Debt Ceiling Indigestibles

SilverDoctors: German Ratings Agency Feri Downgrades the US from AAA to AA!.

This is a HUGE event (don’t expect anything more than downgrade “outlooks” from US ratings agencies until after the dollar has collapsed or the US has officially defaulted), yet we have yet to see this reported by any major US media outlet. Wonder why, don’t want the sheeple to panic into gold or silver!  To our knowledge, this is the first western ratings agency that has downgraded the US.  Expect to see many more US downgrades in the coming months and years.

More Temporary Solutions To Long Term Economic Problems

[…]  Few want to believe that Wall Street and banking have destroyed the financial structure of the country and that it has been done deliberately in order to bring about world government.

Boehner, Reid preparing to move on debt limit

President Barack Obama’s insistence that Congress solve the nation’s debt crisis through the 2012 elections emerged as a key sticking point as Democrats and Republicans urgently pieced together competing plans Monday to prevent a first-ever government default next week.

Democrats Disgusted Over Obama “Incompetence” On Debt Ceiling Debate

Senator –name withheld- came to staff member’s defense, and leveled direct accusation at president, declaring “White House incompetence” on the debt ceiling issue was putting the party’s chances in 2012 at great risk. President sat silent. –Name withheld- challenged Senator on accusation of White House incompetence. Declared the president cannot be expected to “babysit” for everyone in Congress. Senator –name withheld- did not back down, threatening to sign off on Republican proposal if White House did not offer up anything “remotely resembling a viable alternative.” President became increasingly agitated during this exchange, finally standing up from the table and walking out, declaring, “Good luck on getting me to sign it.” Later media reports indicated president had walked out of meeting with Republicans. That is incorrect. It was the meeting with his own Democrats that resulted in President Obama leaving the room.

Obama Rejects Bipartisan Debt Deal

The Washington Post’s Jennifer Rubin reports that President Obama nixed a bipartisan debt agreement that was forged by leaders of the House and Senate over the weekend. If Jen’s sources are correct, this would be a genuine political jaw-dropper:

A Republican aide e-mails me: “The Speaker, Sen. Reid and Sen. McConnell all agreed on the general framework of a two-part plan. A short-term increase (with cuts greater than the increase), combined with a committee to find long-term savings before the rest of the increase would be considered. Sen. Reid took the bipartisan plan to the White House and the President said no.”

If this is accurate the president is playing with fire. By halting a bipartisan deal he imperils the country’s finances and can rightly be accused of putting partisanship above all else. The ONLY reason to reject a short-term, two-step deal embraced by both the House and Senate is to avoid another approval-killing face-off for President Obama before the election. Next to pulling troops out of Afghanistan to fit the election calendar, this is the most irresponsible and shameful move of his presidency.

Well, you’ve heard it here before:

By his actions in office and his own autobiographical admission, Barack Obama is at the very least sympathetic to the aims of Marxism.  And a Marxist does not want to strengthen a capitalist economy–he wants to destroy it.

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About Bob Mack

Retired since 2003. Military Service: U.S. Army, 36th Artillery Group, Babenhausen, Germany 1966-67; 1st Signal Brigade, Republic of Vietnam, 1967-68 Attended University of Miami, 1969-73
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22 Responses to Debt Ceiling Indigestibles

  1. righthook38 says:

    Looks like Obama got a little more of a fight than he bargained for. I heard Mark Levin saying that when Obama spoke on Friday, he looked tired and worn out. I guess he thought Boehner would have caved by now. Obama isn’t getting his way, and now he’s out of ideas….his one and only idea being more taxes, of course.

    • Bob Mack says:

      And a ray of sunshine appears through the clouds: Steve King on default: Obama could be impeached

      King isn’t the first Republican to suggest that Obama should be impeached over the debt crisis.

      Rep. Tim Scott (R-S.C.) said earlier this month it would be “an impeachable offense” for Obama to raise the debt ceiling without congressional approval. In April, former Reagan administration official Bruce Fein drafted articles of impeachment in hopes that House Republicans would introduce them. And Rep. Dennis Kucinich (D-Ohio) in March said the air attacks on Libya are impeachable acts.

    • AFVET says:

      Obama is up against an opposition that he is unfamiliar with.
      His rows have been plowed for him throughout his life.
      He is now harnessed with plowing the row himself.
      He has a row that he has plowed now, and we can review it.
      Give some credit to Boehner.
      Negotiating with Obama is probably like trying to herd cats.

  2. Pingback: Debt Ceiling Indigestibles (via Be Sure You’re RIGHT, Then Go Ahead) | My Blog

  3. The empty suit needs to be sent to the cleaners.

  4. Bob Mack says:

    Forgot this one: Egan-Jones Cuts U.S. Rating to AA+ on Spending-Cut Concern

    Egan-Jones Ratings Co. cut its rating on the U.S. by one step to AA+ from AAA, citing the high level of debt outstanding relative to other countries and concern that politicians may fail to reduce spending.

    “The major factor driving credit quality is the relatively high level of debt and the difficulty in significantly cutting spending,” the firm said July 16 in a report. Egan-Jones placed the U.S. on negative watch on March 1.

  5. Grumpyelder says:

    I damn near went into shock when I saw TNR endorse Ron Paul’s solution.. Actually it makes sense, default on 1.6 Trillion the Fed decided to magically create and loan to the Government.. The debt total is reduced by 1.6T eliminating any need to raise the Debt Ceiling.. and we don’t have to pay the FED interest on the money…..

    • Bob Mack says:

      Except that they think (or at least want their readers to believe that they think) “the Fed is an agency of the government. Its assets are in fact assets of the government.” When in fact, the Fed is decidedly not an agency of the government. Dean Baker, author of the piece, is one of the directors of the Center for Economic & Policy Research, a progressive think-tank out of D.C. that has advocated [from Wikipedia] “cancellation of multilateral debt for Heavily Indebted Poor Countries (HIPC’s) such as Haiti, for the International Monetary Fund to cease making loans conditional on recipient countries’ adoption of austerity measures, for policies that would allow U.S. homeowners facing foreclosure to stay in their homes by breaking the contract with the mortgage company and paying a market-determined rent, for an end to the strong dollar policy that makes U.S. exports artificially expensive, for a shorter work week to be included in current U.S. economic stimulus measures, and for the Chairman of the U.S. Federal Reserve to warn the public of the dangers of bubbles such as the recent U.S. housing bubble – the collapse of which led to the current economic downturn – among various other policies.

      So, if the progs are for it, chances are we should be against it…although I admit cancelling $1.6 trillion in debt seems somewhat attractive.

  6. roblorinov says:

    Bob your last line in your post says it all. A Marxist wishes only to destroy a capitalist economy. Also, somewhere above, love the line about dealing with BO is like herding cats. LOL it never works…I know…tried it….oh well different story LOL. I’m still seeing now adult or statesman like behavior coming out of DC. Very disappointing. Perhaps a switch from the tree and a trip to the wood shed is needed now for all? Unbelievable.

  7. Bob Mack says:

    First words out of Obama’s mouth last night were “In the year 2000, the government had a budget surplus. But instead of using it to pay off our debt, the money was spent on trillions of dollars in new tax cuts, while two wars and an expensive prescription drug program were simply added to our nation’s credit card.”
    The oily words of a Marxist: A tax cut is not the government spending money…it ain’t theirs in the first place…& I notice he never mentioned his own war in Libya, or Obamacare, which rang up one hell of a lot more debt than Dubya ever contemplated.

    • righthook38 says:

      Exactly! This notion that tax cuts are a form of spending is something he’s been preaching for some time. He’s the first person I’ve ever heard say that, but it’s really caught on with liberal bloggers. I hear it all the time from them. It just doesn’t make any sense, but they’ll buy anything this man is selling.

      And what’s going on in Libya anyway? We never hear a word….

      Btw, I also loved the comment earlier about herding cats…hilarious. I was LOL….

  8. AFVET says:

    At this point congress should just evacuate Washington and let Obummer stew in his own juices.

  9. Joanna says:

    exactly right….
    I was commenting on RobLorinov’s blog months ago..
    if I would be in boehners speaker house position I would hit my fist against the negotiating table sooooo hard it would literally wipe obama’s ignorant smurk off his face!!!!! that very moment!!!!!
    Ohhh good Gracious Lord!!!!!!
    the ignorance of the general populace drives me to insinity!!!!!!
    maybe we do need an economic crash to wake most of the people up!!!!!!!

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