Senate Backs Almost $9 Trillion Debt Limit

[Gold9472]

Senate Backs Almost $9 Trillion Debt Limit

http://www.sfgate.com/cgi-bin/articl...w083917S55.DTL

By ANDREW TAYLOR, Associated Press Writer
Thursday, March 16, 2006

The Senate voted Thursday to allow the national debt to swell to nearly $9 trillion, preventing a first-ever default on U.S. Treasury notes.

The bill passed by a 52-48 vote. The increase to $9 trillion represents about $30,000 for every man, woman and child in the United States. The bill now goes to President Bush for his signature.

The measure allows the government to pay for the war in Iraq and finance Medicare and other big federal programs without raising taxes. It passed hours before the House was expected to approve another $91 billion to fund the war in Iraq and provide more aid to hurricane victims.

[Partridge]

Guess you gotta cut back on the federal programs, cos there's no way it makes sense to curb military spending. That's crazy talk, CRRAAAAZZZZZYYYY TALK!

[Uber Commandante]

Senate Backs Almost $9 Trillion Debt Limit

http://www.sfgate.com/cgi-bin/articl...w083917S55.DTL

By ANDREW TAYLOR, Associated Press Writer
Thursday, March 16, 2006

The Senate voted Thursday to allow the national debt to swell to nearly $9 trillion, preventing a first-ever default on U.S. Treasury notes.

The bill passed by a 52-48 vote. The increase to $9 trillion represents about $30,000 for every man, woman and child in the United States. The bill now goes to President Bush for his signature.

The measure allows the government to pay for the war in Iraq and finance Medicare and other big federal programs without raising taxes. It passed hours before the House was expected to approve another $91 billion to fund the war in Iraq and provide more aid to hurricane victims.

But what is even more interesting is in the full story, where you will read that:

Before approving the bill, Republicans rejected by a 55-44 vote an amendment by Max Baucus, D-Mont., to mandate a Treasury study on the economic consequences of foreigners holding an increasing portion of the U.S. debt.

At present, foreign countries, central banks and other institutions hold more than one-fourth of the debt, but that percentage is growing rapidly.

So...why would the repubs want to block something like that? Possibly because it would let the Amerian people know just how much economic danger we are in when foreign countries hold that much of our money. Those kinds of holdings can easily be used as a devastating economic weapon against the US, and so we have to keep the people from knowing that Bush's economic policies are edging us closer to the line of fire - after all....he's the 'security' president, right???

[Gold9472]

I have nothing to say.

[EminemsRevenge]