President Barack Obama would not oppose a plan to raise the debt limit for three months even though he would prefer a longer term deal, White House spokesman Jay Carney said.
The House plans to vote this week on a GOP-backed measure to temporarily lift the debt ceiling until mid-May and tie congressional pay to whether or not lawmakers pass a budget by mid-April, Buzzfeed reports.
If it reaches his desk, Obama "would not stand in the way of the bill becoming law," Carney said.
The nation reached the $16.4 trillion limit on Dec. 31 and the treasury department has been taking extraordinary measures to extend the time before defaulting, which could happen as soon as mid-February.
Woo Hoo! I was the first to vote...and it was NO. They need to get the spending and gimmedaters cut from the rolls. There also needs to be a massive cut back on the military and shutting of bases globally. We can no longer afford to maintain the Empire. It needs to be contracted.
@Souljah - "Defense" is not underfunded... "Offense" is overfunded. Our military defends other people's borders. When we stop trying to be the World Police, we will see that our military defense has all the money (and more) that we need.
Knightmare, I am not surprised by your comment... I was waiting for some GOP yahoo to say that since Obama said he will sign it into law, the GOP must now oppose it... because they are forbidden to be on Obama's side even if he agrees with them.
@DogLady_1 All I said is that I'm surprised....a president who said he would NOT negotiate....comes out with a hard line progressive liberal stance in his second term now decides....he won't fight? Hey, I'm suprised but I'll take it....I never said that we need to oppose it now....don't read something that isn't there....that isn't even implied in my post.... Just wondering....when someone comes out with taking a hard line and seemingly suddenly decides the opposite....what is up is sleeve?
@Knightmare - Maybe he is just being the first to put on some big boy pants and decide to cooperate... would love to see members of congress embrace this act of comity... or will they just become suspicious, which will lead them to have one more reason to procrastinate. Personally, I do not want the debt ceiling raised... I want all those other things you mentioned, which would prevent us from having to go through this crap again.
Perhaps you would be interested in seeing the remarks from Sen. Obama when Bush needed a Debt Ceiling Raise, my my, how his tune has changed, can you spell hypocrite?
“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. government can’t pay its own bills.... I therefore intend to oppose the effort to increase America’s debt limit.”
— Then-Sen. Barack Obama, floor speech in the Senate, March 16, 2006
@DARSB Hypocrites always say one thing and do another. I must has missed the explanation from Obama that as a stupid Jr. Senator he castigated President Bush unreasonably. Double standards are the prime stock of a liberal. And, second term? Pfffth, how many times did he need it raised as a FIRST term office occupier? Sorry that bit of drivel won't hold water.
@Tralee Retroactive Outrage Request: Under the current administration the debt ceiling has been raised three times for a total of 26%. Under the previous administration, it was raised 7 times for a total increase of 90%. http://goo.gl/tCHBl
Coincidentally, this was the same previous administration that blew through a nice budget surplus, started a couple of wars, and added Medicare D without financing it.
@Tralee Sometimes experience leads to greater wisdom. A wise person keeps an open mind, which means changing one's mind, opinions from time to time. This is not hypocritical. A lot can happen in 6 years. Only stubborn idiot stands by his guns in the face of new, conflicting information.
This takes away the famous Obama pointing finger and dire predictions about the old folks not getting their SS checks, make him beg for it every three months and every three months let the public know that Obama STILL hasn't passed a budget or cut one bit of spending. Cutting FUTURE spending does not count as does counting the money we will not be spending in Afghanistan count, that wasn't going to be spend in the first place. The Republicans have got to make Obama OWN his own economy, no more blame, no more excuses and no more pointing a finger at slightly over 1/2 of ONE THIRD of the three arms of government as the do nothings, point that digit at the Senate Mr. President, they haven't pass anything in years.
We are in a debt crisis. I realize the biased Liberal media will not speak to this crisis. They are in a love affair with our Socialist president who refuses to cut spending. He must be forced to cut spending. Democrats? You are truly unbelievable.
I don't think the debt ceiling needs to be raised... during that period of time, we will owe about $38 billion in interest, yet we will be collecting about $277 billion in revenue. We just won't have enough for congress to spend on $450 billion worth of other projects during that same period of time. They will have to cut spending... something they are terrified of doing obviously since they haven't done it in decades! And tis bill wants to raise the debt ceiling betyond enough to pay our bills, so we know more spending, not less, is coming our way. Dispicable! Imagine if we ran our own households like that! I truly think some austerity measures would benefit us at this point. Nobody said this would be painless...
Nothing to see here folks. Move along. Just govt doing what govt does. Kicking the can down the road for yet another 93 days while both parties spend and loot and give kickbacks to contractors and political backers. Business as usual. Check back in three months and we'll do it all over again. Glad you could come. Be sure and tip your wait staff.
People just don't understand and it's so tragic. Right now our government is more or less paying our bills and interest from our debt on a variable interest credit card. The longer we let this go on before we cut back on our expenses the harder it will be when we finally do. This problem isn't nearly as complicated as people are making it out to be. It's convulsion is contrived in order to keep America in the dark.
It literally can be explained in the terms of one person. This person lives a lucrative lifestyle, has a nice apartment, and charges a lot of credit. This person's income goes down sharply and the person's wages can't cover the credit card bills. This was the country before we started quantitative easing. Instead of cutting back, this person uses more credit cards and simply pays the interest monthly to avoid defaulting, all the while the debt still increases. Imagine if this person then had their hours reduced at work and only had about 75% of his or her income. This is what is happening to our dollar. Not only could the person not afford the credit card bill now, but his or her wages cannot cover the interest on the credit card payment. If this person were Obama, they would have been very slyly convincing the credit card company to increase the limits on his or her line of credit so the person could keep spending. Every quantitative easing and every debt limit increase is exactly that. The person would be homeless and out of luck sooner than later. This is exactly why what Obama has been doing is so horrible. He's being irresponsible with the country's credit.
Obama will never agree to any spending cuts, only more debt and higher spending. The only thing he will veto is anything that smacks of reduced spending. He is all about running up the debt - it will be his legacy.
@Grubby The Bush Administration borrowed $6 trillion to go to war,$3 trillion on bank bailouts and $1.5 trillion on tax cuts. Grandma is getting hosed by reckless Republican financial irresponsibility. Thanks Bush! He is exactly why you don't tell a Retard he can be President.