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Tue Jan 22, 2013, 12:06 PM

House Republicans Plan to Keep Debt Limit but Suspend It Until May

Source: Washington Post

Forget about raising the federal debt limit. House Republicans are proposing to ignore it altogether -- at least until May 18.

The House plans to vote Wednesday on a measure that would leave the $16.4 trillion debt limit intact but declare that it “shall not apply” from the date the measure passes until mid-May.

This approach -- novel in modern times -- would let Republicans avoid a potentially disastrous fight over the debt limit without actually voting to let the Treasury borrow more money.

The House Ways and Means Committee unveiled the measure Monday; it is scheduled for a hearing in the Rules Committee on Tuesday and to hit the House floor on Wednesday. In addition to postponing a partisan fight over the debt limit, the measure seeks to force Senate Democrats to negotiate over a formal budget resolution by mandating that lawmakers’ paychecks be held in escrow starting April 15 unless Congress adopts a comprehensive framework for spending and tax policy.

Read more: http://www.washingtonpost.com/business/economy/house-republicans-plant-to-keep-debt-limit-but-suspend-it-until-may/2013/01/22/14bc4f3e-64ae-11e2-85f5-a8a9228e55e7_story.html?wpisrc=al_comboPNE_p



Crazy idea: JUST RAISE THE F-----G THING and stop scaring the crap out of the global markets.

11 replies, 1540 views

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Arrow 11 replies Author Time Post
Reply House Republicans Plan to Keep Debt Limit but Suspend It Until May (Original post)
WilliamPitt Jan 2013 OP
ebayisajoke Jan 2013 #1
WilliamPitt Jan 2013 #2
valerief Jan 2013 #5
zbdent Jan 2013 #6
In_The_Wind Mar 2013 #11
kairos12 Jan 2013 #3
Angry Dragon Jan 2013 #4
SunSeeker Jan 2013 #7
DallasNE Jan 2013 #10
yurbud Jan 2013 #8
DallasNE Jan 2013 #9

Response to WilliamPitt (Original post)

Tue Jan 22, 2013, 12:09 PM

1. Kicking The Can

They love kicking the can down the road because someone in the stock market is benefiting from it. The minute they get a budget passed the stock market crashes.

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Response to ebayisajoke (Reply #1)

Tue Jan 22, 2013, 12:12 PM

2. "The minute they get a budget passed the stock market crashes."

Please explain.

P.S. Welcome to DU.

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Response to ebayisajoke (Reply #1)

Tue Jan 22, 2013, 12:46 PM

5. Yep, I hope they stub their toes with all their can kicking. nt

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Response to ebayisajoke (Reply #1)

Tue Jan 22, 2013, 12:47 PM

6. Actually, since November 2010,

Any time John Boehner made a deal with Obama, the stock markets went up ... I'm not saying by a lot, but they did go up.

As soon as Boner met with his Teahdist tantrum-throwing toddlers, and went in front of the cameras to say he changed his mind about the deal, the stock market went down.

It's called the "Pie-hole effect".

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Response to ebayisajoke (Reply #1)

Thu Mar 14, 2013, 06:04 AM

11. Hello ~ ebayisajoke

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Response to WilliamPitt (Original post)

Tue Jan 22, 2013, 12:12 PM

3. Ignore It All Together or Till Another Day

The same approach Shrub took with Katrina. That worked out wonderfully for New Orleans!!!

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Response to WilliamPitt (Original post)

Tue Jan 22, 2013, 12:29 PM

4. the idiot party strikes again

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Response to WilliamPitt (Original post)

Tue Jan 22, 2013, 12:59 PM

7. How is that any less ridiculous than minting a trillion-dollar coin? nt

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Response to SunSeeker (Reply #7)

Tue Jan 22, 2013, 04:18 PM

10. Excellent Point

A gimmick is a gimmick no matter the cloth you wrap around it.

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Response to WilliamPitt (Original post)

Tue Jan 22, 2013, 02:39 PM

8. kick the can until people figure out how to vote them out of office.

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Response to WilliamPitt (Original post)

Tue Jan 22, 2013, 04:15 PM

9. This Opens The Door To Make "Shall Not Apply" Permanent

I mean, if a ceiling shall not apply for 3 months why would it ever be needed. Plus, what happens on May 19th when the debt is $16.9T and the $16.4T ceiling kicks back in? How could the government write any checks for anything until enough revenue came in to get us back to $16.4T. Only then could you start writing checks not to exceed the incoming revenue stream and only after interest on the debt has been paid in full. Now this would really set up a fiscal cliff.

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