Submitted by Tyler Durden on 01/18/2012 17:24 -0500
Debt Ceiling
Reuters
Ron Paul
Steny Hoyer
A short time ago, the House of Representatives rejected (by 239-176 though not enough to avoid Obama's veto) the $1.3tn increase in the federal debt limit. As Reuters notes, this vote seems like 'a largely symbolic vote aimed at staking out election-year positions on government spending' as we know by now that Timmy G will underfund yet another pension plan (on the promise to transfer-pay it all back very soon) if it ever came to that. The Hill also adds Democratic comments that this was clearly 'a political stunt' as the House Minority Whip Steny Hoyer says "This is a game that will say, see, I voted against debt." Where the sound-and-fury is laughable of course is that both the House and Senate need to 'disapprove' of the debt ceiling hike that is already 'pre-approved' in last year's Budget Control Act (and the Senate is widely expected not to disapprove). As politician after politician sought media-time, Ron Paul echoed his sensibilities (though not really helpful in this situation) that "we're in denial", and "you can't solve the problem of debt by accumulating more debt."
The Hill: House approves resolution opposing Obama's debt limit hike
The House on Wednesday evening approved a
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Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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