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Subscribe to RSSObama used his press conference yesterday to suggest that it’s up to Congress to raise the nation’s debt limit. “The issue here is whether or not America pays its bills. We are not a deadbeat nation. And so there’s a very simple solution to this: Congress authorizes us to pay our bills.”
(That "deadbeat nation" line, by the way, isn't unique to Obama. NBC's Carrie Dann points out that in January of last year, during a similar debt ceiling scuffle with Congress, Republican Sen. Marco Rubio argued that increased borrowing authority without spending cuts would signal that "America is becoming a deadbeat nation inevitably heading toward a European-style debt crisis.")
The AP: “President Barack Obama’s blanket statement Monday that ‘Social Security checks and veterans benefits will be delayed’ if Congress doesn’t raise the debt limit masked the options open to the government if it is forced to operate in a severe fiscal pinch. There are many, although none pleasant. If Washington can’t keep borrowing to ensure all its bills are paid, it will need to decide which expenses to cover and which might have to slide until a deal comes together.” And: “benefits for retirees and veterans, as he told it, were sure to lag ‘if congressional Republicans refuse to pay America’s bills on time.’ If that happens, though, it will be partly his call too.”
Here’s the transcript of Obama’s press conference yesterday.
Charlie Cook: “For all of the focus and talk about the cleavages within the GOP and how unrealistic Republicans’ approach to taxes has been, we will now see a mirror-image debate over spending that will show Democrats to be equally culpable for the fiscal crisis that we find ourselves in.”
“The United States could lose its top credit rating from a second rating agency if there's a delay in raising the country's debt ceiling, Fitch Ratings warned Tuesday,” USA Today writes.
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Congress, especially you Republicans, pay your damn bills. YOU racked them up, now don't play politics with the good name and reputation of United States. Grow up.
AND Congress allowed the payroll tax holiday to expire for working Americans, which means less money in MY paycheck, so don't pretend you're protecting the middleclass by holding the country hostage. This is just a game of chicken with the President, not a genuine policy debate. IMO.
Tom, You need to realize that President Bam-Bam has never done anything to curb spending ... he just keeps whipping out the charge card ! You do not have to keep paying bills if you do not keep RACKING THEM UP !
What happened to Obama's 2008 campaign promise that he would go over "every budget item, line by line" looking for wate and unnecessary spending ? Was that JUST ANOTHER LIE ??? When does Obama take responsibility for any financial cost management ??
At this time, all we have is liberals blaming someone else for Obama's lack of financial achievement ! It is Obama that needs to grow up, keep his promises and grow a pair in the process !! The blame game is getting REALLY, REALLY OLD ... but it seems that's all you've got !!!!!!!!!!!
Jim what part of "congress authorizes spending" do you not understand?
Let me ask you Jim. Are you really that misinformed? Or are you so dense you just fall for everything the republicans tell you? Get informed on who actually does the spending Jim. Hint it's not the President.
What part of "we can pay our current bills without raising the debt ceiling" don't you libs understand? this has to do with borrowing more money not paying for stuff already spent. Just because the President phrases it as such does not make it factual.
Mo, What part of BUDGET are you incapable of understanding ? Are you really that stupid or do you just conveniently ignore that Obama, as Chief Executive, is responsible for getting a budget done ????
All you do is lay blame on Congress, when Obama's "FAILED LEADERSHIP" is readily apparent. The House has passed budgets, then they have gone to the Senate where Obama's stoolpigeon, Harry Reid, has conveniently sat upon them ! All of this is by Democratic design !!
When Obama took office, the national debt was at $10.8 trillion ... and Obama had a Democratic House and Democratic Senate to "deal with". Obama chose to ignore budgets, push through a grossly expensive and expansive government takeover of health care ! Today, the National debt is $16.44 trillion and growing !!
Obama's campaign promise of a "balanced approach" has only included raising taxes. Where's the balance mosephus ? Do you require a CPA to help you balance your checkbook ??
President Bam-Bam has never done anything to curb spending
This actually is not true. For one thing, the Obama administration has recovered twice as much money from Medicare fraud than the Bush administration did. We are talking about billions of dollars that used to flow into criminal hands. His administration really focused on fighting fraud in the system. You've got to hand it to the Obama people on this one.
It would help if Obama's budget didn't come back from the House looking like Ryan's budget.
Just like the TPRepubs 34 attempts to repeal Obamacare, they repeatedly modify Obama's budget submission to be Ryan's budget. Why can't they tweak it instead of replacing it? What happened to compromise? The Senate has sent a clear message that the House shenanigans will not be tolerated, but they keep doing it anyway.
Obama's "budget" never got the first damn vote of support from his own Democratic party. Try again libbie.
Normally, a CEO IS responsible for getting a budget done. But that's for a business, not govt. A CEO can fire idiots who obstruct his leadership, a President can't do that. If the House members feared for their job like private sector executives, we wouldn't have this problem. Private sector executives don't buy their positions, they have to earn it.
Amy, Amy, of course he is ostensibly fighting fraud he needs every penny to fund his out of control spending. Bravo President Obama for recovering a few billion dollars in fraud while your racking up trillion dollar deficits.
Congress already wrote and mailed the checks to our creditors and the creditors have deposited the checks and are now waiting for the check to clear so they can pay their employees and creditors. To not pay is to default causing economic distress around the world.
The only legitimate purpose for a Debt Ceiling in the current process is to create a discussion that allows politicians make points about the size of our debt but since the money has already been spent it should not be an excuse to deny an increase of the debt ceiling. As Obama did in 2006.
It is not used by most other countries – The U.S. and Denmark are the only democratic countries in which Congress has to approve borrowing separately from spending. In most other countries the authority to borrow money is tied to the authority to spend money.
Solution: Change the process so the authority to borrow is part of every spending bill. Using that method will force Congress to address the amount of spending for each and every spending bill. Or use a less full-proof method by voting to increase the debt ceiling at the same time as final passage of the budget.
,
You answered my question Jim. You're just dense. No further discussion necessary. Jim's locked into his misinformation. Note to Jim: When you keep repeating the republican misinformation you look like a fool.
First off Dennis, with the current tax revenue it is estimated that we can fund the current government spending until August. Second we can sell assets and cut programs to make up the rest so no default would take place only government spending cuts. Sounds good to me!
MO, President Obama's budget proposal didn't get one vote in the Senate so Jim's statement is accurate. Great leadership by the President when he can't even get his own Senate Majority Democrats to vote for his proposals.
http://thehill.com/blogs/floor-action/senate/227857-senate-rejects-obama-budget-in-99-0-vote/
ozziey,
[with the current tax revenue it is estimated that we can fund the current government spending until August] - by who ??
Citation (link) please
All you have to do is google debt ceiling and do some research Dennis
http://finance.yahoo.com/blogs/daily-ticker/u-hits-debt-ceiling-does-mean-201846202.html
ozziey,
The article you are talking about (linked) is from May 2011, 2 years ago
NOT 2013, this year !!
Amy B.
Are you telling me that the President George Bush's tax policy meant you kept more money in your paycheck? You must be one of the fabled 1%, because as you NeoLibs are so vocal in screaming, that was a tax cut for the RICH, wasn't it? Or have you all been lying to us for the last few months or years actually? Oh, I am sorry, perhaps you just misunderstood the NeoLib talking point you all have been regurgitating like gospel (at least that way you are all not lying sacks of ****).
ozziey,
The United States officially hit its $16.394 trillion legal debt limit on Dec. 31, 2012.
Here's what that could like this time around.
Say Treasury starts facing cash shortfalls on Friday, Feb. 15, and the ceiling hasn't been raised. The bills due that day -- an estimated $52 billion -- wouldn't get paid until Feb. 22, by which point enough revenue had come in to cover them, according to Center estimates.
The $16 billion in payments due the next business day -- Tuesday, Feb. 19 -- wouldn't be paid until Feb. 25.
The default or cash flow problem is expected to be between Feb 15 and Mar 01, 2013
http://money.cnn.com/2013/01/14/news/economy/debt-ceiling-deadline/index.html?iid=EL
We may not be a dead beat nation.(yet) But I can't honestly say that about the guy who said this.
We may not be a "deadbeat nation" but we are a nation that is spending WAAAY too much!!
The worse of this whole thing is, Boner is trying the old tactic of holding the countries well being hostage to further his and other republicans agenda of ending Social Security, and Medicare. Defund it to the point where seniors live on poor farms, instead of enjoying a retirement. What is really the problem is republicans intentionally put us in this posistion by putting so much on the credit card that it becomes impossible to pay it back. The lack of funding, tax cuts for the wealthy, and then spending like they accuse the democrats of spending has nearly broken this once great country. We are 16 trillion in debt most of which came under republican rule. For our money we got the greatest military on earth. If we don't count China and yes even Russia. Our children are poorly educated, much of which could be blamed on a lack of funding, we do not have health care for all as all other industrialized countries do. Now we are attacking our seniors. Pass the damn debt ceiling and then talk about cutting spending, especially for the over bloated military.
I just read the transcript of the President's press conference posted by First Read. Now I understand why Chuck Todd said the administration is frustrated with Congress and is giving up on the idea of negotiating. How can you negotiate with people who are not willing to compromise?
He is a great president, where this young man got his wisdom in such a short time is quite puzzling. However he proves day to day that he puts the countries interest ahead of his own agenda and the same thing cannot be said of the republican congress that puts the interest of special interest ahead of everything else at the expense of our seniors and the poor. Now the middle class. 2014 cannot happen soon enough.
Get off your knees, you have bowed down at the altar of Obama long enough ! Jayzus !!
Obama is a freaking financial moron who has never ONCE in his entire first term of office seen to it that a BUDGET GOT PASSED as required by law ! His big push for increased taxes has now been accomplished through Obamacare, and then again through the "fiscal cliff negotiations" ... but Obama has LIED yet again with his false promise of "a balanced approach".
Obama refuses to cut spending ! He talks about it, libtards swallow it as gospel ... nothing happens !!
Oh, and before you start the disingenuos excuse making that Congress passes budgets ... it is Obama's JOB as Chief Executive to see to it that the laws of our country are carried out. An annual budget is required by law. Obama's budget offerings have never received the first vote ... even from his pwn party !
Once again Jim is swallowing the misinformation from the republicans. Jim it's not up to the president to get a budget passed, it's up to congress. All the President does is either sign it into law or veto it. For your information (and this is real information not republican misinformation). There is no line item veto, so the President can't go over the budget line by line, he either sign's it into law or veto's the whole budget.
Jim
When President Obama was elected, we were in the worst financial crisis since the Great Depression. Our basic systems were not "sound,"as McCain claimed.
Did you know the country only gained 1.1 million jobs over Bush's two terms? We have to do better than that, to strengthen the economy.
Republicans want to slash spending (but not in their districts) which would send us back into a recession. The President is trying to grow the economy back to the point we can afford to cut the deficit without tanking the recovery.
Wow ! The financial incompetence of liberals is truly amazing !! All you can do is "continuing excuses" for the "continuing resolutions" .... that "CONTINUE" to lead the debt upward and upward !!
You libs can swallow the empty rhetoric of Obama, but his continued push for more spending through more government growth is at the expense of the American economy from which those tax dollars are removed.
Mo, I am a Certified Public Accountant, so NO ONE swallows "misinformation from Republicans" ... it is a matter of common sense that our government cannot continue to rack up $1.5+ trillion dollar deficits annually. By the end of Obama's second term, Obama will have increased the national debt MORE than ALL his predecessors COMBINED ! A second debt downgrade is waiting and our economy could see a second recession.
Of course, liberals like you despise "common sense", so you avoid it at all costs.
Why won't the repubs agree to cut defense spending or eliminate tax loopholes and corporate welfare? Why do they demand cuts in social programs only?
Would you agree that spending cuts must be across the board? What percentage of cuts need to be from defense and Homeland Security, and what percentage needs to be from social programs? Isn't that what sequestration was all about and what the TPRepubs fear?
Btw - being a CPA does not mean you are exempt from having a business bias when it comes to running the govt.
jim
I remember Romney saying we needed to increase military spending to the point we regain the ability to fight two wars at once - more planes, tanks, troops, and ships, etc. I remember Republicans excorating the Obama administration over cuts to NASA. Paul Ryan specifically asked the President for stimulus money for his district during the recession. This idea that Democrats spend, and Republicans don't is hogwash. Obama increased our deficit at a time when interest rates are low, which is what smart countries do - borrow when it is cheaper to do so, pay it back when recovery drives revenues up. Look at the whole picture, not just your fear of debt.
Amy, Is Romney President ? If not, then your weak reply falls flat on its face. Ryan is not VP either.
Obama is President and the "leadership" towards having a budget, hopefully a realistic budget is completely and totally AWOL ! Obama continues to increase our deficit by NOT producing the spending cuts he campaigned upon as part of his campaign approach.
Are you saying Obama LIED AGAIN, or are you just in total denial that that was part of his campaign ?
jim, I think you think Romney is president. You are a size two hat, every time you open your mouth (type) you prove it. You lie, your feet stink and you don't love Jesus. Now shut up and run along and play in your world of fascism. Leave the America that will get better under democrats and worse under republicans. Just go.
You know what cutting spending on social programs means: pushing up the age when people become eligible for retirement and Medicare. That is what it comes down to. Before the President can agree to that, he had to make sure the wealthiest are paying their share of taxes, like they were doing during the Clinton years. Before the President can agree to raising the age when people get benefits, he has to get the economy further along in recovery, so people can save more, instead of using their 401K's for current expenses.
Amy B.
In post 1.1 you are telling me that the President George Bush's tax policy meant you kept more money in your paycheck? You must be one of the fabled 1%, because as you NeoLibs are so vocal in screaming, that was a tax cut for the RICH, wasn't it? Or have you all been lying to us for the last few months or years actually? Oh, I am sorry, perhaps you just misunderstood the NeoLib talking point you all have been regurgitating like gospel regardless of the personal benefit you gained from the policy.
A courteous person would say "Thank you President Bush".
For many years the Republicans have been chiding the Democrats for tax and spend economic policies while advocating a borrow and spend policy of their own. While neither is necessarily a good idea I would rather see taxes go up temporarily to pay for...say two unnecessary wars... spending benefitting those paying for it rather than making future generations pay for the borrowed money (with interest of course).
What we are experiencing is the credit card of a decade ago being maxed out and now the bill is due. If this were you or I we'd have our creditors calling daily and collection agents on our backs. Unlike the government we wouldn't have the ability to make more money to pay for things.
One doing any research would discover that Obama has spent less than his last 4 predecessors in the same period of time. Congress holds the purse strings and limits what the president can spend. They were obviously very generous in past years and not so much now. That may be a good thing. No more pork? No more bridge to nowhere? No more studies of why tots fall off tricycles? It all depends what district they represent whether jet planes the Air Force says they don't want or need are budgeted for or whether the Army gets tanks they don't want or need just because some Congress critter brings home the bacon (pork). The President doesn't bring home the pork but Congress critters do.
Jim
The payroll tax cut I was referring to was enacted during Obama's first term, as a small stimulus to help us recovery from the recession. It's the tax that funds Social Security. That tax cut was allowed to expire, while the Bush tax cuts for the middleclass were made permanent.
No, I am not part of the 1%, I wish.
Jim if you are a CPA (which I doubt) I do feel sorry for any clients you may have. You see everything you posted in the third paragraph of post #2.6 is republican misinformation Jim. So yes you do swallow "misinformation from Republicans" you're just in denial.
Obama's electorate is a bunch of deadbeats! So I can't understand what he is talking about.
So Vet, you know each and every Obama supporter intimately to the point that you know how they handle money? Wow, such power you have. I wish I had half that much power. Fortunately most of the Obama supporters I know pay our bills on time and keep in budget. We don't generally make major purchases without some way to pay for it unless a predatory lender fooled some of us just like some of you were fooled into buying a house they couldn't afford. So on a level and fair playing field we strive to pay our bills the same as anyone else. President Obama has spent far less than his immediate predecessor and the Republicans and Democrats who were lied to in Congress to fund Bush's wars off the books. The bill has come due and we have to pay for it somehow without taking from other things already allocated or from safety net programs already paid for by senior citizens throughout their working lives.
I apologize Adler-273784. My bad. I was talking about the 47% of his electorate that Mitt was referring to before it was misconstrued for political purposes. Can't argue the fact that if these bottom feeders had not voted, Romney would have won. It should be law that if you're not productive, unless disabled or retired, you should be prohibited from casting a ballot.PS - since you and other supporters of Obama are so responsible with your finances why would you have voted for such an irresponsible person? And no as a retiree I do not think that the SSI/Medicare should be messed with. In fact the low life politicians who first thought to borrow from these funds should have been charged with grand theft and jailed. The money to pay down our debt could come from the billions we spend on foreign aid, give to the low life welfare recipients, special interest groups, corporate welfare including tarp money and farm subsidies to large farms, HUD and on and on.
WE ARE NOT A DEADBEAT NATION BUT we have deadbeat representatives in Washington.