Senate Attempt To Block Debt Ceiling Increase Fails: Debt Target Is Now $15.2 Trillion, Or Over 100% Of GDP

Tyler Durden's picture

Earlier today we observed that absent immediate action by the House and Senate to enact the critical $500 billion debt ceiling expansion, the US would run out of Keynesian dry powder as soon as Monday. There is no longer a need to worry. According to the Hill, an attempt to sabotage the bankruptcy of America has failed after a Senate resolution to disapprove the $500 billion debt ceiling increase proposed by Mitch McConnell was voted down 45 to 52. As a reminder, "Under the debt-ceiling agreement reached in early August, the Obama administration was authorized to immediately raise the debt ceiling by $400 billion. Another $500 billion increase was authorized this month, although that could have been blocked if both the House and Senate approved resolutions expressing disapproval." The opportunity cost of passing the bill would have been an additional 10 hours of work tomorrow for the Senatorial millionaires for whom insider trading is legal: "Earlier in the day Senate Majority Leader Harry Reid (D-Nev.) threatened to hold the Senate open for up to ten hours on Friday to "dispose" of the resolution if it moved forward." As a result of this vote, a parallel bill in Congress is now moot even though it has not been voted on. This effectively greenlights the increase of the US debt ceiling from the current $14.694 to $15.194 trillion, or roughly 101% of GDP.

Some more:

On Thursday morning McConnell suggested senators could use the vote as a way to respond to President Obama's "jobs" speech to a joint session of Congress in which he presented a proposal that he said would stimulate the  American economy.

 

"After the president's speech tonight calling for more stimulus spending, the Senate will vote on his request for an additional $500 billion increase in the debt ceiling," McConnell said. "So senators will have an opportunity to vote for or against this type of approach right away."

 

A House Republican resolution has also been introduced, H.J.Res. 77, that has the potential to pass if most Republicans decide to support it. Still, House passage would not be enough to stop the $500 billion increase in the debt ceiling since the Senate stopped it.

 

The House resolution, from Rep. Tom Reed (R-NY), has 49 cosponsors, all Republicans.

 

The House and Senate resolutions are identical, and read:

 

"Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That Congress disapproves of the President's exercise of authority to increase the debt limit, as exercised pursuant to the certification under section 3101A(a) of title 31, United States Code."

 

The Senate adjourned at 8.31 p.m. and is set to return on Friday at 9:45 a.m.

Congratulations America: you just bought yourself 3 more months.

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DaylightWastingTime's picture

the buck stops here sounds alot better than the fuck, guess the romance stops here

Soul Train's picture

Latest Hilsenrath shill comments from the Wall Street Journal:

 

BY JON HILSENRATH

Federal Reserve officials are considering three unconventional steps to revive the economic recovery and seem increasingly inclined to take at least one as they prepare to meet this month.

 

Worries about inflation at the Fed have receded in recent weeks and economic data have worsened, putting officials on the lookout for ways to spur economic growth and improve financial conditions.

Chairman Ben Bernanke speaks Thursday in Minneapolis, and is likely to reiterate that the central bank is studying all its options, before officials meet Sept. 20 and 21.

Other Fed officials, meanwhile, are expressing support for additional action.

 

Wow- SOUNDS LIKE these YOYO PEDIGREES at the Fed stopped worrying about inflation after A WHOLE FEW WEEKS OF RECENT DATA. Did I understand that right?

wHAT A CIRCUS THE FEDERAL RESERVE IS !  qUACK QUACK QUACK.

FUCKING ZOO AND USING THE WSJ AS THEIR FAV PROPAGANDA PARROTT.

iTS A PONZI SCHEME. aND THE LIE IS GETTING BIGGER AND BIGGER/ THE FEDERAL RESERVE HAS BECOME LIKE A SOAP OPERA AND USING THE WSJ TO TRIAL BALLOON AND CONFIDENCE SCHEME.

EMPeROR WITH NO CLOTHES. Meanwhile, Ben keeps his beard neatly manicured, meticulously using voodoo words and high brow news leaks to manage our currency. Sham. it's a fucking sham.

We call their bluff, ---  simply buy gold coins and silver specimen - physcial people. Physical.

 

oobrien's picture

Good citizens of Metropolis!

I have breaking news.

We are now all officially fucked.

Buy your pork and beans.  Then immediately run to the hills.

Thank you for your time.

http://geraldcelente.proboards.com

Taku's picture

Jean-Claude Trichet is a Sith Lord.

Just thought I'd throw that out there.

A Nanny Moose's picture

Always two sith, there are. Reveal the second, we must.

 

 

Michael's picture

OT

 The Obama Doctrine;

Never let a 9/11 anniversary go to waste.

You heard it here first on ZH. Please repeat the message.

NumNutt's picture

OK wait a minute, trying to collect the last two remaining brain cells.....been drinking a bit.....So what the fuck! The assholes put puppet boy up in front of the nation to make his speech and while everyone is high five'en and yelling Yeah! they decide to slide this shit in our ass?!?!?! Really? Man this is to mutch...er much. Can I have another beer please...? Anyway as I was saying, Your  momma's ass is bigger than a ..... huh wha...ok soory differnt thred.....ok , where is Janis need a transition.....over an out.

LiquidIce's picture

They just cut into the football game for a terror alert. pffttt

55 men's picture

What game? I am watching a highschool football game.

CrockettAlmanac.com's picture

They'll break into that with a toilet paper in the trees alert.

Bringin It's picture

55 men - Plus 11 for making the better choice.  Ignore the putrid MSM bread and circus mind-play.

vmromk's picture

keynesian dry powder - that's killer !

nmewn's picture

Senator Reid...again.

Falcon15's picture

I sincerely hope a pissed off constituent of Mr. Reid shoves a broomstick up Mr. Reid's dessicated ass and breaks it off. Barring that I'd love to see any of those worthless dog puke eating reps on the Hill work, I mean really work, for a living.

CompassionateFascist's picture

Reid is nothing. It the Jew wife that calls the shots.

lolmao500's picture

Yay. Democrats just love debt. Republicans too.

X.inf.capt's picture

they print,print,print

we BUY,BUY,BUY

PM's

X.inf.capt's picture

how you doing, bearing. remember how i got junked big time for telling people not to sell PM's when they wanted to sell. we were right, my friend....now the sky is limit for PM's. look out above........

DoChenRollingBearing's picture

Junking is just a part of the terrain here Cap'n.  You see?  Someone junked me above for a benign comment.  You know, you come onto the Internet, you put your life on the line, not just the namby-pamby stuff they do in the military (j/k of course).

Long time ago, I expressed non-sympathy for a Turkish "peace" protester (on that ship the Israelis raided), and got blown right off the thread (20 "junks" at that time, and your comment disappeard).  ZH-er ZeroHead told me it was an HONOR getting junked.  I suppose that he was at least partly correct, when they junk you, you KNOW you pushed a button!

Send me a gmail sometime X at my name above, and I will send you a link to my blog.  I write about gold and similar (+/- 60%) and the other stuff I write about is whatever I want to.  I make ZH-ers jump through the hoop (like you did not have to THAT in the .mil...) because of the nature of ZH (my blog is not Fight Club), and make them promise to behave as I write under my real name.  Over 200 readers, most from ZH, most very fine people.  Some of them are into some very advanced stuff.

Here's an example of something I am working on myself.  The link below takes you to a Google spreadsheet up there in "The Cloud", I posted this on my other blog (oriented to our customers in Peru) about new bearings that arrived to our company down there:

https://docs.google.com/spreadsheet/ccc?key=0AhnHmH-02CQIdG1zbTY3clR1Rnlmc2NwaV96dXozbnc&hl=en_US

The above and my own work with our import company help me to learn a little something new everyday.  Zero Hedge too!

IEVI's picture

Did anyone see this pathetic attempt by Bloomberg to talk down gold

Gold Poised for Weekly Decline as Obama Employment Plan May Boost Economy

 

http://www.bloomberg.com/news/2011-09-08/gold-futures-advance-for-second-day-as-bernanke-offers-no-new-growth-boost.html
FreedomGuy's picture

Don't worry, we are a AAA+ rated company. With this new DEBT and SPENDING and tax reduction we are sure to get the first evey AAAA+ rating. This is what top ratings look like, right? Debts over 100% GDP, endless deficits and approaching entitlement tsunamis, right? Yep, we are saved!

Yamaha's picture

The terror is Hillary running naked in the end zone........

Fish Gone Bad's picture

The thought of that pretty much makes me feel sorry for Bill...

spankfish's picture

Scary thought, I would pay to see that.

Soul Train's picture

Hillary naked is indeed a scary thought.

Short squeeze nightmare.

mfoste1's picture

this is bullish for sure....

Slow-choke-off's picture

Breaking News.

Western Canada has been sold to the USA, and I'm pissed. I want my f'n money you pricks. I worked for 40 f'n years to be sold out by that ass Harper.

T-Bond's picture

This should be good for a 25 handle higher opening in the S&P tomorrow.

X.inf.capt's picture

instead of offering prosperity

they offer protection from the booggie man...

the politics of fear.....

Shirley Wilfahrt's picture

The wife was watching a movie last night....I walked by during a rent a center commercial....

"Is your life passing you by because you don't have a big screen television yet?"

.....

That was the opening pitch line. Colour us FUCKED.

You watch....they are gonna kick this can for awhile yet.

I'll just keep head down and keep stacking.

And drinking.

Cheers

Bitchez

Incubus's picture

It's all in the sale, anyway. 

 

People want you to smile and speak very nicely to them while you're carving them up.  Who cares about any truth when you can just feel good?

 

Shirley Wilfahrt's picture

That my friend is some big money advice.

Thank you sincerely.

Smiley's picture

JENGA, JENGA, JENGA...

mfoste1's picture

these fucking pieces of shit scum are running this country into the ground...can the people stage a coup?

lolmao500's picture

That's the military job. The military should overthrow Obama, arrest congress and put troops in all big banks in America.

 

mfoste1's picture

just think if the military did stage a coup.....my how all those scum ass clown politicians and bankers would be quivering in fear

CrockettAlmanac.com's picture

would be quivering in fear

 

So would I and I work for a living.

poor fella's picture

If the military were hurting for food, perhaps, otherwise the peeps have no money and we know how much 'liquidity' is floating around Wall Street and D.C. to PAY FOR PROTECTION.

The soldiers WOULD be in the banks and surrounding the Capital but it would be YOU and ME looking down the barrels... Look at the 'protest zones'... Unless we go FULL RETARD APESHIT ANARCHIST NUTFUCK straight to destroy-mode - nobody will listen to the populace. It would take massive 'losses' to build sympathy, if ever.

A 'million MOTHERS walk' would do it - we are a pubic hair away from full fascism

Slow-choke-off's picture

I'm not going to work like a dog for war mongering asses like you. I didn't agree to the deal. Try and live in -40 winter here assholes. You have no idea what its like. Think you can starve us out? I own my water and the land and all the geese that fly over it. I wont take orders from you ass f'ers.