Obama Seeks (Another) $1.2 TRILLION Increase In Debt Limit

[Patranus]

The Obama administration says the federal government has nearly reached its borrowing limit — again.

Treasury officials said Tuesday that the White House plans to request another $1.2 trillion in borrowing authority Friday. The increase is necessary, they say, because the government will be within $100 billion of its current limit by then.

http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2011/12/27/national/w073112S53.DTL


Here we go again.

 

[micrometers]

No, seriously, this is pretty racist.

If you paid any attn at all to politics you'd realize that Obama is dealing with the overhang from Bush's policies.

 

[EagleKeeper]

No, seriously, this is pretty racist.

If you paid any attn at all to politics you'd realize that Obama is dealing with the overhang from Bush's policies.

After 3 years; how much longer can Bush be used as an excuse.

Obama knew what he was inheriting and stated that he had a solutions to straighten out this mess.
we have yet to see it.

When in quicksand; you do not keep flailing around!

 

[micrometers]

After 3 years; how much longer can Bush be used as an excuse.

Obama knew what he was inheriting and stated that he had a solutions to straighten out this mess.
we have yet to see it.

When in quicksand; you do not keep flailing around!

Considering the sheer size of the collapse? you know, 800 trillion TARP? Financial-bubble recessions last longer than regular recessions. Japan was down for over a decade after their property bubble, and the last comparable US recession was in the 1930's, so I give Obama some leeway. I will expect results by year 5, I agree.

 

[cybrsage]

No, seriously, this is pretty racist.

Rap groups are racist? Well, ok, many of them are, but I am not sure if the one Obama formed is racist or not.

Personally, I think it would suck either way. Obama cannot throw hoops, cannot dance, and does not even know the different between The Jeffersons and Sanford and Sons...

If you paid any attn at all to politics you'd realize that Obama is dealing with the overhang from Bush's policies.

Huh? How many years does it take Obama to STOP demanding to spend more money than the US takes in?

 

[Atreus21]

Considering the sheer size of the collapse? you know, 800 trillion TARP? Financial-bubble recessions last longer than regular recessions. Japan was down for over a decade after their property bubble, and the last comparable US recession was in the 1930's, so I give Obama some leeway. I will expect results by year 5, I agree.

800 trillion TARP?!

 

[theeedude]

After 3 years; how much longer can Bush be used as an excuse.

As long as his policies are still to blame for our problems

Obama knew what he was inheriting and stated that he had a solutions to straighten out this mess.
we have yet to see it.
When in quicksand; you do not keep flailing around!

At least you admit that Obama "was inheriting" "this mess" from Bush.

 

[cybrsage]

As long as his policies are still to blame for our problems.

How much longer will Obama continue Bush's policies?

 

[micrometers]

Look, it obviously takes time for policies to take effect. Obamacare won't fully be in place until around 2016 or so, at least five years from passage. Did Obama start the Iraq War? No, he ended it. But he still has to deal with the consequences of the war in increased government spending.

 

[Anarchist420]

What we need is for them to sell the National Park system, sell more than 2/3 of the U.S. govt's arsenal, reduce taxes, raise the "Federal Funds" rate to 25%, repeal federal bankruptcy legislation, and balance the budget immediately. 50% of the debt to foreign and domestic creditors can be paid off, but all of the fake debt owed to the Fed and the other 50% can be repudiated.

$30B could easily be saved by Medicare Part D reform (using only imported and generic drugs plus lifting patents), $575B could be cut from the DoD ($62.5B each would have to be added to veterans' pensions and federal retirement pensions), $45Bn could be cut from SS via means testing (reducing the maximum payment per month per person to $1.775k from the current $2366), and axing 5 or 6 federal depts could save another $200B. Halving Federal welfare spending for the poor by making block grants to the States would save at least another $250Bn, then no interest payments on the Federal debt would save another $175Bn.

Then health care costs could go down if they removed the employer tax breaks for health insurance and gave individuals dollar for dollar deductions for all health care expenses.

However, that's just a fucking pipedream because Obama is intent on crashing this country and his pro-wealthy agenda would never allow a second coming of the Tertium Quids (Old Republicans).

Repealing SOX and Dodd-Frank, abolishing the FCC, abolishing all import quotas, reducing the gas tax, and repealing the NFA (as well as all other federal gun control) would also help. Even though the government should be abolished, I'll be realistic and say there should be a flat marginal corporate tax rate of 15% with a $200k standard exemption. Finally, the taxes on platinum, copper, palladium, gold, and silver should be abolished and the highest CG tax rate should be 5%.

What I'm asking for shouldn't be too much.

 

[theeedude]

No, we don't need that at all.

 

[Patranus]

Lets look at it this way.
The national debt when Obama took office (with full Democrat control of congress) was $10,699,804,864,612.13 and is now $15,123,728,427,980.16 which is nearly a 50% increase in 3 years.

And now they want another (almost) 10% increase?

 

[micrometers]

The contradictions of the Tea Party make it obvious the impossibility of balancing the budget. Republicans demand cuts to everything except for spending that accounts for roughly 75% of everything. It is utterly hypocritical and delusional to demand a balanced budget while refusing any cuts to defense or medicare.

 

[theeedude]

Lets look at it this way.
The national debt when Obama took office (with full Democrat control of congress) was $10,699,804,864,612.13 and is now $15,123,728,427,980.16 which is nearly a 50% increase in 3 years.

And now they want another (almost) 10% increase?

So? Beats economic collapse.

 

[Patranus]

Lets not forget that the last fight was increasing it temporarily vs through the 2012 election and Obama "won" that fight with a supposed increase through the election.

 

[JTsyo]

This should be of no surprise when Congress can't come up with a budget that reduces the deficit. Even with a balanced budget we would still need to pay interest on the current debt. At this point we just need to stay afloat until the economy recovers.

 

[Patranus]

The contradictions of the Tea Party make it obvious the impossibility of balancing the budget. Republicans demand cuts to everything except for spending that accounts for roughly 75% of everything. It is utterly hypocritical and delusional to demand a balanced budget while refusing any cuts to defense or medicare.

Huh?

The house passed a balanced budget amendment with massive Democrat AND Republican support and Reid tabled it.

 

[micrometers]

let's not forget that Republicans happily voted for debt ceiling increases 8 times during the Bush years, including the newly principled Eric Cantor among others.

Did Obama expand Medicare like Bush? Did Obama launch a 2 trillion dollar war? No.

 

[K1052]

Lets not forget that the last fight was increasing it temporarily vs through the 2012 election and Obama "won" that fight with a supposed increase through the election.

Did you actually read the article? This is all part of the deal that was already done.

The increase would boost the debt limit to $16.4 trillion. Congress and the Obama administration agreed to raise it to that level in three steps as part of the August deal. Officials say that should be enough to allow the government to keep borrowing until the end of 2012, or just after the presidential election.

Congress can reject the request, although Obama can veto their objection. If Congress doesn't act by Jan. 14, the increase will take place automatically.

In August, Congress and the administration agreed to raise the borrowing limit by $2.1 trillion in three steps. The deal was reached hours before a potential default on the nation's debt and only after the parties also agreed to cut more than $2 trillion from the deficit over the next 10 years.

 

[theeedude]

Republicans have an opportunity go come back from vacation and vote against this thing. I am guessing they'll pass on that.

 

[Jaskalas]

So? Beats economic collapse.

It does not.

A short term collapse and rebound is far more favorable to the long and drawn out decay you've got planned. A decade of pain and suffering is not better, and that's the positive side if you don't destroy the US dollar while you're at it.

 

[airdata]

Are you saying that Gif is racist?

That's one of my favorite goto gifs !

 

[theeedude]

It does not.

A short term collapse and rebound is far more favorable to the long and drawn out decay you've got planned. A decade of pain and suffering is not better, and that's the positive side if you don't destroy the US dollar while you're at it.

There would be no rebound without either a much higher debt than what preventing collapse would accrue and/or a collapse of the dollar to stimulate exports and force people sitting on money to invest. This rebound in the face of a spending contraction and dollar strength is nothing more than wishful magical thinking on your part.

 

[Darwin333]

Rap groups are racist? Well, ok, many of them are, but I am not sure if the one Obama formed is racist or not.

Personally, I think it would suck either way. Obama cannot throw hoops, cannot dance, and does not even know the different between The Jeffersons and Sanford and Sons...



Huh? How many years does it take Obama to STOP demanding to spend more money than the US takes in?

The same as Reagan?

 

[micrometers]

Are you saying that Gif is racist?

That's one of my favorite goto gifs !

yes, it is racist. It associates Obama with a negative stereotype of an ethnic group. Ergo it is racist. I'm sure that you feel all Rush Limbaugh-ey like you're principled and edgy right now.