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Obama Sends Request To Congress For $1.2 Trillion Debt Ceiling Increase

Tyler Durden's picture




 

Update:

  • HOUSE TO VOTE JAN. 18 ON OBAMA'S DEBT-LIMIT INCREASE REQUEST

Two days ago we wondered how long it would take for Obama to restart the debt ceiling theater. Not that long it turns out.

  • OBAMA SENDS CONGRESS REQUEST TO RAISE DEBT CEILING
  • OBAMA NOTIFICATION STARTS 15-DAY CLOCK FOR CONGRESS TO VOTE

So with Congress in recess, will Obama succeed in passing another automatic vote using base trickery? The same Obama, who as recently as 3 hours ago warned Congress that any attempts to pass approval on the Keystone Pipeline without his involvement are "counterproductive"... In other news, America' new debt ceiling of $16.3 trillion, or 107% of GDP is now just a formality, about to be interrupted by a little circus clowning.

From Bloomberg:

President Barack Obama formally notified Congress today that that the government needs more borrowing authority.

 

The written certification to raise the debt ceiling to $16.394 trillion starts a 15-day clock for Congress to consider and vote on a joint resolution disapproving of the increase.

 

Under legislation passed Aug. 2 after months of wrangling between the
administration and Republican lawmakers, the president is given the
power to veto any disapproval resolution that clears both chambers of
Congress.

 

The law calls for Obama to notify Congress when the debt came within $100 billion of the current $15.194 trillion limit.

 

While the threshold was reached Dec. 30, when the president was in
Hawaii and Congress was on holiday break, Obama agreed to a request from
congressional leaders to delay the notification request, ensuring the
deadline for congressional action didn’t lapse before lawmakers returned
to Washington.

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Thu, 01/12/2012 - 16:10 | 2059506 surfwon
surfwon's picture

I'm sure this is bullish right???????

 

Thu, 01/12/2012 - 16:15 | 2059527 TheAkashicRecord
TheAkashicRecord's picture

It's bullish for construction, building new ceilings all the time is very expensive 

Thu, 01/12/2012 - 16:16 | 2059533 redpill
redpill's picture

Who will you vote for in 2012? Obamney, Romnama, or Paul?

Thu, 01/12/2012 - 16:21 | 2059559 Sudden Debt
Sudden Debt's picture

Obama Has all the symptoms of a shopAholic.
My guess is that it's just to late and not even Ron Paul can fix this. We all should cut expenditures with 50% to get to normal levels in the next 5 years but how would our economy look like if they did that?

All those government services that we would have to miss out on....

Thu, 01/12/2012 - 16:26 | 2059577 Pladizow
Pladizow's picture

Bank client asks to raise his personal debt limit : http://www.youtube.com/watch?v=Li0no7O9zmE&feature=youtube_gdata_player

Thu, 01/12/2012 - 16:29 | 2059600 Born Patriot
Born Patriot's picture

I’m FED UP with this MUSLIM president Barack HUSSEIN Obinladin destroying this great country with his anti-American BS. It’s time to get back to the CONSTITUTION so we can rebuild this country. Vote Ron Paul 2012!!!

Thu, 01/12/2012 - 16:31 | 2059618 GeneMarchbanks
GeneMarchbanks's picture

I noticed you don't curse in your batshit insane rant-a-thon, now be honest, you work for the Mittens campaign?

Thu, 01/12/2012 - 16:36 | 2059642 flacon
flacon's picture

How come the governemnt can't just print our tax money - afterall, the federal tax revenue is only $2.3T - if they can print $1.3T, it's only a little more and then we won't have to pay taxes at all. 

 

/rhetorical question

Thu, 01/12/2012 - 16:44 | 2059688 Pladizow
Pladizow's picture

Tax is the way the US Gov manages inflation.

They can print and use as much as they want and then remove it from the system by taxing its citizens.

Therefore, if they print more, they will tax more!

Thu, 01/12/2012 - 17:45 | 2059891 SilverRhino
SilverRhino's picture

If government expenditures were LESS than collected tax revenues + borrowing your argument might actually have merit.  

The reality is they spend every DIME they collect and then borrow more.

Printing the tax revenues from income tax is actually a damn good strategy as EVERYONE holding dollars gets taxed (aka 3% inflation wealth tax).   Import duties and other excise taxes would also work at the federal level.  

Thu, 01/12/2012 - 18:52 | 2060079 Pladizow
Pladizow's picture

How many more dollars would you spend if every dollar you made for the first 3-4 months of every year, didnt go to Washington?

In the adsence of income tax, let alone all the others, inflation would be considerably higher!

Thu, 01/12/2012 - 18:52 | 2060080 FEDbuster
FEDbuster's picture

Since we are so far down the rabbit hole, we may as well go "Zimbabwe" now.  Since the rest of the world still takes dollars for payment for their goods and resources, let's give them some more dollars.  Keep maxing the fucking credit card till someone cuts the fucker up.  Let the FED's balance sheet go to 10 trillion, 100 trillion, etc.... They say the FED's balance sheet has no limits, so let's black card the motherfuckers.  Maybe Obama can just send a $100K to every American this year to get re-elected?  No one should have to work or pay taxes anymore, we should just "print" money and buy all the stuff we need from the chumps in other countries.  If they don't like taking our money, we'll just nuke them.  How's that for an economic plan? 

 

Thu, 01/12/2012 - 19:35 | 2060153 CompassionateFascist
CompassionateFascist's picture

I'll buy that for a dollar.

Fri, 01/13/2012 - 03:27 | 2060851 geekgrrl
geekgrrl's picture

That is the economic plan.

Thu, 01/12/2012 - 18:18 | 2059961 Dr. Acula
Dr. Acula's picture

>How come the governemnt can't just print our tax money

They do some of that right now using obfuscatory mechanisms like the Treasury, Fed, primary dealers, and bond market to increase the national debt. Printing all the needed money outright would work too - at first - but it would make the government's counterfeiting and theft too blatant, too obvious, and too easy to abuse. It increases the chance of hyperinflation - a crisis where people panic and begin trading dollars away for anything of value, resulting in the dollar becoming valueless and being wholly ejected from the sphere of commerce. Hyperinflation has repeatedly destroyed fiat currencies throughout history, including the US's continental dollar. (Hence the phrase, "not worth a continental".)

 

Thu, 01/12/2012 - 16:42 | 2059678 redpill
redpill's picture

If they curse they have to give back their special undies, you know.

Thu, 01/12/2012 - 17:13 | 2059822 YBNguy
YBNguy's picture

Pay the man, or youre a RACISSSS! :(

Thu, 01/12/2012 - 16:46 | 2059695 Dapper Dan
Dapper Dan's picture

I am reporting you Patriot,

DHS encourages recipients of this document to report information concerning suspicious or criminal activity to DHS and the FBI.

(U//LES) Rightwing extremists are harnessing this historical election as a recruitment tool. Many rightwing extremists are antagonistic toward the new presidential administration and its perceived stance on a range of issues, including immigration and citizenship, the expansion of social programs to minorities, and restrictions on firearms  

The DHS National Operations Center (NOC) can be reached by telephone at 202-282-9685 or by e-mail at NOC.Fusion@dhs.gov.

 

 

Thu, 01/12/2012 - 20:05 | 2060204 MarketWatchTerrorist
MarketWatchTerrorist's picture

Every white race realist in the U.S. should be making plans to flee the Fascist states of America and move back to the white European homeland enmasse to make our final stand against the non-white hordes.

 

The U.S. police state has made it abundantly clear that it does not want you here.  It does not want whites emigrating to the U.S., it does not want whites having children.  It does not want whites getting educations or having jobs.

 

Every policy of the Obama government is an attack on the white race.

Thu, 01/12/2012 - 20:45 | 2060258 Cathartes Aura
Cathartes Aura's picture

on you go then, back to your "white European homeland," who waits with open arms. . .

Fri, 01/13/2012 - 16:24 | 2062936 DaveyJones
DaveyJones's picture

did all those big black bankers clue you in?

Thu, 01/12/2012 - 17:12 | 2059819 xela2200
xela2200's picture

Why are you fed up with Obama? Presidents now a days are just front man for special interests. That is why RP will never become president.

Thu, 01/12/2012 - 16:34 | 2059637 Sudden Debt
Sudden Debt's picture

:) nice clip :)

Thu, 01/12/2012 - 16:25 | 2059579 drink or die
drink or die's picture

When they start cutting government handouts, the Free Shit Army will be on your doorstep.

Thu, 01/12/2012 - 16:26 | 2059585 SHEEPFUKKER
SHEEPFUKKER's picture

What's a few trillion among thieves?

Thu, 01/12/2012 - 16:28 | 2059595 metastar
metastar's picture

Mom,

Can you send more money?

Thanks.

Thu, 01/12/2012 - 16:33 | 2059620 Manthong
Manthong's picture

No problema.

The Super Committee, er, I mean the automatic spending cuts in the last deal just a few months ago left plenty available for an increase, right? 

Thu, 01/12/2012 - 17:13 | 2059820 SheepDog-One
SheepDog-One's picture

Can I haz another $1.2 trillion? 

Utter insanity.

Thu, 01/12/2012 - 21:10 | 2060300 BigJim
BigJim's picture

A trillion here, a trillion there... pretty soon, you're talking real money.

Thu, 01/12/2012 - 22:49 | 2060492 dark pools of soros
dark pools of soros's picture

more like pretty soon you're talking real ponzi

Fri, 01/13/2012 - 05:46 | 2060904 Overflow-admin
Overflow-admin's picture

No can haz cheezburger anymoar?

Thu, 01/12/2012 - 16:41 | 2059671 X. Kurt OSis
X. Kurt OSis's picture

...and that Free Shit Army is the Baby Boomers who have seized power across every level of government and will drop us all in the meat grinder as long as it doesn't interfere with their free stuff and other guarantees.  This is one generation against every generation to come.

 

Thu, 01/12/2012 - 18:58 | 2060091 FEDbuster
FEDbuster's picture

They are like Madoff investors, but most don't know it yet.  When the Ponzi crashes, they will be pissed. 

Look for a man-made, pandemic flu to take most of them out within the next five years.

Thu, 01/12/2012 - 20:48 | 2060263 Cathartes Aura
Cathartes Aura's picture

have they engineered it to target an age group now?  fascinating. . .

Thu, 01/12/2012 - 23:19 | 2060541 FEDbuster
FEDbuster's picture

Work in progress.  Usually they warn all the "seniors" to get their flu shots.  What better way to pass along a "death" marker.  I know it sounds like crazy internet conspiracy crap, but in some college lab in Holland they just perfected an easily passed, high mortality bird flu virus.

"Researchers in the Netherlands have created a mutated, highly contagious form of the deadly H5N1 bird flu strain that some fear could kill millions if it were unleashed on the general public. The U.S. government wants to keep the methodology behind the strain's creation under wraps for now, fearing its release could heighten the strain's potential for use as a weapon of biological warfare."

http://abcnews.go.com/Health/highly-contagious-bird-flu-virus-strain-cre...

Fri, 01/13/2012 - 00:53 | 2060693 Cathartes Aura
Cathartes Aura's picture

oh, trust me, I've been on this case for a few years now, since Jane Burgermeister was filing lawsuits against Baxter, the FDA, and the WHO for the "accidental" release of a live virus in vaccines shipped - she's been heartily persecuted, of course, including smear campaigns, losing her job, and being hounded on any blogs set up to get the news out - here's a couple of links to get you going, if you're interested:

http://www.naturalnews.com/025760.html

http://birdflu666.wordpress.com/

and a bit of the history of nationstate biowarfare, centuries of it actually,

http://www.aarc.org/resources/biological/history.asp

 

my reply to your other post was just a bit of snark re: your targeting "boomers" - babies, kids in school, anyone in the "health professions," teachers - the age groups targeted by the vaccines are non-specific, sadly. 

and vaccines may not be the only method of delivery.

Fri, 01/13/2012 - 07:53 | 2060950 Element
Element's picture

The U.S. government wants to keep the methodology behind the strain's creation under wraps for now, fearing its release could heighten the strain's potential for use as a weapon of biological warfare."

 

Wow! ... you mean they just, like, developed it, ... like, ... totally by accident?

Gee, so clever! .. I wish I could be so smart.

It's a good thing they were working on it anyway. 

At least they care enough to take an interest in such things.

They are making real advancements.

I'd love it though if they could cure the common cold ...

I mean ... wtf  ... it's like, ... taking so fucking long!

At least they are saving us from these really serious ones.

Someone should get a nobel prize or something?

At least they did something to get it ...

Something that will help everyone one day. :-)

Thu, 01/12/2012 - 16:46 | 2059693 Whoa Dammit
Whoa Dammit's picture

"When they start cutting government handouts, the Free Shit Army will be on your doorstep."

Oh shit! Jamie Dimon's gonna show up at my house expecting dinner. Break out the good Chinet!  ;-).

Thu, 01/12/2012 - 16:50 | 2059712 Gringo Viejo
Gringo Viejo's picture

Disclosure: Long: Buckshot        Short: Empathy

Thu, 01/12/2012 - 16:26 | 2059586 bsdetector
bsdetector's picture

OT and I am cutting the line but having just viewed the TMZ video of the Marines urinating on the dead Afghanis is just so far over the top that I have to scream. So this is my scream. We should be out of that country tomorrow!!!

Thu, 01/12/2012 - 16:33 | 2059630 Sudden Debt
Sudden Debt's picture

I KNOW!!!!

Urinating in public.... There should be a law against it...

Thu, 01/12/2012 - 17:27 | 2059860 bsdetector
bsdetector's picture

SD sometimes I engage in humor as a means of letting the sawdust out of a stuffed shirt. In this case I do not think humor is appropriate.

Thu, 01/12/2012 - 18:26 | 2060015 buddybear
buddybear's picture

Everyone is upset that they were pissing on these people, but, no one says a thing about killing them on the first place. Get shot dead or get pissed on? Ohy, haw about both.

Thu, 01/12/2012 - 18:38 | 2060039 Dr. Acula
Dr. Acula's picture

They should make predator drones that shoot people and then pee on them.

 

Thu, 01/12/2012 - 19:02 | 2060102 FEDbuster
FEDbuster's picture

Some people pay big bucks to get pissed on.

Thu, 01/12/2012 - 19:37 | 2060158 andybev01
andybev01's picture

Lord knows the American taxpayer does.

 

(Think about it...)

Thu, 01/12/2012 - 19:39 | 2060164 nmewn
nmewn's picture

Taxpayers? ;-)

Thu, 01/12/2012 - 19:50 | 2060170 bsdetector
bsdetector's picture

Those Marines remind me of the police officer in Oakland who threw the flash bang into the group who were attending to the injured protester. And also the cops who pepper sprayed the girls in NY and at the California University. It is an abuse of power combined with a lack of respect. And yes, its also the politicians who socialize losses and put the bill to the taxpayer. Maybe its the root of all our evils... abuse of power and lack of respect. Tyranny of the majority?

Thu, 01/12/2012 - 21:36 | 2060225 nmewn
nmewn's picture

Well, there can be no doubt allowing yourself to filmed pissing on your dead enemies is pretty stupid, as it provides propaganda for your living enemies.

But comparing this to an assault on the living is a little over the top. They'll be punished for it...good, bad or indifferent.

Who among us would pass on pissing on (insert your favorite evil character here) while he's still very much alive? ;-)

///////////////////////////////////////

Edit: Ahhh, one weak reddie somehow worked his bladder up enough to tinkle down my leg while I wasn't looking...and then ran away...will he soon be posting his bravery and superiority on youtube?

I can hardly wait to see him...lol.

Thu, 01/12/2012 - 22:54 | 2060502 dark pools of soros
dark pools of soros's picture

I guess a few people still think America is the good guy??  it is only shocking to them

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