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Tag: MI-09

House just voted to raise debt 1.9 Trillion. Peters was for it before being against it.

By Republican Michigander, Section News
Posted on Thu Feb 04, 2010 at 03:13:59 PM EST
Tags: spending, gary peters, MI-09 (all tags)

A round of Bronx Cheers and boo birds go to the US House today. They voted 217-212 to raise the debt ceiling nearly $2 Trillion more dollars. Obama will sign this, proving that he is no fiscal conservative.

From the AP

The House on Thursday voted to allow the government to go $1.9 trillion deeper in debt -- or about $6,000 more for every U.S. resident. The measure, approved 217-212, would raise the cap on federal borrowing to $14.3 trillion. That's enough to keep Congress from having to vote again before the November elections on an issue that is feeding a sense among voters that the government is spending too much and putting future generations under a mountain of debt to do it.
Already, the accumulated debt amounts to roughly $40,000 per person. And the debt is increasingly held by foreign nations such as China.
Passage of the bill would send it to President Barack Obama, who will sign it to avoid a first-ever, market-rattling default on U.S. obligations.
"I can't think of a more reckless or irresponsible act. Defaulting is not an option," said Rep. Jim McGovern, D-Mass. "If the United States defaults, investors will lose confidence that the U.S. will honor its debts in the future.
Democrats barely passed it through the Senate last week over a unanimous "no" vote from GOP members present.

(6 comments, 935 words in story) Full Story