2011-08-04

Debt Ceiling Vote

Ed Perlmutter (D-CO) said this about the vote:
I was angry about this vote because of the process, the process of bringing our country right up to a default and scaring seniors and making our active military worry they may not get a paycheck. In terms of the ultimate agreement, it's a strong fiscal plan. It goes out 10 years and puts a real framework on managing our expenses. I would have liked revenue as part of the plan, but that wasn't meant to be.
So who exactly was he mad at?

Not raising the debt limit does not necessarily mean a default. President Obama's Treasury Secretary would have to make that happen. (Sen. Pat Toomey's article on this.)

It was the President who was the one who threatened those on Social Security with withholding their checks.

And as for it being a "real framework on managing our expenses," apparently not so much:

Washington Times
U.S. debt shot up $239 billion on Tuesday — the largest one-day bump in history — as the government flexed the new borrowing room it earned in this week’s debt-limit increase deal.

That increase puts the government already remarkably close to the new debt limit of $14.694, which means one day’s new borrowing ate up 60 percent of the $400 billion in space Congress granted the president this week.

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