Friday, October 31st, 2014

U.S. House approves legislation to give government blank check on debt ceiling

Luis Miranda
The Real Agenda
January 25th, 2013
Reader Views: 974

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The House of Representatives of the U.S. Congress approved the bill exalted by the Republicans that will extend the debt ceiling and the debate about it until 19 May.

The motion, passed with 285 votes in favor – 86 democrats – and 144 against – 33 Republicans – will allow the Treasury to borrow money but states that both houses of Congress must pass a budget (the Senate did that during the first year of Barack Obama’s first term) or else their salaries will be withheld.

The Congress should meet before the end of February to agree to increase the limit on how much money the country can borrow so that the government can pay its bills and debts.

The time that Congress has given itself will allow lawmakers now devote their time and energy to battle about the size of the U.S. budget. John Boehner, chairman of the House, ‘convinced’ his fellow conservatives that his new strategy is an opportunity to achieve significant cuts in some state programs, such as Medicare, health care those related to the elderly.

Republicans and Democrats are focused on cutting funds from indispensable social programs, which in most cases are the only safety net for millions of Americans. Despite continues calls for the reduction in military spending, both parties have refused to cut expenses in that area, but do not hesitate to cut important programs such as health and medical care for Americans.

Democrats showed opposition to the Republican proposal, with Nancy Pelosi describing it as a “joke” and Steny Hoyer saying it was just a “political stunt” that would only perpetuate “uncertainty”. A small group of Democrats supported it because it avoids, at least for now, the threat of bankruptcy and divorces the issue from the debt ceiling which Republicans claim needs to be linked to a cut in expenses. The same law will have no trouble in the Senate, where its leader, Democrat Harry Reid, has already advanced that he will give the green light.

The White House also welcomed the measure approved Wednesday. In his daily briefing, the president’s spokesman, Jay Carney, said Tuesday that if it came to the Oval Office, Obama would not veto the law. The current debt ceiling is at $16.4 trillion and the Republican proposal does not specify another amount, which will allow the government to make permitted to make automatic increases to avoid bankruptcy. This means the U.S. will be able to officially spend its way into oblivion without any Congressional supervision.

The bill allows the government to borrow the money it needs to meet its obligations, including interest payments. However, this is not a blank check to the Treasury, sponsors say, which may not borrow extra funds during the period of suspension to meet the deficit of a trillion dollars in 2013. In practice, however, it does look like a blank check for the Treasury and the U.S. government to borrow indiscriminately up until 19 May. In one sense, Republicans, Democrats and the White House continue to kick the can down the road as no real solution is given to the debt and spending problems.

The House of Republicans have reiterated over the last two years that would not increase the debt ceiling unless this increase was accompanied by the same amount of spending costs. However, the law passed yesterday does not state that have the supposed balancing of the budget must occur.

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Contributed by Luis Miranda of The Real Agenda.

Luis R. Miranda is the Founder and Editor of The Real Agenda. His 16 years of experience in Journalism include television, radio, print and Internet news. Luis obtained his Journalism degree from Universidad Latina de Costa Rica, where he graduated in Mass Media Communication in 1998. He also holds a Bachelor’s Degree in Broadcasting from Montclair State University in New Jersey. Among his most distinguished interviews are: Costa Rican President Jose Maria Figueres and James Hansen from NASA Space Goddard Institute.

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  • SKIP

    This should cause some problems soon but did anyone here think the congress surrender monkeys would do anything other than exactly what Obamuslim told them to do?

  • Truthhound

    No surprise at all; the entire legislative branch of government exist only to polish the boots of the current decider in chief. They’ve already approved in advance federal mischief yet to be imagined.

  • Maxwell

    It just speeds up our economic demise. Isn’t it time to replace both parties with some Constitutional conservatives? You get what you vote for.

    • Stef

      “You get what you vote for” precisely. Personnally I’ve come to the conclusion that most people are too dumb to cast an enlighted vote and thus the situation we’re in, and the situation we will get again if we try the same things over and over.

      Universal suffrage simply doesn’t work. The Republican system wasn’t meant for it either.

      • Bob

        Well said…..I agree with you 100%. All they hear is the little “snippits” the lib’s throw out into the media….generally lies..and without reading up on the issue,they believe the lies and vote in accordance with. Extremely sad

  • Kulafarmer

    Eh…… Whats another few trillion? They can just raise taxes on the rich right!
    Bunch of donkeys
    I say everyone dont file taxes this year unless THEY owe you money

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