House rejects debt ceiling increase, 318-97

[Bandit795]

It seems the U.S. might be in huge trouble if they don't find another means to get money besides taking on more debt..... Does this mean that they might try to force Iraq to RV soon???

House rejects debt ceiling increase, 318-97

Washington (CNN) -- In a symbolic vote to send a message to budget negotiators, the House on Tuesday defeated a measure to raise the national debt ceiling without any accompanying deficit or spending reduction provisions.

The Republican-controlled House voted 318-97 on the legislation that would have raised the federal government's debt limit by approximately $2.4 trillion.

Under rules for the vote set by the GOP leadership, the measure needed at least two-thirds support to pass, ensuring it had no chance for approval.

The vote was scheduled by Republican leaders to show that any attempt to divorce an increase in the debt ceiling from spending reduction efforts -- a move initially favored by the Obama White House -- cannot win congressional approval.

Debt ceiling FAQs: What you need to know

What happens if Congress doesn't raise the debt ceiling before Aug. 2? No one knows for sure. But the going assumption is that no good can come of it.

Treasury would not have authority to borrow any more money. And that can be a problem since the government borrows to make up the difference between what it spends and what it takes in. It uses that borrowed money to help fund operations and pay creditors.

Geithner's critics say he could prevent default by simply paying the interest due to bondholders.

But since average spending -- minus interest -- outpaces revenue by about $118 billion a month, Geithner won't be able to pay all the country's bills.

That means he will have to pick and choose who to pay and who to put off every day. And there's no guarantee that paying interest while shirking other legal obligations will protect the country from the perception of default.

Geithner said it would be akin to a homeowner who pays his mortgage but puts off his car loan, credit cards, insurance premiums and utilities. The mortgage is taken care of, but the homeowner's credit could still be damaged.

Ultimately, if lawmakers fail to raise the ceiling this year, they will have two choices, both awful.

They could either cut spending or raise taxes by several hundred billion dollars just to get through Sept. 30, which is the end of the fiscal year. Or they could acknowledge that the country would be unable to pay what it owes in full and the United States could effectively default on some of its obligations.

The first option would be impossible to execute without serious economic repercussions.

And the second option could cripple the economy and send world markets into a tailspin.

"Not only the default but efforts to resolve it would arguably have negative repercussions on both domestic and international financial markets and economies," according to the CRS.

At a minimum, a default could hurt U.S. bonds, the dollar and investors' portfolios. "Our bond market and stock market would crash," said former Congressional Budget Director Rudolph Penner.

[Thor363]

It means that finally someone woke up and smelled the disaster brewing. It hopefully means that the Fed will stop printing money and the quantitative easing b.s. will end. It better mean that fiscal responsibility and accountability to the people of the U.S. is not just hearsay, but it needs to be a core value of any government. Government needs to be shrunk, outlandish deficit spending needs to stop, and instead of creating more issues abroad how about taking care of the people here, creating jobs... hey how about we actually develop our own manufacturing base... it has to happen eventually after all the work that's gone overseas. How about developing the oil fields here AND the refining capacity...create oil field and refining jobs HERE!

Get some duct tape for the nature nazis, I'm sure it can be done more in harmony with the environment much better than is being done back in the Alberta Oil Sands. Reducing dependency on foreign oil doesn't have to mean expensive new technology. Look up HHO generation or Browns Gas. Simple retrofit kits could change our dependency on oil quite a lot.

[Jmcc]

Thor, could not agree with you more. We have the tech and the ability to do many things, just no one wants it in their backyard. Cannot work that way. Same as the politicians, have to quit spending when you run out of money. I remember a time when people had to be responsible for themselves and not wait on a government handout. Way too many regulations that overlap and defeat each other. The government could bring in a lot of money with the minerals rights on public ground.

[wicked93gs]

HHO? what a joke...what is HHO after all? its also written as H2O...water, those "kits" are scam...it amounts to water injection....which is dangerous enough for your engine(ever hear of hydrolock? I rebuilt a motor a few years ago because the guy ran water injection to lower temps on his turbo car and destroyed the engine internally). Water does not compress like air, you cant run a car on water, its a pipe dream...you can run a car on hydrogen gas combustion....but that has its own set of problems(such as driving around with what amounts to a bomb strapped to your car...not to mention storage issues)

However, that point aside, I agree with the post in general.

[roxyredhead]

It means that finally someone woke up and smelled the disaster brewing. It hopefully means that the Fed will stop printing money and the quantitative easing b.s. will end. It better mean that fiscal responsibility and accountability to the people of the U.S. is not just hearsay, but it needs to be a core value of any government. Government needs to be shrunk, outlandish deficit spending needs to stop, and instead of creating more issues abroad how about taking care of the people here, creating jobs... hey how about we actually develop our own manufacturing base... it has to happen eventually after all the work that's gone overseas. How about developing the oil fields here AND the refining capacity...create oil field and refining jobs HERE!

Get some duct tape for the nature nazis, I'm sure it can be done more in harmony with the environment much better than is being done back in the Alberta Oil Sands. Reducing dependency on foreign oil doesn't have to mean expensive new technology. Look up HHO generation or Browns Gas. Simple retrofit kits could change our dependency on oil quite a lot.

Amen!!!

[TennesseeCherokee]

HHO? what a joke...what is HHO after all? its also written as H2O...water, those "kits" are scam...it amounts to water injection....which is dangerous enough for your engine(ever hear of hydrolock? I rebuilt a motor a few years ago because the guy ran water injection to lower temps on his turbo car and destroyed the engine internally). Water does not compress like air, you cant run a car on water, its a pipe dream...you can run a car on hydrogen gas combustion....but that has its own set of problems(such as driving around with what amounts to a bomb strapped to your car...not to mention storage issues)

However, that point aside, I agree with the post in general.

....Hydrogen gas can be obtained by breaking the hydrogen ion bond , such as the above mentioned Brown's Gas method. In this instance, hydrogen gas is released into the combustion chamber..on demand. There is no chance in exploding. I've done this with a simple Brigg's & Stratton lawnmower engine and it works amazingly well.

[Thor363]

HHO? what a joke...what is HHO after all? its also written as H2O...water, those "kits" are scam...it amounts to water injection....which is dangerous enough for your engine(ever hear of hydrolock? I rebuilt a motor a few years ago because the guy ran water injection to lower temps on his turbo car and destroyed the engine internally). Water does not compress like air, you cant run a car on water, its a pipe dream...you can run a car on hydrogen gas combustion....but that has its own set of problems(such as driving around with what amounts to a bomb strapped to your car...not to mention storage issues)

However, that point aside, I agree with the post in general.

...so that explains why the man who was out to bring this technology into fruition in the open free market was killed? ...because some dude you know of plumbed water injection into his car?

It's not the same thing if you do some research. Water injection allows you to run more advance if done PROPERLY. Now how does running a car on HHO gas equate to a bomb in your car? Clearly you are thinking of Hydrogen gas tanks, which is a failed idea all around. HHO gas is created from water while driving, and plumbed into the intake, not stored in mass quantities.

HHO is not water injection... it's a way to make combustible gas from water... and it works. Yes there's a lot of crappy kits and people making some real junk out there, just like there's still counterfeit dinar and people who don't do their homework get burned.

By any chance do you work for big oil? LOL

....Hydrogen gas can be obtained by breaking the hydrogen ion bond , such as the above mentioned Brown's Gas method. In this instance, hydrogen gas is released into the combustion chamber..on demand. There is no chance in exploding. I've done this with a simple Brigg's & Stratton lawnmower engine and it works amazingly well.

Now there's someone that's done their homework! Agreed and well said!

Amen!!! :woot:

Hi Roxy! Bring the boys home and lets rebuild North America!!! No more foreign oil or goods dependency!!!

[roxyredhead]

Hi Roxy! Bring the boys home and lets rebuild North America!!! No more foreign oil or goods dependency!!!

I am here with youThor!!!! Lets do this... !!!!

[coldwarvet]

Speaking as an ex-B-52 pilot, believe it or not, water DOES burn with gasoline. Ever see the film clips of B-52s doing a minimum interval takeoff (MITO)? All that smoke was due to distilled water being injected into the jet engine's combustion chamber. It increased the mass flow through the engine, thus increasing the thrust. Just a point of clarification.

[AudiS4]

Speaking as an ex-B-52 pilot, believe it or not, water DOES burn with gasoline. Ever see the film clips of B-52s doing a minimum interval takeoff (MITO)? All that smoke was due to distilled water being injected into the jet engine's combustion chamber. It increased the mass flow through the engine, thus increasing the thrust. Just a point of clarification.

That's not really the same thing. Hydrolocking an engine is due to "something" in the engine giving out when you try to compress water (or any liquid for that matter). Believe it or not, your connecting rods will give way before that water compresses

I'm not familiar with the energy requirements of electrolysis in comparison to the energy output of a fuel cell or combustion of hydrogen. I want to think it adds up to an energy loss.

[praying4dinar]

Maybe that is just what "they" want. Just saying.

[Randini]

Just wondering when we here in the US will begin to see what others around the world are seeing. That WE are the Many taking care of the FEW and it's time to start doing something about it.

We have forgotten the very premise and reasons of how and why this United States was founded.

[cbisinger]

Just wondering when we here in the US will begin to see what others around the world are seeing. That WE are the Many taking care of the FEW and it's time to start doing something about it.

We have forgotten the very premise and reasons of how and why this United States was founded.

There is only one thing to do, the thing that all the people of the western world have not being doing!

Take responsibility for your ESTATE

All people have to learn how to OCCUPY the Office of the EXECUTOR for their ESTATE that is the name thats on YOUR birth certificate.

everybodies negleting their offices and the government administer your estate by presumption that they have that authority, they DO NOT.

So how can the bank forclose on your home? because you have neglected your office, do you think they could forclose if you really new who you are?

[TQueezy]

There is only one thing to do, the thing that all the people of the western world have not being doing!

Take responsibility for your ESTATE

All people have to learn how to OCCUPY the Office of the EXECUTOR for their ESTATE that is the name thats on YOUR birth certificate.

everybodies negleting their offices and the government administer your estate by presumption that they have that authority, they DO NOT.

So how can the bank forclose on your home? because you have neglected your office, do you think they could forclose if you really new who you are?

Please enlighten us...

[Randini]

Yes please enlighten us cbisinger. (spooky)