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How High Will the Debt Ceiling Go?

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  • Description

    FBN's Rich Edson on Obama increasing the debt ceiling again to $16.4 trillion.

  • Duration 2:45
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President Obama Israeli and raising the debt ceiling again after a key vote in the senate earlier on today rich Edson is on Capitol Hill with it retails -- question how high is it.

And was this really ever and doubts.

One point two trillion dollars and not really should Bonnie this is all part of the budget control act -- -- that debt ceiling debate we had back in August created the super committee.

-- also created this convoluted process whereby the president requests an increase in the debt ceiling and the house and senate have an opportunity to deny that request.

The house voted to deny that request last week the senate has just voted.

To allow that request to go through to tomorrow the debt ceiling.

Is increase now the benefit for -- for Republicans they say in creating this system they get president on record.

Requesting a debt ceiling increase they are allowed to vote against that debt ceiling increase and because -- an opportunity to talk deficits and criticize the president.

Got no plan to get this -- under control and he continues to act and as if it really just isn't a priority.

But he noticed how that's working out for Europe.

One other key number here -- -- the debt ceiling will increase to sixteen point 394.

Trillion dollars.

How many -- is that rich and I don't now tell me.

How well let's -- -- and it's because we know there tends to reduce that debt ceiling and and reduce -- debt so where do we go from here.

Spot well from here -- other conventional wisdom is basically congress doesn't get anything done.

On deficits but they're still is that gang of 63 Republicans.

Three Democrats here in the senate there working on a bill that.

Would decrease deficits -- five trillion dollars over ten years and also includes interest savings baked in and out they hope to get something soon and one of the member says.

That he thinks that their efforts will actually translate into some type of solution.

Our hope is.

Sometime this spring will be able to.

Give the congress -- real bill.

And will be put up or shut up time for an awful lot of folks who say they -- to deal with the problem but so far have not had a real vehicles vote -- The next opportunity comes at the end of this year should -- to 2001 and 2003 tax rates also known as the bush tax cuts.

They're set to expire -- -- congress is going to have to address taxes and spending and also the beginning of next year.

That's when those more than half trillion dollars in defense spending cuts began something an awful number of folks here in Washington in the defense establishment and lawmakers on Capitol Hill say.

They would like to avoid back to you.

And I've been told by our in house -- who is slashing house calculator it Elizabeth -- -- twelve zeros.

Ever got rich -- advice so I don't wanna go on record heating and I night.

V later.

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