Fifteen Trillion In The Hole And Counting

Everybody knew we were going to have to increase our debt, you can’t solve a problem this big overnight or turn around this much government spending on a dime. However, the inexplicable and incredibly shameful reality is, the Washington criminal enterprise gang that is Congress and Obama still haven’t cut anything yet. In fact, they’re still increasing spending.

Debt Clock Strikes $15 Trillion

With the deadline on the Super Committee looming, the Treasury Department said on Wednesday the U.S. national debt crept over the $15 trillion threshold this week, providing a fresh reminder of the unsustainable amount of borrowing on the government’s bloated balance sheet.

See also:
Federal debt tops $15 trillion
National debt crosses $15 trillion mark
U.S. debt passes $15 trillion milestone… and it just keeps getting worse
National Debt Hits $15 Trillion Mark as Super Committee Flounders
US debt hits £15 trillion as cut-off looms
The $15 Trillion Super Circus
Deficit committee locked in budget stalemate
At $15 trillion in debt
GOP pounces as national debt tops $15 trillion
IN HIS OWN WORDS: Republicans SLAM Obama For Allowing The National Debt To Break $15 Trillion
U.S. National Debt Clock

Th primary obstacle to getting our fiscal house in order is that Democrats flatly refuse to cut anything. They’re bizarre notion of “cutting spending” is to cut the rate of future spending increases. How insane is that? It’s a grim milestone and if Democrats don’t accept the obvious financial reality, and soon, our creditors and the markets will force draconian austerity on all of us. This isn’t Greece, is this Greece?

/vote Republican in 2012, adult swim, get the Democrat children out of the pool

Another One Bites The Dust

Yet another government entitlement program looks to be about to go belly up.

Social Security Disability Payments Could End in 2017

Aging baby boomers and laid-off workers are inundating Social Security’s disability program with benefit claims, a financial strain that new congressional estimates report could leave the program bankrupt by 2017.

Applications have increased by 50 percent over the past decade, according to a report from the Congressional Budget Office (CBO), as more people with disabilities lost their jobs — and often remain unemployed for months or even years — in an economy that has been hemorrhaging jobs.

See also:
Social Security Disability and SSI going broke
Social Security Disability Payments May Cease in 2017
Social Security disability on verge of insolvency
Report: Disability fund losing cash
A look at Social Security’s disability program
Old And In The Way: The Politics, Policies and Poverty Of Aging
Soc. Sec. disabilities claims up by 50%
U.S. Trust Funds
Social Security Disability Payments In Peril by 2017
Another Looming Entitlement Crisis
Social Security Disability Fund In Trouble
Government Running Out of Funds for Social Security
Social Security disability payments could end in 2017

Medicare, Social Security, and now Social Security Disability are all well down the road toward insolvency and the politicians, particularly the Democrats, don’t have the guts to do a damn thing about it. So, if you’re under say, 50, I wouldn’t be counting on any of these entitlement programs to be there for you when you might need them in the future.

/it’s the Age of Obama economy and you’re just going to have to learn to fend for yourself

Running On Empty

Actually, we’re running beyond empty now. The United States can’t legally borrow any more money until Congress acts to raise the debt ceiling.

US government hits debt ceiling, lighting 11-week fuse

Treasury Secretary Timothy Geithner informed Congress on Monday that the United States has reached its legal debt limit, setting off a ticking time bomb that could explode in less than three months if lawmakers can’t bridge differences and allow more government borrowing.

In hitting the $14.3 trillion debt ceiling – the limit on how much the government can borrow – the Obama administration on Monday began temporarily halting payments to the retirement and federal pension accounts of federal workers and started borrowing from those funds, to be restored later.

Geithner sent a letter to Senate Majority Leader Harry Reid, D-Nev., warning that the government can move money around for about 11 weeks but if a new debt ceiling isn’t agreed to by Aug. 2, the U.S. government could effectively default on its obligations to its creditors. He warned of “catastrophic economic consequences for citizens” unless Congress raises the debt ceiling.

An increase of about $2 trillion is expected, enough to get the issue past the 2012 elections before Congress would have to lift it again.

Republicans who control the House of Representatives vow to link raising the debt ceiling to cuts in government spending of at least equal measure. In a combative statement Monday, House Speaker John Boehner, R-Ohio, upped the ante.

“As I have said numerous times, there will be no debt limit increase without serious budget reforms and significant spending cuts, cuts that are greater than any increase in the debt limit.” Boehner has called previously for $2 trillion in spending cuts as part of any deal to raise the debt ceiling.

See also:
US hits $14 trillion debt limit
US Hits Debt Ceiling, But Treasury Market Rules Out Default For Now
Deja Vu, But No Disaster: U.S. Government Hits Debt Ceiling
U.S. Hits Debt Limit, Sky Doesn’t Fall
U.S. hit debt limit today
Treasury Tapping Federal Retirement Accounts to Stave Off Default
Turbo Tim Raids Pension Plans
With Debt Limit Maxed Out, Lawmakers Hold Firm On Remedy
Rep. Jordan: U.S. won’t default if debt ceiling isn’t raised
U.S. National Debt Clock

Well, we hit the debt ceiling and, despite all the Democrat Chicken Little hysteria, the Sun didn’t explode, the seas didn’t boil, and the markets didn’t plunge thousands of points. Go figure.

/all I can say is that the Republicans had better stand firm and hold their ground this time and hold out for concrete, verifiable spending cuts that at least equal the amount of any debt limit increase

A Line In The Sand?

Does he mean it this time or will he cave to the out of control spending Democrats yet again?

Boehner says ‘trillions’ in cuts loom on debt vote

The top Republican in Congress wants trillions of dollars in spending cuts as part of must-pass legislation permitting the government to continue to borrow to fund its operations and meet obligations to investors.

House Speaker John Boehner, in a speech prepared for delivery Monday night, says it would be irresponsible to raise the so-called debt limit beyond its $14.3 trillion cap without a major effort to curb the spiraling deficit. He says the cuts should be larger than the amount of the permitted increase in the debt.

See also:
John Boehner’s tough talk on debt limit: a departure from history
Wonkbook: Boehner’s debt-ceiling demands
Boehner: Spending cuts should be greater than debt limit increase
Boehner really isn’t asking for that much to raise debt ceiling
Wall Street Takes Boehner Debt-Limit Speech In Stride
Speaker Boehner: Tax hikes are ‘off the table’
Speaker Boehner: Tax Hikes Are ‘Off The Table’
Republicans Rule Out Tax Increases in Battle With Democrats Over Debt Cap
John Boehner’s debt pitch has risks for GOP
Boehner’s debt-limit speech: Reactions from the Hill
Democrats and Republicans Spar Over US Debt Ceiling
Boehner reiterates GOP’s ransom demands
Obama aide: Boehner shouldn’t hold debt limit ‘hostage’ to spending cuts

So, have Boehner and the Republicans finally grown a spine? They talk the talk, but can they walk the walk? They’re on the right side of fiscal reality and American public opinion in this all the marbles battle for the country’s very economic survival. The stakes for our future literally couldn’t be any higher.

/hopefully, they won’t chicken out again, the last time they promised to stand their ground on spending cuts, it ended in a humiliating disaster for Republicans

Do We Have Your Attention Now?

This is a clear warning shot across this country’s economic bow and definitely not a good development.

U.S. Warned on Debt Load

A blunt warning Monday from a credit rating firm about the U.S. government’s mounting debt pushed stock markets lower and intensified political divisions in Washington about how best to tackle growing deficits.

Both the Obama administration and House Republicans scrambled to gain leverage from Standard & Poor’s changing its outlook on U.S. Treasury securities to “negative” from “stable.”

S&P didn’t lower its top-notch AAA-bond rating for U.S. government Treasury securities, and their prices initially fell but later rebounded amid optimism that the report could serve as a catalyst to force both sides in Washington to compromise.

See also:
US faces credit downgrade if debt not cut
UPDATE 3-White House, Congress under pressure from S&P move
S&P’s warning to Uncle Sam
Stocks sink after S&P downgrades US outlook
S&P Downgrade Of U.S. Debt Says Nothing New
Outlook change stokes political battle over US debt
JP Morgan’s Comments on the SP Downgrade…. “fiscal issues are serious”
Analysis: Obama plays down S&P outlook change
White House calls S&P downgrade political judgment
House Dems insist S&P warning means Congress should raise debt ceiling, no strings attached

Boy, all I can say is that Obama and Congress had better get off their asses and do something substantial to get our national debt problem under control. And they need to do it soon.

/and if you think we have serious fiscal problems now, just wait and see what happens if we ever lose our AAA rating, it will not be pretty

What Was The [Expletive Deleted] Point?

First they promised to cut $100 billion, then said what they really meant was that they’d hold out indefinitely for $60 billion, then they totally caved in to the Democrats, compromising on $38 billion, and in the end all we got was a lousy $352 million in cuts. What a gyp, shame on the spineless Republicans.

Budget deal: CBO analysis shows initial spending cuts less than expected

A federal budget compromise that was hailed as historic for proposing to cut about $38 billion would reduce federal spending by only $352 million this fiscal year, less than 1 percent of the bill’s advertised amount, according to the Congressional Budget Office.

Although that analysis dampened enthusiasm for the deal among many Republicans on Thursday, the House and the Senate approved the measure with bipartisan support. President Obama is expected to sign the bill Friday, officially ending the prospect of a government shutdown.

The findings from the budget office warned that the deal may never come close to delivering on its promises. The analysis found that $13 billion to $18 billion of the cuts involve money that existed only on paper and was unlikely to ever be tapped.

See also:
U.S. Budget Analysis Shows Smaller Savings
CBO Says Budget Deal Will Cut Spending by Only $352 Million This Year
Forget $38B: Budget only cuts $352 million this year
Deal Approved but Debate Continues Over Actual Extent of Spending Cuts
Budget cuts too small for many conservatives
Spending cuts fall short of $38 billion: CBO
How Washington Turned $38 Billion Into $352 Million
CBO: 2011 Budget Cuts Far Less Than Promised
Editorial: Washington’s $38 Bil In ‘Cuts’ Are Bogus

This is insane, the United States is $14 trillion in debt, the world bond markets could decide to cut up our national credit card at any given moment, the laws of mathematics dictate that the American economy will completely collapse by 2037, and these congressional buffoons spent the entire last month arguing over cutting $352 million?

The 2012 elections can’t come fast enough. We need to start with a new President and Republicans taking control of the Senate and keeping control of the House. It’s apparent that one party rule, with a party that’s serious about restoring fiscal sanity (and that ain’t the Democrats), is going to be required to stop this country from careening off the cliff of financial ruin.

/and, if that doesn’t work, we’ll have to get us some new Republicans starting in 2014

Bogus Obama Math Busted

It’s bad enough that Obama had the gall to release a farcically irresponsible 2012 budget that kicks the fiscal sanity can down the road and shoves the United States well down the path to third world status, but then he and his clown posse minions have the further, cynical audacity to lie about it to the American public.

CBO: W. House Lowballs Debt

The president’s budget plan would double the debt over 10 years to $20.8 tril, the CBO estimated, $2.3 tril more than the White House had projected. Interest on the debt would top 18% of federal revenue in 2018, a level that Moody’s has said could trigger a downgrade of America’s AAA rating.

Read the Congressional Budget Office report:

Preliminary Analysis of the President’s Budget for 2012

See also:

Report says Obama budget underestimates deficit
CBO Claims Obama Budget Underestimates Future Deficits by $2 Trillion
CBO: Obama budget underestimates deficits by $2.3 trillion over upcoming decade
CBO: Obama understates deficits by $2.3 trillion
Obama Budget Underestimates Deficits by $2 Trillion
CBO: Obama FY12 Budget Would Result In $9.5T In Deficits Over Next Decade
CBO: Obama policies would require deficits of $9.5 trillion through 2021
CBO: Obama budget worse than projected on 10-year deficit
Congressional Budget Office projects higher Obama deficits
CBO Analysis: Obama’s 2012 Budget Increases Deficit
US budget to worsen deficits: CBO
UPDATE 2-Obama budget would worsen deficits – CBO report
Oooops! CBO says Obama’s budget understates deficits
To Bull[expletive deleted] . . . And Beyond!

Paul Ryan and the Republicans will soon unveil their 2012 budget which will address the looming entitlements disaster, make the hard choices, and put America back on the road to fiscal solvency. And, of course, Obama and the Democrats, in control of the Presidency and the Senate, will fight tooth and nail to sabotage and undermine any attempt to walk America back from the edge of the financial abyss which they seem hell bent on flinging us into.

/I can’t emphasize just how important the 2012 elections are, without a new President and Republican control of the Senate, the United States economy will continue to recklessly stagger towards economic collapse under Obama’s crushing, unsustainable debt load

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