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Senate Approves Debt Limit Bill, Passes To Obama

August 2, 2011 by  

Senate Approves Debt Limit Bill, Passes To Obama

Today, the United States Senate approved the compromise bill that passed the House yesterday. The bill, which raises the debt ceiling and reduces the deficit, will now be passed to President Barack Obama to be signed into law.

“The U.S. Senate has passed the compromise debt plan worked out between Congressional leaders and the White House. 60 votes were needed to pass it and the vote was 74-26. The bill goes to the President next and he’s expected to sign it before the midnight deadline to raise the debt ceiling,” read an article on C-SPAN.org.

According to the article, the measure will raise the debt limit in increments until 2013. It will also reduce the Federal budget by about $2.1 trillion over the course of 10 years, through two steps. First, the bill immediately caps some spending. In addition, the bill mandates the creation of a bipartisan, bicameral committee, which “would be tasked with recommending where about $1.2 trillion of that deficit reduction should come from — in spending cuts or revenue.”

The President gave brief remarks from the White House Rose Garden just after the Senate vote, calling the deal’s passage “an important first step to ensure that the nation can live within our means.”

Obama also said that his focus will shift now to matters beyond Washington, like “new jobs,” “higher wages” and “faster economic growth.”

“Both parties need to take responsibility for improving this economy,” Obama said, expressing his displeasure with length of time it took to reach a deal. He said making Congress cooperate “shouldn’t take the risk of default, the risk of economic catastrophe.”

“We’ve got to do everything in our power to grow this economy and put this country back to work,” he said.

UPDATE: During a press briefing, White House Press Secretary Jay Carney was handed a note, then announced, “The president has signed the bill and turned it into law.”

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  • Raggs

    Ok so which LIE to start with????

    Cut spending??? never happen…
    Saving money??? never happen…
    Reduce the budget??? never happen…

    Now how do you like the idea of a “committee” that will determine when to raise taxes that does not need congressional approve to do so?

  • s c

    Chalk up another victory for the forces of slavery and oppression. Mr. Prez, you got what you wanted (no matter how much you whiz and moan) because Boner kissed your ring (and whatever else was demanded). Be careful what you wish for, Mr. Prez. This isn’t political theory or a class at Haavid.
    True enlightenment has always been out of your grasp, and your behavior during the last two and a half years as prez proves it. We’re obligated to pray for you, but in NO WAY are we obligated to like what you’re doing to America.

  • Thinking About

    It does not make any reasonable objective to have this country go into default. Talk about spending increasing, and this effort would have affected this great nation for many years to come. Make your point but don’t hang yourself in the process. We should be electing Congress members who has abilities not to ruin our country. It is time to get the horse back on track.

  • People’s Rights

    No wonder Democrats hurried to get it sign into law.

    It’s a 45 TRILLION dollars profit PER YEAR :) as what the Fed earned in 2009, not including investments from people around the world like European (Russia..), Asian, Middle Eastern, S. American countries, and the Americans people. The bankers are very happy. :)

    Obama or Senate Democrats, each has veto power, they can kill it and they should.

    Because this deal is a disaster for America, and creditors will go after America’s assets. Social security or funds for the coming man-made disaster will not be available.

    • http://deleted People’s Rights

      Sorry my mistake. It’s 45 Billion in 2009, not 45 Trillion as I said.

      Article #1: From shockedinvestor.blogspot(dot)com

      THE FED’s $45 BILLION PROFIT: Earnings Easily Top JPM, GS, and BAC Combined

      The Washington Post today reports that the Fed is set to report $45B profit with its investments. Was it all the trading they do like Goldman sachs?

      This would be the highest earnings in the 96-year history of the central bank.

      The newspaper reports that the Fed’s earnings will easily top that the expected profits of BAC, GS, and JPM combined.

      “Much of the higher earnings came about because of the Fed’s aggressive program of buying bonds, aiming to push interest rates down across the economy and thus stimulate growth. By the end of 2009, the Fed owned $1.8 trillion in U.S. government debt and mortgage-related securities, up from $497 billion a year earlier.

      The interest income on those investments was a major source of Fed profits — though that income comes with risks, as the central bank could lose money if it later sells those securities to reduce the money supply”.

      Article #2

      INVESTMENTS IN ECONOMY AND BANKS HELP FED EARN RECORD PROFITS.
      · Federal Reserve earned a record $82 billion in 2010.

      Investments made to boost the economy and banks weather the 2007-2009 financial crisis helped the Fed earn 51 percent more last year than in 2009.

      A large amount of the profit came from increased interest income from the $1 trillion in mortgage-backed securities the Fed purchased during the financial crisis to help stabilize the housing market. In 2010, the Fed made $24.4 billion more in interest on those holdings. The Fed also earned $3.5 billion in interest from its increased holdings in Treasury bonds.
      However, the central bank earned $1 billion less in interest on loans given to American International Group, Inc. (AIG), loans to the insurance giant in 2010 declined to $20.6 billion, from $21.3 billion in 2009.

      The annual financial statements for the Federal Reserve Bank system revealed that 12 regional banks that make up the Federal Reserve system had increased their asset holdings by $193 billion in 2010, reaching a total of $2.428 trillion.
      The majority of the Fed’s profit – $79.3 billion – will be turned over to the Treasury Department, while the rest will be paid out to member banks in dividends. (www.gellertvarga(dot)com)

      • http://deleted People’s Rights

        Due to sensor problem, I have to send it separately. Here is the link:

        http://shockedinvestor.blogspot.com/2010/01/feds-45-billion-profit-earnings-tops.html

      • s c

        People’s Rights, thanks for the info. Even if the string-pullers at the Fed do fork over most of the easy money to the Treasury, something is being lost in trying to get across some of the more subtle implications.
        First and foremost, the Fed has been around since 1913. So what is the yearly take/profits since 1913? Are we supposed to believe that the Fed is to be looked at something of a “non-profit” business? Once in a while, I hear someone bitching about auditing the Fed. That’s a bit late, but it would be interesting to know just how much the Fed has raped Americans since 1913.
        I have a funny feeling that the ultralefties on this website will have nothing to say about the divine wisdom of the Fed and its high priests of screwing America.
        To me, the Fed and GE have WAY too much in common. GE gets TAX BREAKS, the Fed gets to CREATE money out of thin air, and certain peole STILL expect us to look the other way. Aren’t ALL corporations supposed to be EVIL and ready for the nearest rope?
        For the ultralefties who soil this website, the Fed is a PRIVATE CORPORATION. That’s ANOTHER lesson you twits love to ignore.
        Sic ‘em, People’s Rights. I can’t wait for Bummer and Motormouth Joe to go after GE and/or the Fed,
        expecting the rich ‘SOBs’ to “pay their fair share.” H A !

  • http://contributor.yahoo.com/user/165033/larrwayne_po.html LarrWayne

    B.0. must have asked the RINO’s nicely for his new credit card.

  • pete the simian

    Congress, and the President sure are smiling today ! WOW ! What a coincidence ! It’s SUMMER VACATION TIME ! The August recess begins !

    Amazing they came to an agreement – right before Summer Vacation, oops , I mean “August Recess” …

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