Senate Passes Increase in Debt Limit

(AP)  Senate Democrats needed all the 60 votes at their disposal Thursday to muscle through legislation allowing the government to go $1.9 trillion deeper in debt.

Democratic leaders were able to prevail on the politically volatile 60-39 vote only because Republican Sen.-elect Scott Brown of Massachusetts has yet to be seated. Republicans had insisted on a 60-vote, super-majority threshhold to pass the measure. An earlier test vote succeeded on a 60-40 vote.

The measure would would put the government on track for a national debt of $14.3 trillion - about $45,000 for every American

and it served as a vivid reminder of the United States' dire fiscal straits.

The massive increase in the debt limit would allow majority Democrats to avoid another vote until after the midterm elections this fall. New estimates released by the Congressional Budget Office on Tuesday show that the U.S. this year could run a deficit matching last year's record $1.4 trillion shortfall.

To win the votes of moderate Democrats, President Barack Obama promised to appoint a special task force to come up with a plan for dealing with the spiraling debt.

And to get the support of moderate "Blue Dog" Democrats in a House vote next week, the measure includes tough new "pay-as-you-go" budget rules to make it harder to run up the deficit with new tax cuts or federal benefit programs. Senate Democrats had been reluctant to approve the new deficit curbs but relented and approved them by a 60-40 vote.

Several Republicans who had earlier voted for the new rules, which would make it more difficult to permanently extend some tax cuts that expire at the end of this year, switched their positions and opposed it.

They include John McCain or Arizona, who's facing a primary battle with former Rep. J.D. Hayworth, who's winning support from conservative "tea party" activists.

To make raising the debt ceiling easier for moderates and politically endangered Democrats to swallow amid a populist uprising against government borrowing and spending, Obama promised in his State of the Union address night to appoint a bipartisan task force to come up with a plan .

"I will issue an executive order that will allow us to go forward, because I refuse to pass this problem on to another generation of Americans," he said.

The 60 votes Democrats need from their own caucus include those of incumbents facing difficult re-election battles this year as well as longtime opponents of raising the debt limit, such as Sen. Evan Bayh, D-Ind.

The task was made more difficult last week when Brown won the late Edward M. Kennedy's Senate seat. On Feb. 11, when Brown plans to take office, the Democrats' majority shrinks to 59 and the GOP will have the 41 votes it needs to filibuster what it doesn't like in the agendas pushed by Obama and Democratic leaders.

"It took 200 years to build the federal debt to a total of $1.9 trillion," Sen. Judd Gregg, R-N.H., said. "Now the majority wants to increase the current limit ... by $1.9 trillion so that we can finance the government's borrowing binge long enough to get us past the November 2010 elections."

Democrats and Republicans alike share responsibility for running up the debt, but it falls upon Democrats to pass the measure since they control the government. It makes no difference that Republicans routinely backed increases in the debt when former President George W. Bush was in office.

Republicans blame recent generous spending bills enacted by the Democratic-controlled Congress for driving up the debt. Those measures, however, are just one relatively small part of the problem. The far bigger element is a sharp drop-off in tax revenues because of the recession and the economy's slow recovery, as well as higher costs, since more people are taking unemployment benefits and food stamps in tough times.

[fedup12]

We r sinking FAST

[6591Hou]

Give everyone over the age of 21 $500,000 and tell them to a). buy an American made car, b). pay off their credit cards, c). put the balance against their mortgage (or if they're not a homeowner put it in savings).... helps the banking industry, helps the auto industry, helps consumer credit, boosts the economy.

[fedup12]

I kinda think im fubar. I am 43 and have been saving my pennies and balancing my checkbook forever.

Wish we had a government that could say the same.

We need to force the issue and require a balanced budget amendment to the constitution.

And please dont give me the ol Republicans will fix things because I know better. They like to spend just as much as the Libs and then cut taxes. Would be like a rich banker taking a job at McDonald's and trying to maintain his rich banker lifestyle.

[fedup12]

Ooooh please. The same thing would have happened under McCain and the Stain.

Honestly you all are a bunch of hypocrites...

Except McCain and the Stain would have given the rich another tax break by now.

[A BIG STICK]

IT WAS MY HOPE WHEN OBAMA SAID HE WAS GOING TO DRILL OFFSHORE, THAT HE WOULD HAVE SAID THE CALIFORNIA COAST. TO SEE MISS NANCY JUMP UP AND PASS OUT,PRICELESS.

[A BIG STICK]

I'M TRYING TO VIEW THIS SPEECH, RENEWED POLICES AND AGENDA AS GOOD NEWS RATHER THAN BAD. FOOL ME ONCE SHAME ON YOU, FOOL ME TWICE SHAME ON ME. THE WIZARDS CURTAIN IS TORN, TATTERED, AND FALLEN. HE MAY BE WILLING TO SACRIFICE HIS POLITICAL PARTY AND THE LEFT, HENCE THE WILL OF THE AMERICAN PEOPLE AND ANY POLITICIAN WITH AN OUNCE OF SENSE WILL DISTANCE THEMSELVES FROM THIS EGOTISTICAL DREAMER DESTROYER. HIS ARROGANCE SHINES THROUGH HIS CONTINUED BASHING OF ANYONE AND EVERYONE EXCEPT HIMSELF. I WONDER HOW THE SUPREME COURT OF THE LAND FELT ABOUT A LECTURE AND SMACK DOWN IN FRONT OF NOT ONLY THE LEADERS AND THE PEOPLES REPUBLIC, BUT THE ENTIRE WORLD.
PEOPLE OF THIS GREAT COUNTRY, NOVEMBER WE THE PEOPLE WILL ONCE AGAIN HAVE OUR OPPORTUNITY TO VOICE OUR WILL WHEN WE CAST OUR VOTE!!!! IT'S TIME TO STAND UP AND BE COUNTED. IT'S TIME TO REMOVE THE I, I, I, I AND GET A PRESIDENT, SENATORS AND CONGRESSMAN THAT CAN SAY WE,WE,WE,WE, AND US,US,US,US.

[sunday42]

My family is in debt to the point we can't get out of it, so we need another credit card!!!! What an A hole we have pretending to lead this country!!!!

[starving1968-2]

You can't manage your indebtedness, and instead of controlling your spending, you order up another credit card, and your financial situation is Obama fault?

[bciss]

Are people really that dense? Yes Obama is bought and paid for like the rest of them. The dems have been horrible. Yet, such very short term memories from so many commenters, or perhaps selective. Considering all most everything people moan and wail about. Was the same or even initiated under Bush and republican controlled houses.

All you people seem to hear or see is what a politician says that aligns with some desire or belief you have. Then completely ignore reality and history of their actual actions. How many times do you have to be lied to by your favorite dem/rep before you wake up? They are two sides of the same coin. They play good cop, bad cop. Depending on who is perceived to be in power. Yet their actions always end up basically the same.

They are not on your side. Is it any wonder they treat the public with such disdain. The majority of the public seem completely incapable of independent critical thought. Even when the charade is obvious.

[Harden_Tar]

Unless Big O is willing to roll back spending to some year in the past, there is no cutting anything.

[FamilyInCT]

So strange that CBS is so Pro Obama and thus never mentions any of these concerns voiced by the public. I wonder why ? How can CBS continue to be so obviously biased to an adminstration that is choking our democratic well being ?

[Union76]

You mean the GW Bush abminstration don't you? The dismissal of civil liberties and huge deficits and an astronomical debt of 8 years of Bush is what got President Oboma elected.

[sunday42]

Another cave person comment. Blame, blame, blame while the country burns under a president, and I use the term literaly, kills this country. The days are coming when the people will take to the streets and it will be soon.