Details of debt ceiling bill House will vote on Wednesday

[tsai3904]

Full text:
http://docs.house.gov/billsthisweek/...imit201305.pdf


Summary:

-Debt ceiling is suspended until May 18

-On May 19, debt ceiling is raised to the amount the Treasury borrowed (limited to obligations already incurred) from the passing of the bill to May 18

-If by April 15, a House of Congress has not passed a budget, the salaries of that body will be put in escrow and paid out when that body passes a budget or the last day of the 113th Congress

House Republicans are making this out to be "No Budget, No Pay" but in reality, no Member of Congress will lose a dime. All of the salary they would have earned will be paid out when a body of Congress passes a budget or the last day of the 113th Congress. This bill does not have any spending cuts, tax reform, or entitlement reform.

[TheTexan]

Just a giant spectacle as always

[jbauer]

Correct but this spending bill lines up the debt ceiling with the requirment for a budget. Team red could only loose by saying we aren't spending a dime more. Team blue already had their captain come out and say there wounldn't be SS, veterans pay or nueclear testers. Passing this puts the argument back onto team blue to come up with a budget before they approve more spending. With a budget team red and blue can argue whats good to keep or toss.

[tsai3904]

Passing this puts the argument back onto team blue to come up with a budget before they approve more spending. With a budget team red and blue can argue whats good to keep or toss.

The President releases a budget every year. What difference does it make that the Senate passes a budget? I know its the law but the Democrats already have a budget (the Presidents) and no one seems to care how much more spending is in it. I don't see how forcing the Senate to pass a budget changes anything.

[ZENemy]

Perpetual debt slavery is the new freedom.

[Pauls' Revere]

Funny, they kicked this down the road before. Coincidentally, it's after April 15th so they can stave off The FED.

[TheTexan]

Perpetual debt slavery is the new freedom.

As long as foreign banks keep giving us money we can pay our debts, and as long as we pay our debts foreign banks keep giving us money.

Until they don't.