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Obama says spending cuts needed to raise debt ceiling: report (compromise w/GoP necessary)
Yahoo ^ | 4/15/11 | Jeff Mason - Reuters

Posted on 04/15/2011 12:06:05 PM PDT by NormsRevenge

WASHINGTON (Reuters) – A compromise with Republicans on spending cuts will be necessary in order to raise the U.S. debt ceiling, President Barack Obama said in an interview with the Associated Press on Friday.

Obama, a Democrat, said some questions about such cuts would have to be left for after the 2012 presidential election, when he hopes to win a second term in office.

Obama said the world could plunge into a new recession if the United States were to default on its debts, according to the AP. He voiced confidence that Congress would lift the nation's debt ceiling, AP said.

Congress is under pressure to raise the $14.3 trillion borrowing limit before it is reached as early as mid-May.

But Republicans are unwilling to do so without spending cuts and have threatened to take negotiations to the deadline.

"I think it's absolutely right that it's not going to happen without some spending cuts," Obama told the AP.

The Treasury has forecast that the ceiling will be reached by May 16. It can take emergency measures to avoid hitting the debt ceiling but those actions will only buy the United States a limited amount of time -- until about July 8.

(Excerpt) Read more at ...

TOPICS: Business/Economy; Front Page News; Government; Politics/Elections
KEYWORDS: debtceiling; obama; report; spendingcuts
Compromise .. Cuts .. Obama.

Yeah Right. Tell me another one.

1 posted on 04/15/2011 12:06:10 PM PDT by NormsRevenge
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To: NormsRevenge

Watch the Republicans fall for this line of bullshit.

2 posted on 04/15/2011 12:08:28 PM PDT by sport
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To: NormsRevenge

We saw how serious you are about cut last week Obummer. No one is buying your BS. We are also aware that your “spending cuts on the revenue side” actually mean tax increases you dope.

3 posted on 04/15/2011 12:13:04 PM PDT by Lazlo in PA (Now living in a newly minted Red State.)
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To: NormsRevenge
"Brendan Buck, an aide to Republican House Speaker John Boehner, said it was encouraging that Obama understood the need for cuts."
4 posted on 04/15/2011 12:13:31 PM PDT by Qbert ("The best defense against usurpatory government is an assertive citizenry" - William F. Buckley, Jr.)
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To: sport

The Rats are already making hay. They called my 83 year old mother and scared her to death about her Medicare and Social Security. Yesterday.
The GOP Strategery is stupid. Seems like a designated loser to me. Going after Medicare prior to repeal of Obamacare makes no sense to me.

5 posted on 04/15/2011 12:14:11 PM PDT by screaminsunshine (Shut up and eat your Beans!)
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To: NormsRevenge

Obama cuts or real actual spending cuts?

fake vs real

translation for Boehner: “who’se your daddy...”

6 posted on 04/15/2011 12:14:53 PM PDT by longtermmemmory (VOTE! and
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To: NormsRevenge
Obama, a Democrat COMMUNIST

There. Fixed it.

7 posted on 04/15/2011 12:17:49 PM PDT by mainevet (Get an M1911 or two or three or four)
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To: screaminsunshine
The Rats are already making hay. They called my 83 year old mother and scared her to death about her Medicare and Social Security.

Does you 83 year old mother listen to you or some demonRAT on the phone?

If you can't convince her that you won't lie to her about her future, you have bigger problems than pubbie strategery about health insurance.

8 posted on 04/15/2011 12:19:02 PM PDT by USS Alaska (Nuke the terrorist savages.)
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To: screaminsunshine

RATS have been telling the medicare/social security lie for decades.

They have only lies and use them without a shred of conscience, terrifying senior citizens.

9 posted on 04/15/2011 12:21:03 PM PDT by Carley ( TYPICAL STREET THUG, NASTY BULLY, THAT'S OUR PRESIDENT.)
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To: NormsRevenge
Congress has to cut spending by 1/2 Billion for each new Billion Borrowed. This will be enough to avert the coming catastrophe. But this has to be even more hard headed than Graham-Ruddman, Social Security has to be on the table. Probably increasing the age of eligibility by 3 years for all people over 63. This is a hard nut to swallow but it would be enough to allow for real reform.

CRB Index for the last 6 months.. (Future Freepers Sorry, this is a snapshot URL) this post won't make sense a month after the current date.)

This exactly matches the chart presented by Russ Winter at Minyanville.

The last 40 years have nothing to do with the current situation because folks had the good sense to go Ape Sh%$t when Nixon gave up the Gold Standard. What they are doing now.. the BASELESS STANDARD, the NOT EVEN GREEN ANYMORE.. standard.. heck.. it isn't even paper. Just electrons representing lies that our children have to make real by living in bondage.

If the Debt Ceiling is increased, the Fed will do QE3 to keep Treasury auctions from failing. Something immediate and substantial needs to be done, and Congress just punted.

Some say, "If interest rates on Treasuries skyrocket then everyone, including China and Saudi will jump back into dollars with wild abandon." But, more likely, there will be no takers for $100 Billion per month.. but the interest rates may rise anyway.. rather... it is much more likely that QE3 occurs for the same reasons as QE2 but the situation is more desperate.

The problem with that.. is that the US is deep into short term borrowing which means that the Deficit will balloon insanely the minute interest rates begin to rise..

You get into a trap, there is no interest rate high enough that overcomes the real likelihood of loss of the original principle. Equity works because it based on the analysis of the risk vs reward of appreciation or loss of the capital investment. Bond work on the assurance that the capital invested is safe, over a certain level of risk, they are considered junk because they are inherently not safe.

What foreign companies will do is use the fake dollars we have given them to purchase real US assets leaving us in an inflationary spiral and vassals in our own land. They will at some point soon, months, insist that all of our borrowing be done in their currency rather than ours and this is when our goose is cooked.

This is a story as old as Joseph, the Pharaoh and the 7 years of famine. It ended with all of Egypt in Slavery including the Israelites whom only God could save.

What is sick is that Beck warned of this 6 months ago and we just couldn't see it back then.. but now it is obvious.. and yet we are not doing anything to stop it.

There comes a point in every PONZIE scheme where the new members cannot sustain the deal and it all comes tumbling down. Social Security is the Ponzie scheme and we all know it. It has failed we are selling our very lives and putting our children into the fire of slavery and death and oppression. This has to end worse than Greece and Obama and crowd know it and are cheering with the torches in their hands. This is the Clovin-Pevin crisis they have been working for, but we don't have to go there.

First and foremost, people have been lied to and they are not ready for dealing with the reality of this. Beck and Palin see Trump's big mouth as a distraction but people are sick of lies. I am.

It starts here first. We quit lying to ourselves. I saw the charts that I posted here this weekend and they made me sick. The guy at has seen this for a while.. and unfortunately decided to make this a sales pitch with a 20 minute clouded presentation at the beginning.

The crisis doesn't come from "Bankruptcy" as Hannity keeps saying.. but the loss of "Reserve Currency Status" and the meetings are going on around the world to get this accomplished. I am sure they would like to do this without destroying the value of the dollars they already have.. but QE3 will destroy this value anyway.. so after June 2011, a crisis is assured soon no matter what if the DEBT CEILING IS INCREASED without substantial immediate and draconian cutting and a mechanism to absolutely end the deficit borrowing in 24 months.

Go outside, look around, do we love this country? If we do, we have only about 2 months to do something.

10 posted on 04/15/2011 12:21:43 PM PDT by dalight
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To: NormsRevenge

The socialist republican leadership agrees and is willing to settle for drastic cuts but not more then $12.84 over a 100 year period.

11 posted on 04/15/2011 12:23:13 PM PDT by stockpirate (Rebellion to tyranny is obedience to God!)
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To: USS Alaska

I do not trust the GOP any more than the RATS.

12 posted on 04/15/2011 12:35:52 PM PDT by screaminsunshine (Shut up and eat your Beans!)
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To: screaminsunshine
Congratulations on still having your Mother around. Since at age 83 she's seen a few political campaigns in her life, ask her if she's ever heard those kind of scare tactics before and if any of them ever came to pass.
13 posted on 04/15/2011 12:46:47 PM PDT by JPG ("2012 Can't Come Soon Enough" - Sarah Palin)
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To: NormsRevenge

WOULDN’T spending cuts KEEP YOU UNDER THE debt ceiling?

14 posted on 04/15/2011 5:54:38 PM PDT by Son House (Finally, People Lie, Because They Feel If They Tell The Truth, They Won't Get What They Want.)
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To: Son House

Sure, if the spending cuts amount to $800B between now and October and $1.7T for 2012.

That’s what I think needs to be done, except I wouldn’t do it by cutting individual programs. I would do it the way any household or business does it. Start with your known income and subtract your priority spending items. When you run out of money, there is no point in even talking about any other items. You’re done as soon as you’ve allocated all your income. The first thing any finance manager would tell somebody who was already in debt an amount equal to their entire annual income is, “Cut up your credit cards. No more borrowing !” They are sure not going to suggest robbing your neighbor or selling your kids into slavery.

15 posted on 04/15/2011 6:56:29 PM PDT by Kellis91789 (There's a reason the mascot of the Democratic Party is a jackass.)
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To: NormsRevenge

It’s more of Barry & company’s typical tax, spend and pocket as many taxpayer funds as possible.

16 posted on 04/16/2011 1:04:57 AM PDT by M. Espinola (Freedom is never 'free'.)
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