December 10, 2012
Harry Reid Blocks Second Attempt By McConnell To Force Senate Vote On Obama’s Fiscal Cliff Plan… | Weasel Zippers
December 6, 2012
While the Obama’s are on their $4 MILLION dollar taxpayer funded vacation the ‘Asian island’ of Hawaii, word came out today that he will ask for an increase in the debt ceiling.
The debt is projected to fall within $100 billion of the current cap by December 30, when the United States has $82 billion in interest on its debt and payments such as Social Security coming due. President Barack Obama is expected to ask for authority to increase the borrowing limit by $1.2 trillion, part of the spending authority that was negotiated between Congress and the White House this summer.
The deal called for raising the debt ceiling by $2.1 trillion to serve the nation’s borrowing needs into 2013 and also included mandatory cuts to the federal budget deficit. Since then, the extension has been increased twice by a total of $900 billion.
The current debt of $15.194 trillion and would increase to $16.394 trillion.
Obama To Ask For Increase in Debt Ceiling of $1.2 Trillion With No End In Sight
Lawmakers have 15 days within receiving the request to vote down the debt limit increase.
And with the do nothing Senate not meeting again until Jan 23, 2012, it is AUTOMATIC.
Why the U.S. was downgraded:
• U.S. Tax revenue: $2,170,000,000,000
• Fed budget: $3,820,000,000,000
• New debt: $ 1,650,000,000,000
• National debt: $14,271,000,000,000
• Recent budget cuts: $ 38,500,000,000
Let’s now remove 8 zeros and pretend it’s a household budget:
• Annual family income: $21,700
• Money the family spent: $38,200
• New debt on the credit card: $16,500
• Outstanding balance on the credit card: $142,710
• Total budget cuts: $385
FULL speech – Obama’s speaks to congress in 2006
about the debt ceiling
Eight Hundred Days Without A Budget-A new milestone in Democrat Party governance is reached. (from July 2011)
Democrats have controlled the Senate and the White House since the election of 2008, and the House of Representatives up until this year. Certainly they could have passed any budget they desired, including one with tax increases and spending increases. But they chose to ignore the 800-day gorilla in the room because they don’t want to be on record supporting a budget that actually does what they want. Then the public could hold them accountable for their cowardly and irresponsible behavior in the face of national fiscal calamity.
While the House has passed a serious, credible budget that tackles this debt crisis head-on, 800 days — and $7.3 trillion dollars — have come and gone since the Democrat-led Senate has adopted a budget. Not only is a budget a concrete fiscal plan, but it expresses a philosophy of governing. Democrats’ refusal to pass a budget — and refusal to put their big-government economic theories on paper — is of extraordinary significance. Making matters worse, the only budget submitted by the president is a fundamentally unserious plan that doubles our debt and speeds us to economic decline.
The Democrats have not even proposed a budget. President Obama gave a speech on the topic a few months ago, but it was a demagogic campaign speech intended primarily to attack Paul Ryan – author of the Republican “Path to Prosperity” package of very concrete proposals – who was sitting in the front row. Back in May, Senate Majority Leader Harry Reid (D-NV) stated, “There’s no need to have a Democratic budget in my opinion. It would be foolish for us to do a budget at this stage.” Does he still consider it “foolish” fifty days later?
House approves debt ceiling bill
By Alan Silverleib and Tom Cohen @CNNMoney August 2, 2011: 5:28 AM ET
The agreement calls for up to $2.4 trillion in savings over the next decade, raises the debt ceiling through the end of 2012 and establishes a special congressional committee to recommend long-term fiscal reforms.