White House: Debt Ceiling Must Be Raised

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Vance

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WASHINGTON Nov 3, 2004 — The Bush administration announced Wednesday that it will run out of maneuvering room to manage the government's massive borrowing needs in two weeks, putting more pressure on Congress to raise the debt ceiling when it convenes for a special post-election session.

Treasury Department officials announced that they will be able to conduct a scheduled series of debt auctions next week to raise $51 billion. However, an auction of four-week Treasury bills due to be completed on Nov. 18 will have to be postponed unless Congress acts before then to raise the debt ceiling.

"Due to debt limit constraints, we currently do not have the capacity to settle our four-week bill auction scheduled to settle on Nov. 18," Timothy Bitsberger, acting assistant Treasury secretary for financial markets, said in a statement.

Congress is scheduled to return for a lame-duck session beginning on Nov. 16 to deal with the debt ceiling, an omnibus spending plan for the rest of this budget year and other matters.

The Republican-controlled Congress put off dealing with the debt ceiling before adjourning in October, preferring not to force members to vote on the politically sensitive issue of adding to the national debt before the November elections.

Source: http://abcnews.go.com/Politics/wireStory?id=223596




My tip: When you have your own child(ren) and grandchild(ren), be sure to explain to them that they will have to work 12 - 16 hours and 6 - 7 days per week to pay off the huge debts/tax in future. Ok? Good. We don't need to disappoint our child(ren) and grandchild(ren) right?
 
That pisses me off.

Conservative values, my ass! 435 billion in red ink aint good for the USA.

"Tax and Spend Democrats", my ass! It's more "Borrow and Spend" attitude of the Dumbya Administration that totally pissed me off and got me voting Democrtatic. Clinton showed RESPONSIBILITY with the budget and produced a surplus that Dumbya later spent like a drunk sailor.

Mark my words, The Bush Administration will go down in flames perhaps by the middle of the 2nd term, and the Republicans will LOSE control of Congress in the 2006 Mid-Term elections.
 
sablescort said:
That pisses me off.

Conservative values, my ass! 435 billion in red ink aint good for the USA.

"Tax and Spend Democrats", my ass! It's more "Borrow and Spend" attitude of the Dumbya Administration that totally pissed me off and got me voting Democrtatic. Clinton showed RESPONSIBILITY with the budget and produced a surplus that Dumbya later spent like a drunk sailor.

Mark my words, The Bush Administration will go down in flames perhaps by the middle of the 2nd term, and the Republicans will LOSE control of Congress in the 2006 Mid-Term elections.
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Yup. There is some kind of 'republican' war or rather, shift in GOP already. I mean, these old tradition republican or conversative will be very, very pissed off within two years. 20 - 30% of them already complained about Bush and want Kerry to be a president.. but now Bush won by these frauds once again, we will see more problems from Bush in no time.

'Compassionate Conservatism' Yeah right... :sure:
 
I agree with your assessement on the "Old Guard" Republicans getting really pissed off about the budget deficit. I voted for an "Old Guard" Republican in my Congressional District who also voted against the Iraq mess. Right now Duncan's pretty steamed about the way the budget is being handled by both Dumbya and the neocons.

What my congressman had been saying all along about the budget deficit:

http://www.house.gov/duncan/2004/kns091804.htm

"(The deficits) are really going to catch up to us in the coming years," Duncan said, adding, "We're not being nearly conservative enough."
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http://www.house.gov/duncan/2003/kns110203b.htm

The list of have-nots continues to grow as Congress spends massive sums rebuilding war-torn Iraq and supporting a vast troop deployment in Iraq and Afghanistan.

Increasingly, needy U.S. interests are getting shortchanged because President Bush and Congress are spending all our tax revenues and are borrowing about $400 billion a year to make ends meet.

U.S. Rep. John J. Duncan Jr. of Knoxville accurately predicted this would happen before the United States launched the war in Iraq, and he voted against it. Too few listened to him at the time.

Bush and many in Congress now are pretending they can approve a $400-billion prescription drug program for senior citizens without making harmful cuts in the Medicare program or by borrowing more money.
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That guy was the only Republican I voted during the elections because of his belief in traditional conservative beliefs (small govt, less debts and not invading foreign countries). My problem is not with the traditional Republican party but with Dumbya and the Neocons that have hijacked the Republican party.
 
Whomever wins, we lose. That's the way it's going to be with this generation of politicians.

I identify myself as a social liberal yet fiscal conservative. These hacks in charge are the exact opposite, restricting our social freedoms while spending every dime in sight.

We need some common sense politicians. I'm going to start my campaign today. Won't you join me?
 
Hee hee, I am wondering if we will make it to the end of the week now that the freak in the White House has been handed a blank check.
:)
 
Keep going on posting bad news for us Magatsu!! make those Bush voters realize!! that economy is not great as those thought it was in the exit poll!
 
Boult said:
Keep going on posting bad news for us Magatsu!! make those Bush voters realize!! that economy is not great as those thought it was in the exit poll!
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Heh, I will. That's what I am going to do from now to wake up some Bush supporters.

There is always temporary economy boosts right after the election or exit poll, it is like a 'rule'. But once illusional 'temporary' effect is over, we will see the economy issues surface in no time. Gas prices already boost and will continue past $60 per barrel. There will be massive job cuts within 6 months - 1 year, greater numbers enough to make people wince. There will be lot of angry senior citizens in few months - 1 year. Angry senior citizens are very dangerous people to deal with.

Who suffers? Low & middle class, unfortunately that Bush supporters does not see that way... Oh well, once reality set in, some of them will join us and scream & fight... Just like 20 - 30% of republicans already did (check my recent news: Some Bush Supporters Say They Anticipate a 'Revolution')
 
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