Obama Signs Debt Limit Bill

citizen |

by Thelma Sardin

On Tuesday morning, in a 74-26 vote, the United States Senate passed a measure to raise the nations $14.3 trillion dollar debt ceiling.

President Obama signed the bill soon after it was passed. Before signing the legislation, the president held a press conference in the Rose Garden at the White House. Obama stressed the deal was a temporary resolution and both parties must work together for the long-term vitality of the economy.

This is however just the first step. This compromise requires that both parties work together on a larger plan to cut the deficit which is important for the long term health of our economy. And since you cant close the deficit with just spending cuts, well need a balanced approach where everything is on the table, the president said.

The deal passed the House in a 269-161 vote on Monday night with a surprise guest, Rep. Gabrielle Giffords (D-AZ), who joined her colleagues to participate in the election. The congresswoman, who survived a gunshot wound to the head nearly seven months ago, had been absent from the House during her recovery.

According to the Chicago Tribune, Democrats worked to get a debt-limit increase of $2.4 trillion in three stages. The increase provides borrowing power for the nation to pay its bills through 2012. The measure also includes a 12-member bipartisan congressional committee whose job will be to find an additional $1.5 trillion in cuts and may consider tax reform and entitlement changes.

Additionally, the Democrats have worked in that if the proposed committees recommendations are not adopted, half of spending cuts would come from defense; no cuts to Social Security or Medicaid.

Republicans worked in no tax increases, an immediate $917 billion in cuts and a congressional vote by the end of the year on the balanced budget amendment. If the congressional committees recommendations are not adopted, half of spending cuts would come from domestic programs.

In a released statement, Congressman Bobby Rush named several principles that helped him make a decision in voting for the debt limit bill. Two of them are below:

First, by voting yes I stand in support of the President and bipartisan leaders who were determined to avert a fiscal crisis of major proportions, the congressman stated. Second, I realize that not raising the debt ceiling would have destabilized American households and increased worries and concerns among many hard-hit seniors, the unemployed and physically ill Americans. As an elected official and a pastor, my first obligation is always to do no harm.

Congressman Jesse Jackson, Jr. voted against the debt deal. In a recent press release he explained his reasoning.

The result of the Big Deal that House Speaker John Boehner, Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell negotiated will result in long-term austerity, pain and suffering for many Americans, the congressman stated.

Jackson added that the countrys budget deficits and unemployment rates will increase because of the deal.

The budget negotiators absolutely concluded a Big Deal. It's a game changer. The United States is about to become the austere Japan of the 1990s and the austere Great Britain of 2011. Budget deficits and debt will go up - not down. Unemployment will go up - not down. Suffering by the American people will go up - not down. Economic growth will remain stagnant or slow at best and will not address the need for jobs for the unemployed. In short, I predict the result of this agreement will be the opposite of the current spin, said Jackson.

Congressman Danny Davis said that the debt limit needs to be raised which is why he agreed to the bill.

We need to raise the debt ceiling because if we dont we would have exceeded our spending limit and we would be in default, the congressman said.

Additionally Davis says he voted yes on the bill because he supports President Barack Obamas position adding that the President fought hard for the deal.

Overall, the congressman believes the measure is good for the nation but he has some reservations.

It gives us the ability to keep borrowing money; even though [I] am not excited about it, said Davis.

The congressman is not excited because no additional taxes will be imposed on the nations wealthiest citizens; however, I still voted for it, he said.

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