Author Topic: Obama to ask for an increase in the debt limit within days. WW TT FF !!!!  (Read 1042 times)

Soul Crusher

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http://thehill.com/homenews/administration/203359-obama-administration-to-ask-congress-for-debt-ceiling-increase-in-matter-of-days




This is really unreal.   


rot in hell and drop dead of a heart attack every pofs obama voter.   you gave us this you assholes!   


Soul Crusher

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Size of U.S. debt is now the same as its entire economy: $15.23 TRILLION
By Nick Enoch

 
America's national debt has reached a worrying milestone - it is now as big as the whole of its economy.
The amount owed by the federal government to its creditors, combined with IOUs to government retirement and other schemes, now stands at $15.23 trillion.

The government estimated the value of goods and services produced by the economy in a year at $15.17trillion as of September.

 Private projections showed that the economy grew to roughly $15.3 trillion by December, which the debt is likely to surpass this month

Private projections showed that the economy grew to roughly $15.3 trillion by December, which the debt is likely to surpass this month, USA Today reported today.

Steve Bell of the Bipartisan Policy Center, which has proposed cutting nearly $6trillion over ten years, said: 'The 100 per cent mark means that your entire debt is as big as everything you're producing in your country. Clearly, that can't continue.'

According to long-term forecasts, debt will carry on growing faster than the economy, which would need to expand by at least 6 per year to keep pace.
President Obama's 2012 budget shows the debt passing $26trillion ten years from now.

 Growth of U.S. debt as a percentage of the economy

Last summer's deficit reduction deal could reduce that to $24trillion.
Many economists, such as the Brookings Institution's William Gale, say a better measure of the nation's debt is how much the government owes creditors, not counting $4.7trillion owed to future Social Security recipients and other government beneficiaries.

By that measure, the debt is roughly a third less: $10.5 trillion, or nearly 70 per cent the size of the economy.
By historic standards, that is still high.

The total national debt topped the size of the economy for three years during and after World War II.
It dropped to 32.5 per cent of the economy by 1981, and then started a steady climb under President Reagan, doubling over the next 12 years.

The combination of recession and stimulus spending caused it to soar again under Obama.
Among advanced economies, only Iceland, Greece, Ireland, Italy, Japan and Portugal have debts larger than their economies.
 More...Chris Christie calls heckling Occupy protester 'sweetheart' as he stumps for Romney in New Hampshire
Chris Christie: Barack Obama wants to confiscate your pie but 'America's pie is limitless'
Floundering Newt hits the jackpot as casino mogul donates $5M to pro-Gingrich PAC... and promises up to $15M more
RIGHTMINDS: Chris Christie says Barack Obama wants to confiscate your pie but 'America's pie is limitless', writes TOBY HARNDEN

Greece, Ireland, Portugal and Italy are at the root of the European debt crisis.

The first three needed bailouts from European central banks; Italy's books are monitored by the International Monetary Fund.
The White House and Congress agreed in August to cut about $1trillion from federal agencies over ten years.

An additional $1.2trillion in automatic spending cuts are on the horizon, starting next year if lawmakers can't agree on an alternative.
Mark Zandi of Moody's Analytics said reaching the 100 per cent mark highlighted 'the grave need to address our long-term fiscal problems'.
Obama urges U.S. firms to keep jobs at home
President Barack Obama kicked off an effort to encourage U.S. businesses to keep jobs at home instead of outsourcing them overseas, as he rolled out a new election-year theme on Saturday aimed at courting middle-class voters.
In his weekly radio and video address, Obama previewed an event he will hold this week with business executives to highlight the advantages of investing in the U.S.
'We'll hear from business leaders who are bringing jobs back home and see how we can help other businesses follow their lead,' Obama said. 

 President Obama kicked off an effort to encourage U.S. businesses to keep jobs at home instead of outsourcing them overseas at the weekend

The White House forum on 'Insourcing American Jobs' will be held on Wednesday.

Executives from more than a dozen companies will attend, including padlock maker Master Lock, furniture company Lincolnton Furniture, software application developer GalaxE Solutions, and chemicals company DuPont.

The emphasis on keeping U.S. jobs at home is in line with a populist economic message championed by Obama that could play well with union workers, whose support the Democratic president will need to win re-election in November.
The White House sees an increasing trend of companies deciding to 'insource' jobs and invest in U.S.-based plants and factories, according to a White House official.


It wants to encourage more businesses to follow that trend, the official said.
The practice of U.S. companies moving jobs to foreign countries such as India and China, where labour is cheaper, is a source of concern to many U.S. workers.
The issue resonates strongly in Midwest industrial states such as Ohio and Michigan that have been hard hit, not only by the 2007-2009 economic crisis, but also by years of shrinkage in the manufacturing jobs sector.

Many of those states are battlegrounds that are vital to Obama's re-election hopes.
Republicans vying to challenge Obama in November, including front-runner Mitt Romney, have hammered him over his economic stewardship.

They contend that his regulatory policies, including new rules for Wall Street and the overhaul of the healthcare system, have discouraged investment.

They also say his fiscal stimulus measures have not succeeded in bringing down high unemployment.

But the White House was encouraged by the December jobs report, released last Friday, which showed a drop in the jobless rate to 8.5 per cent - its lowest level in nearly three years.
'We're heading in the right direction. And we're not going to let up,' Obama said.



Read more: http://www.dailymail.co.uk/news/article-2084353/Size-U-S-debt-entire-economy--15-23-TRILLION.html#ixzz1j5Q3tiRk



rvaducks

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You are an idiot. Not just a partisan hack but dumb.

Before you blame the debt on the President you should look in to the cost of two unfunded wars.

Soul Crusher

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You are an idiot. Not just a partisan hack but dumb.

Before you blame the debt on the President you should look in to the cost of two unfunded wars.


LOL!!!!!   


Whose gimmick are you? 

Dos Equis

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LOL!!!!!   


Whose gimmick are you? 

One that will have a very short shelf life if he continues with the personal attacks.  He needs to pay his dues.   :)

Soul Crusher

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You are an idiot. Not just a partisan hack but dumb.

Before you blame the debt on the President you should look in to the cost of two unfunded wars.

When Obama came to office the debt was 10 trillion it is now 15.  5 Trillion in 3 years. 

When Bush came to office the debt was 4 trillion.   He left office with it 10 - 6 trillion over 8 years. 



Are you that incompetent to not be able to do simple math?   

rvaducks

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So he's allowed to call Obama voters idiots and say that we should all drop dead but I can't say the same thing back? Because I haven't "paid my dues" by spamming the politics board with stolen copywrited material?

rvaducks

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Whhaaaa. Now that a black man is in office I suddenly care about fiscal responsibility. Whaaah. And even though the debt would plummet if the Bush tax cuts were repealed I think that's socialism.

That sums it up, right?

Soul Crusher

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Whhaaaa. Now that a black man is in office I suddenly care about fiscal responsibility. Whaaah. And even though the debt would plummet if the Bush tax cuts were repealed I think that's socialism.

That sums it up, right?


LMFAO! ! !


So because GWB was a fiscal mess in his second term that makes it ok for ghettobama to be a mess as well? 

rvaducks

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LMFAO! ! !


So because GWB was a fiscal mess in his second term that makes it ok for ghettobama to be a mess as well? 

Ha. The "black man" dig was a shot in the dark but it looks like I nailed it. See you racists are so angry that an African American man is in YOUR White House that you are blinded to the fact that he's a center right president. Ha.

Soul Crusher

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Re: Obama to ask for an increase in the debt limit within days. WW TT FF !!!!
« Reply #10 on: January 10, 2012, 01:52:53 PM »
Ha. The "black man" dig was a shot in the dark but it looks like I nailed it. See you racists are so angry that an African American man is in YOUR White House that you are blinded to the fact that he's a center right president. Ha.


LOL.   Would you prefer I called him - TraitorBama?   or Spendthriftbama?   

rvaducks

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Re: Obama to ask for an increase in the debt limit within days. WW TT FF !!!!
« Reply #11 on: January 10, 2012, 01:56:20 PM »
Traitorbama makes you sound dumber. I'd stick with the latter if you have to. I mean you could just call the man President Obama and stop with the childish name/insult thing but I guess that would be asking too much.

Soul Crusher

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Re: Obama to ask for an increase in the debt limit within days. WW TT FF !!!!
« Reply #12 on: January 10, 2012, 01:58:34 PM »
Traitorbama makes you sound dumber. I'd stick with the latter if you have to. I mean you could just call the man President Obama and stop with the childish name/insult thing but I guess that would be asking too much.

How about we just refer to him as "Historical mistake"?

rvaducks

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Re: Obama to ask for an increase in the debt limit within days. WW TT FF !!!!
« Reply #13 on: January 10, 2012, 02:02:21 PM »
Ha! We'll see in 5 years!

Dos Equis

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Re: Obama to ask for an increase in the debt limit within days. WW TT FF !!!!
« Reply #14 on: January 10, 2012, 02:04:37 PM »
So he's allowed to call Obama voters idiots and say that we should all drop dead but I can't say the same thing back? Because I haven't "paid my dues" by spamming the politics board with stolen copywrited material?

Was joking about paying dues.  Sort of.   :)  Just try and stick to the issues rather than attacking people who post on the board.  Check the rules thread. 

Vince G, CSN MFT

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Re: Obama to ask for an increase in the debt limit within days. WW TT FF !!!!
« Reply #15 on: January 10, 2012, 03:11:02 PM »
When Obama came to office the debt was 10 trillion it is now 15.  5 Trillion in 3 years. 

When Bush came to office the debt was 4 trillion.   He left office with it 10 - 6 trillion over 8 years. 



Are you that incompetent to not be able to do simple math?   



When Obama came to office, do you think that the cost of war would just stop???  Not only that, the housing and auto industry market was already beginning to collapse. 

These are inherited debts that were still growing so you can't blame someone solely because he was on the losing end of the game of "musical chairs" you idiot.


 All politicians...Dem or GOP are responsible for the debt.
A

howardroark

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Re: Obama to ask for an increase in the debt limit within days. WW TT FF !!!!
« Reply #16 on: January 10, 2012, 03:45:29 PM »


When Obama came to office, do you think that the cost of war would just stop???  Not only that, the housing and auto industry market was already beginning to collapse. 

These are inherited debts that were still growing so you can't blame someone solely because he was on the losing end of the game of "musical chairs" you idiot.


 All politicians...Dem or GOP are responsible for the debt.

Sure, both sides are responsible. But that's the point of this thread, isn't it? It's time to finally elect someone who is fiscally conservative: Ron Paul.

Vince G, CSN MFT

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Re: Obama to ask for an increase in the debt limit within days. WW TT FF !!!!
« Reply #17 on: January 10, 2012, 04:17:36 PM »
Sure, both sides are responsible. But that's the point of this thread, isn't it? It's time to finally elect someone who is fiscally conservative: Ron Paul.


Ron Paul couldn't do shit.  Fact is that Congress as a whole makes the laws and unless both sides work together, nothing will get done.  The president does not have the power actually.
A

Bindare_Dundat

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Re: Obama to ask for an increase in the debt limit within days. WW TT FF !!!!
« Reply #18 on: January 10, 2012, 04:42:38 PM »
Whhaaaa. Now that a black man is in office I suddenly care about fiscal responsibility. Whaaah. And even though the debt would plummet if the Bush tax cuts were repealed I think that's socialism.

That sums it up, right?

Piss off idiot. It always goes back to race with some of you jerks. Obama is shit and it has nothing to do with being half balck.

rvaducks

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Re: Obama to ask for an increase in the debt limit within days. WW TT FF !!!!
« Reply #19 on: January 10, 2012, 04:44:20 PM »
No? Seems to hit a button for you. When someone refers to a black man as "Ghettobama" it obviously has something to do with race.

Bindare_Dundat

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Re: Obama to ask for an increase in the debt limit within days. WW TT FF !!!!
« Reply #20 on: January 10, 2012, 04:44:48 PM »

Ron Paul couldn't do shit.  Fact is that Congress as a whole makes the laws and unless both sides work together, nothing will get done.  The president does not have the power actually.

Speaking of shit and not being able to do much......hi Vince.

tonymctones

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Re: Obama to ask for an increase in the debt limit within days. WW TT FF !!!!
« Reply #21 on: January 10, 2012, 04:48:57 PM »
Sure, both sides are responsible. But that's the point of this thread, isn't it? It's time to finally elect someone who is fiscally conservative: Ron Paul.
NOOOOO!!!

the point of this thread is to blame bush for obamas spending, get with it!!!

howardroark

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Re: Obama to ask for an increase in the debt limit within days. WW TT FF !!!!
« Reply #22 on: January 10, 2012, 10:21:52 PM »

Ron Paul couldn't do shit.  Fact is that Congress as a whole makes the laws and unless both sides work together, nothing will get done.  The president does not have the power actually.

Ron Paul would have the power of the veto. In essence, if Congress wanted to pass a budget not to Ron Paul's liking, they'd have to get 2/3rds agreement. Now imagine that for a second: either way, there will be a compromise, but either it will be Ron Paul's compromise of less military spending along with less domestic spending or it will be a Congressional Democrat/Republican compromise of less military spending and less domestic spending. In other words, just having a President Ron Paul would be a push in the right direction. Of course he won't be able to implement his full plan, but nobody is arguing that. The point is having someone in there who is consistent and principled for fiscal conservativism and civil liberties will prevent 90% of the bullshit that goes through Congress on a regular basis.

Soul Crusher

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Re: Obama to ask for an increase in the debt limit within days. WW TT FF !!!!
« Reply #23 on: January 11, 2012, 06:39:02 AM »
The US Debt Ceiling Theater Is Back: Think The Issue Is On Autopilot? Think Again
Submitted by Tyler Durden on 01/11/2012 -

http://www.zerohedge.com





As Zero Hedge reported first, the US is once again, in just 5 short months (see chart), back at the debt ceiling, with just $25 million in new debt issuance dry powder, or in other words, no space of more debt absent resorting to the same "technique" last seen in late July when the Treasury plundered from government retirement accounts in order to accommodate new debt, such as yesterday's issuance of 3 Year bonds, and today's 10 Year bonds. And as The Hill reported yesterday, Obama is expected to request that Congress allow the incremental and final $1.2 trillion debt expansion (of the $2.1 trillion total) within a few days. So it is all on autopilot right? Wrong. As Bank of America explains below, it is very likely that the US will not have a debt ceiling hike for at least a few weeks, meaning that while a debt hike will ultimately come, it will very soon be all the song in dance, potentially overtaking the GOP drama, coupled with the pillaging of government retirement accounts yet again and likely leading to more rating agency action as the US debt fiasco is once again brought front and center. And the last thing the market needs is to experience the August 2011 collapse which brought it to 2011 lows and sent it gyrating for 400 DJIA points daily, in essence breaking the market as noted previously. And the worst news is that even with $1.2 trillion in new debt capacity, the total amount is guaranteed to not last through 2013, and should tax withholdings dip as trends are already indicating on adverse year over year comps, the $1.2 trillion in new debt may be exhausted as soon as September, which at this point may be the only thing that derails an Obama reelection if indeed he is running against "Wall Street."


240 is Back

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Re: Obama to ask for an increase in the debt limit within days. WW TT FF !!!!
« Reply #24 on: January 11, 2012, 06:53:12 AM »
Ron Paul would have the power of the veto. In essence, if Congress wanted to pass a budget not to Ron Paul's liking, they'd have to get 2/3rds agreement. Now imagine that for a second: either way, there will be a compromise, but either it will be Ron Paul's compromise of less military spending along with less domestic spending or it will be a Congressional Democrat/Republican compromise of less military spending and less domestic spending. In other words, just having a President Ron Paul would be a push in the right direction. Of course he won't be able to implement his full plan, but nobody is arguing that. The point is having someone in there who is consistent and principled for fiscal conservativism and civil liberties will prevent 90% of the bullshit that goes through Congress on a regular basis.

repubs who cry "Ron paul will destroy the military" often don't realize this.

he'd have to have 2/3 of congress wither with him, or he doesn't get his way on it.

But hey, repubs can say "Well, Mitt got his 20 delegates, he's almost to 1200, let's just call the race now!" 

Let them enjoy the collapse, bankruptcy, etc.  We can all sit in mud huts and argue about whose fault it was.