Obama signs bill allowing more US debt

[The Northerner]

Source: Associated Press

WASHINGTON — President Barack Obama has signed legislation lifting the cap on government borrowing to $14.3 trillion.

The new law also puts in place new budget rules to curb growing annual deficits. Known as "paygo" — for "pay as you go" — the rules require future spending increases or tax cuts to be paid for with tax increases or other spending cuts.

If the rules are broken, the White House budget office would force automatic cuts in programs like Medicare and farm subsidies. Most other benefit programs, including Medicaid, Social Security and food stamps, would be exempt.

The debt limit was increased from $12.4 trillion to keep the U.S. from going into default.

Obama signed the bill privately on Friday at the White House.

Read more: http://www.google.com/hostednews/ap/article/ALeqM5jg_DTs8TOMk0AIc0b6Iz6vdtTD0QD9DQROD80

[BumRushDaShow]

1. This tidbit went under the radar (with respect to the Senate finally acting).

Snowmaggedon's fault?

[DissedByBush]

2. Almost there!

Just a little bit more and our debt ceiling will be the same as our gross national product.

I equate debt ceiling with actual debt because you know we'll hit that ceiling soon. We always do.

What do they call a person who has unsecured debt equal to his yearly income?

A candidate for bankruptcy.

[Javaman]

6. What is our current GNP?

I want to throw a party on that day. Then play the Ramones "End of the Century" album.

We are living in some truly biarre times.

[aquart]

3. To eliminate debt, tax the unpatriotic rich.

We are at war. A 90% tax over the first five million is not unreasonable for a nation at war. War is costly. Perhaps the rich would prefer to buy war bonds? Perhaps they would like to show their patriotism by taking their bonuses in war bonds?

We need to stop pretending we are not at war.

[Parche]

5. we are NOT at war

only congress can declare war...and they have not

:hi:

[Yupster]

7. War bonds are more debt

Is that really what we need? More debt?

[ConcernedCanuk]

4. Good idea Barack . . .

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I mean, ya wouldn't want to unfund a war or two

right?