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WOW, really cannot trust you to tell the truth can we.
1) the total debt on 1/20/2009 was $ 10,626,877,048,913.08 not the $9.5 trillion you cited.
2) Obama didn't have much say for FY2009 spending. Bush 2009 budget proposal was already out there and other than a massive revenue overestimation in bush's budget spending did't grow much.
3) end of FY2009 (End of bush's budget authority), debt was $11,909,829,003,511.75
FYI, the reckless spending occured under your guy.
This sector debt rose from $6.5 trillion in 2000 to almost $15 trillion in 2008. This sector is presently deleveraging and is down to about $13 trillion on its way to below $10 trillion (in our opinion) as the deleveraging continues to take a toll on the U.S. (as well as the global economy, since the rest of the world needs U.S. consumption). This is very similar to what took place in Japan starting at the end of 1989 (except that the bubble in Japanese debt resided in the non-financial corporate sector).
OK so if 5 trillion in house hold de-leveraging occurs meaning 5 trillion in money supply will disappear. That mean a depression .So da guberment is running a matching deficit(printing money) to take up the slack.
Since our credit monetary system must always expand da guberment is taking the slack at the same rate households are de-leveraging. So what is the shock here? Why are we still talking about public debt(interest free money) and not talking about intrest bearing private debt?
Not on penny more for this buffoon. He must learn to live within a budget. The GOP should stand firm until the election.
Why would they stand firm? At least 3/4 of them were in office from 2000-2006 with Bush in the White House as they exploded the deficit and piled up the national debt.
And in order to stand firm, the Dems would likely ask for military budget cuts along with any cuts Republicans are demanding, and the Republicans will absolutely refuse to cut a penny from the permenant war machine, so the obvious end result will be the same one that happened each time before when Obama wanted to raise the debt ceiling, Repubs will complain and whine, but faced with the option of either including military budget cuts or raising the debt ceiling, they will simply raise the debt ceiling. Not sure why they are making such a big deal of it. They didn't mind raising it when they were in control of congress and the White House.
Why would they stand firm? At least 3/4 of them were in office from 2000-2006 with Bush in the White House as they exploded the deficit and piled up the national debt.
And in order to stand firm, the Dems would likely ask for military budget cuts along with any cuts Republicans are demanding, and the Republicans will absolutely refuse to cut a penny from the permenant war machine, so the obvious end result will be the same one that happened each time before when Obama wanted to raise the debt ceiling, Repubs will complain and whine, but faced with the option of either including military budget cuts or raising the debt ceiling, they will simply raise the debt ceiling. Not sure why they are making such a big deal of it. They didn't mind raising it when they were in control of congress and the White House.
Correct , its a dog and pony show and at the end of the day they will spend your kids money. So everyone with kids, thank them for me, a the hell with ,buy em an ice cream cone too.
I assume then, that you guys are all upset with the Repubs too. Or hey, maybe you weren't paying attention last August. Gee, what a shock that would be.
Holy, crap bob....maybe you need t oread a little more into this...there have been NUMEROUS righties on here that have said "YES THE ARE PISSED AT THE REPUBS"...you musta missed all those....
Quote:
Originally Posted by pghquest
Obama: The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. Americas deserve better.
Clearly Obama says its a big deal
How dare you bring facts into htis conversaton with bob...
In 2006 he opposed raising the debt ceiling. Yes it is a failure of decades of poor fiscal leadership. But, as the Prez realized that not raising it and defaulting on debt is certainly a poor choice to make. He has stated multiple times, the long run will require we get the growing debt issue under control. Five months is not the long run.
Come on bob....you know the left and the prez look for short term deals....you know, why not 2 months instead of a year...
....Especially since the Democrats didn't submit one for over 2 years...
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