At 3 a.m., while America slept, 64 US Senators voted and passed a budget deal that adds an additional $80 BILLION in debt, allowing Obama to raise the debt ceiling and borrow more money we don’t have to pay for all the free stuff he promised. There is no doubt the national debt will go over $20 trillion. (HT Saving The Republic)
The Senate voted 64-35 to approve the measure, which was negotiated over the past few weeks by the White House and congressional leaders, including former House Speaker John Boehner, who retired from Congress.
Without action by Congress, the Treasury Department would have exhausted the last of its borrowing capacity on Nov. 3, according to Treasury Secretary Jack Lew, and risked default on U.S. obligations within days that would roil global financial markets.
Republican Senator Rand Paul, who is running for the Republican nomination for president, complained in a floor speech: “The right’s going to get more military money. The left’s going to get more welfare money. The secret handshake goes on and the American public gets stuck with the bill.”
Senator Ted Cruz, a rival Republican presidential hopeful, returned to Washington from the campaign trail to accuse Republican majorities in Congress of “handing the president a blank credit card for the remainder of his tenure.”
Senate Majority Leader Mitch McConnell, a Republican who helped negotiate the bill, praised the measure for rejecting tax increases and noted that the added spending would be offset by savings elsewhere in the government.
McConnell also said it would “enact the most significant reform to Social Security since 1983.” The estimated $168 billion in long-term savings from the program would be achieved by clamping down on medical fraud and excess claims associated with disability benefits.