Housing-rescue bill with interesting addition...

Morrigoon · 07-25-2008, 01:22 PM

http://www.msnbc.msn.com/id/25812594/

The terms of the housing-rescue stuff sound good, but I found it pretty interesting that they added this little bit to it:

"And it increases the statutory limit on the national debt by $800 billion, to $10.6 trillion."

and...

"It also counts any federal infusion for the mortgage giants under the debt limit, essentially capping how much the government could spend to stabilize the companies without further approval from Congress. As of Tuesday, the national debt that counts toward the limit stood at about $9.5 trillion, roughly $360 billion below the statutory ceiling."

I wonder what else gets to count under that "national debt increase"? Hmm... no wonder the White House dropped its objection.

Kevy Baby · 07-25-2008, 03:06 PM

Quote:

Originally Posted by Morrigoon

I wonder what else gets to count under that "national debt increase"?

My American Girl collection.

sleepyjeff · 07-25-2008, 04:31 PM

Way over my head Morrigoon.............explain this as if I were a child

Morrigoon · 07-25-2008, 07:20 PM

Jeff: well, I'm not sure the numbers I quoted add up, but the point is that they're raising the statutory limit on the Federal Debt - allowing the government to go further into hock by billions of dollars.

Now, maybe that is the amount that would be needed to get the economy under control, but part of me wonders if Georgie agreed to the bill finally because he might have his eye on other uses for that additional government debt (eg: spending the money not JUST on bailing out the market)

I'm not objecting per se, it may be necessary for the program to achieve its stated purpose, but it does make me wonder.

scaeagles · 07-25-2008, 07:50 PM

Everyone squeals about the debt. but everyone has their pet government spending that they don't want cut.

Me? I'd be happy if the federal government went back to just the constitutionally mandated functions. That would save a lot of money.

Cadaverous Pallor · 07-25-2008, 09:24 PM

I had no idea there was some sort of limit on how in debt we can be. Me, I think it's dumb that we even can go into debt...but financial stuff is not my strong suit

Alex · 07-25-2008, 09:47 PM

Semi-annual increases in the debt cap are pretty standard (that's how it got up to the $9.8 trillion in the first place) so I don't think this was a particularly significant part of it.

If anything it would probably have been considered a hindrance for not increasing it enough to account for possible bailout measures the administration might be considering.

sleepyjeff · 07-25-2008, 10:11 PM

Quote:

Originally Posted by Cadaverous Pallor

I had no idea there was some sort of limit on how in debt we can be. Me, I think it's dumb that we even can go into debt...but financial stuff is not my strong suit

Hear hear!

€uroMeinke · 07-26-2008, 09:13 AM

I figure I can't expect the nation to be out of debt until I'm there myself - sure would be nice to have a trillion dollar visa card though

CoasterMatt · 07-26-2008, 10:04 AM

I believe nobody's asked the most important question...

Will there be tacos?

07-25-2008, 01:22 PM	#1
Morrigoon I throw stones at houses Join Date: Jan 2005 Location: Location: Location Posts: 9,534	Housing-rescue bill with interesting addition... http://www.msnbc.msn.com/id/25812594/ The terms of the housing-rescue stuff sound good, but I found it pretty interesting that they added this little bit to it: "And it increases the statutory limit on the national debt by $800 billion, to $10.6 trillion." and... "It also counts any federal infusion for the mortgage giants under the debt limit, essentially capping how much the government could spend to stabilize the companies without further approval from Congress. As of Tuesday, the national debt that counts toward the limit stood at about $9.5 trillion, roughly $360 billion below the statutory ceiling." I wonder what else gets to count under that "national debt increase"? Hmm... no wonder the White House dropped its objection. __________________ http://bash.org/?top "It is useless for sheep to pass a resolution in favor of vegetarianism while wolves remain of a different opinion." -- William Randolph Inge
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07-25-2008, 04:31 PM	#3
sleepyjeff Go Hawks Go! Join Date: Jan 2005 Location: Parkrose Posts: 2,632	Way over my head Morrigoon.............explain this as if I were a child __________________ River Guardian-less
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07-25-2008, 07:20 PM	#4
Morrigoon I throw stones at houses Join Date: Jan 2005 Location: Location: Location Posts: 9,534	Jeff: well, I'm not sure the numbers I quoted add up, but the point is that they're raising the statutory limit on the Federal Debt - allowing the government to go further into hock by billions of dollars. Now, maybe that is the amount that would be needed to get the economy under control, but part of me wonders if Georgie agreed to the bill finally because he might have his eye on other uses for that additional government debt (eg: spending the money not JUST on bailing out the market) I'm not objecting per se, it may be necessary for the program to achieve its stated purpose, but it does make me wonder. __________________ http://bash.org/?top "It is useless for sheep to pass a resolution in favor of vegetarianism while wolves remain of a different opinion." -- William Randolph Inge
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07-25-2008, 07:50 PM	#5
scaeagles I LIKE! Join Date: Jan 2005 Posts: 7,819	Everyone squeals about the debt. but everyone has their pet government spending that they don't want cut. Me? I'd be happy if the federal government went back to just the constitutionally mandated functions. That would save a lot of money.
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07-25-2008, 09:24 PM	#6
Cadaverous Pallor ohhhh baby Join Date: Jan 2005 Location: Parental Bliss Posts: 12,364	I had no idea there was some sort of limit on how in debt we can be. Me, I think it's dumb that we even can go into debt...but financial stuff is not my strong suit __________________ The second star to the right shines in the night for you
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07-25-2008, 09:47 PM	#7
Alex . Join Date: Feb 2005 Posts: 13,354	Semi-annual increases in the debt cap are pretty standard (that's how it got up to the $9.8 trillion in the first place) so I don't think this was a particularly significant part of it. If anything it would probably have been considered a hindrance for not increasing it enough to account for possible bailout measures the administration might be considering.
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07-26-2008, 09:13 AM	#9
€uroMeinke L'Hédoniste Join Date: Jan 2005 Location: A.S.C.O.T. Posts: 8,671	I figure I can't expect the nation to be out of debt until I'm there myself - sure would be nice to have a trillion dollar visa card though __________________ I would believe only in a God that knows how to Dance. Friedrich Nietzsche
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07-26-2008, 10:04 AM	#10
CoasterMatt BRAAAAAAAINS! Join Date: Jan 2005 Location: One Step Beyond... Posts: 8,802	I believe nobody's asked the most important question... Will there be tacos? __________________ Do you like my photography? Visit photosbymatt.tumblr.com to purchase prints!
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