06-22-2011, 08:10 PM
(This post was last modified: 06-22-2011, 08:18 PM by Red White and Blue. Edited 1 time in total.)
Folks we are in dire straights. Obama's policies have failed us and we are headed down the same path as Greece. The spending is unsustainable. But not to worry. The dems have a solution. Don't touch Medicare or entitlements and spend more.
66% of Americans say that we are headed down the wrong track. Higher gas prices, higher food prices, higher transportation prices, higher inflation, plunging home prices, rising unemployment numbers. Good luck to Obama running on this record.
66% of Americans say that we are headed down the wrong track. Higher gas prices, higher food prices, higher transportation prices, higher inflation, plunging home prices, rising unemployment numbers. Good luck to Obama running on this record.
Quote:CBO: Government faces fiscal crisis over borrowinghttp://firstread.msnbc.msn.com/_news/201...-borrowing[/quote]
From msnbc.com's Tom Curry
In its mid-year long-term budget forecast, the Congressional Budget Office on Wednesday renewed its previous warnings that the government faces an increasing risk of a fiscal crisis due its ever-greater borrowing.
The report comes as Vice President Joe Biden and congressional budget negotiators try to reach an accord that would cut spending enough for Republicans to agree to an increase in the government’s borrowing limit.
August 2 is the date on which the Treasury Department says it will exhaust its means of managing cash to avoid hitting the current debt limit.
As it did in a report last January, the CBO said publicly held debt as a percentage of gross domestic product (GDP) would reach nearly 70 percent during the current fiscal year which ends on Sept. 30.
The CBO – in its “alternative fiscal scenario” -- predicted that if Congress does not raise taxes to their 2000 level and fails to impose Medicare spending cuts mandated by a 1997 law, by 2035 federal spending would account for more than a third of GDP, up from 24 percent of GDP this year.
Under that same scenario, by 2020 publicly held debt would reach nearly 90 percent of GDP.
Quote:WRAPUP 5-Democrats push for jobs package in debt deal
7:28pm EDT
Wed Jun 22, 2011 7:28pm EDT
* Democrats call for new stimulus
By Richard Cowan and Andy Sullivan
WASHINGTON, June 22 (Reuters) - Democratic leaders called on Wednesday for new spending and tax cuts to boost the sluggish U.S. economy, setting up a fresh hurdle for bipartisan efforts to head off a government debt default this summer.
At the same time, a new report warned that the country could face a European-style debt crisis unless Washington cuts spending or raises taxes.
The report by the nonpartisan Congressional Budget Office adds urgency to the work of negotiators, led by Vice President Joe Biden, who are trying to find trillions of dollars in savings as part of a deal that would allow Congress to sign off on new government borrowing before the U.S. runs out of money to pay its bills...
http://www.reuters.com/article/2011/06/2...GC20110622