Author Topic: Surprise! Debt-ceiling deal gives Obama a blank check: Loophole will allow government to spend WITHOUT LIMIT until February  (Read 384 times)

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Online mystery-ak

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Surprise! Debt-ceiling deal gives Obama a blank check: Loophole will allow government to spend WITHOUT LIMIT until February

    Congressional deal set a time limit for a debt-ceiling extension, but didn't cap it with a fixed dollar amount
    Obama's three autumn demands – a new budget, a farm bill and comprehensive immigration reform – could take the U.S. into uncharted debt territory while Treasury stops enforcing a limit
    Democrats' immigration demands, previously parried with complaints about the cost of new border fences, could suddenly seem easy to grant
    Food stamp recipients, paid through the farm bill, have doubled under Obama and that growth shows no sign of stopping 
    U.S. national debt stands to add a minimum of $300 billion between now and Feb. 7, when the eleventh-hour deal negotiated Wednesday expires

By David Martosko, U.s. Political Editor

PUBLISHED: 18:01 EST, 17 October 2013 | UPDATED: 18:08 EST, 17 October 2013

It's the ultimate sweetheart deal for a free-spending federal government: Wednesday night's debt deal didn't actually raise the limit on America's credit card, but instead removed it entirely until February 7, 2014.

Whether through legislative sleight-of-hand or something less sinister, the law of the land now permits the U.S. to run up new debts for 16 weeks without consequences, and forbids the Treasury Department from enforcing the debt limit that ordinarily keeps spending from spiraling out of control.

Some observers noted on Wednesday that when Congress burned the midnight oil to debate a deal that would save the U.S. from crashing through its existing $16.7 trillion debt ceiling and risking a credit default, there was no debate over exactly how far to raise it.

House and Senate negotiators only discussed how long the agreement would last.

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Offline GourmetDan

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I am absolutely shocked that this was allowed to happen...     :silly:

"The heart of the wise inclines to the right, but the heart of the fool to the left." - Ecclesiastes 10:2

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Offline Rapunzel

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Btt Dan, McConnell and Boner are the good guys /s
β€œThe time is now near at hand which must probably determine, whether Americans are to be, Freemen, or Slaves.” G Washington July 2, 1776

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