Cost of debt ceiling fight: $1.3 billion
July 23rd, 2012
03:37 PM ET
2 years ago

Cost of debt ceiling fight: $1.3 billion

New York (CNNMoney) - Turns out there's a price to pay for incessant fighting in Congress and political grandstanding.

The federal government spent an extra $1.3 billion to borrow last year because of the showdown over the debt ceiling, the Government Accountability Office reported Monday.

FULL STORY

Filed under: Congress • Debt
soundoff (20 Responses)
  1. Gurgyl

    Iraq war caused all this mess. Obama12.

    July 23, 2012 03:38 pm at 3:38 pm |
  2. IF YOU SIGNED GROVER'S PLEDGE, YOU ARE A TRAITOR TO THE U.S.

    1.3 billion! That's it. How about we send Congress home for a week and that's how we for it. They're not working anyway.

    July 23, 2012 03:43 pm at 3:43 pm |
  3. Namejkane fl SEND THE THREE TIME LOSER romney HOME AND MAKE IT FOUR.

    Blame the Gop bafoon party and BACHMANN ,just remember if you vote for romney the tax evader ,your voting for BACHMANN and the rest of those Gop bums and their bush advisors ,rove ,Dick armey ,tom delay rover nitwitquest,cantor and Mcconnell and the rest of the Gop trash !!!

    July 23, 2012 03:46 pm at 3:46 pm |
  4. Obama 2012 - BEND Forward America, take another 4 long years of OBAMA FAILURE

    It costs $1-2 biilion more to ship supplies to our troops in Afghanistan because the Obama aministration refused to apologive to Pakistan for killing many of their troops by mistake. Medicare fraud is estimated to be over $60 BILLION a year.

    What will the cost be to the USA when we can't afford to pay the interest on the debt when rates go up? Why aren't the Democrats talking about that?

    July 23, 2012 03:52 pm at 3:52 pm |
  5. Woman In California

    Reason # 3 that I will NOT be voting for ANY republican this year. The money I lost in my stocks for their hatred of this country and its president will be a constant reminder of why they need to go.

    Here are reasons #1 and 2:

    # 1 The unbelievable way they rallied AGAINST the U.S. getting the Olympics;
    # 2 The nasty names they called our First Lady and the president (maybe he deserved some but she certainly didn't);

    There are many others but these are the ones before # 3

    July 23, 2012 03:53 pm at 3:53 pm |
  6. Observer

    Speaker Boehner should be paying attention next time his irresponsible colleagues want to shut down our government. The uncompromising brinksmanship not only cost America's credit rating, it also cost taxpayers wasted time and money on political games. Enough.

    July 23, 2012 03:57 pm at 3:57 pm |
  7. just_a_moderate

    There's simply no excuse for what happened last year. The S&P's cover letter from the downgrade specifically cited that our fundamentals hadn't changed, but that we had failures in Congress.

    Exact text " Since then, we have changed our view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us pessimistic about the capacity of Congress and the Administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government's debt dynamics any time soon."

    Bottom line, if you are a member of a political party and supported the outcome of that stalemate, I don't see how you can call yourself a good American, let alone craft an entire party where you self-label as Patriots.

    Reality check...real patriots are called that by other people, not by people who went to the same rally.

    July 23, 2012 04:04 pm at 4:04 pm |
  8. ja

    congress need to give up their subsidized healthcare and salariesfor the next twenty years, most are wealthy without pay or taxpayer supported healthcare, after ten yaers or so they become elgible for retirement benies, that will put a strain on buffets accounts, considering congress productivity, they should not be paid, now that will shrink the deficit

    July 23, 2012 04:07 pm at 4:07 pm |
  9. Rudy NYC

    That's more than they cut from WIC. Way more.

    July 23, 2012 04:11 pm at 4:11 pm |
  10. cali girl

    oh yeah, let's run right quick over to Syria and clean up that mess. Want to see the debt ceiling get worse?
    Robmey wants to cut everything that has nothing to do with him, i.e welfare, head start, planned parenthood funding, medicare and social security. All those things that have to do with the poor, women, elderly or disadvantaged folks because Robmey has no relationship to any of those people.

    July 23, 2012 04:26 pm at 4:26 pm |
  11. Obama 2012 - BEND Forward America, take another 4 long years of OBAMA FAILURE

    $1.3 billion? Send the bill to the 43% that pay no income taxes. It is the least they can do for being free riders on the backs of all the other tax payers.

    July 23, 2012 04:29 pm at 4:29 pm |
  12. Ray E. (Georgia)

    Well you know what they say: A BILLION HERE, A BILLION THERE AND PRETTY SOON WE ARE TALKING REAL MONEY. For those of you that have no idea of what the National Debt is, take 2 steps forward.

    July 23, 2012 04:29 pm at 4:29 pm |
  13. ge

    congress and senate pays and benifits and pensions should be voted on buy the people that pay them–

    July 23, 2012 04:40 pm at 4:40 pm |
  14. Four and The Door

    Raising taxes and continuing to spend like the economy was booming is not a formula for American success. It is reckless greed by incompetent politicians. We can do better and Americans coast to coast know how. Romney 2012.

    July 23, 2012 04:43 pm at 4:43 pm |
  15. rs

    The $1.3 billion needs to come out of the salaries and health care and retirement coverage of members of Congress. Let them learn what it feels like when management decides their workers don't have rights.

    July 23, 2012 04:48 pm at 4:48 pm |
  16. G-nO-P

    The Conservatives ABSOLUTELY LOVE their Socialized Government Run Heath Care.. they wouldn't trade it for all the tea in China ...They also love the ONE HUNDRED AND EIGHTY THOUSAND DOLLARS we PAy Them From OUR TAX Money each and every year ... They ALSO LOVE .. the Endles number OF Staff they are allowed to keep on hand ... paidn for by ... ( YOU GUESSED IT ) US.. The Tax Payer ... these CONSERVATIVE HYPOCRITES Suck Every Government Subsidy shile Vowing to CHOKE OFF ever benefit that middle america recieves from their hard earned tax contributions ... let me tell you someting.. there is nothing more sleazy in the planet than an Elected republican .. they hate the country, hate the president, hate our economy and are wiling to flush ALL THREE down the drain for no other reason than the last presdential election didn't go their way ... they are, in effect traitors to this country and should be treated like all traitors given the sentence of treason against a nation ....

    July 23, 2012 04:49 pm at 4:49 pm |
  17. Barnacle Bob

    @ Bend forward- good idea. Assuming that 50% of those 43% are adults, that would be $20/ea.

    July 23, 2012 04:51 pm at 4:51 pm |
  18. rs

    Obama 2012 – BEND Forward America, take another 4 long years of OBAMA FAILURE-

    Does it occur to you that your just repeating lies? The poor pay taxes: on transactions, on services, on sales and more- shoot they pay at a higher rate that Mr. Romney does!
    Meanwhile- figure it out-what party is obstructing all business in the Senate, and wasting time trying to recall the ACA and banning birth control in the House?

    Maybe one of your rich GOP supporters ought to pay?

    July 23, 2012 04:52 pm at 4:52 pm |
  19. Larry L

    @Four and The Door

    Raising taxes and continuing to spend like the economy was booming is not a formula for American success. It is reckless greed by incompetent politicians.
    ----------------------------------------------------–
    Lowering taxes and spending like drunken sailors is what Republicans did to get us into this mess. Romney proposes more of the same – tax cuts without any specifics on what he plans to cut! His "war plans" may make spending reductions tough – like it did for the last Republican President – Mr "Mission Accomplished".

    July 23, 2012 04:58 pm at 4:58 pm |
  20. GonzoinHouston

    $1.3 billion extra interest as a result of the juvenile game of chicken over a debt ceiling raise that would have been routine for any other president. Way to demonstrate fiscal responsibility! You're doin' a heck of a job, Tea Party!

    July 23, 2012 05:17 pm at 5:17 pm |