We collect 60% of the money we need to get all the things the dreamers in Washington want to do. The point being, we have enough money to pay the intestest on our debt -- a thing called "servicing our debt." If Obama decides not to service the debt and trys to blame it on the GOP, well, shame on the media. What to do with the revenues coming in on a daily basis, is all up to Obama and his Treasury Department. That is the way things work under the Constitution. We have enough funding in hand to pay our Vets, the interest on our debt, our Senors and a number of other concerns.
"Shutting down the government" is a very specific term. It includes sending some federal employees, home, and closing individual federal agencies for a time, but, it does not include the notion of debt default. For Obama to state otherwise, is a blatant lie, used by Obama to pass blame to the GOP and introduce fear into the discussion. It is a bullying tactic, used by the Chief Community Organizer, plain and simple.
Obama then:
"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
On other occasions, he, also, categorized the continuing conflict over raising the debt ceiling as "unpatriotic."
Obama now, posits a totally opposite position, as politics dictate:
“Not to raise the debt ceiling
would be irresponsible.” -- Jan 14, 2013.
If the buck stops "here," now is the time for that. Because others have used the same verbiage, makes no difference at all. Ten wrongs do not make a "right."
Mission Statement: This blog reviews the news of the day in light of 242 years of American history. "Nationalism," a modern day pejorative, has been our country's politic throughout history, until 2008. Obama changed that narrative. Trump is seeking a return to our historical roots. Midknight Review supports this return to normality.
Showing posts with label debt ceiling. Show all posts
Showing posts with label debt ceiling. Show all posts
Boehner wins second term as Speaker of the House. The Dems sit on their hands as he says, "We have come here not to be something, but to do something." Obviously, that is not their reason for being in Washington.
Moody's, the nation's top credit agency, has
said that the debt deal of two days ago, is not "good enough"
while Hussein Obama is telling us, "I will not have a debate over raising
the debt ceiling." Understand that Moody's does not care whether we
raise the debt ceiling if that effort does not include sufficient debt
reduction. The sad thing in all this, is this fact: if
Moody's downgrades the American credit rating, for the second time
(first time was with S & P), it could mean an increase in the
rate of interest paid on our debt. That would be catastrophic. Such
an action could cause interest rates to rise from 3.5 nominally, to
6%, nearly doubling our annual payments from 220 billion to 400 billion
per year.
What is much worse, is the fact that we will be spending 1 trillion on interest in a single year, by 2020, if present spending levels continue to increase. Obviously, if interest rates double, we have crossed a line that will destroy us, almost immediately. Obama has taken the Bush deficits of 440 billion per year, to over 1.2 trillion per year. If he and the Dems continue to ignore what is happening to this country, in the next 7 years, if not much sooner, the nation is headed for ruin -- and no one in the Democrat power base cares.
In the recent debt deal, Obama got 6 billion dollars a
year in spending cuts while winning 300 billion a year in new spending.
So much for balance.
Understand that we are looking at the next battle in
congress, and since the Senate will not participate in this debate,
it is all left up to Boehner and his band of merry men.
Also, you should know that Moody's believes the debt
ceiling debate (coming in February or before) is the perfect time to agree on
specifics as to debt reduction. Here is Moody's comment on this
point: “Therefore, it seems likely that new measures addressing
the expenditure side of the budget will be negotiated at around the time the
debt limit will need to be raised.” (Read Moody's full but brief report, here).
But Obama and House Democrats continue to sit on their hands as they pursue their fiscal policy of "hear no evil, see no evil, speak no evil."
Boehner has his hands full and the Dems intend to oversee his failure.
But Obama and House Democrats continue to sit on their hands as they pursue their fiscal policy of "hear no evil, see no evil, speak no evil."
Boehner has his hands full and the Dems intend to oversee his failure.
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