Pres Obama Signed HR 2775 Into Law Authorizing The Treasury To SUSPEND The Debt Ceiling – LIMITLESS Borrowing Authority Will Expire On February 7, 2014.

Pres Obama Signed HR 2775 Into Law Authorizing The Treasury To SUSPEND The Debt Ceiling – LIMITLESS Borrowing Authority Will Expire On February 7, 2014.

Source: The White House

Sen. Paul Opposes Senate Debt Deal (Rand Paul, Oct 16, 2013):

WASHINGTON, D.C. - Sen. Rand Paul today voted no on H.R. 2775, as amended, that will suspend the debt ceiling until February 7, 2014 and fund the government to January 15, 2014.

“Tonight, a deal was struck to re-open the government and avoid the debt ceiling deadline. That is a good thing,” Sen. Paul said. “However, our country faces a problem bigger than any deadline: a $17 trillion debt. I am disappointed that Democrats would not compromise to avoid the looming debt debacle.”

From the article:

“Last night, after more than two weeks of utterly embarrassing theater, the government in the Land of the Free inked a deal to kick the can down the road a few more months. And in doing so, they set a very dangerous precedent.

As part of the bargain codified in HR 2775 (which President Obama signed into law), the Treasury Department is authorized to SUSPEND the debt ceiling. In other words, for all intents and purposes, there is now NO LIMIT government borrowing.

This limitless borrowing authority will expire on February 7, 2014. But it sets the precedent that dismissing the debt ceiling is a perfectly viable course of action.

Congress has effectively removed their handcuffs… so you can almost assuredly bet down the road that this provision will be extended, and ultimately become permanent.”

Read the full story here.