Good Grief, National Debt over $4,000,000,000 … How Did Obama Used to Feel about Debt Ceiling?

UNREAL, the National Debt has now passed the $14 trillion mark for the first time ever. In just 7 months, the National Debt as increased from $13 trillion on June 1, 2010 to $14 trillion on Dec. 31. Good grief. And as Weasel Zippers preemptively respond to Obama and his Democrat minions, No, this isn’t Bush’s fault.

The latest posting today of the National Debt shows it has topped $14 trillion for the first time.

The U.S. Treasury website today reported that as of last Friday, the last day of 2010, the National Debt stood at $14,025,215,218,708.52.

It took just 7 months for the National Debt to increase from $13 trillion on June 1, 2010 to $14 trillion on Dec. 31. It also means the debt is fast approaching the statutory ceiling $14.294 trillion set by Congress and signed into law by President Obama last February.

The federal government would have to stop borrowing and might even default on its obligations if Congress fails to increase the Debt Ceiling before the limit is reached.

Some Republicans in the new Congress have said they’ll seek to block an increase in the Debt Ceiling unless a plan is in place to significantly reduce federal spending and unfunded government liabilities on entitlement programs such as Social Security and Medicare.

White House economic adviser Austan Goolsbee warned yesterday.

However, as reported at the NRO President Obama’s economic advisor Austin Goolsbee argued  that a refusal by the Senate to increase the government’s debt ceiling would be “catastrophic” and a sign of “insanity.” Hmm, intertingly enough that’s not the position the Obama had in the past. 

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. … 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. (Obama’s thoughts on the debt limit in 2006, when he voted against increasing the ceiling)

 Funny how Obama does a 180 when he is in power.

Barack Obama Administration Announces Second Year of $1.3 Trillion Deficit

Welcome to Obamaville … Hey America, how’s that“hopey, changey” stuff working out for you?

Thank you Barack Hussein Obama and the Obama economy … Obama Administration announces second year of $1.3 trillion deficit. Add that to the 9.7% unemployment, record number of people on food stamps, housing foreclosures over 100,000. Is it any wonder why Obama’s Presidential polling index is starting to tank again and Democrats find themselves in dire straits of losing the House Senate and majority of Governors.

$1.3 trillion …bahahahahaha …

The Obama administration announced Friday it has exceeded the $1 trillion mark in the federal deficit — predicted by Congress’ research arm last week as $1.29 trillion — for the second straight year as it projects an even larger gap between revenues and spending for fiscal year 2011.

That means the government had to borrow 37 cents out of every dollar it spent as tax revenues continued to lag while spending on food stamps and unemployment benefits went up as the economy slowly pulled out of recession.

The eye-popping deficit figures provide Republican critics of President Obama’s fiscal stewardship with fresh ammunition less than three weeks ahead of the midterm congressional elections. The deficit was $122 billion less than last year, a modest improvement.

The Congressional Budget Office last week announced the deficit for the 2010 budget year that ended Sept. 30 was $1.29 trillion. That’s down by $125 billion from the $1.4 trillion in 2009 — the highest deficit on record. It attributed money recovered from the Troubled Asset Relief Program for the decrease.

But wait, the Obama Administration and Democrats finally have something they can run on, they have set a record … 2 years in a row of over a trillion dollar deficit (check out the graph that the MSM refuses to print). To get a historical sense of what the budgets used to look like, go to Heritage Foundation.

Priorities … Senate Votes to Turn Down TV Commercials, But No Vote on Budget or Bush Tax Cuts

CALM down America … the 2010 midterm elections are right around the corner.

Wonder why Congress has an approval rating lower than pond scum? Talk about legislation that is cutting edge and important to America and the economy! This Congress acts like a bad SNL skit. Politicians actually wonder why “WE THE PEOPLE” are upset?

The US Senate has voted to turn down the volume on TV commercials. That is correct. Congress could not vote on a budget or on the Bush tax cuts before they run away from Washington, DC but they found time to vote on breaking legislation like the audio volume of TV ads. UNREAL!

Legislation to turn down the volume on those loud TV commercials that send couch potatoes diving for their remote controls looks like it’ll soon become law.

The Senate unanimously passed a bill late Wednesday to require television stations and cable companies to keep commercials at the same volume as the programs they interrupt.

The House has passed similar legislation. Before it can become law, minor differences between the two versions have to be worked out when Congress returns to Washington after the Nov. 2 election.

As Weasel Zippers says, CALM down America … November 2 is right around the corner. Let your voice and opinion be heard. The economy is slipping back into a double dip recession, unemployment is at near 10% nationally, underemplymnetis at 18.8%, the federal debt is out of control and Obamacare is a fiasco as health care cost are rising … but the Democrat controlled Congress finds time for the important things like regulating the volume of a commercial. Way to go folks.

Its title is the Commercial Advertisement Loudness Mitigation Act, or CALM.

Sen. Charles Schumer, D-N.Y., a co-sponsor, said it’s time to stop the use of loud commercials to startle viewers into paying attention. “TV viewers should be able to watch their favorite programs without fear of losing their hearing when the show goes to a commercial,” he said.

Barack Obama, the Economy Is Strengthening, Remain Calm, All is Well … In the Midst of a Global Economic Meltdown

It’s an Obamanation …

President Barack Hussein Obama has become a cross between Baghdad Bob and Chip Diller (Kevin Bacon) of Animal House fame screaming in the midst of total chaos yelling remain calm as is well. Barack Obama claims that the economy is strengthening despite the fact that there is no economic data to hang your hat on.

“I think in our discussions we share the view that the economy is strengthening, that we are into recovery, that it’s actually led by some interesting sectors, like manufacturing, that we haven’t seen in quite some time,” the president said. “But what we also agree is that we’ve still got a lot of work to do.”

The economy is getting better, so says the Chosen One and we are supposed to believe him why? Maybe because he has created so many jobs as he promised? Not. Heck, even VP Joe Biden said we are never going to replace all of the 8 million jobs lost. How come they didn’t run on that platform? The fact of the matter is that Barack “Baghdad Bob” Obama has no data but his teleprompter words to say that the economy is getting better …

From Yahoo Finance … no matter where investors looks they see economic trouble as stocks skid on the fear of another global slowdown.

Yesterday the stock markets plunged 268.22 points to close below the all important 10,000 threshold.

The blue-chip average is on pace to fall more than 9% in the quarter, which ends on Wednesday. This would be the Dow’s first losing quarter since the first quarter of 2009, when a prolonged bull market began. The Dow Jones U.S. Total Stock Market Index has lost roughly $1.5 trillion in value in the quarter so far.

The Standard & Poor’s 500-stock index fell 3.1% to 1041.24, its low for the year. The Nasdaq Composite index fell 3.9% to 2135.18, its lowest since February. 

Consumer confidence fell sharply in June 2010 over the fear of no jobs being created. After all the Obama $878 billion stimulus spending, there are no jobs continually being created. Obama’s government spending policies have been a failure. Even socialist economies of Europe in theG20 Summit opted to be more fiscally conservative than President Barack Obama.

“What we need are consistent job gains, not just a month or two,” said Richard DeKaser, chief economist at Woodley Park Research in Washington, whose confidence forecast was the lowest of those surveyed. “Until we get that, I don’t think we’re going to see any gains in consumer confidence.”

We have record federal deficits, near 10% national unemployment, consumer confidence down, the stock market below 10,000, out of control government spending and some how in all that the economy is strengthening. Other than that Mrs. Lincoln, how was the play?

Obama In Wonderland: Obama Pens Letter to G20 Nations to Increase Government Spending, Then Says He’s Serious About Reducing Deficit

Welcome to Obama in Wonderland …

President Barack Hussein Obama was on record that he wanted the G20 nations to increase government spending in order to grow the world economy. The European leaders led by Merkel had other ideas. Thank you Barack Obama, you just made the US irrelevant on the world state thanks to your socialist progressive agenda.

But European leaders, led largely by German Chancellor Angela Merkel, have pushed back on increased spending as deficits rage out of control.

Those European leaders appeared to win out over the weekend at the G-20 summit in Toronto as the world’s leaders agreed to cut deficits in half by 2013.

The G20 nations, namely European socialist countries, SAID NO!

Today’s G-20 meeting has been advertised as a showdown between the U.S. and Europe over more spending “stimulus,” and so it is. But the larger story is the end of the neo-Keynesian economic moment, and perhaps the start of a healthier policy turn.

For going on three years, the developed world’s economic policy has been dominated by the revival of the old idea that vast amounts of public spending could prevent deflation, cure a recession, and ignite a new era of government-led prosperity. It hasn’t turned out that way.

So after Obama and his economic policies were rebuked, Obama then sayshe is serious about reducing deficits. Please. This from the President that has done nothing but put the US into record deficits and tripled them in his first term in office. Now he is promising to cut the deficit in half by 2013. This from the man who promised how many jobs would be created, Obamacare would lower health care costs and reduce the deficit and a $787 billion stimulus package would keep unemployment under 8%.

I believe Obama’s nose actually grew when he said that he would cut deficits in half by 2013. Thankfully, Obama will not be around in 2013, God willing.