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Is there a $ cap to the debt ceiling now?
Or is it now as much as Obama can spend by March 15, 2015. I've yet to see an amount?
So then, the sky is the limit; as much as Obama can spend, by Executive Order I assume so even Appropriation Bills are not a "check and balance" safe guard.
So, based on the following, if Congress cared to do so, spending could still be cut even though the debt limit has been increased and the budget is running another approximate $1 trillion short of revenue. Of course Congress will not do so.
After the plan for the budget has been laid out in the president’s budget request and the budget resolution, the appropriations process — whereby money is finally distributed through appropriations bills — must take effect. Appropriations bills provide the funding that governmental programs such as national defense, education, homeland security, and foreign aid need to continue their activities. Thus, while the budget resolution has set goals for spending levels, appropriations bills actually provide this money to agencies. Spending through the appropriations process is considered discretionary spending.
5 Answers
- Anonymous7 years agoFavorite Answer
''President'' Obama reminds me of that women who said ''I can't be over drawn I still have checks left'' ''hun I saved you hundreds everything was on sale today''
- Chewy Ivan 2Lv 77 years ago
I'm not sure. Congress sets spending levels, not Obama. They recently passed a budget that should last through the 2015 budget year. Therefore, there could be an actual dollar limit, and the treasury just knows they will hit that limit by mid March based on the budget. I'm having trouble finding out what the limit is, though. (There's too many people trying to spin the news online; finding hard facts is nigh impossible.)
- Anonymous7 years ago
Amazing!
The fact that we are here today to debate raising America's debt limit is a sign of leadership failure.
Let's play guess the quote?
"The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a Sign that the US Government cannot pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. ...Increasing America’s debt weakens us domestically and internationally. Leadership means that 'the buck stops here'. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and Grandchildren. America has a debt problem and a failure of leadership. Americans deserve better."
SENATOR BARACK HUSSEIN OBAMA, MARCH 2006
- ?Lv 57 years ago
There is no preset spending limit. However you might need to call the bank...er the Fed if you need to make a large purchase.
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- 7 years ago
I'd say the ceiling the limit, but we're long pass that!! maybe the universe is the limit fits now!!!!
