How Can You Tell She’s Lying?

Her lips are moving.

Well, how’d that promise work out?

Debt Has Increased $5 Trillion Since Speaker Pelosi Vowed, ‘No New Deficit Spending’

When Rep. Nancy Pelosi (D-Calif.) gave her inaugural address as speaker of the House in 2007, she vowed there would be “no new deficit spending.” Since that day, the national debt has increased by $5 trillion, according to the U.S. Treasury Department.

“After years of historic deficits, this 110th Congress will commit itself to a higher standard: Pay as you go, no new deficit spending,” Pelosi said in her speech from the speaker’s podium. “Our new America will provide unlimited opportunity for future generations, not burden them with mountains of debt.”

Pelosi has served as speaker in the 110th and 111th Congresses.

At the close of business on Jan. 4, 2007, Pelosi’s first day as speaker, the national debt was $8,670,596,242,973.04 (8.67 trillion), according to the Bureau of the Public Debt, a division of the U.S. Treasury Department. At the close of business on Oct. 22, it stood at $13,667,983,325,978.31 (13.67 trillion), an increase of 4,997,387,083,005.27 (or approximately $5 trillion).

Pelosi, the 60th speaker of the U.S. House of Representatives, has added more to the national debt than the first 57 House speakers combined.

See also:
Over $5 trillion in new debt since Pelosi promised ‘No New Deficit Spending’
Under Pelosi, national debt has increased $5 trillion
Pelosi: ‘We haven’t really gotten the credit for what we have done’
Nancy Pelosi May Be Out Whatever Happens
Nancy Pelosi Who?
Pelosi: ‘If I were not effective they wouldn’t care about me’
Obama says Pelosi will go down in history as one of the finest speakers in US
Texas Democrat Edwards, a Pelosi lieutenant, runs from her

Ten days left.

/vote like your future depends on it, because it does

Bloviator In Chief

Hoo boy.

Obama’s 17-minute, 2,500-word response to woman’s claim of being ‘over-taxed’

Even by President Obama’s loquacious standards, an answer he gave here on health care Friday was a doozy.

Toward the end of a question-and-answer session with workers at an advanced battery technology manufacturer, a woman named Doris stood to ask the president whether it was a “wise decision to add more taxes to us with the health care” package.

“We are over-taxed as it is,” Doris said bluntly.

Obama started out feisty. “Well, let’s talk about that, because this is an area where there’s been just a whole lot of misinformation, and I’m going to have to work hard over the next several months to clean up a lot of the misapprehensions that people have,” the president said.

He then spent the next 17 minutes and 12 seconds lulling the crowd into a daze. His discursive answer – more than 2,500 words long — wandered from topic to topic, including commentary on the deficit, pay-as-you-go rules passed by Congress, Congressional Budget Office reports on Medicare waste, COBRA coverage, the Recovery Act and Federal Medical Assistance Percentages (he referred to this last item by its inside-the-Beltway name, “F-Map”). He talked about the notion of eliminating foreign aid (not worth it, he said). He invoked Warren Buffett, earmarks and the payroll tax that funds Medicare (referring to it, in fluent Washington lingo, as “FICA”).

. . .

Even Obama seemed to recognize that he had gone on too long. He apologized — in keeping with the spirit of the moment, not once, but twice. “Boy, that was a long answer. I’m sorry,” he said, drawing nervous laughter that sounded somewhat like relief as he wrapped up.

But, he said: “I hope I answered your question.”

See also:
Obama’s 17 Minute, 14 Second Answer on Higher Taxes and Health Care
The great elaborator: Obama gives 17-minute answer to health-care query in N.C.
Obama’s 17-minute answer
Obama’s answer was rather loquacious
Obama Fights Adversity With Verbosity
Defensive much? Obama gives rambling, incoherrent 17 minute response to concern about being ‘overtaxed’
President Obama takes 17 minutes to answer a question

Let’s see, Obama takes 17 minutes to not answer a simple question, Alan Grayson is threatening doctors, Henry Waxman is threatening major U.S. corporations, and, a week into this new entitlement fiasco, most Americans still think Obamacare sucks.

/yeah, I see nothing but smooth sailing for Democrats going forward

Another Day Older And Deeper In Debt

Congress Approves $1.9 Trillion Debt-Limit Increase (Update1)

The U.S. Congress approved increasing the federal debt limit by $1.9 trillion, to $14.3 trillion, enough to prevent lawmakers from having to raise it again before November’s midterm elections.

The House voted 233-187 today to send the increase to President Barack Obama for his signature. The hike is more than twice the size of any of the four previous debt increases lawmakers approved in the past two years.

The Senate voted last month for the legislation, which includes a tightening of Congress’s “pay as you go” budgeting rules that may make it harder for lawmakers to add to the deficit.

“We have no choice, we have to take steps to get our financial house in order,” said Representative John Tanner, a Tennessee Democrat. The tougher budget rules “are a good first step,” he said.

Obama announced a 2011 budget request this week that projected the government will run $8.5 trillion in deficits over the next 10 years. Lawmakers of both parties complained that his budget plan wouldn’t do enough to control the shortfalls, while Moody’s Investors Service said it may cut the government’s bond rating in the next decade if the outlook doesn’t improve.

House Democrats, recognizing the political peril of an increase in the debt limit, decided to use a mechanism today that avoided a direct vote on the boost. Instead, they used a procedural vote that will trigger approval of the increase.

‘Procedural Games’

Representative Pete Sessions, a Texas Republican, accused Democrats of using “deceitful procedural games to hide the fact that they are raising the debt limit.”

Democrats said the pay-as-you-go changes showed they are serious about reducing the deficit. The plan will “usher out an era of irresponsibility and begin putting the country back on a fiscally sustainable path,” Obama said today in a statement.

Representative Paul Ryan of Wisconsin, the top Republican on the Budget Committee, said the plan is filled with loopholes. He called it a “fiscal charade” so that “we can go talk tough in the election about how we did this and that, while we bequeathed the next generation an inferior standard of living.”

The changes adopted today would enact lawmakers’ pay-as- you-go rules into law; the rules currently are frequently ignored by lawmakers. The rules require lawmakers to finance new federal benefit programs and tax cuts with savings elsewhere in the budget to avoid adding to the deficit.

See also:
House raises debt limit to $14.3 trillion
House sends debt limit increase, pay/go to White House
House sends $1.9 trillion debt-limit increase to Obama
House Votes to Hike Debt Limit
Debt ceiling raised: Again
The Vicious Cycle Between the Debt and the Ceiling
$1.9T US Debt Ceiling Hike Likely To Last Into 2011 -Source
Treasury Expects to Hit Debt Limit in February
US debt to hit proposed ceiling by end-February: Treasury
US National Debt Clock

To their credit, not a single Republican voted for this debt saddle.

/which is why we need to elect more Republicans this fall so we can cut up Obama’s credit card

Let’s Play Hypocrisy Or Incredibly Shameless Hypocrisy?

See if you can guess who gave this speech.

Mr. President, I rise today to talk about America’s debt problem.

The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.

Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion. That is “trillion” with a “T.” That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers. And over the next 5 years, between now and 2011, the President’s budget will increase the debt by almost another $3.5 trillion.

Numbers that large are sometimes hard to understand. Some people may wonder why they matter. Here is why: This year, the Federal Government will spend $220 billion on interest. That is more money to pay interest on our national debt than we’ll spend on Medicaid and the State Children’s Health Insurance Program. That is more money to pay interest on our debt this year than we will spend on education, homeland security, transportation, and veterans benefits combined. It is more money in one year than we are likely to spend to rebuild the devastated gulf coast in a way that honors the best of America.

And the cost of our debt is one of the fastest growing expenses in the Federal budget. This rising debt is a hidden domestic enemy, robbing our cities and States of critical investments in infrastructure like bridges, ports, and levees; robbing our families and our children of critical investments in education and health care reform; robbing our seniors of the retirement and health security they have counted on.

Every dollar we pay in interest is a dollar that is not going to investment in America’s priorities. Instead, interest payments are a significant tax on all Americans–a debt tax that Washington doesn’t want to talk about. If Washington were serious about honest tax relief in this country, we would see an effort to reduce our national debt by returning to responsible fiscal policies.

But we are not doing that. Despite repeated efforts by Senators CONRAD and FEINGOLD, the Senate continues to reject a return to the commonsense Pay-go rules that used to apply. Previously, Pay-go rules applied both to increases in mandatory spending and to tax cuts. The Senate had to abide by the commonsense budgeting principle of balancing expenses and revenues. Unfortunately, the principle was abandoned, and now the demands of budget discipline apply only to spending.

As a result, tax breaks have not been paid for by reductions in Federal spending, and thus the only way to pay for them has been to increase our deficit to historically high levels and borrow more and more money. Now we have to pay for those tax breaks plus the cost of borrowing for them. Instead of reducing the deficit, as some people claimed, the fiscal policies of this administration and its allies in Congress will add more than $600 million in debt for each of the next 5 years. That is why I will once again cosponsor the Pay-go amendment and continue to hope that my colleagues will return to a smart rule that has worked in the past and can work again.

Our debt also matters internationally. My friend, the ranking member of the Senate Budget Committee, likes to remind us that it took 42 Presidents 224 years to run up only $1 trillion of foreign-held debt. This administration did more than that in just 5 years. Now, there is nothing wrong with borrowing from foreign countries. But we must remember that the more we depend on foreign nations to lend us money, the more our economic security is tied to the whims of foreign leaders whose interests might not be aligned with ours.

Increasing America’s debt weakens us domestically and internationally. Leadership means that “the buck stops here.” Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. 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 limit.

Give up?

Senate must raise debt ceiling above $12T

The Senate must move legislation to raise the federal debt limit beyond $12.1 trillion by mid-October, a move viewed as necessary despite protests about the record levels of red ink.

The move will highlight the nation’s record debt, which has been central to Republican attacks against Democratic congressional leaders and President Barack Obama. The year’s deficit is expected to hit a record $1.6 trillion.

Democrats in control of Congress, including then-Sen. Obama (Ill.), blasted President George W. Bush for failing to contain spending when he oversaw increased deficits and raised the debt ceiling.

“Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren,” Obama said in a 2006 floor speech that preceded a Senate vote to extend the debt limit. “America has a debt problem and a failure of leadership.”

Obama later joined his Democratic colleagues in voting en bloc against raising the debt increase.

Now Obama is asking Congress to raise the debt ceiling, something lawmakers are almost certain to do despite misgivings about the federal debt. The ceiling already has been hiked three times in the past two years, and the House took action earlier this year to raise the ceiling to $13 trillion.

gr2009032100104

See also:
Lawmakers Urged to Raise Nation’s Debt Limit
Obama: Debt Ceiling Must Be Raised to $12 Trillion
O’s Owe Woe
Raising the debt limit could be tricky
How to pay off $12 trillion
Uncle Sam Could Risk AAA Status As Early As 2012
US National Debt Clock
Setting Records

And remember, by the time Obama’s done deficit spending and piling on the national debt, Congress will be asked to raise the U.S. national debt limit to $20 trillion. But hey, long before that, our creditors will probably wisely stop buying our debt and force us into default.

We’re literally living on borrowed time and money and none of the deficit spending addicted politicians in Washington seem to even give a [expletive deleted]. They’re intent on driving this country over the cliff, into the abyss, and Obama’s stomping down on the gas pedal.

/as they say, may you live in interesting times, what’s not to like?

Pay As You Go, Except For A Few Trillion Here And There

Some Democrats Warn of Loophole in Obama’s Pay-As-You-Go Rules

President Obama called on Congress yesterday to enact pay-as-you-go budget rules to help tame a deficit forecast to top $1.8 trillion this year. But even as some Democrats applauded the plan, others complained that it would give a free pass to expensive policies that would sink the nation trillions of dollars deeper into the red over the next 10 years.

The proposal would bar lawmakers from expanding entitlement programs such as Medicare and Social Security, creating programs such as universal health coverage or cutting taxes unless they cover the cost by raising taxes or cutting spending elsewhere. If, by year’s end, the White House budget office determined that new initiatives had not been paid for, the president would be required to make across-the-board cuts in entitlement spending.

The proposal is similar to rules that briefly helped the Clinton administration transform big budget deficits into surpluses. Republicans let the law, known as PAYGO, lapse in 2002.

“The pay-as-you-go rule is very simple. Congress can only spend a dollar if it saves a dollar elsewhere,” Obama said at a White House ceremony, backed by more than a dozen lawmakers, including House Majority Leader Steny H. Hoyer (D-Md.), who said he would introduce the plan as legislation next week. “It is no coincidence that this rule was in place when we moved from record deficits to record surpluses in the 1990s — and that when this rule was abandoned, we returned to record deficits that doubled the national debt.”

One big difference between Obama’s proposal and the Clinton-era rules, however, is that Obama would exempt an array of expensive policies currently in effect. For example, lawmakers could extend the tax cuts enacted during the Bush administration past their 2010 expiration date, restrain the growth of the alternative-minimum tax and continue to forestall scheduled payment cuts for Medicare physicians without consequence. All told, those policies would increase annual budget deficits by more than $3.5 trillion over the next decade.

Some independent analysts who support PAYGO rules objected to the loophole. “This is like quitting drinking, but making an exception for beer and hard liquor,” said Maya MacGuineas, president of the bipartisan Committee for a Responsible Federal Budget.

And while the proposal found favor in the House, it faced serious obstacles in the Senate, where several key senators said they would oppose it.

“I’m not for waiving PAYGO for $3.5 trillion of items, much of which I think ought to be paid for,” said Senate Budget Committee chairman Kent Conrad (D-N.D.). “I don’t think at this point we can afford not to pay for those very large expenditures.”

Coming one day after Obama vowed to shovel money from the economic stimulus package out the door even more quickly, yesterday’s call for fiscal rectitude also drew catcalls from Republicans.

“The president continues to display a frightening ability to say one thing, yet do the exact opposite,” said Rep. Tom Price (R-Ga.). “It’s frankly insulting that a president who is on a path to bankrupting our government would try to play the role of fiscal hawk.”

Obama: It’s OK to borrow to pay for health care

President Barack Obama on Tuesday proposed budget rules that would allow Congress to borrow tens of billions of dollars and put the nation deeper in debt to jump-start the administration’s emerging health care overhaul. The “pay-as-you-go” budget formula plan is significantly weaker than a proposal Obama issued with little fanfare last month.

It would carve out about $2.5 trillion worth of exemptions for Obama’s priorities over the next decade. His health care reform plan also would get a green light to run big deficits in its early years. But over a decade, Congress would have to come up with money to cover those early year deficits.

See also:
Obama Urges Congress to Tighten ‘Paygo’ Budget Rules (Update3)
Concord Coalition Supports Statutory Paygo But Cautions Against Large Exemptions
Obama Urges Congress to Tighten ‘Paygo’ Budget Rules
Obama proposes making ‘pay-as-you-go’ the law
Obama: After $3 trillion spent … “Pay Go” is back
Pay-go makes a comeback

What manner of bull[expletive deleted is this, just how stupid does Obama think we are? Pretty damn dumb I guess, pretending to suddenly be fiscally responsible after he’s already maxed out all the national credit cards. Now that he’s wrapped the country around a tree and totaled it, he promises to drive safely from now on.

/it’s like closing the barn door after the horse, the barn, and the entire farm is gone!