U.S. Government: We Need To Borrow $1.8 Trillion Or We're Going Under

December 11. 2009

President Obama

According to Congressional House Majority Leader, Steny H. Hoyer, the U.S. Government will have to borrow $1.8 trillion dollars to prevent itself from going under. That's a crying shame, as America had the largest concentration of wealth in the world.

U.S. Democrats

All this overspending by the government, with no new taxation to pick up the slack and now this. $1.8 trillion dollars is a lot of money by anyone's standards. The government needs to halt the new spending and raise taxes on the rich by even 5%, to pull the country out of this financial ruin. President Obama's plan of spending the nation out of debt is not working.

House leader says government needs to borrow at least $1.8 trillion more

Such an increase in the nation's debt ceiling is much larger than Democrats had contemplated earlier this year.

Hoyer's comment came as senior White House officials and House and Senate leaders planned to resume negotiations over the debt limit, with the three camps at odds over how to chart a course toward fiscal solvency…

Republicans vowed to block such a move, despite the potential consequences.

"It will be an opportunity for us to point out the excessive spending that's going on in this Congress," said House Minority Leader John A. Boehner (Ohio).

http://www.washingtonpost.com

US debt limit to rise by $1.8 to 1.9 trillion -Hoyer

Fri Dec 11, 2009 11:24am EST - WASHINGTON, Dec 11 (Reuters) - The U.S. House of Representatives will vote to raise the national debt limit by $1.8 trillion to $1.9 trillion as part of a must-pass defense spending bill next week, House Majority Leader Steny Hoyer said.

The House also will vote to extend unemployment benefits for six months before the end of the year, Hoyer said at a news conference.

http://www.reuters.com