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« VIDEO: Alan Greenspan On Social Security And Inflation | Main | Inside The Numbers: BofA, Citigroup Earnings »
Thursday
Jan172013

THE BIG FOLD: Ryan Says GOP Considering Short-Term Debt Hike

El Guapo y El Flaco Foldo en su coche rojo.

Story just hit the wires.  Obama wins, GOP buckles under pressure, again.  What will Boehner say after having issued this press release Monday demanding spending cuts for a debt ceiling hike.

WASHINGTON, DC – House Speaker John Boehner (R-OH) issued the following the statement in response to President Obama’s comments today regarding the debt limit.

“The American people do not support raising the debt ceiling without reducing government spending at the same time. The consequences of failing to increase the debt ceiling are real, but so too are the consequences of allowing our spending problem to go unresolved. Without meaningful action, the debt will continue to act as an anchor on our economy, costing American jobs and endangering our children's future. The House will do its job and pass responsible legislation that controls spending, meets our nation's obligations and keeps the government running, and we will insist that the Democratic majority in Washington do the same.”

Here's the story.  Read it and weep.

Obama Wins, Republicans Cave On Spending Cuts For Now

The Hill

WILLIAMSBURG, Va. — House Republicans are discussing a short-term debt ceiling increase to buy time for broader deficit reduction negotiations with Democrats, Rep. Paul Ryan (R-Wis.) told reporters Thursday.

“We’re discussing the possible virtue of a short-term debt limit extension so that we have a better chance of getting the Senate and the White House involved in discussions in March,” Ryan told reporters gathered at the pricey Kingsmill resort in Williamsburg, where the House GOP is holding its annual retreat.

He did not specify how long a short-term increase would be or even whether it would include spending cuts, which Boehner has consistently demanded in conjunction with approving new borrowing authority.

Continue reading...

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DB here.  Dallas Fed President Richard Fisher calculated that the government's unfunded liability for Social Security and Medicare alone comes to a staggering $99.2 trillion, or $330,000 for every man, woman, and child in the United States.

It's an impossible figure, but still on the low side compared to this estimate of $222 trillion published at Bloomberg.

The national debt has grown by $6 trillion since the Spender-In-Chief took office, and four more $1 trillion deficits are on the way before Obankster leaves Washington in 2016.

Check the debt clock and decide for yourself.  Is there anything, anything at all, that appears 'under control' to you? 

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Bonus - David Walker with Jon Stewart.

"There is no party of fiscal responsibility in Washington."

"When the statutory budget controls expired in 2002, Washington lost total control.  Unfunded tax cuts, unfunded war costs, expansion of entitlement benefits.  And we are where we are today."

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A quick reminder on Debt Party USA:

Govt Borrows $6 Billion Per Day, $4 Million Per Minute

 

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Reader Comments (1)

I wonder how the term 'the Thousand Year Mewling Reich' would go over.
Jan 17, 2013 at 10:35 PM | Unregistered CommenterHoward T. Lewis III

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