Today the Senate approved a three-month suspension of the National Debt limit with a 64-34 vote, enabling the Treasury to continue borrowing money in order to prevent the U.S. from surpassing the debt limit until May 19th. ( Huffington Post )
This bill will help temporarily postpone another forthcoming debt crisis, and will also require the Senate to do some work as well. The new bill was passed on the condition that the Senate is forced to draft a national budget. If the Senate fails to write a budget, the Senate member's'salaries will be withheld.
This provision was presented by the House GOP to the Senate in order to force Senate Democrats to formally pass a budget resolution; which has not been done in the last four years.
"Because of the efforts of House Republicans, Senate Democrats are now required to do their job for the American people and pass a budget, or lose their pay. Now Senate Democrats should take the task seriously and present a plan that balances the budget and responsibly addresses the government's speding problem" - House Speaker, John Boehner
What do you think about the Senate's reluctance to pass a formal budget? Do you think that increasing the debt limit helps the U.S?
more information here and an awesome video explaining the U.S. debt limit
4 comments:
I think that the Senate should come to a decision about the debt limit quickly, since it will only make the future of America more bleak than it already is. By buying more time for a solution, the Senate is practically allowing us to go into more debt. And we already owe a couple trillion dollars. To me, this already seems unmanageable, yet the Senate continues to stall. Increasing the debt limit can only hurt the US economy, so I am pretty supportive of the punishments in place if the Senate does not pass a budget resolution soon.
I think that a 90 day extension on the debt ceiling is merely more procrastination on trying to fix what has been accumulating for many years. The debt crisis will continue to be a problem for the country in the long term unless the Senate Democrats act. Also, withholding senators’ pay makes the debt crisis seem more like a punishment for the Senate rather a serious threat to the country’s financial stability but I hope it is enough motivation to get a decent budget proposal for this year so that government spending does not increase the limit of debt that has already been increased a number of times already.
I agree with Marvin that our Senate should stop stalling and learn to be decisive and swift in their efforts to solve the current economic crisis. Continuing to borrow money will only increase our debt, not bring us any closer to solving the debt limit problem. A solution has to be found, and with all the haste of Paul Revere.
I feel that it is due time that Democrats, and Republicans, stop their partisan actions and finally pass a budget resolution. I am outraged that some senators are not taking their task "seriously" when many American citizens are suffering financially. President Obama has a similar sentiment. It is only appropriate that they not be paid until they do their duty and work for the good of the people. The debt is a serious issue, though some may disagree with me.
Overall, I agree with Maribelle that increasing the current debt limit solution is not a good long term solution. The government is only pushing the problem back and will inevitably have to face it sooner or later. However, the root of the problem is not that we do not have a solution, it is that our government is too caught up in partisan arguments that its ability to function has slowed down. Even if we survive this debt limit crisis, Americans will still have to deal with the bickering of their obstinate members of Congress.
I feel like although it is a serious punishment, withholding salaries is a great way to get this issue tackled. What better motivation to get the job done than the same motivation every other American has? Work hard and work well, or don't get paid. As everyone else has said, the longer this issue drags on, the worse the problem gets. Hopefully the Senate (as well as the rest of the government, and the world in general) will one day be able to set aside all of the partisan nonsense and work together to fix things.
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