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Obama says he cannot guarantee Social Security checks will go out on August 3

This is another Obama lie. Scaring old folks and cripples is not beneath Mr Obama, but would be beneath a President.
donsutherland1 said:
With the Treasury having to deal with 3- and 10-year Notes and 30-Year Treasury bonds on August 3, questions about how many creditors will not want to roll over their positions, and questions about daily cash inflows and the overall cash position, I don't believe any guarantees can be made should the nation fail to raise its debt ceiling. Almost certainly, debt-related payments would take precedence over everything else, including Social Security payment, payment of troops' salaries, Medicare payments, etc.
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donsutherland1 said:
The funds are treated as general revenue.
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and there ya go

let president riverboat try to explain THAT to the american senior

a bluff this bold begs calling, the prez is a rotten poker player

he is absolutely destroying his chances of making a deal, he is providing too much political payoff to those who OPPOSE

the dude is completely alien to american politics and how it is played, it's like he was brought up somewhere else or something

really, really weird

party on, progressives
 
donsutherland1 said:
Payments for Social Security come from payroll tax collections and liquidation of Treasury securities held by the Social Security Fund. Payroll tax revenue is not restricted to Social Security. The funds are treated as general revenue. Were the nation to fail to raise its debt ceiling, all revenue (including payroll tax revenue) would almost certainly be used to meet debt obligations ahead of everything else.
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If they want riots in the streets....literally.....then go ahead. Pure scare tactics.

People paid this money in so it would be held for them when they retire. Now, we know the government lied, which is why it is patently stupid to raise taxes and give them more money to mishandle, but that was the veiled promise.

Again, you want to see a true revolution in the streets, then go ahead. There'll be government officials hanging from trees if they do.

Scare tactics like this are especially dangerous in the age of the internet.
 
GoVote2012 said:
Haven't I read that the president doesn't need congress to raise the debt ceiling ? (though I'm sure no one wants it to come to that, especially him)
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Well havent you seen.......The Kenyan Tyrant doesnt need Congress or The Constitution to do a lot of the things he has done.........

......isnt Tyranny great.........
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donsutherland1 said:
The question concerned whether some language in the 14th Amendment provided such authority. Most legal scholars I've seen quoted suggest that the 14th amendment's language only makes a case that debt payments would have priority over other expenditures.
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Thank you for the answer, I can't click "like" because I don't like it. The leaders in Washington need to start working harder.
 
commonsense said:
This is another Obama lie. Scaring old folks and cripples is not beneath Mr Obama, but would be beneath a President.
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How much cash will the government have on hand to start August 3?
How much tax revenue will it receive that day?
What will be the size of the debt payments (principal and interest) it will need to make on August 3?

Once those questions are resolved, then one will know the maximum amount of cash available to meet non-debt-related expenditures, including Social Security, on August 3. Those calculations will need to be repeated for many days forward to assure that payments made early on don't lead to default on debt obligations later one. Unfortunately, August is as terrible a month as any for maturing debt. A total of $500 billion in Treasury securities will mature that month, and not all of those securities would be rolled over in the face of no agreement to raise the debt ceiling. In contrast, August 2010 saw just under $164 billion in monthly tax receipts. With this year's tax receipts running about 9% above last year's in recent months, the August 2011 revenue figure could fall in the $175 billion-$185 billion range. In short, there will be very little margin for error.
 
Erod said:
If they want riots in the streets....literally.....then go ahead.
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That's precisely the reason many countries, when faced with truly painful austerity to assure that they can meet their debt obligations or default, have chosen the path of default.
 
The Prof said:
merely answered a question concerning a hypothetical?

oh, please
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As the outcome to which the question related has not occurred and is not cast in stone, it is hypothetical. If one were dealing with April, one could be reasonably sure that the Social Security payments would be made. August has lower revenue and, in this year, an abnormally high amount of maturing debt.

Finally, I suspect that odds strongly favor a deal to raise the debt ceiling. The posturing over the past few days is more than likely the beginning of the end of the impasse. The sides are trying to show strength so that they can later assert they did their best (for their interests/constituencies) before they cut a deal that all will find imperfect.
 
It will soon be time to vote them all out of office. We need to find some people to elect that can do the job and on time.
 
"Am I angry about it? I sure as hell am," Boehner said, according to remarks obtained by Fox News.

Oh, goody. I'm glad he's in the same shape I am.
 
“If, in fact, Mitch McConnell and John Boehner are sincere – and I believe they are – that they don't want to see the US government default, then they're going to have to compromise just like Democrats are going to have to compromise, just like I have shown myself willing to compromise,” Obama said, referring to the Senate minority leader and House speaker.
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Obama on debt ceiling: Is he winning over Americans? - CSMonitor.com
 
Re: August 1, 2011

Erod said:
BS.

Social security payments and the debt ceiling have nothing to do with each other.

Minnesota shut it government down weeks ago. Has it imploded yet?
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Shut down due to lack of passed budget and a federal debt ceiling hit are not the same thing at all.
 
donsutherland1 said:
As the outcome to which the question related has not occurred and is not cast in stone, it is hypothetical.
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no, it's the most crass politicking and fear mongering i may ever have seen and it makes the president look very, very small

mean and small

with all due respect, you're out of touch

politics is in the gut and this is a suckerpunch
 
Is this not true? I mean, as bad as it may sound, that doesn't mean it's not true... right?
 
Screw those old bastards.
 
toddwv said:
It's not a threat, it's the truth. SS isn't in a lockbox, it has been dumped into the general fund for decades in order to mask out-of-control "defense" spending.
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You mean entitlement spending, which, alone, exceeds available revenue, has grown just as fast as defense spending, and is ~3.5x greated than defense spending.
 
donsutherland1 said:
Payments for Social Security come from payroll tax collections and liquidation of Treasury securities held by the Social Security Fund. Payroll tax revenue is not restricted to Social Security. The funds are treated as general revenue. Were the nation to fail to raise its debt ceiling, all revenue (including payroll tax revenue) would almost certainly be used to meet debt obligations ahead of everything else.
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This leaves (in FY2009 numbers) about $1.9T in revenue that can be spent on 'everything else'.
 
GoVote2012 said:
They are going to keep America hostage the next two weeks until we throw away our poor to help our rich so our bills get paid. How sickening.
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Yes -- but then, Democrats - and certainly, The Obama - have, time and time again shown that they are perfectly happy to put the country at risk just to protect handouts to their voting base.
 
Ikari said:
Not really, it's mostly government not serving its purpose anymore. Bad government. But this is what you get when you vote for the lesser of two evils, you get evil.
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This is what we get for relying on Government instead of ourselves.
 
It's just a bunch of BS obviously. This is how it works, and most certainly presidents use scare tactics all the time haven't you heard of the terror alerts? It has the goddamn word terror in it. ANYWAYS this is how it will go down: Word gets to seniors, seniors write and call, try to kill their congressman, Republicans start playing ball, or they don't. Who knows.
 
Personally … I'd be much more fearful if Obama promised that all SS payments would be taken care of …... because “nothing” he has told us in the past has come true ..
 
Ockham said:
This is what we get for relying on Government instead of ourselves.
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This is what we get for allowing government spending to turn into the cornerstone of our economy.
 
Did the President switch his Political Party? I thought the "politics of fear" was exclusive to the GOP?
 
Scaring old people is a tried and true method to get political power.
 
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