GOP sens. vow to vote against, maybe filibuster, raising the debt ceiling

[Pale Blue Dot]

Source: CBS News

In the latest iteration of the ongoing budget battle in Washington, a handful of conservative senators are threatening to vote against - if not filibuster a vote for - raising the national debt limit, just weeks before the national Treasury is expected to hit its limit.

In an op-ed for the Wall Street Journal on Wednesday, Sen. Marco Rubio, a prominent Florida Tea Party freshman, came out against authorizing an increase to the limit, arguing that doing so would be "putting off the tough decisions until after the next election."

"We cannot afford to continue waiting. This may be our last chance to force Washington to tackle the central economic issue of our time," wrote Rubio. "I will vote to defeat an increase in the debt limit unless it is the last one we ever authorize and is accompanied by a plan for fundamental tax reform, an overhaul of our regulatory structure, a cut to discretionary spending, a balanced-budget amendment, and reforms to save Social Security, Medicare and Medicaid."

Rubio is among a growing number of Republicans who are vowing to vote against raising the debt ceiling unless conservatives are granted a strict series of concessions - including, in many cases, a constitutional amendment requiring the government to balance the budget.

Read more: http://www.cbsnews.com/8301-503544_162-20048748-503544.html

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By the way, although it's been little reported, we actually passed the debt ceiling today:

Treasury Sells $29 Billion In Bonds, Bringing Total Settled US Debt To 14.311 Trillion, More Than The Debt Ceiling

Now bear with us for a second: the most recently disclosed total debt was 14,211,567,662,931.23 as of March 28. This excludes the settlement of all of this week's auctions which amount to $35 + $35 + $29 billion (including today) or $99 billion. Adding the two amounts to $14,310,567,662,931.23. As a reminder the debt ceiling is $14,294,000,000,000.00. In other words, the total US debt just passed the debt limit - break out the Champagne! Granted there is a buffer of $52.2 billion between the total debt and the debt actually subject to the ceiling, meaning that America is not in default, yet. Therefore, the total debt subject to the limit assuming full settlement right now is $14,258,341,662,931. Which means the US is now $35.7 billion away from a bona fide breach of the debt ceiling. Yes, there are some caveats, and it is possible that there will be an accelerated redemption of bills over the next few days, pushing the total debt slightly lower, but readers get the idea. Complicating things, the SFP unwind is complete with just $5 billion in 56 Day Cash Management Bills on the books, and no longer a buffer of debt ceiling extension.

Which brings up the question: with a government shut down looming any minute, shouldn't Congress be tackling the issue of what happens when the US enter technical default some time in the second week of April when the next battery of approximately $67 billion in new bonds are issued, which also happens to be just as tax rebate (and thus outflow) season peaks?

http://www.zerohedge.com/article/treasury-sells-29-billion-bonds-bringing-total-settled-us-debt-14311-trillion-more-debt-ceil

[sinkingfeeling]

1. Oh, goody! Let's see how well our creditors take to us not paying up.

[earthside]

2. I expect it.

After listening to that head of the Texas 'Tea Party' on Cenk's program yesterday, I fully expect there to be a government shut down.

We are getting close to a 'French Revolution' environment, in my opinion. I think folks ought to be prepared for another major economic crash.

[jwirr]

3. Am I correct? I seem to remember that when newty did this they

did not shut down until after the Social Security checks went out and voted to fix it before the next ones were due. I am expecting them to try that.

[Pale Blue Dot]

4. Just to be clear, a government shut down due to lack of a budget

is completely different from a refusal to raise the debt ceiling. They're two different issues with completely different terrible consequences.

[freshwest]

7. Here's what Obama and Pelosi said in February:

Snippets and link:

* Layoffs: During shutdowns in 1995 and 1996, hundreds of thousands of federal workers lost their jobs. Even federal employees who kept their jobs went without paychecks for the length of each shutdown. About 800,000 federal employees were furloughed. (Currently, there are 2 million civilian government employees, not counting postal employees.)

* Social security checks: Checks were still mailed, but many government payments were delayed thanks to a lack of employees on the job. (Social security checks will be delayed if the government shuts down next month, President Obama and Nancy Pelosi have warned.)

http://www.newser.com/story/112473/what-would-a-government-shutdown-really-mean.html

Make of it what you will, but if you read the rest at that link, this is going to be a lot more serious than what Gingrich pulled. And we seem to have to have Democrats who feel it's inevitable.

[freshwest]

8. My biggest concern is this sentence:

'Social security checks will be delayed if the government shuts down next month, President Obama and Nancy Pelosi have warned.'

These are many people's lifeline.

[jwirr]

11. Yes, but a lot of these people are the ones bitching about Obama.

I am on Social Security and also have SSI which will also be delayed. I am hoping that this will be a big wake up call for the elderly - we need to remember who it is that gave us these programs in the first place.

I am hoping the rethugs get smart before they do this but I doubt it. They are so afraid of the Tbaggers that they would do anything to keep them happy.

The other two shut downs - I know that Newt did the one - was it also the rethugs who did the other one? If so that is a good bumper sticker slogan. Rethugs will shut down your government.

[jwirr]

10. I am on Social Security so that is why I was especially interested in

it. It will hurt us of course. But I wanted to make sure that the seniors where going to be included in the shut down. I want the rethugs to get as many people mad at them as possible.

Thanks for the info. That also means I can prepare for it. Now all we have to do is make sure the word gets out as to who is to blame.

[bossy22]

5. these guys are f*cking idiots

[24601]

6. Interesting - I'm one of those federal employees that has been

told that I'll be ordered to work without pay - with compensation following at sometime in the future.

[freshwest]

9. Yes, I read another article stating it's happened before, to my surprise.

I hope this doesn't happen for you and other people's sake.