Democrats Weigh Short-Term Debt Limit Increase

[ChrisBorg]

Source: cnbc

President Obama and Senate Democrats are weighing a scaled-back U.S. budget deal that would avert a looming default but force Congress to tackle the politically toxic issue again before the 2012 elections, a Senate Democratic aide told Reuters on Thursday.

The deal would cover the country's borrowing needs for seven months, the aide said. That would theoretically include budget savings of roughly $1 trillion to attract the Republican support needed to pass it through Congress.

Congress must raise the $14.3 trillion debt ceiling by Aug. 2 to avoid a default that could push the United States back into recession and send financial markets plummeting.

But there has been no progress toward an agreement since talks collapsed last week over tax increases Democrats want to include as part of a deficit-reduction package that would make it easier for lawmakers to sign off on further borrowing.



Read more: http://www.cnbc.com/id/43596260

[damntexdem]

1. Or the Dems could follow the Constitution.

The 14th Amendment REQUIRES the U.S. to pay its debts -- and that trumps the debt-ceiling law. And letting the Bush tax cuts expire will lead later to revenue increases. The Dems should stop negotiating with the GOP House terrorists and just get on with the job of governing.

[SlipperySlope]

7. The 14th amendment does not authorize additional borrowing.

The 14th amendment does not give the treasury the power to borrow, that power is reserved to the Congress by the constitution.

[onethatcares]

2. why oh why can't we see the repukes doing somethng

except threatening to kill the economy for political gain.

I guess the Prez now has a sillyputty spine, and has shared it with the rest of the Dems.

Believe it or not, most average citizens want taxes raised on the wealthiest among us, what the hell is wrong with our representatives hearing?

[Old Codger]

3. They are

Tone deaf, and we are that tone.

[AndyTiedye]

6. Then Who Voted for all these Teabagger Assholes?

Believe it or not, most average citizens want taxes raised on the wealthiest among us, what the hell is wrong with our representatives hearing?

[Doctor_J]

4. Like a short-term extension of the Billionaires Tax Cut

Seriously, running out of reasons to support Dems. And the prez is the poster child for weak-kneed appeasement.

Save your money, put it toward some cause that might actually help the situation. Read The Iron Heel.

[mazzarro]

5. 100% -- You got it - Amen from me! -- n/t