► Show Top 10 Hot Links

Posts Tagged ‘Debt Crisis’

« Older Entries
Newer Entries »

Republicans might cave to Obama on Debt Ceiling

by Phantom Ace ( 3 Comments › )
Filed under Economy, Headlines, Misery Index at June 8th, 2011 - 4:12 pm

This report if true, if one of the reasons that I don’t trust the GOP on fiscal and economy issues. The House GOP is considering a vote to extend the debt ceiling through the end of 2012. This is kicking the can down the road and hurt them electorally. People voted them in to rein in spending. Clearly, they a not serious.

Republicans want a short-term increase to the debt ceiling if the talks led by Vice President Biden do not produce sufficient spending cuts, Senate Minority Whip Jon Kyl (R-Ariz.) said Tuesday.

Kyl, who is representing Senate Republicans in the high-level talks, said his caucus largely agrees with House Speaker John Boehner’s (R-Ohio) demand that the increase in the $14.3 trillion debt ceiling be paired with even bigger spending reductions.

[….]

Negotiators in the Biden talks are looking for a way to increase the debt ceiling enough so that it does not need to be raised again until the end of 2012, after the next election. Kyl said that timeline would require a debt-ceiling increase of $2.4 trillion.

But Kyl said the GOP would look to a shorter-term increase in the debt ceiling if the talks fail to produce more than $2.5 trillion in cuts.

If true, once again the GOP will have proven itself all talk about fiscal or economic Conservatism. Wake me up when we have a true Conservative Party in this country.

Tags: , ,
Posted in Economy, Headlines, Misery Index | 3 Comments »

The Federal Government has liabilities of $61.6 Trillion Dollars and Obama wants the US to help Greece

by Phantom Ace ( 44 Comments › )
Filed under Barack Obama, Economy, Elections 2012, Misery Index, Regulation, unemployment at June 8th, 2011 - 2:00 pm

Entitlements are killing this nation. The official debt figure is $14 Trillion, however the really debt is much higher. The real debt is $61 Trillion Dollars when he liabilities of programs like Medicare come into account. This is not a sustainable situation and it needs to be addressed.

The federal government’s financial condition deteriorated rapidly last year, far beyond the $1.5 trillion in new debt taken on to finance the budget deficit, a USA TODAY analysis shows.

The government added $5.3 trillion in new financial obligations in 2010, largely for retirement programs such as Medicare and Social Security. That brings to a record $61.6 trillion the total of financial promises not paid for.

This gap between spending commitments and revenue last year equals more than one-third of the nation’s gross domestic product.

Medicare alone took on $1.8 trillion in new liabilities, more than the record deficit prompting heated debate between Congress and the White House over lifting the debt ceiling.

Read the rest: U.S. funding for future promises lags by trillions

The Obama Regime will do nothing about this. They will use the crisis as an excuse to raise taxes and impose more regulation. Until he leaves office, nothing will be done about this. We have at least just 1.5 years left with Obama. Hopefully he doesn’t do more damage than he already has.

 Update: Barack Hussein Obama is now offering to have the US help Greece. That’s right, we have a debt/deficit crisis, yet we want to help out another nation.

President Barack Obama on Tuesday urged European countries and bondholders to prevent a “disastrous” default by Greece and pledged U.S. support to help tackle the country’s debt crisis.

Obama, whose political prospects have suffered from persistently high unemployment and ballooning U.S. debt, has pinpointed the euro zone crisis as one foreign “headwind” hitting the U.S. economy.

[….]

“But it’s going to require some patience and some time. And we have pledged to cooperate fully in working through these issues, both on a bilateral basis but also through international and financial institutions like the IMF.”

A bankrupt nation offering to help another bankrupt nation. This would be hysterical if it wasn’t so sad. We are broke and need to look after our won interest. I love Greek people since my Latin culture is derived from theirs, but my nation (America) need to look after itself. The Greeks need to find their own solutions. The broke can’t help the broke.

Tags: , , ,
Posted in Barack Obama, Economy, Elections 2012, Misery Index, Regulation, unemployment | 44 Comments »

Moodys warns Obama regime

by Phantom Ace ( 8 Comments › )
Filed under Barack Obama, Economy, Progressives, Republican Party, Special Report at June 3rd, 2011 - 2:41 pm

The regime of Barack Hussein Obama has been put on notice. Unless substantial Debt reduction is propose when the US votes top raise the debt ceiling,  Moodys will lower the US bond rating. Should this happen, interest rates will skyrocket and many creditors will stop lending the US money.

Moody’s ratings agency warned Thursday that it probably would have to downgrade the U.S. government’s debt rating unless the White House and Congress work out a “credible agreement on substantial deficit reduction” by the middle of next month.

In its stark statement, Moody’s – one of the three big ratings agencies that help determine how easy it is for the government to borrow money – said the fight over raising the debt ceiling is worse then expected, and that’s increased the risk that the government will default on its debt.

Just as significantly, the agency said if lawmakers miss this chance to lower deficits, then no deal will get done before the 2012 elections. So Moody’s set a mid-July deadline for progress on a deal, or else it said a downgrade of the U.S. rating “is likely.”

This should give Speaker Boehner ammo to use in the negotiations. However, since he’s a polcitical Eunuch, he will just roll over as he always does. it is up to Barack Hussein Obama to heed Moodys warning and d

Tags: , , ,
Posted in Barack Obama, Economy, Progressives, Republican Party, Special Report | 8 Comments »

Republican Establishment set to turn on the Tea Party

by Phantom Ace ( 13 Comments › )
Filed under Economy, Elections 2012, Headlines, Progressives, Republican Party, Tea Parties, unemployment at May 30th, 2011 - 1:25 pm

The GOP Establishment is not Conservative, it’s Progressive. Now to be fair, a Liberal Republican is not the same as a Leftist Democrat. One is patriotic, the other is not. That said, with America’s debt and economic problems, Rockefeller Republicanism is not the answer. The GOP Establishment never liked the Tea Party movement. It’s something that can’t control and has their feet to the fire, thus preventing them from following their true liberal instincts.

Now as 2012 approaches, the GOP Establishment is worried that can’t control the Tea Party. They fear that as in NY-26, Candidates with the label Tea Party will siphon off votes. This can only occur because Boehner and his Eunuchs have caved to Obama time and time again. The GOP prefers to run Liberal Republicans instead of Conservative ones. This is the crux of the problems and the Republican leadership doesn’t understand this. Instead they are preparing to blame the Tea Party for any 2012 defeat.

Republicans, once ecstatic about the energy generated by the 2009 anti-spending tea party uprising, are growing increasingly uneasy about the impact in 2012 of a movement that seems beyond the control of anyone, including its own leaders.

“The nature of the tea party and liberty movement is that there really are very few, if any, authoritative spokespersons,” said Ryan Call,Colorado GOP chairman.

“The fact that the grass-roots movement is somewhat leaderless is one of its strengths, but it also makes the movement susceptible to individuals or groups co-opting the ‘tea party label in inappropriate and damaging ways, like we saw in the May 24 New York 26th [Congressional] District special election.”

[….]

The other is the ongoing tendency of the Republican establishment to invite tea party rebellions by picking more-liberal candidates, such as Dede Scozzafava, who lost another Republican-leaning New York congressional district in a special election in 2009.

Until the GOP leadership gets it, they will blame their ills on the Tea Party. The problem is that after Reagan left office, the GOP has embraced big government. It has a pursue an economic strategy of social spending, but with Social Conservative rhetoric to please the base. This formula is no longer working since even many Social Conservatives are now very concerned about America’s fiscal and economic deterioration and want solutions.

If the Republican Establishment doesn’t address the economic and fiscal concerns, then there will be individual Tea Party candidates who will cost the GOP elections. The Establishment needs to look in the mirror and not blame the Tea Party.

Tags: , , , ,
Posted in Economy, Elections 2012, Headlines, Progressives, Republican Party, Tea Parties, unemployment | 13 Comments »

« Older Entries
Newer Entries »