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Saturday, September 29

U.S. Senate agrees to raise U.S. credit limit (53 agreed - 42 did not)

Does anyone know how I can get a hold of each senator's voting position on this? I would sure like to know who the 42 nay votes were and why they voted that way.

I thought this site would have it, but it's just a brief story:

Now before the Senate is a resolution raising the ceiling on the government's debt limit. By $850 billion! Baucus (MT) says that the Senate has no choice but to approve it; that if the Senate does not raise the limit, the U.S. Treasury will default. This will be the fourth increase under W. The Treasury Debt is something like $10 trillion.

Baucus says that raising the debt ceiling is like paying our credit card bill. "The bill's due, you gotta pay it." Except most bills are paid with cash whereas this one is paid with debt (in the form of federal reserve notes, a.k.a. dollar bills).

WTF???? If 42 senators voted against this, then 42 senators were ok with letting the US Treasury default - yes? Do these senators feel it's time to pay up? Well....I do too! It took hubby and I almost 20 years to get out of debt (except for the house) and it took a lot of hard work and "sacrifice". I don't know about you, but I'm done working my ass off to pay for my stupid (totally unecessary) spending habits of the past. I sure the hell don't want my kids working round the clock when it's their turn in the real world -- especially when their cost of living will be a direct result of this generation's out of control consumption and our government's constant feeding of the war machine

Nothing makes sense. If I can't pay my debt - nobody gives me more credit. Do you know that ever since my 17 year old HS senior signed up for the SAT last year, he gets more credit card approvals and offers then he does college info. MAKES ME CRAZY!

Here's the full(?) story from reuters.

"We have no choice but to approve it. If we fail to raise the debt ceiling soon, the U.S. Treasury will default for the first time in its history," said Senate Finance Committee Chairman Max Baucus.

"Plainly, especially in this credit crisis, we cannot let that happen," the Montana Democrat added.

But Sen. Tom Coburn, an Oklahoma Republican, urged lawmakers to reject the debt increase and concentrate on spending cuts instead.

"Families across America don't have the luxury of loaning themselves any money when they've maxed out their credit. But that's what we're going to do," Coburn said


crossposted at BigBrassBlog

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