senate

The Roof Has Been Raised: $16.4 Trillion Debt Ceiling

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Well, it’s looking like  the Senate was unable to muster enough votes to reject the newest debt ceiling hike in a 52 to 44 vote.  Due to take effect this Friday, we will be looking at a new ceiling of $16.4 trillion with our current levels reaching the $15.4 trillion mark. From Zerohedge: “Since roughly $100 billion was plundered from Pension Funds in the past month, The US will have about $15.4 trillion in debt with the Monday DTS. The question then is how long will the $1 trillion in debt capacity last: at $125 billion/month it won’t be enough … Read more

Senate group offers $3.75 trillion deficit cuts

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  By Richard Cowan WASHINGTON | Tue Jul 19, 2011 1:40pm EDT WASHINGTON (Reuters) – A bipartisan group of senators on Tuesday revived an ambitious budget plan that could provide new ideas for breaking the impasse in Congress over raising the country’s credit limit by August 2. Senate Budget Committee Chairman Kent Conrad, one of the six Democratic and Republican senators who have been working since last December on a deficit-reduction plan, said the proposed $3.75 trillion in savings over 10 years contains $1.2 trillion in new revenues. The so-called Gang of Six briefed about half of the 100-member Senate … Read more