WEB Notes: Nothing changes. The nation is not bad on course. The debt ceiling that hasn’t moved in 150 was just raised and that will expire in February. There are no answers for a nation that is already bankrupt.
(RIA) – US President Barack Obama signed early Thursday last-ditch legislation to fund the government and avert a debt default, easing an acute political crisis and narrowly avoiding an unprecedented fiscal clash that might seriously have damaged the world economy.
With the United States just hours away from what would have been its first ever default on its debt, Senate leaders reached a bipartisan deal Wednesday to re-open the US government after a 16-day shutdown and temporarily raise borrowing limits to pull the country back from the brink of fiscal disaster.
The deal, which was crafted by a bipartisan group of Senators and tweaked by Senate leaders, proposes funding the government until Jan. 15 and raising the United States’ debt ceiling until Feb. 7, 2014, Senate Majority Leader Harry Reid said.
The temporary fix would give US lawmakers breathing space to “work toward a long-term budget agreement that prevents these frequent crises,” Reid said.
The United States would have reached its borrowing limit at midnight Wednesday, after which, if there was no agreement, the country would have defaulted on its debt for the first time ever.
Both the House and Senate approved the plan Wednesday night.
Obama earlier vowed to sign the legislation “immediately” to avoid further damage to US economy, which has lost some $24 billion due to the political crisis since October 1, according to estimates by Standard & Poor’s Ratings Services.
“We can begin to lift this cloud of uncertainty and unease from our businesses and from the American people,” he said.
Republican Senate leader Mitch McConnell, who backed the Senate bill, earlier took a dig at Obama’s signature health care reform bill, which some Republicans wanted to strip of funding as a condition for agreeing to keep the government open.
“Republicans remain determined to repeal this terrible law,” McConnell said, “But for today – for today – the relief we hope for is to reopen the government, avoid default, and protect the historic cuts we achieved” that have reined in government spending and slashed the ballooning US deficit without raising taxes.
Republican Senator John McCain called the Senate breakthrough “the end of an agonizing odyssey” for lawmakers and for the American people.
Tea Party-backed Senator Ted Cruz, who has been vehemently opposed to funding the US government unless Obama’s Affordable Care Act is defunded, said Wednesday he would not block the passage of the compromise bill reached in the Senate, even though it concedes very little to the Republicans, other than allowing income checks for people who seek a government subsidy to pay for health care. – RIA: Obama Signs Bill to Avert Default, Reopen Government
150 Straight Days: Treasury Says Debt Stood Still at $16,699,396,000,000
WEB Notes: This whole default scare and save the world at the last moment was a charade at best and yet another attempt to make the American people more complacent. We were told we were in danger of hitting a debt ceiling that hasn’t moved a penny in five months. Things are getting so out of hand now, they merely stop counting.
(CNS News) – Every business day since May 17, the U.S. Treasury has published a daily statement claiming that the federal debt subject to the limit set by Congress closed the day at $16,699,396,000,000—about $25 million below the legal limit.
Monday, the Columbus Day holiday, according to the Daily Treasury Statement released today, marked the 150th straight day that the Treasury has said the debt subject to limit was stuck at $16,699,396,000,000.
On May 17, the first day the debt closed the day at $16,699,396,000,000, Treasury Secretary Jacob Lew sent a letter to House Speaker John Boehner stating that since the Treasury was about to hit the debt limit he would begin to use “extraordinary measures” to prevent it from doing so. – Full Read: CNS News: 150 Straight Days: Treasury Says Debt Stood Still at $16,699,396,000,000
McConnell-Reid Deal Includes $3 Billion Earmark for Kentucky Project
(WFPL) – A proposal to end the government shutdown and avoid default orchestrated by Republican Leader Mitch McConnell and Democratic Leader Harry Reid includes a nearly $3 billion earmark for a Kentucky project.
Language in a draft of the McConnell-Reid deal (see page 13, section 123) provided to WFPL News shows a provision that increases funding for the massive Olmsted Dam Lock in Paducah, Ky., from $775 million to nearly $2.9 billion. – Full Read: WFPL: McConnell-Reid Deal Includes $3 Billion Earmark for Kentucky Project
One thought on “Obama Signs Bill to Avert Default, Reopen Government, $3B Earmark Included as Debt Ceiling Fails to Move in 150 Days”
This whole shut-down is/was the worst acting job I have ever seen. This was an obvious “stage played” and scripted event. Cruz and the GOP buckled right on cue, without getting a damn thing. And, as always, these liars said it was done for “the good of the American people.” If they truly cared about about us, then Obamacare would NEVER have been passed. QE would not exist, etc.
No sir, I don’t know exactly what they were diverting our attention away from…maybe the Gov had to be running in order to pay for the next up-coming war. Either way, I suspect that we’ll see a MAJOR false flag event in the very near future. Yep….we’ll be back to the same old crap in no time.
Thanks Cruz, thanks McCain….your frickn wimps. Get a real job. And leave the Masonic Lodge, ALL of you.