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Obama signs debt increase 1.9 Trillion - Then signs Pay-Go
Topic Started: Feb 13 2010, 04:44 PM (347 Views)
Baldo
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President Obama Signs Law Raising Public Debt Limit from $12.4 Trillion to $14.3 Trillion

Behind closed doors and with no cameras present, President Obama signed into law Friday afternoon the bill raising the public debt limit from $12.394 trillion to $14.294 trillion.

The current national debt is $12.3 trillion. Check out the National Debt Clock, which tells you your share of that -- roughly $40,000 per citizen, $113,000 per taxpayer.

The bill also establishes a statutory Pay-As-You-Go procedure requiring that new non-emergency legislation affecting tax revenue or mandatory spending not increase the Federal deficit – in other words, that any new spending or tax cuts be paid for with new taxes or spending cuts.

http://blogs.abcnews.com/politicalpunch/2010/02/president-obama-signs-law-raising-public-debt-limit-from-124-trillion-to-143-trillion.html


Do as I say, not as I do! Or I promise I will give up my drug addiction after this one last massive buy.

The Hubris of this man is beyond belief. He raises the Nation Debt from when he started Office from $10. 6 Trillion to 14.3 Trillion. That is a 3.7 Trillion in two years. Then says Congress must from now on balance non-emergency spending with tax increases or spending cuts.

Do you really think he will cut spending? Prepare for Tax Increases

Edited by Baldo, Feb 13 2010, 04:45 PM.
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Mason
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Parts unknown
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There's not much left in the barn now, maybe a possum or two.

I understand they can still open that door too, so I'm not impressed.

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wingedwheel
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Baldo
Feb 13 2010, 04:44 PM
Do you really think he will cut spending? Prepare for Tax Increases

Hell no! Especially with 0bama in the WH. And I really don't think we will ever cut spending. Lets just say we get a republican president and the republicans control both houses. Republicans will be demonized if they try and cut spending. Think back to all the old democrat attacks of the past of republicans wanting to starve children and kill off the elderly. And if they say the hell with the media, no doubt the democrats will filibusters in the senate any bill that cuts government programs.
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LTC8K6
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Assistant to The Devil Himself
So new bills will just be called "emergency" bills and therefore not subject to pay as you go...

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wingedwheel
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LTC8K6
Feb 13 2010, 11:38 PM
So new bills will just be called "emergency" bills and therefore not subject to pay as you go...

Yes, that is what they are going to do. And let us not forget they like to slip pork into the real emergency bills too. The democrats are not going to stop their drunken spending binge.
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Concerned
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Is this WH even aware of what's going on in Greece? They are in default and the EU will have to bail them out because if they don't then Spain, Portugal and Ireland are next in line with their hands out.

The yahoos in Washington just don't care about the sovereignty of our country.
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Mason
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wingedwheel
Feb 14 2010, 12:07 AM
LTC8K6
Feb 13 2010, 11:38 PM
So new bills will just be called "emergency" bills and therefore not subject to pay as you go...

Yes, that is what they are going to do. And let us not forget they like to slip pork into the real emergency bills too. The democrats are not going to stop their drunken spending binge.
Yes, it won't even slow them up.

Obama under scrutiny is ugly, that's why they are happy to let him evade scrutiny. His plan was to okay 9,000 earmarks (or something crazy) and then say there will be none next year. He calls for a spending freeze - and then says it won't go into effect until after the elections.

Obama is the worst President to have worn shoes.

.
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Baldo
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Concerned
Feb 14 2010, 02:21 PM
Is this WH even aware of what's going on in Greece? They are in default and the EU will have to bail them out because if they don't then Spain, Portugal and Ireland are next in line with their hands out.

The yahoos in Washington just don't care about the sovereignty of our country.
The Greece Situation is very troublesome. Nial Furgenson in FT

It began in Athens. It is spreading to Lisbon and Madrid. But it would be a grave mistake to assume that the sovereign debt crisis that is unfolding will remain confined to the weaker eurozone economies. For this is more than just a Mediterranean problem with a farmyard acronym. It is a fiscal crisis of the western world. Its ramifications are far more profound than most investors currently appreciate.
......

Even according to the White House’s new budget projections, the gross federal debt will exceed 100 per cent of GDP in just two years’ time. This year, like last year, the federal deficit will be around 10 per cent of GDP. The long-run projections of the Congressional Budget Office suggest that the US will never again run a balanced budget. That’s right, never. ......

The Obama administration’s new budget blithely assumes real GDP growth of 3.6 per cent over the next five years, with inflation averaging 1.4 per cent. But with rising real rates, growth might well be lower. Under those circumstances, interest payments could soar as a share of federal revenue – from a tenth to a fifth to a quarter.

Last week Moody’s Investors Service warned that the triple A credit rating of the US should not be taken for granted. That warning recalls Larry Summers’ killer question (posed before he returned to government): “How long can the world’s biggest borrower remain the world’s biggest power?”

On reflection, it is appropriate that the fiscal crisis of the west has begun in Greece, the birthplace of western civilization. Soon it will cross the channel to Britain. But the key question is when that crisis will reach the last bastion of western power, on the other side of the Atlantic.

http://www.ft.com/cms/s/0/f90bca10-1679-11df-bf44-00144feab49a.html?nclick_check=1


We are in a very precarious situation. I am worried we elected a person who doesn't have a clue to get us out of this mess. He believes in wealth distribution, we all get poorer!

"The long-run projections of the Congressional Budget Office suggest that the US will never again run a balanced budget. That’s right, never"

So much for Pay-Go
Edited by Baldo, Feb 14 2010, 07:12 PM.
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