How Obama’s Jobs Plan Could Trigger Another Debt Limit Fight Before Election Day

[dkf]

If President Obama manages to get his entire jobs plan passed -- a big if, of course -- it will quicken the pace at which the federal government is burning through its new borrowing authority and could set up another debt limit battle with Republicans before Election Day 2012.

There are several variables at play, and another debt limit fight before the election wouldn't be a sure thing. But it's not out of the question, especially if economic growth between now and then is weaker than predicted.

A slower-than-expected economy -- or a double dip recession -- combined with the jobs bill's $447 billion price tag, means the federal government could run out of borrowing authority right about October 2012, according to one worst-case-scenario estimate. The deal to raise the debt limit last month was designed to give the government enough cushion to make it past the election before the parties would have to square off again. But that was before Obama introduced his new jobs plan, and before revised economic forecasts revealed the economy's in worse shape than economists believed earlier this year.

http://tpmdc.talkingpointsmemo.com/2011/09/how-full-passage-of-the-jobs-bill-could-trigger-another-debt-limit-fight-next-year.php?ref=fpb

[WI_DEM]

1. I hope there is because it would make crystal clear right before the national elections

that the GOP will go to any lengths to protect millionaires from paying more taxes while screwing everybody else. That is IF the democrats play it right.