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Crisis averted: bill to end shutdown headed to Obama



Published: Wed, October 16, 2013 @ 10:29 p.m.

WASHINGTON (AP)

Congress has passed legislation to reopen the partially-shuttered federal government and avert a potentially disastrous default on U.S. obligations, clearing the measure for President Barack Obama's promised signature.

Passage of the bill late Wednesday in the House and Senate ended a Washington-created crisis that closed much of government for 16 days. It came on the eve of the date the Treasury Department warned it would no longer be able to borrow to pay the government's bills.

The legislation was carried to passage in the House by strong support from Democrats and 87 yes votes from majority Republicans who had originally sought to use the measure to derail Obama's three-year-old health care law.

The legislation will reopen the government through Jan. 15 and permit Treasury to borrow normally through Feb. 7.


Comments

1Jerry(474 comments)posted 8 months, 3 weeks ago

"......borrow to pay the government's bills."

"......permit Treasury to borrow normally through Feb. 7."

The crisis is $17 trillion in current debt, and up to $90 trillion in entitlement commitments that CANNOT be paid.

No spending reductions. No plan. Nothing was averted. A bunch of ignorant incompetent morons decided to write a blank check for more spending.

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2gdog4766(1382 comments)posted 8 months, 3 weeks ago

Jerry, how do you expect our country to continue to pay for two wars we are currently involved in. Too many people claim our debt is caused by spending on social programs when the massive bulk are these two wars started a long time ago. What do you suggest we do about that.

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3NilesOhio(681 comments)posted 8 months, 3 weeks ago

The "crisis" hasn't been averted. The can has simply been kicked down the road, and has gotten even bigger.

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4Jerry(474 comments)posted 8 months, 3 weeks ago

@gdog4766

FIRST: I am not going to defend US participation in the wars you reference; however, a liberal estimate of the total dollar cost of the two wars is approximately $1.5 trillion over the last 12 years (ref. http://nationalpriorities.org/cost-of/ ). If we assume that every cent of this was borrowed (an unrealistic and unfair assumption), this $1.5 trillion still represents less than 9% of the $17 trillion national debt. Therefore, your assertion that the “massive bulk” of the debt is attributable to the wars is yet another talking point that is FACTUALLY WRONG.

A further point that could be made is that the single largest holder of the debt is the Social Security Trust Fund and Federal Disability Insurance Trust Fund, holding $2.764 trillion in US treasury notes.

SECOND: I think that what we do about the debt matters more at this point than how we got here. The basic solution is obvious; we must CUT SPENDING and STOP BORROWING. The size and scope of the federal government must be drastically reduced. We started down a path of unsustainable government growth over 100 years ago with the birth of the progressive movement, and this trend must now be completely reversed very rapidly.

From your comment it seems your proposal is to conquer our debt problem by more borrowing of huge amounts of money. This certainly seems to be the direction that our Congress and President agreed to last night. How do you expect this is going to work???

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