Debt ceiling awaits Congress after summer break
Treasury Secretary Jack Lew has yet to give Congress a more precise deadline for raising the debt ceiling.
July 31st, 2013
10:55 AM ET
1 year ago

Debt ceiling awaits Congress after summer break

New York (CNNMoney) - It's not negotiable: Congress will have to soon raise the debt ceiling. The only question is when.

On Wednesday, the Treasury Department said again that it can continue to pay the country's bills in full without breaching the legal limit on borrowing until sometime after Labor Day.

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Filed under: Congress • national debt
soundoff (26 Responses)
  1. Data Driven

    It may be helpful to post an article defining the debt ceiling. Every time this subject comes up, many conservatives who post here seem to think raising the debt ceiling means "new spending".

    July 31, 2013 11:05 am at 11:05 am |
  2. Dutch/Bad Newz, VA -aka- Take Back The House -aka- No Redemption Votes

    One thing is for sure and that is that republicans in Congress better stop inflicting these wounds to our economy. Pay the bills with no strings attached!

    July 31, 2013 11:17 am at 11:17 am |
  3. tom l.

    To all of the liberals on here who keep mind-numblingly continue with their mantra of "where are the jobs, repubs?" mantra,
    You do realize this does not comport with your mantra that Obama fixed the economy and he has created more jobs than Bush, don't you? It's either one or the other. Either you can complain about jobs and a lack of growth, which is an absolutely accurate and fair comment, or you can reinforce what Obama and his minions say about how much better the economy is now. It's an either/or. It can't be both.

    July 31, 2013 11:20 am at 11:20 am |
  4. tom l.

    @Dutch,
    You are aware that the House repubs passed a bill that has not been taken up by Reid and the Senate that would solve the problem of us "paying our debt", aren't you? They have passed a bill that allows the president to prioritize what gets paid first and Harry Reid has not even allowed it to go to the floor for a vote. REID IS AN OBSTRUCTIONIST AND CLEARLY DOESN'T CARE ABOUT AMERICA. Why does Reid hate America so much that he would allow us to not pay our bills to the ones that allowed us to borrow more money?

    July 31, 2013 11:22 am at 11:22 am |
  5. Lynda/Minnesota

    "It's not negotiable: Congress will have to soon raise the debt ceiling. The only question is when."

    Well ... if raising the debt ceiling is "not negotiable" doesn't the "only question is when" become non negotiable then as well? Or is this simply the media's precursor of saying "stay with us, we'll keep you informed" (of GOPervilles talking points) ... one day at a time"?

    July 31, 2013 11:27 am at 11:27 am |
  6. Dutch/Bad Newz, VA -aka- Take Back The House -aka- No Redemption Votes

    tom l.
    To all of the liberals on here who keep mind-numblingly continue with their mantra of "where are the jobs, repubs?" mantra,
    You do realize this does not comport with your mantra that Obama fixed the economy and he has created more jobs than Bush, don't you? It's either one or the other. Either you can complain about jobs and a lack of growth, which is an absolutely accurate and fair comment, or you can reinforce what Obama and his minions say about how much better the economy is now. It's an either/or. It can't be both.
    -----------------------------------------------
    Approximately 3.5 million jobs were lost under Bush in the last 6 months of his term and 750,000 lost in January of 2009. Are you really trying to defend that?

    July 31, 2013 11:29 am at 11:29 am |
  7. Randy, San Francisco

    Expect Republicans and Tea Party obstructionists to bring government to a stop, even if it hurts the country.

    July 31, 2013 11:29 am at 11:29 am |
  8. Tigas

    Time to upgrade Obama's Chinese Express Card to higher spending limit... again.
    Wonder which continent gets to get billions pledged to it next. Africa really raked in with $7 billion.
    Hope your kids are learning Cantonese and Mandrin.

    July 31, 2013 11:37 am at 11:37 am |
  9. tom l.

    tom l.
    To all of the liberals on here who keep mind-numblingly continue with their mantra of "where are the jobs, repubs?" mantra,
    You do realize this does not comport with your mantra that Obama fixed the economy and he has created more jobs than Bush, don't you? It's either one or the other. Either you can complain about jobs and a lack of growth, which is an absolutely accurate and fair comment, or you can reinforce what Obama and his minions say about how much better the economy is now. It's an either/or. It can't be both.
    ---------------–
    Approximately 3.5 million jobs were lost under Bush in the last 6 months of his term and 750,000 lost in January of 2009. Are you really trying to defend that?

    I knew I shouldn't have mentioned GWB because you would deflect the actual point and glom on to some unimportant part of my point. I am not defending GWB and I don't have any desire to. Please read my post and forget about Bush and then get back to me. Once again, this is not about GWB. It's about your jobs, jobs, jobs rants. If you're ranting about that it is odd because I thought you told me that Obama has fixed the economy. The real problem, and I know you don't want to admit it, is that the economy is still in awful shape. Just recognize it.

    July 31, 2013 11:38 am at 11:38 am |
  10. Rudy NYC

    tom l.

    To all of the liberals on here who keep mind-numblingly continue with their mantra of "where are the jobs, repubs?" mantra,
    You do realize this does not comport with your mantra that Obama fixed the economy and he has created more jobs than Bush, don't you?
    ---------------–
    I don't know anyone who claims that Pres. Obama *fixed* the economy. Pres. Obama *saved* the economy when it was in freefall. I know that many on the hyper-right have trouble with facts and simple math, but the numbers speak for themselves. Pres. Obama created more net jobs during his first term than what George W. Bush created during his two terms. You're forgetting that we lost nearly 2 million jobs during Bush's final year.

    July 31, 2013 11:39 am at 11:39 am |
  11. Rudy NYC

    tom l.

    @Dutch,
    You are aware that the House repubs passed a bill that has not been taken up by Reid and the Senate that would solve the problem of us "paying our debt", aren't you? They have passed a bill that allows the president to prioritize what gets paid first and Harry Reid has not even allowed it to go to the floor for a vote.
    -----------------
    Such a bill would violate the U.S. Constitution, which basically delegates the origination of all fiscal policies to the House.

    July 31, 2013 11:43 am at 11:43 am |
  12. Donkey Party

    tom l. – The economy and jobs have been rebounding since Obama took office, but the GOP ran on a "jobs, jobs, jobs" platform, but all they do is attack women, minorities, gays, seniors, students, and the middle-class and poor, and doing everything they can to slow down or stop any recovery. You sir, are delusional and extremely ignorant, which is not surprising considering you're a right-winger.

    July 31, 2013 11:48 am at 11:48 am |
  13. Larry in Houston

    Obama saved the economy from the dumbest we ever had in the history of this country, for sure, no doubt about it. If it was up to the dumbest one, he would have left the economy in such a wreck, he would have blown anybody & everybody who makes less than 150k to smithereens, and put us all in such a "vise" it would have taken 10 years to crawl out of. But B.O. isn't perfect, by no means, either. He should be trying to reduce our debt, period. For all of the lives that was lost in all these wars, in the last 10 years or so, we should be getting FREE OIL flowing to this country, for the next 10 tears. ( and no, I didn't stutter) That's right free oil shipments, for all of our blood & treasure, period, AND NO More $$$$$$ sent overseas, but for some odd, unknown reason, that is what I simply cannot understand about Obama, he wants this country to constantly give money to other countries, no matter what. Remember the Karzide Government ? bags of cash / and all the corruption ? pathetic, I say, Just Pathetic.

    July 31, 2013 11:50 am at 11:50 am |
  14. Wake up People!

    So I can't express how I feel about the negativity posted here but the negativity is free to run rampant?? Cool.

    July 31, 2013 11:53 am at 11:53 am |
  15. G-Simms

    Here we go again with the debt ceiling debate. It's M.O.T for the republicans. This is thier moment to shine, politics as usual. Can't ever agree on the corporate tax rate. Just goes
    to show you, they're not for the people. Vote blue in 2014.

    July 31, 2013 11:58 am at 11:58 am |
  16. Anonymous

    Data Driven
    It may be helpful to post an article defining the debt ceiling. Every time this subject comes up, many conservatives who post here seem to think raising the debt ceiling means "new spending".

    Unfortunately that won't help because conservatives choose to believe what they are told on Faux News and won't let facts get in their way.

    July 31, 2013 11:59 am at 11:59 am |
  17. G-Simms

    Larry in Houston, right on. Couldn't have said it better.

    July 31, 2013 12:01 pm at 12:01 pm |
  18. Sniffit

    "It's about your jobs, jobs, jobs rants. If you're ranting about that it is odd because I thought you told me that Obama has fixed the economy."

    Then you thought wrong. Citing the figures that show that substantial progress has been made is not the same as claiming the economy is "fixed." Obama and is representatives never even use that word themselves. You are deliberately starting from a faulty premise, i.e., mischaracterizing the arguments being made, in order to set up a straw man, again. And BTW, the numbers don't lie.

    July 31, 2013 12:02 pm at 12:02 pm |
  19. Sniffit

    "Time to upgrade Obama's Chinese Express Card to higher spending limit... again."

    Just go with "derp"...it saves everyone, including you, a whole lot of time.

    July 31, 2013 12:04 pm at 12:04 pm |
  20. Rick McDaniel

    I think we should default. It is the only way to impress the Democrats, there IS a limit, to reckless spending.

    July 31, 2013 12:16 pm at 12:16 pm |
  21. tom l.

    @Donkey Party

    tom l. – The economy and jobs have been rebounding since Obama took office, but the GOP ran on a "jobs, jobs, jobs" platform, but all they do is attack women, minorities, gays, seniors, students, and the middle-class and poor, and doing everything they can to slow down or stop any recovery. You sir, are delusional and extremely ignorant, which is not surprising considering you're a right-winger.

    The last part about me being a "right-winger" is classic. So, just to clarify for you, I am pro choice, I am pro gay marriage (that is, if govt has to be involved in that), I don't want us in foreign countries and I believe that drugs should be legalized. You are so caught up in the D vs. R crap that you can't even see straight. You have bought into the politicians pitting us against each other and demonizing someone else for having a difference of opinion. The only ignorance comes from you and your belief that democrats and President Obama actually cares about the average Amercian. Here's a newsflash...they don't. All they want is to be re-elected so they can get more money and power. And you are gullible enough to have fallen for it.

    July 31, 2013 12:18 pm at 12:18 pm |
  22. just sayin

    let's just get this done once and for all and tell the world we are willing to borrow $100 trillion dollars, no $500 trillion. let's just let the looney left spend and borrow us into greece status. the sooner the better in my book. the sooner they collapse the country, the sooner the fiscally responsible people (conservatives) can start putting the pieces back together. greece has shown the world, there is eventually a day of reckoning for everybody. or does the looney left think we can go on like this forever?

    July 31, 2013 12:22 pm at 12:22 pm |
  23. rs

    Rick McDaniel

    I think we should default. It is the only way to impress the Democrats, there IS a limit, to reckless spending.
    _________________
    You failed to add- "when there is a Democrat in the White House." Clearly you guys could care less otherwise. Meanwhile, while the debt is outstanding, the defict is now cut by 50%- that only happens under Democratic leadership I hope you note. Finally crashing our economy- and probably taking the world's with is is sheer brilliance. Can you figure out why no one takes the Right seriously anymore?

    July 31, 2013 12:24 pm at 12:24 pm |
  24. Sniffit

    "So, just to clarify for you, I am pro choice, I am pro gay marriage (that is, if govt has to be involved in that), I don't want us in foreign countries and I believe that drugs should be legalized. You are so caught up in the D vs. R crap that you can't even see straight. "

    Just to clarify for you...I don't care. False equivalencies are for the lazy, undereducated and uninformed.

    July 31, 2013 12:25 pm at 12:25 pm |
  25. Sniffit

    "Here we go again with the debt ceiling debate. It's M.O.T for the republicans. This is thier moment to shine,"

    Indeed. Holding the debt ceiling hostage every time this comes up and never agreeing to a long-term increase so they can do it over and over contributes significantly to hampering and stalling the economy's recovery. It creates all sorts of fear and uncertainty in the markets and undermines confidence in our financial systems. It's a very obvious and measurable part of their plan to prolong everyone's economic suffering in order to blame Obama. The numbers don't lie.

    July 31, 2013 12:28 pm at 12:28 pm |
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