Minority Leader Harry Reid (D-Nevada) said the rise in US debt since 2002 was due to the "reckless fiscal policies of this president" and because of a Republican-controlled Congress.

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

6 comments:

Newsguy said...

But remember, these big deficits have nothing to do with the Iraq war. And they has nothing to do with the big tax cuts to wealthy people. Vote for Republicans for more of the George W. Bush brand of Republican fiscal restraint. The Republican party -- bastion of fiscal responsibility.

Newsguy said...

"has nothing?" And my mom was an English teacher. I'm now officially embarrassed.

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Anonymous said...

I agree, newsguy. Bush has not demonstrated the fiscal restraint that I'd hoped for when I voted for him.

I have not always been a fan of John McCain, but I'm liking him more and think perhaps he could bring about the fiscal sanity that will be necessary to keep the country solvent.

My opinion of McCain went up about five notches when Paul Krugman gave him a stamp of disapproval.

MeMyselfandI

historymike said...

It is indeed an odd world when the Republicans get the tag of "big spenders" and Dems get known as the party of fiscal restraint.

Clinton, though, got to create budgets in a period of prosperity.

Of course, Clinton, didn't push through ill-advised tax cuts that have so far only served to worsen the deficits.

Hooda Thunkit said...

You forget, tax cuts always increase revinue every time it is done.

But when you have drunken sailors on shore leave spending our money like it was theirs.

And, all to buy OUR votes. . .