Rick Santelli Looks at What the Latest Debt Ceiling Increase Will Cost Each Person Living in the US

CNBC ‘s Rick Santelli has been credited with delivering the February 2009 rant heard ‘Round the World’ that many have said was the spark that led to the Tea Party movement. Following a somewhat unnoticed vote to allow the President to raise the debt ceiling last week, Santelli is at it again.

To largely less outcry than the ‘debt crisis’ that broke out within the beltway this past summer, the Senate on Thursday voted to allow President Barack Obama to increase the debt ceiling by $1.2 trillion to ensure that the federal government can pay its bills through the November elections. With the political discussion of late largely focusing on the GOP primary and income inequality chastised by “the ninety-nine percent,” many media commentators have seemed to forget the mounting US debt that will weigh heavy on the backs of each and every American.

Rick Santelli hasn’t forgotten, and he’s quantified just how much each person will be on the hook for with the latest rise in the debt ceiling.

Santelli hashed out the population and debt numbers on CNBC Friday, where he determined that the additional increase from Thursday alone places “$3, 834 for every man, woman and child,” and if you take into account the August increase $10, 545 each. To look at the total picture, the new debt ceiling is now at $16.4 trillion for the 312 million people in the US, which equals $52, 409 per American.

“I can’t even think of a clever way to close this other than a gulp,” said Santelli said on CNBC Friday. “I don’t know that my mike is that good. How much have we heard about this last debt ceiling increase? zero.”

Watch the fiery Chicagoan go off HERE at the Blaze.

Video:  The National Debt Roadtrip – A Must See Video!

Wow… They Did It To Us Again!

I don’t know whether to laugh or to cry, to organize anew or to scream, or even to go on fighting or just to throw in the towel…  That is how I feel right now anyway.  By tomorrow I’ll be ready to regroup and charge forward, but today I’m a bit in shock!

Just as Vice President Biden, supposedly VP of all Americans, barely got the words ‘Teaparty Terrorists’ out, we are already being hit by the fallout of the hidden contents and proceedings being leaked and found in the “Grand Compromise” debt bill that President Obama just signed into law hours ago.  Another unread bill.

Only 18-months ago the Obama Administration and the Progressive Left duped, bullied and manipulated us all into ObamaCare, and we are still absorbing and fighting the ugly reality of what all was hidden in that bill. Yet with that memory still fresh, we allowed them to do it to us again.  Obama refused to put out a plan of his own, manipulated the situation, and used the Cloward and Piven Strategy along with the Saul Alinsky’s Rules for Radicals to create another crisis, make the GOP (especially tea party supporters) look like the bad guys and got what he wanted… including a lot more power.  And the right satisfied themselves with the notion that they had won because the conversation in Washington changed, plus they were promised a committee to study a Balanced Budget Amendment.  Funny how they can run up soon to be $17Trillion in debt without a committee, but voting on a Balanced Budget Amendment requires one.

We were had again!!  And it is becoming more and more evident that the real terrorists are the people we elect, in both parties!  This entire debt crisis and debate over raising the debt ceiling was a Trojan Horse.

Since the bill was signed this afternoon we have already found out the following:

Before even signing the bill, Obama was already talking about tax increases and tax code reform for the wealthy and corporations.  I wonder if there will be waivers for those who support his re-election through fundraisers, similar to ObamaCare waivers, for supporters and attendees of events like Obama’s combo 5oth B-day party fundraiser?   The Business Insider who just wrote about this subject now warns that they were wrong and the biggest middle class tax increase in history will come in five months, and a tax increase for the top 2% of earners (the job creators) is coming as well, for Obama already said he would let the Bush tax cuts expire.  In fact the revenues from those tax cuts expiring is already factored into this final “Grand Compromise” bill.

Plus, Harry Reid has said the Super Committee will have up or down voting powers of far more than the debt issues and economics.  One of their first agendas is gun control!

Congressman and GOP Presidential Candidate Ron Paul warns that the all-powerful new “Super Congress” created by the vote on the debt ceiling will be used to fast-track tax increases while concentrating more power over the nation’s purse strings in the hands of the Washington elite.

The fact that the establishment of a body which threatens to completely re-write over 200 years worth of constitutionally-based legislative practice has sailed through with barely a whimper of debate from politicians or the mainstream media is a damning indictment of how the Obama administration’s penchant for executive autonomy has aggressively seized control of the political process.

This is appalling, but it shouldn't surprise anyone with the track record they have.  This bill is unconstitutional… so the question is, if  identified as such because of the Super Congress, can it be null and void?

Video: Unconstitutional Super Congress Slipped Into Debt Ceiling Deal - Judge Napolitano Explains

In this same document Illegals Get $20 Billion in Pell Grants (How did that happen?):

SEC. 501. FEDERAL PELL GRANTS.
Section 401(b)(7)(A)(iv) of the Higher Education Act of 1965 (20 U.S.C. 1070a(b)(7)(A)(iv)) is amended--
(1) in subclause (II), by striking `$3,183,000,000' and inserting `$13,183,000,000'; and
(2) in subclause (III), by striking `$0' and inserting `$7,000,000,000'.
Little things mean a lot...$20 billion slipped in this bill just for Pell Grants... illegals get an early Christmas.

Ya just can't make this stuff up!

And I know there are those of you out there thinking… well, there are going to be 12 members of that Super Committee - 3 Republicans from the Senate and 3 Dems from the Senate as well as 3 Dems from the House and 3 Republicans from the House , so there will certainly be a balance of voices and opinions.  Well not so fast…

From the Daily Standard:

The debt ceiling deal will pass the Senate early this afternoon. No suspense there. But the vote will be worth watching for another reason: Three Republican Senate sources tell TWS that senators who vote against the deal will be ineligible to serve on the so-called “super-committee” for deficit reduction that the legislation creates.

While there’s certain logic to such a policy, it could be self-defeating. Excluding those who vote against the debt deal will ensure that some of the most fiscally conservative members of the Senate Republican caucus, including most of its freshmen, will be reading about the committee’s activities in the newspaper rather than guiding its decisions. Among those who have already declared their opposition to the deal: libertarian-leaning senators Mike Lee and Rand Paul (who appeared on Glenn Beck’s radio show this week and talked about the CNN Ambush and the Weimar Republic coming here); Jim DeMint, the aggressive fiscal hawk from South Carolina; conservative reformers Ron Johnson from Wisconsin and Pat Toomey from Pennsylvania; the ranking member on the Senate Budget Committee, Jeff Sessions; and Florida’s Marco Rubio, already one of the highest-profile conservatives in Congress.More worrisome for conservatives, however, is that private whip counts in the Senate found that some 20 Republicans expressed support for the proposals that came out of the Gang of Six. And while many of the components of that plan have merit as individual policy proposals, the package involves compromises on taxes anathema to most conservatives. Picking a Gang of Six member – or supporter – would further antagonize conservatives skeptical of the debt ceiling deal.

There’s the problem. If, say, a dozen of the strongest fiscal conservatives vote against the deal, the pool of Republicans that can be expected to hold the line on taxes shrinks very quickly. And if a key Republican objective for the committee is to block tax increases, the exclusion of these strong fiscal conservatives makes meeting that goal more difficult.

Mitch McConnell, who will make the selections, isn’t worried. He told Fox News Channel’s Neil Cavuto yesterday that the likelihood of tax hikes coming out of the committee is “pretty low.”

“What I can pretty certainly say to the American people, the chances of any kind of tax increase passing with this, with the appointees of John Boehner and I, are going to put in there are pretty low,” said McConnell. He added: “I’m comfortable we aren’t going to raise taxes coming out of this joint committee.”

UPDATE: McConnell spokesman Don Stewart says all senators will be considered. "No one is stronger in his opposition to tax hikes than Sen. McConnell. He will have serious discussions with all those who are interested in serving prior to making any appointments."  But we shall see if this really changes… I personally wouldn’t put my eggs in McConnell’s basket!

The only good thing we’ve heard today is the Fitch and Moodys have agreed to allow us to retain our AAA credit rating at least for now.  But they have put us on a kind of probationary status until after the “Super Committee” has been chosen and they see what type of action they take to resolve the debt crisis.  So let us be very clear… our AAA credit rating could very will still be downgraded!  S&P on the other hand has not yet announced and a downgrade seems almost baked in because of the stand they took on a minimum of $4Trillion in cuts needed in the compromise bill to avoid it.  A downgrade to AA+ is expected from S&P say most experts.  Maybe the members of Congress should have looked a bit harder at Senator Tom Coburn’s letter:  9,000,000,000,000 Ways to Balance the Budget.  (Seems our Federal Reserve Chief Bernanke had a bit to say about the U.S. Economy too!)

And lost in the endless drama of the debt-ceiling negotiations, but last week, the Republicans in charge of the House of Representatives launched an unprecedented attack on the U.S.'s environmental regulations. GOP Representatives added rider after rider to the 2012 spending bill for the Environmental Protection Agency and the Interior Department, tacking on amendments that would essentially prevent those agencies — charged with protecting America's air, water and wildlife — from continuing their chokehold on energy production in the U.S..

Among the riders or last week were:

• A rider that would prevent the EPA from issuing any regulations on greenhouse-gas emissions over the next year — despite the fact that the Supreme Court has ruled the agency has the responsibility to regulate those emissions as a public-health threat under the Clean Air Act.

• A rider that would stop the EPA from carrying out tough new automobile-fuel-efficiency standards that were announced last week — standards that have the support of all the major automakers, however we are not sure how voluntary that support was.

• A rider that would prevent the EPA from labeling the toxic ash left over from coal combustion as hazardous waste — something that could alarm the people of Kingston, Tenn., buried by a coal-ash spill in 2008?

However, the Democrats are still in charge of the Senate, so we don’t know if any of these riders made it to the final EPA-Interior spending bill. The left feels that these demands were less about actual policy than about making a political point.  Guess we will have to see how much of their point remained in the bill to be made?!?  I wouldn’t look too hard to find them! (See The Time’s inside the Republican war on the EPA… or perhaps it could be called the Republican pro-American jobs and energy war?)

August 2, 1934

"With the death of German President Paul von Hindenburg, Chancellor Adolf Hitler becomes absolute dictator of Germany under the title of Fuhrer, or "Leader." The German army took an oath of allegiance to its new commander-in-chief, and the last remnants of Germany's democratic government were dismantled to make way for Hitler's Third Reich. The Fuhrer assured his people that the Third Reich would last for a thousand years, but Nazi Germany collapsed just 11 years later."

Are we seeing the beginning of our Reich now?  Read more Here.  Remember, just like Obama told us and wrote about his plan to fundamentally transform America, Hitler wrote Mein Kampf (Official Nazi Translation), explaining his plan… and nobody listened either.  But that is the elephant in the room that nobody wants to talk about or take on.

Right after Obama was elected, Pat Buchanan wrote a piece called the Weimar Solution and people ridiculed him, as they did Glenn Beck when he warned us what was coming.  Somehow it doesn’t seem as funny now!

Lyndon LaRouche:  “Obama to Become ‘Fuhrer’ After Debt Ceiling Vote”  Is he right?

I am sure there will be a lot more to come and I will be doing updates… but wanted to get something out.  Nobody has an actual copy of the bill yet, that I know of.

I will hope and pray that what tea party “ideal” supporter Marco Rubio says and believes will be the ultimate outcome… continued honest debate:  Rubio:  “This Debate Will Continue” but I would advise you all to consider and prepare for Alex Jones and Lyndon LaRouche’s predictions.  As Glenn Beck has said many times, “I’d rather be prepared and be wrong… and would be glad to admit it than have been right and not prepared or shared my thoughts with others, so they could prepare!”

Since yesterday the reports of huge food orders by the government through FEMA, mass troop movements across the country and concern about the Super Committee being able to make decisions to vote up or down on without filibusters, amendments or even much debate on a full gamut of topics including gun control… or gun confiscation is frightening and has filled the blogosphere with comments by people in the know like Judge Andrew Napolitano, Senator Rand Paul, Congressman and GOP Candidate Ron Paul to name just a few… yet the mainstream media has been virtually silent… again.  There comes a time when we all must wonder, question and stand or we will be held accountable for the results of our inaction if we didn’t.

When I heard about the powerful Super Committee, a Super Congress, basically only accountable to Obama… the vision of the 2008 Obamessiah, as so many of his followers saw him, with 12-disciples flashed in my head.  Someone will surely come up with that visual once the 12 are chosen.  (Harry Reid, John Boehner, Mitch McConnell and Nancy Pelosi will each choose 3 members of the committee).

Prayers up my friends!

Ask Marion~ - Last updated on August 3, 2011 at 5:15p.m.ET  - h/t to Jean Stoner and Tolline Enger

Biden and Dems Call Concerned Patriots and Constitutionalists Terrorists

Vice President Joe Biden joined House Democrats in lashing tea party Republicans Monday, accusing them of having “acted like terrorists” in the fight over raising the nation’s debt limit. Biden was agreeing with a line of argument made by Rep. Mike Doyle (D-Pa.) at a two-hour, closed-door Democratic Caucus meeting. “We have negotiated with terrorists,” an angry Doyle said, according to sources in the room. “This small group of terrorists have made it impossible to spend any money.” Biden, driven by his Democratic allies’ misgivings about the debt-limit deal, responded: “They have acted like terrorists,” according to several sources in...  continued Here

Video: Sarah Palin "To Be Called A Terrorist From The Vice President Is Quite Appalling! Quite Vile"

Interesting that the Tea Party is being blasted for the “grand compromise”.  The 3-major tea party type GOP candidates or possible candidates:  Ron Paul, Michele Bachmann and Sarah Palin have all come out against it.

The tea party is made up of average Americans who believe in fiscal responsibility and following the Constitution… how radical is that?!? Their crime… they have changed the conversation in Washington and have complicated the Progressive’s plan of fundamentally transforming America…

Video:  Michele Bachmann – We Need Tough Love

Ron Paul Blasts Debt Deal

August 1, 2011

ALEXANDRIA, Virginia - Today, 2012 Republican presidential candidate Ron Paul issued a statement outlining his opposition to the debt ceiling deal struck between the White House and Congress. See statement below.

"While it is good to see serious debate about our debt crisis, I cannot support the reported deal on raising the nation's debt ceiling.  I have never voted to raise the debt ceiling, and I never will.
"This deal will reportedly cut spending by only slightly over $900 billion over 10 years.  But we will have a $1.6 trillion deficit after this year alone, meaning those meager cuts will do nothing to solve our unsustainable spending problem.

"In fact, this bill will never balance the budget.  Instead, it will add untold trillions of dollars to our deficit.  This also assumes the cuts are real cuts and not the same old Washington smoke and mirrors game of spending less than originally projected so you can claim the difference as a ‘cut.'

"The plan also calls for the formation of a deficit commission, which will accomplish nothing outside of providing Congress and the White House with another way to abdicate responsibility.

"In my many years of public service, there have been commissions on everything from Social Security to energy policy, yet not one solution has been produced out of these commissions.

"By denying members the ability to offer amendments and only allowing an up-or-down vote that will take place in the hectic time between Thanksgiving and Christmas, this Commission essentially disenfranchises the vast majority of members from meaningfully participating in the debate over reducing spending and balancing the budget.

"Furthermore, despite the claims of the bill's proponents, there is nothing to stop the commission from recommending tax increases.
"One of the reasons why I humbly suggest that I am the most qualified Presidential candidate is my experience to see and understand the long track record of failure, disappointments, and bad recommendations made by such commissions.

"Times like these require statesmanship and steady leadership, which I and the grassroots activists who have joined my campaign believe I am uniquely qualified to provide.

"What should bother Americans most is that under cover of this debt ceiling circus, we learned from a recent GAO one-time, limited audit that the Federal Reserve secretly pumped $16 trillion into American and foreign banks over three years.  All of the Fed's fat cat cronies were taken care of at the expense of the American public.

"To put that into perspective, our entire national debt is $14.5 trillion, and our annual deficit will be about $1.6 trillion, meaning the Federal Reserve created and appropriated more than our entire national debt to banks around the world in a few short years.  We have been fighting in Congress these past few weeks over raising our debt ceiling by $2 trillion, an amount the Fed secretly gave away to just one big bank.

"For decades, politicians have promised future restraint in exchange for hikes in the debt limit.  We are always told that we must act immediately to avoid a crisis.  But time and time again, politicians reveal themselves to be untrustworthy, and we soon find ourselves in a crisis being led by the same folks who wish only to maintain the status quo.

"I believe in the great American traditions of free markets, sound money, and personal Liberty.  But we are moving far away from what made us the greatest nation in human history. We must cut spending and balance our budget now, before it is too late.

"Let me be clear.  The cuts we must make will not be easy, and there will be difficult times in the short run.  But I have the greatest confidence that if we come together as a People, work hard, and do the right things, our country will be back on track in no time and on its way to unprecedented prosperity.  But, if we continue to print money and pyramid debt, we will destroy ourselves and lose the promise of America forever.

"These difficult times require a President willing to stand against runaway spending.  If elected, I will veto any spending bill that contributes to an unbalanced budget, and I will balance the budget in the first year of my term.  I will not allow the Federal Reserve to destroy the value of our money by shoveling dollars into the pockets of its banker friends.

"I remain committed to working on behalf of the American people to drastically reduce spending and implement fundamental changes that will reform government and restore our nation's prosperity."

This is your LAST CHANCE to let your voice be heard before
your Senators vote on the final debt deal.

ACTION #1 -- FAX CONGRESS TODAY!

Reports all last week indicated that the phones were
jammed. Grassfire Nation's FaxFire system may be the
best way to get a message through to your members of
Congress.

GO HERE NOW TO LET YOUR SENATORS AND REP -- AND OTHER
KEY HOUSE MEMBERS -- KNOW WHERE YOU STAND ON THE DEBT
CEILING DEAL THROUGH THEIR SYSTEM:
http://www.grassfire.net/r.asp?U=45793&CID=160&RID=30483541

ACTION #2 -- CALL CONGRESS NOW

As noted above, it is quite possible that the Capitol Hill
phone lines will be jammed. But please try to call and let
your Senators (and Reps) know what you think about this latest
deal.

Rep. Miller 202-225-4136 
Sen. Nelson 202-224-5274
Sen. Rubio 202-224-3041

Let them know how you feel about this deal, about the House vote yesterday and tell you Senators to vote NO!

Congress to decide whether Super Congress could impose gun control

The Latest on the Debt Crisis Deal and Some Input From Marco Rubio

Rubio on the Senate floor regarding our debt crisis (the ease with which he delivers a smackdown to John Kerry is a nice added bonus):

Rubio: 07.30.11

YouTube Video | Senator Marco Rubio | Sen. Rubio: “Save The Whole House or It Will All Burn Down”

I would love nothing more than compromise. But I would say to you that compromise that’s not a solution is a waste of time. If my house was on fire, I can’t compromise about which part of the house I’m going to save. You save the whole house or it will all burn down. We either save this country or we do not. And to save it, we must seek solutions.

That, my friends, is what hitting it out of the park looks like. Here is the complete text of Sen. Rubio’s remarks (as provided by Rubio’s press office):

Senator Marco Rubio

U.S. Senate Floor Speech

July 30, 2011

Sen. Rubio: “Thank you, Mr. President.

“I rise here on the Senate floor today to speak on the tremendous issue that’s captivated, and rightfully so, the attention of our country.

“Let me start by saying that I do not enjoy nor relish the partisan role of attack dog. I never found any fun in that. I don’t think it’s constructive. I don’t intend to become that here in the Senate.

“I also have only been here for seven months, which means I haven’t been here long enough to think any of the stuff that’s going on is normal. And I certainly don’t think any of the stuff that goes on around here too often is normal. So I think the fact that I’ve been here seven months has served me well in that regard.

“Let me begin if I can. One of the things that I’ve noticed this week is that Washington is full of people from all over the world and all over the country that have traveled here this week to come and watch their government at work and see the monuments of the city and found themselves in the middle of this debate.

“So I think it’s important to remind people what we’re debating because although it is a difficult and important issue, it is not a complicated one to understand. It’s pretty straight forward.

“And here’s the way I would describe it the United States of America more or less — these are rough numbers but they’re accurate – spends about $300 billion a month. It has $180 billion a month that comes to the federal government through taxes and other sources of revenue and that means that in order to meet its bills at the end of every month it needs to borrow $120 billion.

“Now, for much of the history of this country, there have been increases in the debt limit and the ability to borrow money. But what has happened over the last few years is that it’s no longer a routine vote because the people who give us our credit rating are saying too much of the money that you spend every month is borrowed and we want you to show us how over the next ten years you are going to borrow less as a percentage of what you spend.

“And so that’s why, for years, where the debt limit was routine vote, it no longer can be. It’s not something that was made up in some conservative think tank. But the reality that we cannot continue to borrow 40% to 41% of every penny that the government spends has brought us to this point.

“So you would think that seeing that, our government and our leaders here in both parties would react to that immediately and work on it.

“And I’ve heard lot of talk today about delaying tactics and delaying votes. I would argue to you that this issue has been delayed at least for the last two and a half years.

“In the two years before I even came here, this chamber neither proposed nor passed a budget. It is a startling figure that for the last two years this government has operated without a budget. So think about that. Two years have gone by without a budget. The first two years that the President was the president, no budgets.

“Some people would say, well, that’s because of partisanship in Washington. Well, that’s not true. In the two years before I got here, both the House and Senate were controlled by members of the Democratic Party, which are the President’s party. In fact, in this chamber for at least one of those two years, 60 votes, 60 out of the 100 members here caucused with the Democrats. And as you recall, on Christmas Eve of the year 2009, they were able to pass a health care bill that was very controversial because they had the 60 votes in the President’s party.

“Over two years, no budget. In fact you know how long it has been since this chamber proposed a budget? Forget passed a budget, proposed a budget? 822 days. That’s a long time. A lot of things have happened in the last 822 days, but proposing a budget is not one of them out of this chamber.

“So then I got here – and we got here in January, seven months have passed, still no budget. Again, not budget passed, proposed, offered. Here’s our budget. Still no budget. 822 Days and every single day that I’ve been here.

“Now, in the last seven days on this debt debate, we have finally seen a proposal from the esteemed senator from Nevada, the majority leader. You would think, has he brought it to the floor to vote? Not until last night. So, again, offered a proposal over the weekend and still for six days we sat around and what did we do around here? Nothing. It was never brought to a vote.

“You would think these issues would have been worked on in January, February, March — nothing. This chamber has done nothing. You talk about delay tactics? They’ve been delaying for two and a half years.

“Now the President doesn’t have the luxury of some of these things. He has to propose a budget by law, and he did. Let me tell you how ridiculous the budget was. Not a single member of this Senate voted for it, including the Democrats. It is a budget that didn’t lead with the debt limit; in fact, it increased the debt. That’s how absurd the budget was.

“Where is the President plan? We haven’t seen it. We haven’t seen it. Here’s the President’s plan: a blank sheet of paper. He doesn’t have a plan. He hasn’t offered a plan. Again, if this were a Republican president, I would say the same thing.

“I do not understand how an issue of this magnitude, of generational importance, the President of the United States has not offered a plan. If someone has seen the president’s plan, please send it to me because no one else has seen it. It does not exist.

“So this has been the plan all along, by the way. The plan all along was not to take a position, to let the days count down until we got to this point with 72 hours to go and then force a vote on something that they wanted. I believe that that has been the plan the entire time. And you can see it carrying itself out.

“You want to know why people all across America get grossed out about politics? It’s by watching this kind of stuff happen.

“And instead let me tell you what we’ve seen for the last few days. First of all, for today and for much of this time I have heard all these attacks and name-calling. If we had $1 billion for every time I heard the words “tea party extremist,” we could solve this debt problem.

“So all this name-calling, so I said let me read some quotes about this debt limit and I found some pretty extremist quotes.

“Here’s one.

“It says, “The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. America has a debt problem and a failure of leadership. Americans deserve better. I, therefore, intend to oppose the effort to increase America’s debt.” A quote from a tea party extremist, right? No. This is a quote from March 16 of 2006 from Senator Barack Obama of Illinois.

“I found another extremist quote. This one says, “Because this massive of accumulation of debt was predicted, because it was foreseeable, because it was unnecessary, because it was the result of willful and reckless disregard for the warnings that were given and for the fundamentals of economic management, I am voting against a debt limit increase.” Well, that must be from a tea party extremist member of the House, right? No. This is March 16, 2006, from Senator Joe Biden of Delaware.

“And last but not least, here’s a quote from September 27 of 2007. It says, “I find it distasteful and disturbing to increase the debt limit yet again. Clearly we need to change course and this debt limit bill is just another reminder of that.” And that is from the distinguished Senator from Nevada, the majority leader. On that date in 2007.

“And yet now these same quotes in this context, what we’re talking about raising the debt limit more than has ever been raised in one vote, is extremism? This name-calling is absurd and it sets this process back.

“The other thing I hear — oh, it is not reasonable. This is a waste of time. This bill can’t pass the Senate when they talk about the House bill. So now it disqualifies the bill the fact that it can’t pass in the Senate.

“Well, guess what? The Senate bill can’t pass in the Senate — the Senate bill can’t pass in the Senate.”

Sen. John Kerry (D-MA): “Will the Senator yield for a question?”

Sen. Rubio: “Yes, I’ll yield.”

Sen. John Kerry: “I thank the Senator for doing that. That’s become somewhat unusual in the Senate today. So I truly appreciate it.

“I would ask the Senator, as ironic as it may be that on occasion people in the past have indeed voted against a debt limit — both Republicans and Democrats alike — is it not true that in those situations those votes did not hold the nation hostage, did not come at a moment of enormous economic fragility as we are in today, and did not run the risk of default because it was going to pass overwhelmingly every time?

“Is that not true?”

Sen. Rubio: “To the Senator from Massachusetts, I would say two things.

“The first is that those votes — put it to you this way. If the Senator from Illinois at the time, Senator Obama, had had his way, we’d be in the same position we are in now. Because he had voted against the debt – and I recognize the President has now said that the debt limit is — he made a mistake and he wouldn’t have said that were he here today.

“My point, I would say to the Senator from Massachusetts, is that rhetoric two years ago was not considered extremist language and now that rhetoric, which by the way I have not found. I think it is a myth. There may be a handful of people in the building both in the House and Senate perhaps that believe that the nation doesn’t have to raise the debt limit. But by and large everyone recognizes that something must be done about the debt limit.

“What we have also said – I speak for myself. Let me not speak for any other member of this chamber or the next.

“What I have also said is that it would be a terrible mistake to lose this opportunity to do something meaningful about the debt. And that the debt limit gives us an opportunity to do something meaningful about the debt, because the crisis that America faces is not one that I have defined.

“But one that has been defined by the rating houses and rating agencies who have said if you do not get your spending in order, we don’t care whether you raise your debt limit or not, we will downgrade you.

“And what that means for every American is an increase in their interest payments.”

Sen. John Kerry: “Will the Senator further yield for a question?”

Sen. Rubio: “Yes.”

Sen. Kerry: “Mr. President I appreciate what the Senator is saying. I would just say first of all that everybody understands the danger of the rating agencies right now.

“The problem is, we got to reach across the aisle and negotiate. We’ve got to come to agreement. Right now there’s not a lot of negotiating going on.

“I would ask the Senator, if he doesn’t agree that there is an enormous difference between — the Senator a moment ago said if he had gotten his way. But the whole point is, everybody knew he wasn’t about to get his way. That was a truly symbolic vote.

“Today, however, is it not true we are on the brink of a default and the absence of negotiation or the absence of a settlement presents us with a far more serious consequence to the unwillingness to raise the debt ceiling today?”

Sen. Rubio: “To the Senator from Massachusetts I would say it’s impossible to negotiate with someone who doesn’t offer a plan. How do you negotiate with someone who will not offer a plan and will not put it on the table?

“But the finger pointing of who has a plan and who doesn’t have a plan is relevant, but it’s not the central issue here.

“I would also say that in March of this year, March 30 to be exact of this year, I wrote an op-ed piece that ran in The Wall Street Journal and it outlined the things I was looking for to be a part of this debate. And I was told on March of this year that we didn’t have enough time to do all those things. Although later on we found out perhaps we did, this grand bargain and I am prepared, as I stand here today, if there is a meeting going on right after this, I’d love to be a part of it.

“I am prepared to discuss the things that I believe we need to do not just to raise the debt limit. Raising the debt limit is the easiest thing. That’s one vote away. The hard thing is to show the world we are serious about putting our spending in order so we can show people we’ll able to pay our bills down the road.

“And that is a combination of things that I have outlined very clearly, not just on March of this year in The Wall Street Journal, but in repeated speeches on this floor.

“And those are the things, we need to do two things.

“Number one is we need to grow our economy because while the debt is the biggest issue in Washington, jobs are the biggest issue facing America. And if we could get more people back to work, we would have more people paying taxes, and if we had more people paying taxes, we’d have more revenue for government.

“And so that is the first thing we need to do, is figure out how to create jobs in America and I think there is bipartisan agreement on things we can do to do that.

“The President himself mentioned regulatory reform as a necessity in the State of the Union. Let’s do it.

“We’ve all talked about tax reform. Flattening and simplifying our tax code. And if there are things in that tax code that do not belong there because they are the product of good lobbying instead of good policy, then let’s go after those things. We’ve talked about that. Let’s talk about that.

“I think we all agree that there has to be some changes in discretionary spending, but we also agree that doesn’t solve the problem. That’s a small piece of our overall budget. That we have to save Medicare because it goes bankrupt if we leave it the way it is. That we have to save Medicaid because it goes bankrupt if we leave it the way it is.

“And I can tell you that history will back up what I’m about to say and that is that there is no government run by conservatives, Republicans, put whoever you want there, if you give government the opportunity to spend more money than it has, it will do it. It will do it every time.

“That’s why I believe there are at least 20 members of the Senate in the other party who have supported some version of the balanced budget amendment and yet it’s something we cannot even get a vote on much less discuss in the Senate.

“So I believe there can be compromise on those outlines but here’s the last thing I would say.

“I believe my time is about to expire so let me close with this.

“Compromise is fantastic.

“I would love nothing more than to leave this building tomorrow night having said the republic still works. I was able to stand shoulder to shoulder with people from states far from mine with views different from mine but who love their country so much that we were able to come together and save it when it faced this catastrophe.

“I would love nothing more than compromise. But I would say to you that compromise that’s not a solution is a waste of time.

“If my house was on fire, I can’t compromise about which part of the house I’m going to save. You save the whole house or it will all burn down.

“We either save this country or we do not.

“And to save it, we must seek solutions.”

Cross-posted at Sunshine State Sarah and the Minority Report

The latest deal, hyped as the great compromise, provides for exactly $4 billion in savings this year. That’s right, $4 billion… essentially nothing! It promises fantasy cuts in future years, which will never happen. It guts defense spending with budget cuts to be shared 50-50 between the Department of Defense and entitlement programs, though entitlement programs are close to three times the size of the defense budget.

There will be a ‘Super’ committee to propose more cuts down the road. The House side will have three Republicans and three Democrats. Earth to John Boehner. You have a majority in the House. Why the hell don’t you have a majority on that committee?

The debt ceiling deal provides for the immediate raising of the debt ceiling, thus fueling the continuing, endless increase in the size of government.

And do you realize that if we don’t repeal ObamaCare, every penny we are saving in this pathetic bill without the guarantee of a balanced budget. will be eaten up with those increases alone? Plus Moody’s wanted at $4 Trillion in spending cuts bill… and this one would only reach $3 Trillion if they really did everything they promised… so we might lose out AAA credit rating anyway. And maintaining our AAA credit rating was the only reason to even consider raising the debt level.  Also, the Dem’s keep saying there are no tax hikes in the latest “Grand Compromise”, but in reality, word is that Obama just plans ‘not’ to extend the Bush tax cuts next time around… to they’ll get their tax hike too.  So finally, if the American people are to get anything out this, the GOP needs to demand a yay vote on the separate Balanced Budget Amendment before passing any version of this… After all the Dems, including Obama, keep saying they are all for balancing the budget and that they would vote for a balanced budget amendment in a separate bill… so let’s do it now, FIRST!

Chances are that this bill will not pass both the House and Senate. Neither the right nor the left is happy. And again… they are asking congress to pass and the American people to accept a bill that nobody will time to read. Didn’t we learn our lesson on that trick?!?

As Rubio mentions, this plan of no plan, so the Dems and Obama could push through whatever they wanted at the last hour was always the plan!  And let us not forget the elephant in the room… Obama’s plan, in his own words has always been to fundamentally transform America.  He just left off the the words: into a second rate country!

Wow… a Palin-Rubio ticket is sure looking good to me… but he’d be a great addition to any ticket!!

Ask Marion~

“Hang On, Hang On!’: CNN Anchor Clashes with Senator Rand Paul Over Debt Ceiling

“Raising the Debt Ceiling” For Dummies

Lost in all the politics of raising the debt ceiling is a simple understanding of why it is so dangerous to do so.

The government-controlled media is trying to ensure that the public doesn’t have the facts, lacks a clear understanding of the problem and chooses sides based on emotion.

The fact is, at the end of 2008, the Congressional Budget Office (CBO) reported, “At the end of 2008, that debt equaled 40 percent of the nation’s annual economic output (a little above the 40-year average of 37 percent). Since then, the figure has shot upward: By the end of fiscal year 2011, the Congressional Budget Office (CBO) projects federal debt will reach roughly 70 percent of gross domestic product (GDP) — the highest percentage since shortly after World War II.”

The entire US Gross Domestic Product (GDP) for 2010 was $14.62 Trillion. The US debt ceiling currently stands at $14.294 Trillion, which was exceeded in May of 2011. Obama and Congress will be raising the debt ceiling well above our US GDP. Does this make America economically stronger or weaker?

To clarify what the rating agencies said, “Standard & Poor’s and Moody’s credit rating services issued warnings that United States could be downgraded because of the continued large deficits and increasing debt.”

To say that our government is simply spending more than it takes in is an understatement when it comes to the out-of-control spending we’ve experienced under President Obama; what he’s doing is dangerous. He has spent about $12.2 Trillion in just 3 years; that’s $5.15 Trillion more than the approximate $7.05 Trillion that was given to him by taxpayers.

Obama has made America the largest debtor-nation in the history of the world and fully intends to keep spending.

To put this into perspective, let’s look at it this way… It’s like a person spending $86,500 a year when they only bring home $50,000. How long will creditors keep loaning money to this person… especially if this person says they refuse to meaningfully cut their spending and instead expects to increase it every year?

Let’s look at it another way… It took roughly 220 years for our nation to accumulate $5.181 Trillion in debt which occurred in 1996. From 1996 to the end of 2008 (12 years), another $4.473 Trillion was added to our national debt, which is why we screamed for Bush to stop spending. Obama is adding $5.15 Trillion in just 3 years. What he’s doing is dangerous.

So, if you’re not screaming for Obama to stop spending, why not? Raising the debt ceiling without significant strings attached gives him the blank checks he needs to plunge us even further into debt. He refuses to cut spending and dishonestly threatens our creditors, seniors and others in hopes they’ll support him out of fear. He’s historic alright; no President in the history of our nation has ever threatened its citizens or its creditors in this way.

Obama isn’t spending our money to help improve the lives of America’s poor, seniors, veterans, homeless, minorities or others we care deeply about. Here’s just a taste of his real priorities… where he’s been spending our money and what our kids and grandkids will be expected to repay for decades to come:

OVERSEAS

· $63 billion – US Global Health Initiative.

· $665.7 million – International Family Planning & Reproductive Health Programs.

· $1 billion – to Mexico so that they can drill in the Gulf (while Obama caused 23,000 Americans to lose their jobs because of his ban on US drilling in the Gulf).

· $2 billion – to Brazil for OFFSHORE OIL DRILLING!!!!

· $147.3 million – US pays Brazil each year in cotton subsidies to keep its mouth shut.

· $30 billion – of the $100 billion per year for UN Climate Change Policy; the UN admitted global warming is about wealth redistribution, not climate change policy.

· $430 billion from TARP that Timothy Geithner stated will be recovered by January 2011 – of which the Fed spent $350 billion in taxpayer funds to save 35 foreign banks.

· $8 billion – US pays to IMF for Greece Bailout.

· $1.9 billion – International Agriculture Programs.

· $54.1 billion – USAID to other countries for FY 2011 – President Obama already sent $173.5 billion for international/foreign assistance ($90.6 billion in 2010 – a 60% increase compared to FY 2008; $82.9 billion in 2009 – a 47% increase compared toFY 2008).

· $5.96 million – U.S. Ambassadors Fund for Cultural Preservation 2010 Awards (i.e. mosque restoration overseas). NOTE: Section 205.1(d) of title 22 of the Code of Federal Regulations prohibits USAID funds from being used for the rehabilitation of structures to the extent that those structures are used for “inherently religious activities.”

PROPAGANDA ORGANIZATIONS

· $80 billion to Apollo Alliance (socialist/communist George Soros group) to expand community agitation; see this video too.

· $422 million – Funding for Public Broadcasting/NPR – a private company that doesn’t need taxpayer funds.

· $161 million – NEH anti-American group which targets our military.

GROW GOVERNMENT

· $44 billion – This represents a 28% pay increase for Fed employees (Fed pay increased 36.9% since 2000 while private worker’s pay increased only 8.8%.)

· $148 billion – loaned to Fannie Mae and Freddie Mac – these are government operated organizations that are taking control of 90%+ of U.S. home mortgages, and these are the organizations who contributed to the housing meltdown.

· $1.416 billion – Serve America Act FY 2011 to recruit our children at school and get them into “volunteerism” (i.e. recruit and train community agitators).

· $1 billion – Dead people to whom our Federal government sends our money.

· $1.4 billion – FDA to take over our food supply and hire 17,000 more taxpayer-funded government employees.

· $400 million – Michelle Obama’s Food Deserts to open government food stores that are closer to urban areas to save residents the 5 extra minutes of driving time that it takes to get to their existing, privately owned store.

GLOBAL WARMING

· $1.741 billion – INCREASE for “critical efficiency and renewables programs” – this is just the amount of increase to their existing budget.

· $2.4 billion – “clean tech” for energy efficiency and renewable energy programs, a $2.287 billion increase from $113 million in the previous budget [ID:nN01180827].

· $6 billion – clean energy technologies.

· $535 million – Global warming money for a politically-connected private company, Solyndra, to lay off workers and build a new plant (see video here).

· $611.4 million – Bureau of Labor Statistics to gather data on ‘green jobs.’

· $123 million – DoE’s wind program, a $43 million increase over current spending.

· $300 million – the Advanced Research Projects Agency-Energy, or ARPA-E.

$880 Billion is being spent on these items alone in 2011. Are these discretionary expenditures worthy of collapsing America’s economy at a time when we need to reign in spending? If Obama continues to refuse to cut spending, that’s just what will happen.

Don’t be fooled by the propaganda coming from Obama and his regime – to include his MoveOn.org pals. They’re doing George Soros’ bidding. If you haven’t heard, Soros wants a ‘managed decline’ of our dollar and an economic collapse is exactly what he wants. Obama’s actions are clearly leading to what Soros wants.

It’s dangerous to raise the debt ceiling without significant cuts and caps on Obama’s spending and a legislative balanced-budget amendment to prevent future Presidents from doing what Obama’s doing to America.

By: AJ – Posted at the NoisyRoom

Related:

NIA Exposes Debt Ceiling Truth

Next Round in the Debt Crisis (Updated)

The object of the game is to  destroy American capitalism  by having the government take over everything!!!!
                         Want to play?   No???

Too bad, you're already playing...  and just don't know it.              

And by the way?
   You're not winning.

NIA Exposes Debt Ceiling Truth

Here’s where we are at.  Exposing the smoke and mirrors of the congress.

NIA Exposes Debt Ceiling Truth

NIA hasn't written about the whole debt ceiling issue over the past few weeks because in our minds it is completely irrelevant. Our elected representatives in Washington along with the mainstream media have been wasting thousands of hours of time and hundreds of millions of dollars debating a topic that has no meaning at all. The President, Senate, and House of Representatives are putting on a show to make it look like they care about cutting spending and balancing the budget. Except for a select few elected representatives like Ron Paul who care about protecting the U.S. Constitution and preserving what little purchasing power the U.S. dollar still has left, every other politician in Washington is putting on a complete charade in order to trick their constituents into believing there is a difference between the proposals from the Republicans and Democrats.

While our incompetent and corrupt mainstream media has been proclaiming there are major differences between the two bills proposed by House Speaker John Boehner and Senate Majority Leader Harry Reid, NIA believes John Boehner might as well be a Democrat and Harry Reid could easily pass himself off as a Republican. There are absolutely no meaningful fundamental differences between Boehner's plan that was approved by the House of Representatives yesterday evening, before being killed by the Senate two short hours later, and Reid's bill, which was just rejected by the House today in a pre-emptive vote before the Senate even had a chance to vote on it.

Both bills are estimated to reduce the U.S. budget deficit by approximately $900 billion over the next 10 years. Of the $900 billion only about $750 billion are actual discretionary spending cuts with the rest being an expected reduction in interest payments on the national debt as a result of either bill passing. When you have an unstable fiat currency that is rapidly losing its purchasing power and could collapse at any time, it is impossible to accurately project what our budget deficits will be 5 or 6 years from now, let alone 9 or 10 years from today. As far as the next two fiscal years are concerned, both proposed bills from Boehner and Reid are estimated to only cut spending by a total of about $70 billion in fiscal years 2012 and 2013 combined.

The budget that former President Bush submitted to Congress in early-2007, projected the deficit to decline in each of the following four fiscal years. Not only did the deficit not decline the next four years in a row, but it nearly tripled in 2008 and from there more than tripled in 2009. Shockingly, Bush's budget actually projected a $61 billion surplus in fiscal year 2012, but instead we will have a budget deficit of $1.1 trillion based on President Obama's latest budget, which takes into account unrealistic GDP growth next year of 4.86%.

U.S. GDP growth for the first quarter of 2011 was just revised down yesterday by 81% from 1.91% to 0.36%. The advance estimate of second quarter GDP growth came in at 1.28%, well below the consensus estimate of 1.8%. NIA is going to really go out on a limb and predict that second quarter GDP growth will soon be revised downward as well. If this is the highest GDP growth the U.S. could muster after the Federal Reserve's $600 billion in QE2 money printing, this should prove once and for all that monetary inflation does not create real economic growth and employment.

The U.S. Treasury as of Thursday night had $51.6 billion in cash, with its cash position declining by $15.2 billion during the previous 24 hours. It expects to bring in $172.4 billion from August 3rd through August 31st in tax receipts, but is scheduled to pay out $306.7 billion during this time period for an estimated deficit of $134.3 billion. The U.S. is scheduled to make its next interest payment on the national debt on August 15th and it will equal approximately $30 billion. Over the last 9 months the U.S. has spent a total of $385.9 billion on interest payments on the national debt, which means it is on track to spend a record $514.5 billion this year on interest payments alone. Just a tiny 30 basis point increase in the interest rate on the national debt would totally wipe out the deficit reductions proposed by both Boehner and Reid.

The U.S. Treasury has been able to pay its bills in recent weeks by using many different accounting gimmicks. However, come Tuesday, there will be no more accounting tricks left to play and the U.S. won't be able to meet all of its obligations. Without a raise in the debt ceiling, the U.S. government will have to prioritize who it pays using the tax receipts coming in, which will probably include the $30 billion interest payment on the national debt (to avoid a default), $49.2 billion in Social Security payments, $50 billion in Medicare/Medicaid payments, $31.7 billion in defense payments, and $12.8 billion in unemployment benefits. With $23 billion of the $49.2 billion in Social Security payments due to be paid on August 3rd and $59 billion in t-bills due on August 4th, the U.S. Treasury's remaining cash balance could dissipate very quickly.

The 10-year bond yield reached a new 2011 low yesterday of 2.785%, its lowest level since November 30th of last year. It is approaching its record low of 2.08% from December of 2008 during the middle of the financial crisis. With threats of a U.S. debt default making headlines across the world, investors are once again rushing into U.S. bonds as a safe haven. It is almost as if the whole world has gone insane. The world is fearful of the U.S. government defaulting on its debt and not being able to pay off maturing bonds, so as a safe haven let's just all rush into the very asset that will soon be worthless due to either an honest default or default by inflation. The U.S. dollar bubble is the largest and longest running bubble in world history and U.S. bonds are currently mispriced big time.

U.S. dollar-denominated bonds should be the last asset in the world to benefit from fears of a U.S. debt default. One positive sign that NIA members are having success at spreading our message to the world is that gold reached a new all time high yesterday, rising $15 to $1,631 per ounce, with silver rising $0.31 to $40.10 per ounce. Thanks to the efforts of NIA members who worked tirelessly to spread the word about NIA's economic documentaries including 'Meltup', 'The Dollar Bubble', and 'Hyperinflation Nation', a larger percentage of the global population than ever before is educated about the global currency crisis that is ahead.

During the financial crisis of late-2008/early-2009, gold and silver prices declined along with all other assets. Today, NIA estimates that half of the world's investors seeking a safe haven are buying dollar-denominated assets like U.S. Treasuries and the other half are seeking safety in precious metals. By mid-2012, investors will most likely no longer look at U.S. bonds and other dollar-denominated assets as a safe haven. During future times of uncertainty, NIA believes that precious metals will receive nearly 100% of safe haven buying, just like the U.S. dollar received 100% of safe haven buying in late-2008/early-2009.

Once the debt ceiling is inevitably raised, the U.S. Treasury will have a lot of catching up to do in order to get its house in order, and we will likely see the largest amount of debt ever sold by the U.S. government in a single month. With QE2 having finished at the end of June, the U.S. will be relying on foreigners in these upcoming record Treasury auctions. In our opinion, we are likely going to see interest rates rise at an unprecedented rate that will shock the world.

Don't believe the mainstream media's laughable claim that there is a shortage of U.S. Treasuries. It was just reported yesterday that Cambodia, one of the most rapidly growing emerging market economies with GDP growth this year of 6.5%, is moving away from the U.S. dollar, which currently accounts for 90% of their currency in circulation, in favor of its own currency the riel. NIA believes it is only a matter of time until China ends its currency peg with the U.S. dollar. The world is flooded with trillions of dollars in U.S. Treasuries that will soon have no buyers except the Federal Reserve. There is no chance of yields falling below record lows from December of 2008.

The mainstream media has been reporting all week that if the U.S. defaults on its debt as a result of a failure to raise the debt ceiling, it will be the first time that our nation has defaulted on its debt obligations. Most NIA members know that the real U.S. debt default already occurred in 1971 when President Nixon closed the gold window and stopped allowing foreign governments to convert their U.S. dollar holdings into gold. Since then, the U.S. currency system has been completely fiat and the national debt has increased by 3,400%.

For the past 40 years, the U.S. government has been running on fumes left over from when countries were able to convert their paper U.S. dollars into gold. The price of gold has increased by 3,900% during this time period, meaning the U.S. dollar has lost 97.5% of its purchasing power. Meanwhile, the median household income has only increased by 384%. In terms of gold, the median U.S. household is earning 87.9% less income today than they did in 1971. The U.S. debt default of 1971 was many times more significant than the pending debt default, because back then our foreign creditors expected to receive real money and not a piece of paper with no real value that we print. The average American family has experienced a dramatic decline in its standard of living since 1971. The U.S. dollar and its reserve currency status is currently serving as the last thread that is keeping our "house of cards" economy propped up.

The U.S. debt ceiling is very similar to a publicly traded company's authorized shares. When a public company consistently loses money like the U.S. government does, they print new shares just like the Federal Reserve prints dollars and when its total outstanding shares reach the shares authorized, the company's Board of Directors simply raises the shares authorized, which allows it to continue issuing shares and diluting shareholders. Since 1962, the U.S. has raised its debt ceiling 74 times. Any public company that needed to raise its authorized shares 74 times would likely have seen its stock price decline by 99.99% from above $10 to below 1 penny.

NIA is strongly against an increase in the debt ceiling because there are ways for our country to stay afloat and continue operating without getting deeper into debt. The U.S. is currently supposed to have 8,133.5 tonnes of gold reserves at Fort Knox. We don't know for sure if these gold reserves still exist because the last audit of our gold reserves took place in 1954 and we had the little minor issue of our real debt default in 1971. Assuming that all of our gold is still there, this gold is worth $426.5 billion at the present time, enough to cover our U.S. government's deficit spending for almost four whole months. The U.S. government also owns valuable land, buildings, monuments, and other types of Real Estate, that could also be worth hundreds of billions of dollars. Although we don't support selling all of our gold and Real Estate, if the U.S. government isn't going to implement real spending cuts that will lead to a balanced budget, we rather sell our assets than see the dollar-denominated savings and incomes of all Americans lose its purchasing power.

If we continue raising the debt ceiling and getting deeper into debt in order to pay back the debts we already have, we are defaulting on our debts through inflation. With gold at a record high of $1,631 per ounce, the market is clearly telling us that a default through inflation is coming. As the Chinese, Japanese, and our other creditors are paid back in U.S. dollars that are rapidly losing their purchasing power, they will be reluctant to increase their purchases of U.S. Treasuries in the future, which we desperately need them to do in order to fund our spending increases. With the Federal Reserve likely to become the Treasury buyer of last resort, the world will lose their confidence in the U.S. dollar and hyperinflation could potentially break out as soon as 2013.

NIA believes it is very likely that U.S. GDP will begin declining again in late-2011, which will officially put the U.S. in double-dip recession territory. In our opinion, the U.S. is still in the early stages of a hyperinflationary depression and the so-called economic recovery reported by the government and mainstream media has been completely phony and only due to misleading and manipulated economic statistics that don't factor in the real rate of U.S. price inflation. We expect Federal Reserve Chairman Ben Bernanke to do everything in his power to avoid a double-dip recession at all costs.

By the end of 2011, we are confident that not only will we see QE3 under a new name, but the Fed will act to force banks to lend their $1.6 trillion in excess reserves. It is a joke that we are debating spending cuts of $70 billion over the next two years, when only very dramatic across the board spending cuts of 50% or more of the total budget will give the U.S. any hope of balancing the budget and avoiding hyperinflation. Best case scenario, if the U.S. government cuts spending by 50% or more in all areas of the budget including entitlement programs and is able to prevent hyperinflation, NIA still believes we will see the U.S. dollar lose 90% of its purchasing power this decade with the price of gold rising to above $16,000 per ounce.

It is important to spread the word about NIA to as many people as possible, as quickly as possible, if you want America to survive hyperinflation. Please tell everybody you know to become members of NIA for free immediately at: http://inflation.us

h/t to Anglo at Sovereignty in Colorado National Inflation Association | 96 Linwood Plaza #172 | Fort Lee, NJ 07024 Related: Next Round in the Debt Crisis (Updated)

Next Round in Debt Crisis Battle

Video:  Boehner to Dems:  Put Something On the Table

House Approves Speaker Boehner's Revised Debt Plan

Senate plans to vote to kill House bill as early as tonight

The U.S. House has passed its version of a bill to raise the debt ceiling.  The final vote was 218 to 210.  22 Republicans voted against it, because Boehner’s either bill didn’t go far enough in cuts or a guaranteed trigger for them to support it, and no Democrats voted in favor of the plan.

Here are the Republicans who voted against the bill (Freshman members are in bold):  Amash (MI), Bachmann (MN), Broun (GA), Chaffetz (UT),Cravaack (MN), DesJarlais (TN), Duncan (SC), Graves (GA) Gowdy (SC), Huelskamp (KS), Johnson (IL), Jordan (OH), King (IA), Latham (IA), Connie Mack (FL), McClintock (CA), Mulvaney (SC)Ron Paul (TX), Tim Scott (SC), Southerland (FL), Walsh (IL), Wilson (SC).

This was the third version of a debt plan House Speaker John Boehner (R-OH) produced this week in an attempt to garner enough Republican votes to pass it. The bill now heads to the Senate, where Majority Leader Harry Reid (D-NV) has said he has enough votes to table, or discard, it immediately. And, if the Senate successfully tables Boehner’s bill, the body is likely to move onto Sen. Reid’s version, which lifts the debt ceiling through 2012 and cuts $2.2 billion in spending.

Senate Democratic leaders said they could hold a procedural vote on Senator Reid's proposal to lift the debt ceiling as early 1 am ET Sunday.

In remarks this morning, President Obama said Mr. Boehner's bill "does not solve the problem." The President pointedly called out Speaker Boehner's efforts to appease members of the Tea Party. "What’s clear now is that any solution to avoid default must be bipartisan.  It must have the support of both parties that were sent here to represent the American people -– not just one faction," he said.

Today's sequence of events came after the House was minutes away Thursday evening from voting to lift the debt ceiling and cut $900 billion in spending. But Republican leaders pulled the bill from the floor after Speaker Boehner spent the evening attempting to finalize support for his bill but fell short.

The road to lifting the debt ceiling has been rocky. Negotiations between a bipartisan group of lawmakers and Vice President Biden failed. So did talks between the President and Speaker Boehner, as did subsequent talks between the President and Congressional leaders.

No agreement between Republicans and Democrats and the House and Senate means the path forward is still uncertain with the August 2^nd deadline imposed by Treasury Secretary Timothy Geithner fast approaching.

House Democrats encouraged the President to invoke the 14^th amendment to the U.S. Constitution to unilaterally lift the debt ceiling without Congressional authorization. The White House continues to reject that option.  (This is a completely unviable option considering that the 14^th Amendment does not apply here. Per Judge Andrew Napolitano: The provisions in the 14th Amendment were written to deal with unique issues caused by the Civil War and the execution of the Emancipation Proclamation that freed the slaves. The left keeps distorting the facts and the Constitution and wrongly applies the provisions to allow them to do whatever they want… not what is legal, Constitutional or what the American People want!! Read more at: Review: The Debt Ceiling and Economic Crisis Debate Rages On.)

July 28, 2011

Curious to know the impact Obama’s budget would have on America’s fiscal future? The chart below provides a rather painful preview of the next decade under the President’s budget alternative.

Picture this — Obama’s budget for America

As Heritage’s Mike Brownfield explains, ”Obama’s budget would set America on a dangerous fiscal course that leads to massive deficits well into the future—hitting $1.2 trillion in 2012 and, after dipping slightly, rising back to $1.2 trillion again by 2021.”

According to the Congressional Budget Office’s projections, the President’s budget would more than double the national debt in 10 years – totaling approximately $9.5 trillion.

Paul Ryan Destroys Reid Bill in Blistering Speech; ‘Let’s Cover the Moon with Yogurt!’

Live Blog:  The U.S. Debt Battle

The tea party… which means “We the People” are not happy.  A Balanced Budget Amendment and no raising of the debt ceiling is what most people want.  That is what they voted for in 2010.  The problem is when you only control half a branch of government, it is a tough battle and when you have people like Harry Reid and the President running interference, telling tales and controlling the mainstream media it is even tougher!!

75% of Americans support a balanced budget Amendment

66% of American support Cut, Cap and Balance

Most people say they don’t care if we go into so-called default, mind you we won’t really go into default… there are funds to pay what is most important to Americans as well as the interest on our debt.

And the powers that be feel that America’s Credit Rating will be down-graded from AAA status to AA status even if we raise the debt-ceiling.

Regardless whether you are happy or not with the outcome… the GOP has passed 3 plans in the House and Boehner, like the results or not, tried his best to work a compromise.  (And Republican Senator Mitch McConnell has another last ditch bill ready in the Senate.)  The Dems have passed nothing, finally proposed one bill that is a ruse and have run interference for the President… who also has put ‘no’ deal on paper.  If we lose our AAA credit rating and go into pseudo default it will be President Obama and the Democrats fault… not the GOP’s and not the tea party’s.

If we keep letting Obama spend and up the national debt… it is all our faults!

Within hours after the House passed their second bill dealing with the debt crisis in about a week, Harry Reid again tabled the discussion and the vote on this bill.  My question is, if you are so sure you are right and the people and your party are with you, Harry… why won’t you allow a vote on these bills?  And if Obama really wanted to make this go away, all he and the Dems needed to agree to was to begin the process of a balanced budget amendment that 75% of the American people want.  So why not do it?  After all Obama will either be long out of office before that amendment goes into affect, or he will be a dictator and it won’t matter anyway.

So, why not?  Because destroying the the economy of the United States has always been part of Obama and his handlers’ plan!  And that is the elephant in the room that nobody is willing to discuss!!

Best Quote I’ve heard this week is: “The tea party is the Dem’s new George Bush, so no matter what you don’t like… it’s their fault!”

Ask Marion~

Tweets of the Day:

• If 3rd World Dictator Obama is pres after Jan-20, 2013, an AA rating will be a memory
• How can they put a man with Dementia in charge of the Senate?
• Rubio: "Compromise that's not a solution is a waste of time."

Related:

As the Party of Socialism tries to convince the GOP that is it not the Party of Reagan, but the Party of Surrender, Harry Reid is desperately searching for sixty votes in the Senate so he can get his “I want to destroy the American economy bill” passed.

Can it be passed?  -  The Search for 60

House Defense:  Hardliners Slam Reid Debt Plan, Obama  -  Video: Reid’s Gimmicks Unmasked

Harry Reid Filibustering His Own Bill?

NYT:  Coming Soon:  ‘Invasion of the Walking Debt’

RS:  In Defense of Holding the Line

Congressional Leaders Struggle to Work Out Bi-Partisan Debt Deal

Balanced Budget… Balanced Budget Amendment… The Only Sane Idea

Thomas Sowell:  Ideals Versus Realities

Reid Wants to Give Obama Blank Check for Rest of Presidency

Debt Crisis:  NYT’s Graph Glitch

Senator Tea Party:  DeMint Drives Conservative Direction on Debt and Deficit

As Predicted: Call for Obama’s Impeachment on the Table

Video: Michele Bachmann on the debt limit. I like her! Left hates her because fights like a democrat!

Video:  Screw Congress… I’ll Do It On My Own  -  The really scary part is all the clueless fools in the audience chanting, “Yes You Can!”

Obama called out GOP again today to compromise… Because $14.5 Trillion is not enough!!!!!!! Compromise!, and I guess neither were Boehner’s attempts?!?

No budget in 800 days? Liberals saying Democrats had a budget this year. Obama… that was rejected by all? Clueless how budgets get passed?  However he is not clueless about raising the debt ceiling… without meaningful matching cuts and or a balanced budget amendment!  Obama knows it would be another nail in the coffin of America and another step toward his plan to fundamentally transform America… into a second rate nation!

Many, including Trump, feel that the GOP doesn't know they are in the driver's seat. All they have to do is sit back & wait for Senate & Obama to pass #CCB. Tick, tick, tick...  Time for the GOP to play poker!

Last Update: 07.30.11: 4:15p.m. ET  -  Reid’s Debt Ceiling Increase Bill defeated in the house. The vote was 246-173. Senior official confirms Pres Obama has summoned Dem Leaders Reid and Pelosi to WH meeting on debt limit stalemate… no Republicans.  So Speaker Boehner and Senate Minority McConnell just appeared together in short press conference:

Pres. Obama needs to tell us what he can sign. We're in those discussions now. –McConnell

Boehner: It's time for the POTUS to tell us what he's for.

McConnell: "I think we all know that if the president decides to reach an agreement w/ us, the Democrats...will fall in line."

Boehner says POTUS has driven Congress into cul-de-sac

Former Fox News White House Correspondent Major Garrett: Remember that driving metaphor from POTUS and 2010 campaign (reverse/forward)? The press would be a lot more credible if they treated POTUS the way they treat Boehner and McConnell. Amen

**Unnamed conservative reporter at Boehner/McConnell press conference said it appears that Obama and Reid might be getting the message that the tide is changing and they they will get the deserved blame for this debacle they’ve created, so my be talking compromise now.**

***At the end of the day, the most amazing thing to me is how many people are still completely disengaged… clueless.  Jon Stossel went out in the street… Leno Jay-Walking style and asked people what the debt ceiling was, how much it was and who John Boehner is and most didn’t have a clue and many said they did care.  I can only pray that those people choose not to vote!!***

America: Losing our AAA Credit Rating Anyway… So “NO” Reason to Raise Debt Ceiling!

Egan Jones, Moody’s and S&P  warn of credit rating downgrade for US from AAA to AA.  Now they are saying that even if we raise the debt ceiling they will no doubt downgrade us anyway.

Giving Obama another Trillion dollars and expecting him to be responsible with it it is like giving an alcoholic a 5th of Whiskey and expecting him only to take one drink on special occasions.

If we are going to lose our AAA credit rating, there is absolutely no reason to increase the debt ceiling.  We would be much smarter to hold out and insist that Cap, Cut and Balance be passed by the Senate and signed by the president and then move forward cutting like crazy!  No matter what Obama and the Dems tell us, the United States will not go into default!  We will finally just have to sit down tighten our belts as a nation and deal with the debt… and now is better than later when it is even higher.

We borrow 42 cents of every dollar we spend and half of that is from countries like China who hate us and are actually receiving land for whole cities to be built here in the United States in exchange for some of that debt we keep running up.  Much of the rest that we are borrowing is just printed money…

Obama is responsible for half of the total national debt we owe after only 2.5 years in office.  He created this debt and the responsibility is his!  Wake-up America, this is not George Bush’s fault, and I’ll admit he was a spender with two wars going!

Under George W. Bush we were paying $1.6 Billion in interest per day.  Under Obama, we are now paying $4.3 Billion in interest every day.  It would be a fool’s folly to raise our debt by another Trillion dollars if we lose our credit rating and have to pay more for that borrowed money.

The GOP has put forth plan after plan to avoid this debt crisis and last minute debt ceiling fight and House passed Cut, Cap and Balance last week.  President Obama has put forth nothing except an outline in a speech that the CBO said they couldn’t score (which he knew in advance).  The Gang of Six (mixed group of Senators) put out a 5-page outline and Harry Reid finally put out a last minute plan for the Dems that is a complete ruse.  One must wonder how long it will take for Americans to stop listening to the mainstream media who are just minions for the Obama administration and start using their common sense?!?

A downgrade in our country's credit rating could have an immediate impact.

"If we go from a AAA to a AA, our interest rates will go up, they won't explode. But, they'll go up, which means a larger portion of our tax money will go to paying interest," said Joe Prinzinger, Lynchburg College Economics Dept. Chair.

Tax money - dollars that you and I give to the feds - won't be spent on us; It'll be used solely to pay down the federal debt.

"People will wind up paying a higher percentage of their income to pay for groceries, gasoline, home and car loans and necessities," said Prinzinger

And there definitely will be a negative impact on Wall Street.

On April 19th Timothy Geithner went on TV and said there was no way that the U.S. credit rating would be downgraded.  On July 25th the president went on TV and said if there was no solution we would definitely lose our AAA credit rating.  So which is it.

You might not like everything that the GOP is fighting for or even what they end up agreeing to, and you will like the sacrifices even less if they hang firm, but in this fight they were the only players!  The insanity is that Obama keeps calling for a compromise on the debt crisis and for balance, yet it is he and his party that have no plans, refuse to compromise, threaten vetoes and refuse to move forward on a Balanced Budget Amendment that 75% of Americans support and is the only way that we can settle and stop future crisis and the unbridled spending of Washington.  66% support Cut, Cap and Balance which the House of Representatives passed last week, Harry Reid refused to allow the the Senate even to vote on and Obama threatened to veto before it was even passed.

If you understand Obama’s ideology and goal, this is exactly what he wants and spending us into second rate nation status is the plan! The real insanity is that most of America still doesn’t get that!

by Ask Marion

Related:

Fearmonger Friday:  Obama Administration Will Announce Which Bills Will Be Paid, Which Not, After Market Closes on Friday

Dick Morris (Op-Ed):  Obama’s Big Lie

Senator Jim DeMint… Cut, Cap and Balance

Review:  The Debt Ceiling and Economic Crisis Debate Rages On

CUTS Today Can Disappear Tomorrow… With a Balanced Budget Amendment…!  Originally posted at Idiots on the Left

Reid’s Gimmicks Unmasked: Record $3T Debt Increase Tied to Just $1T in Cuts

Obama on Sidelines in Critical Battle Over Debt Ceiling

Donald Trump Finally Weighs In On Debt Ceiling Debate

Video: Joe Walsh to Obama: Stop Lying

Steve King on default: Obama could be impeached

Super Congress:  Echoes of Tyranny Rising

Propa-Organists  -  Many in the know feel Soros will spend much of his time and money feeding the pro-Obama media, creating havoc for the 2012 election and attacking groups like the tea party, Fox News and anyone who is anti-globalism and therefore anti-Obama.