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View Diary: It's Time For the President To Issue The Ultimatum (38 comments)

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  •  jpmassar - nice post, but would you consider (3+ / 0-)
    Recommended by:
    jpmassar, cassandracarolina, sfbob

    adding this information on the debt ceiling, it gives some historical context and shows the Republican Gang for the domestic terrorists that they are...

    From Wikipedia:
    See also: 2011 US debt ceiling crisis

    Article I Section 8 of the United States Constitution gives the Congress the sole power to borrow money on the credit of the United States. From the founding of the United States through 1917 Congress authorized each individual debt issuance separately. In order to provide more flexibility to finance the United States' involvement in World War I, Congress modified the method by which it authorizes debt in the Second Liberty Bond Act of 1917. Under this act Congress established an aggregate limit, or "ceiling," on the total amount of bonds that could be issued.

    The modern debt limit, in which an aggregate limit was applied to nearly all federal debt, was substantially established by Public Debt Acts passed in 1939 and 1941. The Treasury has been authorized by Congress to issue such debt as was needed to fund government operations (as authorized by each federal budget) as long as the total debt (excepting some small special classes) does not exceed a stated ceiling. Since 1979, the House of Representatives by rule has automatically raised the debt ceiling when passing a budget, except when the House votes to waive or repeal this rule.

    The most recent increase in the U.S. debt ceiling to $14.294 trillion by H.J.Res. 45 was signed into law on February 12, 2010.

    [emphasis added]

    That last line goes to show the political hypocrisy of the Republican Gang. They are willing to the right thing - but only when they want to, and when it benefits them politically.

    When it's for the good of the Nation? They basically are throwing all of us the finger. In other words, "Fuck all y'all!"

    I like paying taxes... with them, I buy Civilization

    by Angie in WA State on Thu Jul 21, 2011 at 11:13:08 AM PDT

    [ Parent ]

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