House to vote on allowing borrowing above the debt ceiling

[sailingaway]

The Republican-led House of Representatives plans to vote next week on legislation that would allow the US government to borrow above the debt ceiling, in a move meant to stave off default.

But the “Full Faith and Credit Act,” which was adopted in committee last week, would allow the government to borrow above the debt limit for only two types of spending: paying down the debt and funding Social Security.

The US government currently has enough money for another couple of weeks, facing the latest in a series of spending precipices, as Congress and President Barack Obama continue to clash over budget priorities.

Earlier this year, Congress passed a measure which suspended the debt ceiling, currently set at $16.4 trillion dollars, through May 18.

more: http://www.rawstory.com/rs/2013/05/...tm_campaign=Feed:+TheRawStory+(The+Raw+Story)

 

[torchbearer]

no

 

[tsai3904]

Before anyone freaks out and sees Amash and Bentivolio as cosponsors of the bill (HR 807), the House leadership completely amended the original bill by McClintock.

The original bill would have prioritized spending on interest and principal on debt should the debt limit be reached. That's all it would have done.

The amended bill now allows for the Treasury to borrow beyond the debt limit to pay off interest, principal and social security.

I am positive Amash would not want to be a cosponsor of this amended legislation.

 

[tsai3904]

This bill would be the next step in eliminating the debt limit. If they start excluding debt payments and social security payments from the debt limit, it's only a matter of time before they exclude other payments.

If your Congressman is a Republican, let them know that this is a dangerous bill (HR 807).

 

[Darguth]

It would allow borrowing above the debt limit in order to pay down the debt.

Dafuq?

 

[tsai3904]

Good to see Amash opposed to this:

Justin Amash ‏@repjustinamash
On Thursday, I'm voting no on bill that exempts interest on debt & Social Security from debt limit. 1st step toward eliminating debt limit.

He is a cosponsor of the bill but that was before House leadership amended the bill.

 

[tsai3904]

Bill passed 221-207.

8 Republicans voted No and probably only two of them (Amash and Massie) did it for the right reasons (the others are Democrats lite).

http://clerk.house.gov/evs/2013/roll142.xml

 

[Seraphim]

Methinks the debt ceiling is not a ceiling at all.

 

[Warlord]

Why the f**k did they pass this?

The GOP conference is worse than I thought.

 

[Warlord]

There's no way an actual conservative should support any bill adding exemptions like this.

Yet they all did !

HOLD THE LINE

STOP BORROWING, STOP RAISING THE DEBT CEILING

SHUT DOWN THE GOVERNMENT UNTIL THE DEMOCRATS AGREE TO A BALANCED BUDGET

But no.... the madness continues.

 

[tsai3904]

Why the f**k did they pass this?

The GOP conference is worse than I thought.

House leadership is very clever. They'll take good concept bills with good names and amend them to cover up their actions. It makes the bills fly under the radar.

First it was No Budget No Pay where they added a section in there to suspend the debt ceiling and now this. They took a good bill where debt ceiling is not raised to one where it exempts items from the debt ceiling. They market it as prioritizing payments and the bill flies under the radar. No mention of this bill from C4L, FreedomWorks, Club for Growth, etc.

 

[tsai3904]

The bill was amended by committee on April 30.

I tweeted to Amash on May 2 asking him about this bill and he didn't even know it was amended. He said he will review it and didn't make any public statements about it until yesterday, one day before the vote.

House leadership is clever and sneaky.

 

[Warlord]

House leadership is very clever. They'll take good concept bills with good names and amend them to cover up their actions. It makes the bills fly under the radar.

First it was No Budget No Pay where they added a section in there to suspend the debt ceiling and now this. They took a good bill where debt ceiling is not raised to one where it exempts items from the debt ceiling. They market it as prioritizing payments and the bill flies under the radar. No mention of this bill from C4L, FreedomWorks, Club for Growth, etc.

They need to get more on the ball. This could have been defeated if the groups woke up.

 

[thoughtomator]

The legitimacy of legislation brought into existence in this manner is very much in question.

 

[tsai3904]

Press release from Massie:

Congressman Massie has released the following statement regarding his vote against the Full Faith and Credit Act.

“I voted against the Full Faith and Credit Act today because it is a debt limit increase, and I think many do not realize that,” said Rep. Massie. “While I support the idea of debt prioritization, this bill does not do that.”

The original prioritization language was replaced in committee with language that allows the federal government to further increase the nation’s debt. By exempting interest payments and many principal rollovers from the debt limit, this bill now permits, and even incentivizes, the federal government to continue issuing trillions of dollars of new debt.

“Instead of helping to bring the national debt under control, this bill will only make a bad problem worse,” continued Massie.

 

[Xhin]

would allow the government to borrow above the debt limit for only two types of spending: paying down the debt

So you can borrow money to pay back the money you've borrowed, probably for paying off the debt that you had previously borrowed?

 

[paulbot24]

I'm surprised they haven't tried to spin this to increase their approval readings:

Washington:You like maxing out your credit?
Us: Yes!
Washington:So do we!

Washington Do you really want to pay it back?
Us: No!
Washington:Neither do we!

Washington:We find having a budget very limiting! Don't you? Wouldn't you rather just write checks and not care?
Us:Yes!

Washington:Good! So that's what we're going to do!
Us: Sounds great! Let's do it!
Washington:Well, you technically can't but I'm glad we agree!

Yeah, never mind, that last part probably wouldn't go over well.

 

[bbjaylive]

Good. The debt ceiling is a stupid idea. Who votes to pay for what you've already borrowed? It makes no sense.