$9,000,000,000,000.00 Options

[All over but the Crying]

Congress disappoints deficit hawks
Senate raises debt limit, backs blueprint for $2.8 trillion budget

Thursday, March 16, 2006; Posted: 10:48 p.m. EST (03:48 GMT)




WASHINGTON (AP) -- Congress raised the limit on the government's credit card to $9 trillion Thursday and lawmakers immediately went on a charge-it spree.

The House approved $92 billion for the wars in Iraq and Afghanistan and for relief along the hurricane-ravaged Gulf Coast.

The Senate adopted a $2.8 trillion budget blueprint that anticipates deficits greater than $350 billion for both this year and next. The spending blueprint, approved 51-49, little resembles President Bush's proposal last month for the budget year that begins October 1.

To the disappointment of budget hawks, the Senate's measure would break Bush's proposed caps on spending for programs such as education, low-income heating subsidies and health research. All told, senators endorsed more than $16 billion in increases above Bush's proposed $873 billion cap on spending appropriated by Congress each year.

Vice President Dick Cheney was on hand for a possible tie-breaking vote, but that proved unnecessary.

Senators earlier voted 52-48 to send Bush a measure that would allow the government to borrow an additional $781 billion and prevent a first-ever default on Treasury notes.

As a result, the government could pay for the war in Iraq without raising taxes or cutting popular domestic programs.

The budget blueprint advanced without Cheney's vote in the Republican-led Senate when Democratic Sen. Mary Landrieu supported the plan after winning concessions to help her hurricane-damaged state of Louisiana and rest of the Gulf Coast.

She won inclusion of a proposal that could provide up $2 billion a year for levee and coastal restoration projects. The money would come from auctioning television airwaves to wireless companies and from potential oil lease revenues from exploration in an Alaskan wildlife refuge.

Among the specific votes for the budget plan were:

• $3 billion more for heating subsidies for the poor. It passed 51-49.

• $7 billion more for education, health and worker safety accounts. It passed 73-27.

• $3.7 billion more for military personnel costs.

• $1.2 billion more for aviation security and stopping Bush's proposed increase in airline ticket taxes. They advanced by voice vote.

• $1 billion more for benefits for military survivors.
Fight with House looms

The Senate votes Thursday set up a confrontation with the House, which is certain to oppose the additional spending.

In fact, the Senate's moves appear to make it less likely that Congress will settle on a final budget plan this spring. House Republicans will not release their budget until after next week's congressional recess.

"House conservatives are going to look at this budget and say, 'Whoa, what happened to fiscal conservatism?'" said top Budget Committee Democrat Kent Conrad of North Dakota.

The votes dismayed deficit hawks such as Senate Budget Committee Chairman Judd Gregg, a New Hampshire Republican. He already had decided to drop Bush's proposals to cut the growth of Medicare, strengthen tax-free health savings accounts and advance legislation to make permanent his 2001 tax cuts.

The White House issued a tepid statement supporting the plan despite the numerous setbacks experienced on the floor.

"While the administration will continue to seek entitlement reforms and the elimination of additional discretionary spending ... we recognize that this is an important first step in the congressional process," said Joshua B. Bolten, director of the White House budget office.

Republicans are eager to show their conservative supporters that they are getting serious about cracking down on spending. Last weekend, GOP presidential aspirants at the Southern Republican Leadership Conference in Memphis, Tennessee, promised to be more thrifty with the people's money.

But GOP moderates such as Sen. Arlen Specter of Pennsylvania apparently did not get the message.

His amendment to add $7 billion for education, health and labor programs won support from most Republicans, including Majority Leader Bill Frist of Tennessee, who has criticized Congress for embarking "down a wayward path of wasteful Washington spending."

"All the talk in Memphis just doesn't comport with the realities of these important items" such as education and health research, Specter said.
Debt keeps rising

The debt limit increase was the fourth of Bush's presidency, totaling $3 trillion. With the budget deficit near record levels, an additional increase in the debt limit almost certainly will be required next year.

Treasury Secretary John Snow applauded Congress for "protecting the full faith and credit of the United States." He said it ensures that the government "can deliver on promises already made, such as Social Security and Medicare payments and aid for the victims of the 2005 hurricanes."

The present limit on the debt is $8.2 trillion.

The increase is an unhappy necessity -- the alternative would be a disastrous first-ever default on U.S. obligations -- that greatly overshadowed a mostly symbolic, weeklong debate on the GOP's budget resolution.

Democrats blasted the bill, saying it was needed because of fiscal mismanagement by Bush, who came to office when the government was running record surpluses.

"When it comes to deficits, this president owns all the records," said Senate Minority Leader Harry Reid, a Nevada Democrat. "The three largest deficits in our nation's history have all occurred under this administration's watch."

Unlike last year, when Congress passed a bill trimming $39 billion from the deficit through curbs to Medicaid, Medicare and student loan subsidies, Senate GOP leaders have abandoned plans to cut mandatory programs.

Copyright 2006 The Associated Press. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed.

[Silver]

can you just tell me the notes???? too much to read!

[T/A6Pak]

'Silver' can you just tell me the notes???? too much to read!

LOL.....

[UNDEAD 1]

IT MEANS THIS COUNTRY IS HEADING FOR RUFF WATERS! should be putting money to education, enviroment ,paying the debt down and most important- getting rid of oil !

its almost a joke! let me give you all some reality-im a realtor in s florida and the market has cooled a little because of the hurricane but is now picking up again.allthough the papers and news programs say the markets crashing they are wrong but intrest rates are climbing so when intrest rates get to high along with the unemployment rate =crisis!

reality is whether you rent or own -when/if the market falls this economy is gonna be in the shitter! people have been making huuuge gains from thier homes and taking equity out but most importantly they are *SPENDING* new computers every year ,cars ,furniture everything seems to be built to break right? what hapens when theres no more gains in the houses and stocks have never really recoverd since the dot coms so all of a sudden noones spending any more. every company starts to down size, up goes unemployment ,interest rates all ready going up (for those of you who know how to read the s&p ) i feel bad for the next pres.those of you young guys werent around in the 80s with %17 interest rates -it can and will happen again because of a poorly run govnt ! start saving your money!

[All over but the Crying]

can you just tell me the notes???? too much to read!

It means if you ran your personal finances like the government runs it's finances, you would be considered irresponsible and incompetant at best. We should be held annually accountable for our annual spending.

[All over but the Crying]

Interesting that no else here has an opinion on such an important topic.

[BlackPlague]

Only one thing, I new Bush was bad news sence the beginning... well not exactly the beginning but his voice says it all... and saying all the wrong things... He needs to go back the to the Gay Bar... why attack or go into other countries businesses...

[UNDEAD 1]

i could be wrong but i believe the republicans (and all politicians at every level of govrnt) to be more for the here and now and not thinking of the future.i know weve all heard older people saying "THE KIDS TODAY!" speech,but seriously-in florida hear its 60 kids to the class room -60 KIDS! most of the kids i speak to around the nieghborhood either cant speak english or bareley can form a sentence. even paying 21,000. a year for private school is half ass! whos going to run this country?! whos going to run n.a.s.a? were behind in every aspact of education (just read the quotes of our pres now ,imagine in 10 years -lol)

enviroment-one of the reasons for the strong real estate market is the lack of land.also here in florida theres bareley a recycle program and all this housing is going up with out parking etc... (palm greasing!) oceans starting to get polluted ,no more trees from the hurricanes, people just chuck trash out their window -wtf who does that? theres no programs for pollution. but across amarica the over cutting of trees, mining ,over building,oil drilling and cars in gen, is seriously effecting our enviroment. and for record i do speak for the entire u.s on this issue except for the mass,rhode island ,new hamp (north east).ive lived in a lot of places across the u.s and traveld the u.s by car 3 times as well so this is things ive seen for myself.

economy-lack of growth all together! stock market is a joke and a silly investmen all together! want a smart investment? buy LAND! over spending in every cat of gov. even the republicans had things to say about the spending these last few years.

sorry for the long post .