The Senate of the USA has now passed a budget deal with an increase to debt which is expected to last until after Barack Obama’s second term in office ends:
October 30, 2015
The U.S. Senate passed a two-year budget deal early Friday that aims to prevent the government from defaulting on its debts and extends its borrowing authority until March 2017.The bill, which was passed by the Senate shortly after 3:00 a.m. EDT, will now be sent to President Barack Obama for signing before a Tuesday deadline.
The legislation reportedly passed by a vote of 64-35, despite opposition from several Republican senators. http://www.ibtimes.com/us-senate-passes-2-year-budget-deal-through-march-2017-averts-government-shutdown-2162874
October 30, 2015
WASHINGTON—The Senate early Friday passed legislation boosting spending levels for the next two years and raising the debt limit in a move to curb major fiscal fights until a new administration is in office.
Friday’s early morning vote of 64-35 will enact a sweeping deal that came together only days before. Congressional leaders reached an agreement with the White House late Monday increasing spending by $80 billion through September 2017 and increasing the federal government’s borrowing limit until mid-March 2017.
The Treasury Department had warned that Congress had to raise the debt ceiling by Nov. 3 to avoid risking a default on the country’s debt. …
“We will be giving President Obama a free pass to borrow as much money as he can borrow in the last year of his office,” GOP presidential candidate Sen. Rand Paul of Kentucky said on the Senate floor Thursday beside a poster of a mock “unlimited credit card” issued to Mr. Obama. http://www.wsj.com/articles/u-s-senate-passes-budget-bill-averting-risk-of-default-1446190025
October 30, 2015
President Barack Obama won passage by Congress early Friday of legislation that lifted the threat of a default on government debt through the end of his presidency and a budget blueprint easing strict spending caps through September 2017. …
Obama is expected to sign the bill into law promptly. …
The two-year budget provision provides new top-line spending levels for Congress for the fiscal year that began Oct. 1 and the one starting Oct. 1, 2016.
It loosens budget caps, allowing an additional $80 billion in spending on military and domestic programs over the two years.
But lawmakers still need to allocate that money among thousands of budget line items. They face a Dec. 11 deadline, when existing spending authority by government agencies expires, and a spirited fight is expected. …
Senator Ted Cruz, a rival Republican presidential candidate, returned to Washington from the campaign trail to accuse Republican majorities in Congress of “handing the president a blank credit card for the remainder of his tenure.” http://www.cnbc.com/2015/10/30/us-senate-passes-debt-limit-budget-bill-sends-to-obama.html
Barack Obama won? Well, the long-term best interests of the economy of the USA did not.
As I have stated before, it really is a bad joke to say that the US really has a ‘debt celing,’ because it always eventually decides to raise the total. Oh yes, there are complaints and some government programs can get affected for a while, but the government of the USA does not believe it can operate without increasing debt, so it keeps increasing debt. Debt that it really never intends to pay back. And this latest bill allows for increases in debt. ...
News Presenter: John Hickey