The debt ceiling, and something to think about
While the President was negotiating with Congressional leaders last week about the debt ceiling, he advocated a “really big package” that would raise the debt ceiling by $4 trillion. When that seemed to be going nowhere, he said he would “settle” for a $2.4 trillion increase. This smaller amount, per the President, would get us “through” the 2012 elections without having to go through another “raise the debt ceiling” fiasco. Think about that for a moment.
What does that mean to America?
Hearing no answers (just kidding), let me offer my opinion.
President Obama intends to spend $2.4 trillion more than we receive in revenues between now, and November, 2012, some 15 months hence. If he didn’t think that, he would be more than willing to “settle” for a smaller debt ceiling increase.
Should he get his wish, this President, in only 4 years, will have doubled a national debt that, prior to him, took us some 220 years to amass.
I had no idea that “hope and change” would be this expensive.
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Troppo vero?!????? -???? All too true
While I am loathe to correct a learned barrister, according to the Bureau of the Public Debt (yes it is a real bureau of the Department of the Treasury) all Federal debt previously incurred had been retired by January 1835 and surpluses were distributed to the several states.? The federal surpluses were an embarrassment.? Imagine that.
The next spike in Federal debt came with the Civil War, but that was largely paid off by 1900.? The debt in 1890 was $1.5 billion and only $2.1 billion by 1900.? Even World War I was nearly paid off by 1940.
Since 1940 with FDR, World War II, and the rise of the professional lawyer/politician elite foisting the nanny state upon us, the debt has risen drastically both in real terms and as a percentage of GDP.? Perhaps a constitutional amendment mandating a balanced budget is the answer.? Of course then Congress would have to pass a budget, wouldn’t they?
Even a BBA would not do it-Harry Reid is for it,doesn’t that tell you something?? They must NOT raise the debt ceiling. Those that do will be looking for new jobs.
If one is truly learned, and I thank you for that, one never stops learning.
another $2,400,000.000,000 put on the backs?of my yet to be born grandchildren… this has to stop…. on anothe note, why hasn’t the press asked the president,?how come?the senate, run by his party, hasn’t passed or even offered a budget,??since he became president? maybe, they should “eat their peas” & do their homework like?BO’s daughters have to!!
????
The President said he will veto the House proposal. I doubt Reid will bring it up for a vote.? You got to hand it to the socialists they are standing by what they voted back in 2006 when Bush wanted to raise the debt ceiling.
And hand it to the the Fascists, the 130 Republicans who are in congress today who voted to raise the debt ceiling…without any cuts.
This reminds me of the quote of the week..Jason Jones (on the Daily Show)?
“If the conversation continues this way, we could very well hit the national bulls**t ceiling.”
People are sooo tired of the pandering and posturing. Anything to oppose the president-these nuts don’t care if the entire country’s economy is on the brink!
“Anything to oppose the president” Absolutely! He and all the lefty “nuts” are?why the economy is on the brink.
?The quote of the week???….On the Daily Show??? The lefts most watched “news” program!?
Here’s Reagan on the subject.
http://www.youtube.com/watch?v=e6nNJiJsm70&feature=youtu.be
(Yeah, sorry GHDavid, I guess I am not as intelligent as you Beck followers.)
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Crystal, nice touch with the Reagan video…..?I guess Obama did not have an “adult moment” when as a US?senator, he voted against raising the debt ceiling!!
The Republicans should do an ad with his words?on why he voted against it.
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Gdavidh the daily Show IS NOT a news program..it is commentary with a comedic twist…just like the shows on FOX.
Crystal……Do you not see the word news in quotes above? Sarcasm completely lost on lefties. Think, then type.
?I will give you credit for the baseless counter-attack though. Unfounded assumptions directed at one who questions your point. Pure Alinsky!
Crystal, I’d like to thank you for your singular contribution to the national BS ceiling. I’m sure those who watch Jon Stewart4 on the Daily Show, which actually is faux news, appreciate the regularity of your contributions. The US has the revenue to meet its obligations, but it will require cuts in other spending. Bumpy Barry O’Bama4 in a fit of pique has threatened to withhold checks and kill old people. He’s an out of control spendoholic who simply wants trillions more to ensure his re-election. O’Bama never had any fiscal discipline when he maxed out his personal credit cards as a state senator, and he doesn’t have any now.
If the debt limit is not raised, the current bond-holders may well demand their “pound of flesh”, i.e. higher interest for future borrowing (like re-structuring current debt). That WILL COST PLENTY! Keep it up Right Wingers: there is no free lunch.
But we don’t have to pay for everyone’s free lunch. Cut the foreign aid, shut down Dept of Ed, Dept of Trans Dept of Health and Human Services and let the states handle them. Hell get rid of every Czar and their minions. Cut down to the basics. Then we can pay off the debt! And stop paying for Obama’s golf and vacations. Tell him to stay home and cut down on the fuel and go green!
It’s never been a question of not raising the debt ceiling, it’s a question of cutting spending which is out of control.? As far as I’ve heard from Republican negotiators they have agreed the debt ceiling must be raised and only arguing about the level.? They are just trying to leverage the situation to reduce spending….not with great success, it seems.
Both Sound off Sister and Steve have?written compelling?posts (with actual facts – as opposed to what most politicians are offering = rhetoric) concerning both the law and the economic figures involved with this situation.?? Unfortunately, those of us who are appalled at government spending are fighting a political ideology (basically socialism) and not a? leadership concerned with facts and logic and (the most paramount) the economic stability and growth of the country.? There?is are some?wonderful cliches that come to mind regarding the socialist, political philosophy of Obama and his admin: if it looks like a duck, walks like a duck, sounds like a duck…….(and no, this is not racist!!!!!); the proof of the pudding is in the eating.? Don’t count on caviar any time soon!
p.s. How about that right hook of Wendy Murdoch!!!!!? Good grief, Rupert doesn’t need to…
hire bodyguards with a wife that protective
SOS scolded someone on a previous post not to confuse the deficit with the debt ceiling. Not this time though, when the faithful are speaking.
sammy, forgive my ignorance….post in haste, repent at leisure (I’m just full of platitudes today).
You don’t need a debt limit if you cut the budget and start paying off the debt. The Republicans are simply saying we will not raise limit if we don’t see substantial cuts. Not 1 billion or 3 billion over ten years or 1 trillion over ten years.
Credit cards companies set debt limits. And also hefty charges if one does not pay off he balance every month.
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And the credit card HOLDER is ultimately?responsible for his/her spending habits.
And seeing as the DC mob is NOT responsible with MY / YOUR?money,
I have an obligation to tell them to STOP SPENDING.
And to REDUCE the debt, I tell them to CUT spending elsewhere in the budget in order to pay down the debt.
Both parties are?addicted to spending.? Raising the debt limit or giving them more money is not the answer.
Right so why does? President Obama want to double the debt in 4 years? Per above, we’ve only sunk deeper and deeper in debt with not ONE positive result?
Still confused about the debt ceiling (subject of post), and the amount of debt to be paid down. Oh, well…..