Wednesday, October 31, 2012

Obama Debt to Hit Default By Year's End

This is the biggest reason to throw this jackass out of office six days from today:

The Obama administration said on Wednesday that the nation would hit the legal limit on its debt near the year's end, although it can tap emergency measures to stave off a default and keep the government running into early 2013.
As of Monday, the U.S. Treasury was $235 billion below the $16.4 trillion statutory ceiling on the amount it can borrow. That gives the government enough funds to pay its bills, including interest on its debt and retirement health benefits, until the end of the year, the Treasury said, reiterating a forecast it made in August.
If Congress fails to raise the debt limit, analysts expect the Treasury will run out of options to avoid a default some time in the latter half of February. However, the forecast could change dramatically depending on how the administration and Congress deal with the massive tax increases and spending cuts due to go into effect at year-end.
After Tuesday's presidential and congressional elections, Washington will have less than two months to find a solution to the so-called fiscal cliff - the $600 billion in tax increases and budget cuts that could fuel a fresh recession.
Treasury officials, briefing reporters on debt sale plans, said it was urgent that Congress act to increase the nation's borrowing authority.
Oh sure, $10 trillion of the debt was run up by the first 43 presidents, but number 44 -- the once and falling messiah Barack Hussein Obama is responsible for $6 trillion of it in just the past four years. Every year under Obama, we have run trillion-plus budget deficits with no end in sight. This mere fact renders any talk by the Great and Powerful Barry of deficit reduction to be just what everything else that passes his lips is -- lies.All his talk about "balanced" cuts and deficit reductions is code for continuing the out of control spending that will keep us teetering on the brink of the fiscal cliff. The problem is not congress's refusal to continue to raise the debt ceiling (in fact they should have said no to debt ceiling increases long ago) it is Barry's out of control spending.

Read more on UPDATE 3-U.S. Gov't Poised to Hit Debt Limit before 2013
Important: Do You Support Pres. Obama's Re-Election? Vote Here Now!

No comments: