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.
The legislation only passed by 5 votes. After you take into account that not one Republican voted for the bill, Pelosi would have had keep her fellow Democrats in line and not have too many defections in order to pass it. She barely managed to get just enough. However, not all Democrats were amused by this passing:
"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.
There had to be a provision added to the bill in order to get just enough Democrats on board to pass the bill. However, it seems to be punishing the wrong people, if Congress overspends the ceiling, the American people:
To help win passage, Democrats are also adopting — in a vote later Thursday afternoon — budget rules designed to curb a spiraling upward annual deficit — projected by Obama to hit a record $1.56 trillion for the budget year ending Sept. 30. The new rules would require future spending increases or tax cuts to be paid for with either cuts to other programs or equivalent tax increases.
If the rules are broken, the White House budget office would force automatic cuts to programs like Medicare, farm subsidies and unemployment insurance. Current rules lack such teeth and have commonly been waived over the past few years at a cost of almost $1 trillion.
So, if you are a farmer, a senior citizen, or unemployed, screw you. They're going to steal your money and spend it on whatever they want to spend it on. Congress can spend your money better than you can. To be fair, Medicaid, Social Security and food stamps will be exempt from the cuts, but the cuts that would be made would hurt those who are hurting from the bad economy the most. They should find somewhere else to cut spending.
The article goes on to point out that, in a few years, taxes would have to be raised in order to pay for this spending frenzy.
This spending orgy is getting way out-of-line. We need to be spending less on frivlous pet projects not spending more.
Update: The Democrats applaud getting the ability to spend more of your children's money: