Quote from Tsing Tao:
He didn't raise taxes during any recession. As for budgets, since no budget has been passed in...well, I forget how long, I'd still like to see the budget submitted by Obama that included spending cuts. Do you have any information on this? Or am I supposed to just take your word?
In a story that has received almost no attention so far, the Senate voted to reject Republican plans to block a debt limit hike. No Republican voted for it. But something else is happening in the Senate that would be laughable if it werenât so scary. Apparently
Democrats Chuck Schumer, Barbara Boxer, and Mazie Hirono are proposing that we avoid all debt limit conflicts by making them solely up to the president.
From Yahoo!
The Senate voted along party lines Tuesday to reject a GOP effort that would have blocked the approved increase in the national debt limit.
The chamber voted 54-45 against the GOP move to try to use a special âdisapprovalâ process to block that increase.
The move came as Senate Democrats proposed to avoid future showdowns over the so-called debt ceiling by giving the president authority to authorize additional federal borrowing unless Congress can muster veto-proof margins to block him.
The move by Sens. Charles Schumer, D-N.Y., Barbara Boxer, D-Calif., and Mazie Hirono, D-Hawaii, is aimed at heading off future Washington confrontations over increasing the governmentâs borrowing cap. Debt limit battles this fall and in 2011 spooked financial markets and took the government precariously close to a default on its obligations.
"Itâs time for us to put in place a straightforward process to avoid a catastrophic default on our nationâs debt," Boxer said, adding that the legislation "sends a strong message of certainty to the markets, to our families and to the world."...