Obama Warns Republicans on Refusal to Raise Debt Ceiling

[InTheLight]

WASHINGTON — President Obama on Monday warned Republicans against refusing to raise the nation’s debt ceiling, calling such talk “irresponsible” and “absurd” and saying it would set off an economic crisis and financial hardship.

“They will not collect a ransom in exchange for not crashing the American economy. The full faith and credit of the United States of America is not a bargaining chip. America cannot afford another debate with this Congress about whether or not they should pay the bills they’ve already racked up.”

So there it is, folks. Obama has drawn his line in the sand. Holding the debt ceiling hostage is the last sliver of leverage the Republicans have left. You can bet they will do it. The U.S. will for the first time default on their debts, their credit rating will be lowered, and the stock market will tank. Just so Boehner and McConnell can try to save face with their core campaign contributors, wealthy Americans, who will not be affected much by the resultant "self-inflicted economic wound."

 

[mont974x4]

Our best option is to draw a line in the sand and say no to raising the debt ceiling. We need to quit playing games and face the right penalties for an out of control federal government.

 

[Salty]

Our best option is to draw a line in the sand and say no to raising the debt ceiling. We need to quit playing games and face the right penalties for an out of control federal government.

If we cut lots of spending - we do not need to raise the debt limit.

 

[mont974x4]

If we cut lots of spending - we do not need to raise the debt limit.

True. However that is not what Obama says.

 

[Revmitchell]

If the credit rating gets lowered the responsibility will be on the one who has said we do not have a spending problem. Period.

 

[mont974x4]

If the credit rating gets lowered the responsibility will be on the one who has said we do not have a spending problem. Period.

True. However, we all know how he'll spin it and how the media lapdogs will put it all on the GOP regardless of what the facts may be.

 

[Revmitchell]

True. However, we all know how he'll spin it and how the media lapdogs will put it all on the GOP regardless of what the facts may be.

And the liberals on this board.

 

[Aaron]

WASHINGTON — President Obama on Monday warned Republicans against refusing to raise the nation’s debt ceiling, calling such talk “irresponsible” and “absurd” and saying it would set off an economic crisis and financial hardship.

“They will not collect a ransom in exchange for not crashing the American economy. The full faith and credit of the United States of America is not a bargaining chip. America cannot afford another debate with this Congress about whether or not they should pay the bills they’ve already racked up.”

So there it is, folks. Obama has drawn his line in the sand. Holding the debt ceiling hostage is the last sliver of leverage the Republicans have left. You can bet they will do it. The U.S. will for the first time default on their debts, their credit rating will be lowered, and the stock market will tank. Just so Boehner and McConnell can try to save face with their core campaign contributors, wealthy Americans, who will not be affected much by the resultant "self-inflicted economic wound."

Praying the Republicans stand firm, but debt is a judgment of God, and judgment appears to be God's plan for America as it was for her sister, Sodom. I pray I'm wrong.

 

[poncho]

We have a borrowing problem. Neither the democrats or republicans will address this problem because they have made themselves and all of us all debt slaves to the lenders.

The Federal Reserve is the real power in this country. The private bankers dangle their puppet politicians in front of us to keep us from focusing on the real problem.

Look at the democrats and the republicans. See how they all dance to the banker's tune.

We have a group of parasites that have taken control of our government and is using their power over our government to bleed us all dry.

The problem? The Federal Reserve system. The solution? End the Federal Reserve system.

 

[saturneptune]

I am totally against raising the debt ceiling. However, most of you act like the Republican House has done their job. They do not know how to govern. If I did my job like that, I would not last a week. An inept Congress transcends the liberal-conservative debate. They collect a paycheck for doing nothing and playing games. That is called theft.

Everyone's expectations has been so lowered they hail the House as a bunch of heroes that deserve an F.

 

[Revmitchell]

I am totally against raising the debt ceiling. However, most of you act like the Republican House has done their job. They do not know how to govern. If I did my job like that, I would not last a week. An inept Congress transcends the liberal-conservative debate. They collect a paycheck for doing nothing and playing games. That is called theft.

Everyone's expectations has been so lowered they hail the House as a bunch of heroes that deserve an F.

I do not believe they have done their job. But there is no doubt that Obama has taken the spending to a level that makes everyone else look like amateurs.

 

[Magnetic Poles]

If we cut lots of spending - we do not need to raise the debt limit.

Not true. The money is already spent. Congress committed by purchasing on credit. The issue is not spending. It is paying bills already incurred.

Spending needs to be addressed for sure. That is not what this is about.


http://youtu.be/13mTKCuL4XA

 

[OldRegular]

WASHINGTON — President Obama on Monday warned Republicans against refusing to raise the nation’s debt ceiling, calling such talk “irresponsible” and “absurd” and saying it would set off an economic crisis and financial hardship.

“They will not collect a ransom in exchange for not crashing the American economy. The full faith and credit of the United States of America is not a bargaining chip. America cannot afford another debate with this Congress about whether or not they should pay the bills they’ve already racked up.”

So there it is, folks. Obama has drawn his line in the sand. Holding the debt ceiling hostage is the last sliver of leverage the Republicans have left. You can bet they will do it. The U.S. will for the first time default on their debts, their credit rating will be lowered, and the stock market will tank. Just so Boehner and McConnell can try to save face with their core campaign contributors, wealthy Americans, who will not be affected much by the resultant "self-inflicted economic wound."

It is nonsense to say the US will default on their debts. There is plenty of money available coming in each month in taxes to pay the interest. As long as the interest is paid there is no default.

Of course that "dictatorial piece of work" Obama may refuse to pay the interest. With the liberal press still idolizing him he could probably blame it on the Republicans. Hopefully the Republican House will pass a law requiring that the interest be paid and send it to the Senate where dirty Harry will likely kill it!

 

[OldRegular]

Not true. The money is already spent. Congress committed by purchasing on credit.

And just what has Congress purchased on credit?

The issue is not spending. It is paying bills already incurred.

Spending needs to be addressed for sure. That is not what this is about.


http://youtu.be/13mTKCuL4XA

It is about Obama wanting to spend the country into oblivion!

 

[OldRegular]

True. However that is not what Obama says.

The spending would have to be cut by ~40% which is not possible!

 

[Salty]

The spending would have to be cut by ~40% which is not possible!

Lets start with excesses. Suppose Obma made an executive order that there be no double dipping

Second, the 21,000 federal employees who make in excess of 100 grand a year in retirement, have a cut of 25 grand a year. That would save 1/2 billion dollars per year.
1.5 million retired federal employees x 2,000 cut per year = 3 billion per year

If the 2 million current federal employees had pay cut by 10% (avg pay of $50,000 per year) = 1 billion dollars

These cuts would be about 5 billion dollars a year.
That is about what the government spends in one day.

Some would say that would not be fair - because they earned it. But is it fair to the taxpayers who must suffer?

The government can be very generous with its (our money). When I was in (and I assume it is still the same), a couple who are married and both in the service would each be entitled to a housing allowance. For example, an E-6 (Staff Sgt) at Fort Benning, Ga would receive about 1300 a month for housing. If he was married to another E-6 she would also receive 1300- for a total of 2600 dollars - which is tax free. Its a nice benefit - but we can not afford it. If two Majors are married to each other they each would receive 1700 dollars (total of 3400). Other bases may receive more based on cost of living. I am a strong supporter of the military - but we need to make some reasonable changes.

Lets make an immediate hiring freeze - for civillians and do away with the up or out policy of the military.
no federal retirement payments until age 60 - including military . No retirement for elected politicians
other suggestions?

 

[Crabtownboy]

I do not believe they have done their job. But there is no doubt that Obama has taken the spending to a level that makes everyone else look like amateurs.

Obama can not spend money unless Congress has passed the bills making this spending possible.

 

[Salty]

Obama can not spend money unless Congress has passed the bills making this spending possible.

So you are saying Bush did not spend any money

 

[InTheLight]

So you are saying Bush did not spend any money

Debt ceiling was raised under Bush 19 times with little or no discussion of linking it to spending cuts.

 

[Revmitchell]

Debt ceiling was raised under Bush 19 times with little or no discussion of linking it to spending cuts.

So what? The current debt is far greater than it was then and it is time to say enough. Why is that an issue?