This is not emergency spending, this is not justifiable spending, this is not even necessary spending, it is out of control spending. If this was your wife spending your paycheck this way, how long would you let it go on before you put your foot down?
elmendorf (cbo) testified TODAY before senate budget chaired by kent conrad who announced a couple weeks ago he's not running for reelection:
CBO Director: Trillion-Dollar Deficits Risk 'Fiscal Crisis' in U.S. - FoxNews.com.
conrad, meanwhile, bemoaned the lack of leadership coming from the white house:
Dem, GOP suggest at hearing that Obama is failing to lead in budget crisis - The Hill's On The Money
for solutions, the top anti-public-option progressive in the nation suggested, we're gonna have to look to the senate
how out of the loop can a voter, after all, be?
“What they are saying is, ‘Pay the Chinese first.’” — Senate Budget Committee Chairman Kent Conrad (D-ND)
“[T]he full faith and credit extends to a lot of foreign countries but not to Americans.” — House Budget Committee Ranking Member Rep. Chris Van Hollen (D-MD)
The consequences are horrific for Americans. While the Republican proposal would pay off the foreign interests, they would deprioritize domestic obligations; i.e., pay Americans last. Worse, it would fool no one; it would be “default by another name,” with all the deleterious consequences for us Americans. I interpret that as the G.O.P. despising the people, despising us and punishing us.Excerpted from “Treasury: Proposals to “Prioritize” Payments on U.S. Debt Not Workable; Would Not Prevent Default” By Neal Wolin, Deputy Secretary of the Treasury, “Treasury Notes” (blog), 1/21/2011, with my added emphasis
While well-intentioned, this idea is unworkable. It would not actually prevent default, since it would seek to protect only principal and interest payments, and not other legal obligations of the U.S., from non-payment. Adopting a policy that payments to investors should take precedence over other U.S. legal obligations would merely be default by another name, since the world would recognize it as a failure by the U.S. to stand behind its commitments. It would therefore bring about the same catastrophic economic consequences Secretary Geithner has warned against, including sharp rises in mortgage interest rates and other borrowing costs for families; reductions in the value of homes, 401(k)s and other retirement savings; and negative effects on the dollar and the safe haven status of Treasury bonds and other Treasury securities. Such a policy would also be unacceptable to American servicemen and women, retirees, and all other Americans, who would rightly reject the notion that their payment has been deemed a lower priority by their government. For these reasons, the Department of Treasury has always emphasized – regardless of which party has held the White House or either house of Congress – that the only way to prevent default and protect America’s creditworthiness is to enact a timely increase in the debt limit.
We have excellent credit and while we have significant deficit issues, rational, reasonable solutions are readily available to us. They involve controlling spending and increasing some taxes. But, not according to the Republican radicals who think apparently the only good solution is to destroy our good standing in the world and bring about the impoverishment of America.
“Real environmentalists live in cities, and they visit what's left of the wilderness as gently and respectfully as possible.” — Donna Moulton, letter to the editor, Tucson Weekly, published on August 23, 2001
It's funny. When the GOP says the the democrats are fractured, the dems brag that they're inclusive to many ideas. When the GOP has differences of opinion in their party, the dems say that their unity has cracked. Interesting.
Because all things are not created equal.
Democracy is two wolves and sheep voting on what's for dinner. Liberty is a well armed sheep willing to contest the vote.
did somone bring up united states responsibilities to holders of t bills?
on the day after tsunami tuesday (most telling is the timing), on nov 3, 2010, fed bernanke announced his ultra aggressive further buying up of 600 billion dollars of treasuries, on top of the one point five TRILLION he's already pumped...
Fed to Buy $600 Billion of Treasurys - WSJ.com
3 days later, obama left the country, off for india, then indonesia, ending up in seoul for the g20 (an obligation, it's true, he woulda had to do regardless of political considerations), where his prime mission was to rally world leaders to pressure china to concede to currency revaluation...
his g20 was thereby wrecked by bernanke's big bid...
who are you to talk to us about currency, was the consensus reaction of the international community...
the nyt described the trip thus---obama's economic views REJECTED on world stage
the national journal called it his RODNEY DANGERFIELD moment
Obama's economic view is rejected on world stage - San Jose Mercury News
NationalJournal.com - America?s Rodney Dangerfield Moment - Friday, November 12, 2010
do you know michael hirsh?
is the journal spinning, is the lady (nyt)?
just what exactly is reid/pelosi/obama/schumer's desperate rationale fiercely urging the necessity of once more raising the ceiling?