A bill to increase the federal debt ceiling by $2.4 trillion was rejected in the House of Representatives on Tuesday. This symbolic 318-97 vote (all Republicans and 82 Democrats opposed the bill) was a message that Congress would not increase the federal borrowing limit unless it is linked to a deficit-reduction plan.
Lawmakers Say Deficit-Reduction Crucial to Debt Limit Increase
Ever since Timothy Geithner stated on May 16 that federal debt had hit the $14.3 trillion ceiling, there have been talks of increasing the ceiling.
But lawmakers, both Republican and Democrat have pushed for other considerations in avoiding the possibility of federal default, something that could occur as soon as Aug. 2.
To avoid bailing the country out by simply increasing the debt ceiling, lawmakers have asked for deficit reductions through program spending cuts and increased taxes. But because lawmakers have not been able to decide which route to take in reducing the deficit, the entire debt-saving agenda has been held at a stand-still.
Some Democrats Criticize the Vote
Though a large number of Democrats opposed the bill to increase the debt ceiling, some other Democrat lawmakers have spoken in opposition of rejecting bill, calling the vote risky political theater.
Rep. Sander Levin (D-Mich.) was quoted in a Wall Street Journal article, stating ”Bringing up this bill in this fashion is a ploy so egregious that Republicans have had to spend the last week pleading with Wall Street not to take it seriously.”
There have been some concerns that the vote would have a negative effect on the markets, but Republican Rep. David Camp (R-Mich.), chairman of the Ways and Means Committee, bet that they would not be rattled by the measure’s defeat and would instead “understand the purpose of the vote.”
The issue many lawmakers have with the political bantering is that a deadline is rapidly approaching. If the deficit isn’t somehow under control soon, the government could default on its debts.
The repercussions would eventually trickle down to Americans as borrowing costs could increase significantly and eventually push the economy back into a recession.
Can the Republican idiots in Congress please get their panties out of a bunch and help pass a ceiling increase, as well as a deficit reduction plan?
It is time for congress to get their head out of the sand and realize what they are doing to our children, grandchildren, and great grandchildren. Why can’t we shut down Afganistain, Iraq and Libia for starters, and they close down all the bases worldwide that we don’t need since WWII, and the cold war is over?
We need to balance the budget in Washington just like we do in families. Govertment has inceased over 40% in the last few years which is away above what we are taking in.