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« Talk Of Wall Street Reform Gets Jon Stewart Hot For Elizabeth Warren (WATCH) | Main | Break Up With Your Bank (Original Song) »
Sunday
Feb142010

IT'S OFFICIAL: Deficit Obama Signs Law To Raise Public Debt Limit To $14.3 Trillion

Deficit Obama

In 2006:

Democrats in control of Congress, including then-Sen. Obama (Ill.), blasted President George W. Bush for failing to contain spending when he oversaw increased deficits and raised the debt ceiling.

"Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren.  America has a debt problem and a failure of leadership.”

-- Senator Barack Obama in 2006

Obama later joined his Democratic colleagues in voting en bloc against raising the debt increase.

-----

In 2010:

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.

-----

Video:  Obama tells C-Span the government is flat broke.

 

 

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Reader Comments (33)

Deficit Obama Says: We Can't Continue To Treat Tax Dollars Like 'Monopoly Money'

http://dailybail.com/home/deficit-obama-says-we-cant-continue-to-treat-tax-dollars-lik.html
Feb 14, 2010 at 12:19 AM | Registered CommenterDailyBail
Our Democracy Has Become A Debtocracy: Congress Approves $1.9 Trillion Debt Ceiling Increase

http://dailybail.com/home/our-democracy-has-become-a-debtocracy-congress-approves-19-t.html
Feb 14, 2010 at 12:19 AM | Registered CommenterDailyBail
Feb 14, 2010 at 12:20 AM | Registered CommenterDailyBail
Obama's hand gesture indicates how much regard he has for public opinion.
Feb 14, 2010 at 2:35 AM | Unregistered CommenterRecoverylessRecovery
You are the Straw man...

http://freedom-school.com/aware/your-straw-man-is-an-artificial-person.html

It is interesting that years ago the real person was legislated into the artificial person, and now the Sublime court has granted the real artificial person (corporations), real person status.

Ya gotta love the United State of America Corporation.


Woe to them that call evil good, and good evil; that put darkness for light, and light for darkness; that put bitter for sweet, and sweet for bitter!

Isaiah 5:20

http://www.youtube.com/watch?v=wOKK8mAkiUI
Feb 14, 2010 at 8:20 AM | Unregistered CommenterS. Gompers
US debt will keep growing even with recovery
US debt will soon be unsustainable without higher taxes and spending cuts, even with recovery
http://finance.yahoo.com/news/US-debt-will-keep-growing-apf-219502322.html?x=0&sec=topStories&pos=main&asset=&ccode=
Feb 14, 2010 at 10:33 AM | Unregistered CommenterKen
Financial terrorism (HOME GROWN FINANCIAL AL QAEDA)

How much damage must these financial terrorist do before they are being held accountable for their wrongdoings?
Greece was an act of financial terrorism.
http://www.nytimes.com/2010/02/14/business/global/14debt.html
Even in the US they trapped local municipalities into complex bond derivatives and now they suffocate under the load of debt.
http://www.youtube.com/watch?v=CP9v3eroVco
Dont these co´s have a moral obligation?
If I had an account, I would simply close it. If I had a business-relation I would cease dealing with all of them.
Feb 14, 2010 at 10:38 AM | Unregistered CommenterKen
Old But must be posted under meat Puppet

How Goldman secretly bet on the U.S. housing crash
http://www.mcclatchydc.com/100/story/77791.html
Feb 14, 2010 at 12:30 PM | Unregistered CommenterKen
BlackRock sees the seriousness of the Greek bankruptcy situation when they compare it to the Lehman collapse. It was the flushing of Lehman that was the accelerating event of the Western World’s banks (OTC derivative) melt away, not down.

If the Dark Side can break Greece, using Germany, propaganda and the rating agencies as the tools, it will be open season on six of the weakest countries debt next. More depends of the resolution of the Greek situation than Greece and the euro.

This has to be payback time, simply as voyageurs, when a popular US personality broke Asian debt in much the same way.

Weak and strong is defined as debt versus GDP as a percentage. Then comes the dollar because of its outrageous (for a major currency) debt to GDP as a percentage position.

Save Greece, and the West advances at warp speed towards a form of Western world Weimar. We are damned if we do, and immediately damned if we do not.

BlackRock may be betting on the spread of "Extend and Pretend" regarding Greece. This is the most shocking time in the history of fiat currency. This is the ending phase of the floating exchange system as we know it, and all of it was arranged by the Dark Side for profit.

The sheeple sleep on.
Feb 14, 2010 at 2:41 PM | Unregistered CommenterKen
Former Federal Reserve Chief Paul Volker called this financial meltdown the “mother of all crises.” How could he say that? Well for one, the pool of unregulated over-the-counter derivatives is enormous. There are $600 trillion worth of derivative contracts worldwideaccording to the Bank of International Settlements. In simple terms, derivatives are debt bets between two parties that are very hard to collect on. Most derivatives have no standards, no regulation and no guarantee; and there is no public market for them. They are popular because bankers make insane profits selling them. I wrote about this phenomenon in a post called “Can The Financial System Really Be Fixed? Some Say No.” Warren Buffet called derivatives “time bombs.” Buffet also said, “…derivatives are financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal.” Today, the entire world is financially interconnected like never before because of derivatives.

One deficit record after another is being set on a regular basis in the U.S. The debt load now stands at about $12 trillion. With the recently passed debt ceiling, it will be at least $14.3 trillion by the end of the year. (There are also more than $6.2 trillion in liabilities with failed mortgage giants Fannie and Freddie that are not accounted for in the U.S. budget) America’s total debt and unfunded liabilities are in the neighborhood of $63 trillion. Many experts say America will address this huge debt problem by printing money. This will continue to devalue the dollar which is the world’s reserve currency. This could cause inflation and calamity on a global scale.

The news gets worse because just about every other industrialized country in the world is facing record deficits and liabilities. Those countries will also print money to pay off debt.

According to Yale Economics Professor Robert Shiller, we had the biggest housing boom in history in the first part of the new century. It was a first time global phenomenon. Now, the U.S. and much of the rest of the industrialized world are working through the biggest housingmeltdown in history, and it’s not yet at the bottom.

Commercial real estate is also in the process of a record setting meltdown.

Public pensions in the U.S. are a record $2 trillion in the red.

Nearly every state in the U.S. is facing record budget shortfalls.

Sovereign debt is being called into question with talk of national defaults on a scale unheard of before. Just this week, economist Dr. Mark Faber said, “…I am not interested in government or sovereign debt because all governments will eventually default, including the U.S.” Faber thinks governments will default, in part, by printing money to pay for their liabilities and debt.
Feb 14, 2010 at 2:44 PM | Unregistered CommenterKen
Hitler on Glenn Beck
http://www.youtube.com/watch?v=ySfEZlpN2OE&feature=player_embedded#

this Hitler Clip has become best weapon ..............
Feb 14, 2010 at 5:13 PM | Unregistered CommenterKen
WE TEXANS - 19 Days Till Victory
http://www.youtube.com/watch?v=ahNfvFQFnKg&feature=player_embedded

Must Watch Video America
Feb 14, 2010 at 5:18 PM | Unregistered CommenterKen
So Ken, tell me about your Straw man...
Feb 14, 2010 at 7:51 PM | Unregistered CommenterS. Gompers
USA masses must cut their Plastic Credit cards to starve the Beast Bankers now.......

Forget Credit Score scam............No Need............That si the Weapon to make all DEBT SLAVES by Banker Terrorists

First Premier Bank 79.9% interest rate!
NEW YORK — It's no mistake. This credit card's interest rate is 79.9 percent.

The bloated APR is how First Premier Bank, a subprime credit card issuer, is skirting new regulations intended to curb abusive practices in the industry. It's a strategy other subprime card issuers could start adopting to get around the new rules.
http://www.huffingtonpost.com/2009/12/17/799-percent-interest-cred_n_396191.html
Typically, the First Premier card comes with a minimum of $256 in fees in the first year for a credit line of $250. Starting in February, however, a new law will cap such fees at 25 percent of a card's credit line.

Bloomberg News Files 'Extraordinary Lawsuit' To Crack Fed Secrecy Around Bank Bailout
http://www.nytimes.com/2010/02/14/nyregion/14fed.html?partner=rss&emc=rss
Feb 14, 2010 at 8:33 PM | Unregistered CommenterKen
Feb 14, 2010 at 10:16 PM | Unregistered CommenterKen
The Obama Goldman Rothschild Update - The Trillionaire Puppet Masters at Work
http://www.bignews.biz/?id=800509&keys=Rothschild-Goldman-Morgan-economy
Feb 14, 2010 at 10:19 PM | Unregistered CommenterKen
Obama is a Puppet to Corporate America - Says One Thing, Does Another - Hypocrisy
Obama is a Puppet to Corporate America - Says One Thing, Does Another - Hypocrisy 101
77
rate or flag this page

By MikeNV

Actions Overshadow his Words
Listen carefully to what I say, just don't pay attention to what I do.
Listen carefully to what I say, just don't pay attention to what I do.

Do as I Say ... Not as I do

Actions speak louder than words. You are probably familiar with this very old cliché. Obama talks the talk but does not walk the walk. Obama takes an action of support for the Banking Industry then later tells people how bad they are. It’s like a drug addict shooting up, then condemning drugs. The term is best known as Hypocrisy. It is fact the appointees of Team Obama pushed through all the Bailout Money… and continues to do so. So what’s with the criticism from Obama? Spin, spin, spin goes the Obama PR machine.
Big Headline: Obama Blasts Banks for Opposing Financial Overhaul

While applauding House passage Friday of overhaul legislation and urging quick Senate action, Obama expressed frustration with banks that were helped by a taxpayer bailout and now are "fighting tooth and nail with their lobbyists" against new government controls.
http://hubpages.com/hub/Obama-is-a-Puppet-to-Corporate-America-Says-One-Thing-Does-Another-Hypocrisy-101
Feb 14, 2010 at 10:23 PM | Unregistered CommenterKen
A Warning to the Tea Party Nation (Chuck Baldwin)
Be careful, Tea Party Nation. You are being infiltrated. You are being compromised. You are being neutered. Stick to your principles. Stick with the Constitution. Keep opposing unconstitutional, preemptive wars. Keep calling for the abolition of the Federal Reserve. Keep fighting for less taxes, reduced federal spending, and states' rights. Keep opposing the Patriot Act and the New World Order. Don't abandon Ron Paul. Be wary of people such as Sarah Palin and Glenn Beck. You don't need "big name" celebrities to give you credibility. As Samson's strength depended on keeping his hair uncut, your strength lies in keeping your principles intact. And unless you want to wind up like the Republican freshmen in 1994, avoid Newt Gingrich like the plague!
http://www.newswithviews.com/baldwin/baldwin569.htm
Feb 14, 2010 at 10:30 PM | Unregistered CommenterKen
@Ken

The ONLY thing that would polarize Americans to take action would be to cut-off their supply of Ding-Dongs and Yo-Ho's, and if you REALLY want to piss them off; take-away their access to McMeals and Mcmilkshakes.

In 24 hours we'd have a new government GUARANTEED.
Feb 14, 2010 at 10:56 PM | Unregistered CommenterRecoverylessRecovery
Aint BS...What is a Yo Ho?
Feb 14, 2010 at 11:22 PM | Unregistered CommenterDB's Ignored Conscience
Is that the same ceiling with the 18,000 feminazi cracks in it?
Feb 14, 2010 at 11:25 PM | Unregistered CommenterDB's Ignored Conscience
@RLR

Posted on Whitehouse.gov

Insane Meat Puppet President of Wall street Criminal Bankers:

What weed are you smoking now?

Here is What you did to USA republic now:

It Is Now Mathematically Impossible To Pay Off The U.S. National Debt
http://theeconomiccollapseblog.com/archives/it-is-now-mathematically-impossible-to-pay-off-the-u-s-national-debt
#1) If all money owned by all American banks, businesses and individuals was gathered up today and sent to the U.S. government, there would not be enough to pay off the U.S. national debt.

#2) The only way to create more money is to go into even more debt which makes the problem even worse.


Zombie Nation – The Rise of the Mathematical Plague…
Access to $23.7 Trillion!? Oh my. That’s $77,198 per person in the United States! For my family of four that’s $308,792. Now, I don’t know about you, but I don’t really have that type of money just floating around in a drawer and I don’t really appreciate Uncle Sam using my money, or my future earnings, or my children’s future earnings to backstop the people doing High Frequency Trading, paying their bonuses, or using my money to artificially inflate the price of oil! No, I don’t believe the nation would have failed had we let the big banks go!...

http://economicedge.blogspot.com/2010/02/zombie-nation-rise-of-mathematical.html
Feb 15, 2010 at 9:50 AM | Unregistered CommenterKen
Here's a novel idea to solve ALL our current economic and political woes:

*SECESSION* !!!!!

We could do a EU-type thing wherein every state is tied to the rest in SOME important way (financially, culturally, politically or other) but NOT COMPLETELY & INEXTRICABLY LOCKED INTO a central federalist government like we are now. It just makes SENSE.

Think of the US federal government as a bad shop keeper; if you have the option of LEAVING the store in order to go to ANOTHER shop across the street where the service is much better, you can BET that that shop keeper will get his/her shit together QUICKLY. OR disappear altogether. Either way, who gives a shit, right?

THAT'S exactly what's EXPECTED to happen to INCOMPETENT PEOPLE and ORGANIZATIONS ANYWAY.
Feb 16, 2010 at 8:24 PM | Unregistered CommenterRecoverylessRecovery
RLR, you still think Ken is not a posting computer program...too funny.
Feb 16, 2010 at 8:27 PM | Unregistered CommenterDB's Ignored Conscience
"RLR, you still think Ken is not a posting computer program...too funny."

Wanna hear 'funny'? How about this? That computer program seems to make a lot MORE SENSE than you -the ALLEGED human being- are making. Which leads me to doubt if YOU'RE not just some evil spirit ..haunting the internet.

Hmmmm.
Feb 16, 2010 at 8:36 PM | Unregistered CommenterRecoverylessRecovery
Yawn.
Feb 16, 2010 at 11:08 PM | Unregistered CommenterDB's Ignored Conscience
@RLR

ROARING SALUTE BROTHER

Machine Roars

STATES VS FEDERAL CRIMINAL RULERS FIST FIGHT

TRAILOR: GREECE VS EU?LOL

Greece loses EU voting power in blow to sovereignty
http://www.telegraph.co.uk/finance/financetopics/financialcrisis/7252288/Greece-loses-EU-voting-power-in-blow-to-sovereignty.html
Feb 17, 2010 at 3:25 PM | Unregistered CommenterKen
Obama Coward Meat Puppet of Bankers Honey Moon Over

Watch High Drama unfolds in USA Republic next...LOL


Americans won't be rushing to put out the blaze the next time Wall Street burns
One year on from the near collapse of the financial system, Tom Leonard in New York finds it's ordinary Americans who are picking up the bill.

This Bitch Defending Criminal Terrorists (Video)

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/6201993/Americans-wont-be-rushing-to-put-out-the-blaze-the-next-time-Wall-Street-burns.html
Feb 17, 2010 at 3:38 PM | Unregistered CommenterKen
South Carolina Lawmaker Seeks to Ban Federal Currency
http://www.cbsnews.com/blogs/2010/02/17/politics/politicalhotsheet/entry6217403.shtml

South Carolina Rep. Mike Pitts has introduced legislation that would mandate that gold and silver coins replace federal currency as legal tender in his state.

As the Palmetto Scoop first reported, Pitts, a Republican, introduced legislation this month banning "the unconstitutional substitution of Federal Reserve Notes for silver and gold coin" in South Carolina.

In an interview, Pitts told Hotsheet that he believes that "if the federal government continues to spend money at the rate it's spending money, and if it continues to print money at the rate it's printing money, our economic system is going to collapse."

"The Germans felt their system wouldn't collapse, but it took a wheelbarrow of money to buy a loaf of bread in the 1930s," he said. "The Soviet Union didn't think their system would collapse, but it did. Ours is capable of collapsing also."
Feb 17, 2010 at 5:47 PM | Unregistered CommenterKen

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