"A substantial increase in the debt burden on American taxpayers is too important a matter to be rushed through the Senate without a complete debate on the current course of U.S. fiscal policy," the Democrats wrote.
They vowed to offer a longshot plan to reinstate so-called pay-as-you-go budget rules requiring tax cuts and new benefit programs to be financed by spending cuts or new revenues elsewhere in the budget.
Under an obscure House rule, that chamber gets to avoid having to vote on the debt limit if Congress successfully adopts a budget blueprint. So, after passing the budget last April, the House sent the Senate a $781 billion debt limit bill as if it had passed it separately.
That bill is the most likely vehicle for the Senate debate, but an alternative measure would be a filibuster-proof bill permitted under fast-track budget rules that limit debate and opportunities to offer amendments. But to go this route would require the House to vote on the bill before it is sent to Bush for his signature, a prospect House GOP leaders are eager to avoid.
"No decisions have been made," said Eric Ueland, chief of staff to Frist.
The last time Congress voted to increase the debt limit was in November 2004 when it was raised from $7.38 trillion to its current level of $8.18 trillion.
What a joke. If an individual was to operate like the Federal government, they would be out in the streets looking for a cardboard box for shelter. But the government simply raises the limit of the debt they will borrow...from the Federal Reserve. One has to wonder what the logical conclusion is as does the rest of the world who holds U.S. dollars.
What a bunch of buffoons. Make no mistake, the debt ceiling will be raised. And the next generation picks up the tab.