Obama to ask for debt limit hike of 1.2 Trillion: Treasury official

I see the irony now ....

(from OP article)

The debt is projected to fall within $100 billion of the current cap by December 30, when the United States has $82 billion in interest on its debt and payments such as Social Security coming due.

They didn't waste any time with this new crisis.

Last weeks payroll debate was all about keeping the SS cuts in place.

Now they will scream about SS being a little short for the payments

Did anyone hear about this problem last week ?

I wonder why ?

Now who gets blamed for this boondoggle.

reply to post by xuenchen


it gets better then that, Obama wants to take money out of SS to pay for a tax refund. sorry don't have a story link, heard it on Mark Levin yesterday lol

Originally posted by sicksonezer0


So what the hell did they do with all of the money from the last increase?? they spent it? on what???

.

well...Now you see just the real reason Why he insisted that the Tax relief and extension of unemployment bill was going to be passed before he went on vacation...


he is using that 2 month extension bill as the reason why he needs additional debt increases to keep the system running...

Øbama has a new funding cost, to safeguard the Drone program, from the entire fleet of some 1.200 active and some 12,000 planned or stored Drone Arsenal.... from getting entirely hijacked by the enemy..


he also still needs to continue funding even more Food-Stamp receipients in 2012
(even as the labor force is growing/ even as unemployment is getting smaller according to the BLS.)
(even as the returning Troops are being retrained as Internment Camp officials here in the USA)


i just don't know the list of new policies & programs that will need funding, but his team of accountants have come up with an $1.2 Trillion figure, over and above the current $1.2 Trillion he lobbied for just months ago to get the nation through the year 2012

this administration is just plain criminal in their spending mania

Originally posted by jhn7537
I got a great idea and it's quite simple.... STOP SPENDING MONEY YOU DONT HAVE!!!!!!!!

You expect the citizens of this nation do this, but you keep spending like reckless A-holes... You are destroying our country, you are destroying our future....

THEY either don't see it that way (for some *ridiculous and ignorant* reason), or they just don't care.

But no worries! It's OK for the government to break any and every law or do everything that would get you or I brought up on charges at the very least.

Don't have any money to pay for something? Print it! Don't have any available balance left on your credit card? Screw tightening your belt and paying things down, demand the card company raise your balance! Don't like something someone is choosing to do to themselves in their private time? Kidnap and imprison them! Don't like your neighbors (the states, in this example) deciding what they want to do for themselves? Get a bunch of your buddies together, kick in the door, and show them who's boss!

I could probably do this all day, and I know this actually extends to multiple layers of government, but I think you get the idea...as far as I'm concerned, I don't think any form of government should be allowed to get away with anything they'd have a problem with their own citizens doing.

It just seems so...WRONG.

reply to post by tothetenthpower


Yes, my thoughts on this are the same as before,

"Washington D.C. is sixty square miles surrounded by reality" - Don Rumsfeld

Like him or not, this statement is accurate.

Great Topic S&F

reply to post by tothetenthpower


This comes as no surprise. And... You know My solution: get rid of the need for money! How? Release electrogravitics technology from black ops where it has been hidden for over 50 years.

Electrogravitics allows drawing on the energy that We swim in - effectively: FREE ENERGY. Money, being the accounting mechanism for meaningful energy expended in an energy-scarce society, will become moot with the addition of this abundant free energy.

If any of My fellow ATSers haven't looked, I invite You to read my thread: www.abovetopsecret.com...

I hope it opens Your eyes and You choose to pass the information on.

Originally posted by tothetenthpower
Well well well..

Source

WASHINGTON (Reuters) - The White House plans to ask Congress for an increase in the debt limit before the end of the week, according to a senior Treasury Department official.

The debt limit is projected to fall within $100 billion of the current cap by December 30. President Barack Obama is expected to ask for additional borrowing authority to increase the limit by $1.2 trillion.

Under the new budget, Congress can only vote to block the debt-ceiling extension with a disapproval resolution. Lawmakers have 15 days within receiving the request to vote down the debt limit increase.

The debt limit currently stands at $15.194 trillion and would increase to $16.394 trillion with the request.

Look who isn't interested in keeping the debt down in the new year? Big surprise that the American Government is again attempting to place more and more debt in the pockets of the average American Worker.

I suppose he has to find a way to pay for all the tax cuts to millionaires. Now I bet you Republicans will fight and scream, but in the end, they will cave and this will move forward as planned. Although I expect them to put some social engineering into the bill, like th keystone pipeline or something of that nature.

Thoughts ATS?

~Keeper

edit on 12/27/2011 by tothetenthpower because: (no reason given)

It's not as bad as it sounds.
$4.6 Trillion of the National Debt is intragovernmental debt.
Which means we are not quite Greece.

-------
However, this spending needs to be brought under control. Easier said than done.
Earmark $$$ are still flying out of Washington DC.

House Speaker John Boehner has some explaining to do.

reply to post by Eurisko2012

It's not as bad as it sounds.
$4.6 Trillion of the National Debt is intragovernmental debt.
Which means we are not quite Greece.

But WHO still pays !!

"intragovernMENTAL" debt IS your debt !!

How much is your share?

Can you pay today?



That's what i thought.

Originally posted by xuenchen
reply to post by Eurisko2012

 

It's not as bad as it sounds.
$4.6 Trillion of the National Debt is intragovernmental debt.
Which means we are not quite Greece.

But WHO still pays !!

"intragovernMENTAL" debt IS your debt !!

How much is your share?

Can you pay today?

That's what i thought.

Well, don't forget that the GDP is also growing.
The debt we currently have is manageable. These very low interest rates are also
helping us out.

We are not Greece. Our future will brighten when a capitalist walks into the White House
January 2013.

reply to post by Eurisko2012

Well, don't forget that the GDP is also growing.
The debt we currently have is manageable. These very low interest rates are also
helping us out.

We are not Greece. Our future will brighten when a capitalist walks into the White House
January 2013.

managable yes.

but only by hugh tax increases.

interest rates will rise soon as the Fed keeps printing & borrowing.

how does the GDP help again ?

Anyone still think obama is just a sweet innocent middle class african american from the inner city of chicago? Haha. Amazing how far that little lie got him.

Originally posted by xuenchen
reply to post by Eurisko2012

 

Well, don't forget that the GDP is also growing.
The debt we currently have is manageable. These very low interest rates are also
helping us out.

We are not Greece. Our future will brighten when a capitalist walks into the White House
January 2013.

managable yes.

but only by hugh tax increases.

interest rates will rise soon as the Fed keeps printing & borrowing.

how does the GDP help again ?

It's called Gross Debt to GDP ratio.

We have another way out of this mess.

Grow the economy. Put millions of Americans back to work. Decrease the unemployment
rate to less than 5%. The resulting tidal wave of payroll taxes will wash away the huge
deficit that we have to contend with today.


All we need is - something new -. Back in the 1990s it was something new called
the World Wide Web. Companies like Google, Yahoo, Amazon and eBay appeared
out of nowhere. Jobs.....Jobs......Jobs! Clinton actually ran a Surplus for a few years.

The story gets twist after twist towards the absolutely absurd.

Hyperinflation will become reality if something is not done and fast. The only thing i have heard that could even in theory work is The Plan by Ron Paul. The world reserve currency status of the dollar is the only thing that has kept it alive for the last 10 years. When are we going to say enough is enough since it will hurt us also?

I bought on ebay a 100 trillion dollar note. It is genuine and i will hang it up on the wall as a prediction of where also the worth of the US dollar will plummet sooner or later if dramatic changes are not done.

reply to post by Eurisko2012

Grow the economy. Put millions of Americans back to work. Decrease the unemployment
rate to less than 5%.

With current policies, that is IMPOSSIBLE.

The resulting tidal wave of payroll taxes will wash away the huge
deficit that we have to contend with today.

Well, it'll only happen if the GDP grows enough. At maximum, the government can tax about 20-25% of GDP.

All we need is - something new -. Back in the 1990s it was something new called
the World Wide Web. Companies like Google, Yahoo, Amazon and eBay appeared
out of nowhere. Jobs.....Jobs......Jobs!

Yeah well that was a revolution. It happens a few times every century. So yeah it might happen again, but I doubt the elite will allow something like cold fusion to become mainstream so an industry can be created out of it... or hemp could be made legal again that would create millions of jobs.

Clinton actually ran a Surplus for a few years.

Actually that is a lie. Clinton ran a 1.53 trillion deficit during his two terms. Go look it up yourself here.

Well, don't forget that the GDP is also growing.

Actually it is not. Not real GDP anyways.

The debt we currently have is manageable. These very low interest rates are also
helping us out.

Low interest rates... till they go back up and then you are screwed.

We are not Greece. Our future will brighten when a capitalist walks into the White House
January 2013.

Unless it's Ron Paul, forget it.

reply to post by Vitchilo


Clinton did run a surplus.

He did it for 4 years. Remember those very rare GREEN bars?

Green bar = surplus

Obama has given us really long RED bars.
--------

Newt is out there bragging about the surpluses on his watch.

They actually paid down the national debt a few times.


---------
The green bars shall return. Turn that frown upside down. Obama is on his way out.

America tried on a socialist suit and it did not fit.

Originally posted by Eurisko2012

Originally posted by xuenchen
reply to post by Eurisko2012

 

Well, don't forget that the GDP is also growing.
The debt we currently have is manageable. These very low interest rates are also
helping us out.

We are not Greece. Our future will brighten when a capitalist walks into the White House
January 2013.

managable yes.

but only by hugh tax increases.

interest rates will rise soon as the Fed keeps printing & borrowing.

how does the GDP help again ?

It's called Gross Debt to GDP ratio.

We have another way out of this mess.

Grow the economy. Put millions of Americans back to work. Decrease the unemployment
rate to less than 5%. The resulting tidal wave of payroll taxes will wash away the huge
deficit that we have to contend with today.

All we need is - something new -. Back in the 1990s it was something new called
the World Wide Web. Companies like Google, Yahoo, Amazon and eBay appeared
out of nowhere. Jobs.....Jobs......Jobs! Clinton actually ran a Surplus for a few years.

i understand the theory completely.

but we do not have rational politicians and economists.

we are dealing with the reality of psychopaths. for real.

they are not going in the correct direction.

Congress had the chance to do all that in 2009/2010 (111th congress).

they failed for a reason.

no jobs will happen with the worldwide outsourcing.

look for a VAT and super high income tax increases in 2013 regarless of who is POTUS.

Clinton had no job exporting when they faked the surplus.

But they did start passing the legislation and treaties to outsource.

clever trick....now we pay off.

reply to post by xuenchen


I saw the status quo take a turn for the better in November 2010.

The Tea Party congressmen arrived in Washington DC.

Obama called the election a shellacking.
----------
I see a very bright future.

Just watch what happens January 2013.

I am sick and tired of Barack Obama running this country into the ground, asking for blank checks.

Not only does he want unlimited power, he wants unlimited funds...GTFO Barack, stop ruining our country

reply to post by tothetenthpower


So its safe to say, he will be rewarded with RE-election, because most of the reading public want unemployment benefits, and not complain about his job killing congress, remember the summer months, he stated that when he return from vacition he was going to have a jobs package instead, his congress raise the debt ceiling, ask to raise taxes, but the truth is no jobs package was ever presented, and that making one thousand jobs per state, is going to help the Country recover, do the math, 115'000 jobs divided by 48 states = 2395, we need 1.2 million jobs, per year, until 2020, or did some people spend time in study hall, for fours years.

Originally posted by Eurisko2012
reply to post by xuenchen

 

I saw the status quo take a turn for the better in November 2010.

The Tea Party congressmen arrived in Washington DC.

Obama called the election a shellacking.
----------
I see a very bright future.

Just watch what happens January 2013.

I really hope you are right my friend.

A positive attitude is good !

cheers.