Stumped: Axelrod Can’t Explain Why Senate Dems Won’t Pass A Budget

Video: Stumped: Axelrod Can't Explain Why Senate Dems Won't Pass A Budget

Maybe he should have talked to Jeff Sessions before the interview?

Video:  Dem Leaders Run From Budget Deadline As Health Law Threatens Nation's Finances

WASHINGTON, March 18--Appearing on FOX News' "America's News HQ" today, Sen. Sessions discussed the nearing legal deadline for Senate Democrats to produce a budget (the Congressional Budget Act of 1974 requires the Senate Budget Committee to complete action on a resolution by April 1, and requires passage by the full Senate by April 15). Despite this unambiguous statutory requirement, the Budget Committee has taken no action to even begin work on a budget. In fact, it has now been 1,054 days--nearly three years--since Senate Democrats have produced a budget at all.

This stands in sharp contrast to the record of House Republicans, which passed a budget last year and which is set to introduce this year's budget next week.

Rather than confront the nation's debt threat, Senate Democrats have resorted to political tactics on unrelated matters, as well as attacks on the House Republican budget even in the absence of a plan of their own.

Sessions also addressed new cost projections for the president's health law, which the Congressional Budget Office last week found will cost nearly twice what the president originally promised, or nearly three times the promised amount once the law is fully implemented.

Debt: China and Japan Announces That America Must ‘Guarantee’ Every Penny of Fannie and Freddie - They Own 30%

We the United States are already far past the proverbial rabbit hole of no return on debt. Yet Obama told Americans last week: regardless of what you, the American People, want; regardless of what virtually all economic experts say; against all common sense; and in defiance of proof that there is no manmade Global Warming and that ObamaCare is a fraud… not a fix of any of the problems with healthcare, and that both are job killers, cost and tax hikes and the biggest government power grabs in US history, he is pushing forward with his progressive agenda.

Well… now both China and Japan have announced that we have to ‘guarantee’ every penny of what they’ve loaned us to bail out Fannie Mae and Freddie Mac. And insiders have leaked that Obama has now given the word to lay off of security observation of China. Hmmm?? Connection?? Just like when they poisoned our pet’s food and our kids with lead paint on toys a few years ago; we just had to roll with it because they own us… What comes next?

Our National Debt, China, and What We Must Do – Video

Checkout the Debt Clock: The U.S. Debt Clock

Our Debt Continued… JP Morgan Chase - Video

BEHIND OBAMA'S PHONY DEFICIT NUMBERS

Just released by Dick Morris, former advisor to former (Progressive) President Bill Clinton and author of: Catastrophe, Fleeced and Outrage

President Obama is being disingenuous when he says that the budget deficit he faced "when I walked in the door" of the White House was $1.3 trillion. He went on to say that he only increased it to $1.4 trillion in 2009 and was raising it to $1.6 trillion in 2010.
Congressman Joe Wilson might have said "you lie," but we'll settle for "you distort."

(As Mark Twain once said, there are three kinds of lies: "lies, damn lies, and statistics.")

Here are the facts:

In 2008, Bush ran a deficit of $485 billion. By the time the fiscal year started on October 1, 2008, it had gone up by another $100 billion due to increased recession-related spending and depressed revenues. So it was about $600 billion at the start of the fiscal crisis. That was the real Bush deficit.

But when the fiscal crisis hit, Bush had to pass TARP in the final months of his presidency which cost $700 billion. Under the federal budget rules, a loan and a grant are treated the same. So the $700 billion pushed the deficit -- officially -- up to $1.3 trillion. But not really. The $700 billion was a short term loan. $500 billion of it has already been repaid.

So what was the real deficit Obama inherited? The $600 billion deficit Bush was running plus the $200 billion of TARP money that probably won't be repaid (mainly AIG and Fannie Mae and Freddie Mac). That totals $800 billion. That was the real deficit Obama inherited.

Then...he added $300 billion in his stimulus package, bringing the deficit to $1.1 trillion. This $300 billion was, of course, totally qualitatively different from the TARP money in that it was spending not lending. It would never be paid back. Once it was out the door, it was gone. Other spending and falling revenues due to the recession pushed the final numbers for Obama's 2009 deficit up to $1.4 trillion.

So, effectively, Obama came close to doubling the deficit.
Obama seems not to understand that the deficit is the jobs problem. To add to the deficit in the hope of creating more jobs is an oxymoron. Additional deficit spending just crowds out small businesses trying to borrow money to create jobs and consumers seeking credit to buy cars and homes.

Soon, when the Fed stops printing money and we have to borrow real funds from real lenders, the high deficit will send interest rates soaring, further retarding growth and creating a cost-push inflation.
The interest rate we are now paying for the debt -- about 3.5% -- is totally artificial and based on the massive injection of money supply created by the purchase of mortgage backed securities by an obliging Federal Reserve. Once these injections of currency/heroin stop, the rate will more than double, sending our debt service spending into the stratosphere. Once we had to choose between guns and butter. Now we will have to choose between guns and butter on the one hand and paying our debt service on the other.
Obama's program of fiscal austerity in this new budget is a joke. He freezes very selected budget items while he shovels out new spending in his stimulus packages. If he wanted to lower the deficit, here's what he could do:

1. Cancel the remaining $500 billion of stimulus spending and

2. Cancel the $300 billion of spending in stimulus II.

Those are the real numbers. Or, as Al Gore would have it, "the inconvenient truth."

Watchdog: Bank Bailouts created more risk in system

Fair Tax – Abolish Income Tax

Biden Acknowledges Administration 'Misread' The Economy

Vice President Biden acknowledged today that the administration underestimated the depth of the economic recession months ago as it prepared a recovery package that is only now beginning to take effect.

"We misread how bad the economy was, but we are now only about 120 days into the recovery package," Biden said on ABC's "This Week." "The truth of the matter was, no one anticipated, no one expected that that recovery package would in fact be in a position at this point of having distributed the bulk of the money."

Figures released last week showed that the national unemployment rate has reached 9.5 percent, and that the economy is still shedding nearly half a million jobs a month. In reality if you factor in all the people who have dropped off the unemployment roles but haven’t found work, the unemployment figure is actually at 16% and then their are 4 other groups to factor in… people who have lost their jobs but got severance package so either haven’t hit the unemployment rolls yet or won’t qualify; people who lost their jobs over the past 3 to 4 years who gave up looking to replace their employment as the economy started its march downward; students who graduated this past year that have never found employment other than the part-time jobs they had while in school, and the group which includes seniors and people who were previously out of the job market that have to go back to work now because they’ve lost their investments that they counted on to supplement their incomes.

President Obama pushed through a $787 billion stimulus package within his first month in office to slow the economic slide by replacing retreating private-sector demand, in part, with government spending.

But criticism has been mounting from the left and right, albeit for different reasons, that the plan was misconceived.

Administration officials have argued for weeks that the economic projections made before Obama took office presented an overly optimistic view of the economy, a case Biden reiterated in blunt terms today.

Conservative critics have used the mounting job losses to argue that the stimulus package - a mix of government spending and tax cuts - should have been titled more toward the latter than it was.

Meanwhile, liberal economists such as Paul Krugman have argued for more public spending, just as the stimulus money begins trickling into the economy.

After acknowledging the economic "misreading," Biden said "the second question becomes, did the economic package we put in place, including the Recovery Act, is it the right package given the circumstances we're in?"

"And we believe it is the right package given the circumstances we're in," he said.

Asked if a second stimulus package is needed, Biden said it is "premature to make that judgment."

Instead, he said, the administration will monitor the effect of the government spending in the coming months, as the public-works projects financed by federal funds move from the planning stage to the hiring and construction phase.

"And so this is just starting," Biden said. "The pace of the ball is now going to increase."

By Scott Wilson

Wow… Is anyone surprised. Everyone I know could have told them this and come up with better and less intrusive solutions without all their experts, czars and Ivy League educations. The unemployment situation is much worse than the administration’s figures show; the bank bailouts and stimulus plan is a failure with virtually no funds ever trickling down under Joe’s watch; nobody can get a loan and the next crisis, created by this administrations and their unbridled spending in all areas, is the debt crisis. Ask Marion~

National Debt Clock... Tick Tock

Posted: Knowledge Creates Power

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