Obama "No Ransom For Crashing Economy"

Townhall.com ^ | January 15, 2013 | Mike Shedlock

[Kaslin]

I am pleased to report the debt-limit charade is progressing in order, right on cue, perhaps slightly ahead of schedule.

In Trillion Dollar Coin Idea Dies Sudden Death; Treasury, Fed Oppose Using Platinum Coin; Republican Strategy I proposed this seven-stage sequence of events.

Politics of the Debate

1. Obama will chastise Congress with talk of financial Armageddon if Congress does not raise the debt ceiling.
2. Congress will pretend to hold the president hostage
3. The secretary of the Treasury will get into the act with its own version of the default debate
4. Perhaps a few payments on non-critical budget items will be temporarily skipped
5. Wall Street will feign panic
6. Constituents will pressure Congress to approve a new debt ceiling
7. Congress will raise the ceiling with another useless warning about next time

Obama Chastises Congress With Talk of Financial Armageddon

Exhibit 1A: Bloomberg reports

[bigheadfred]

"We've got to stop lurching from crisis to crisis to crisis,"

Yes indeed Lurch. Cut the crap.

[griswold3]

Mish has the DC 7-step down pat. These politicians do not have a clue. I think they keep hoping as long as they keep up appearences, this will work itself out.

[sunny48]

Ted Cruz says there’s ample revenue, that Obama is deliberately DECEIVING people on debt ceiling
Not raising the debt ceiling does not mean we default on the debt. And President Obama saying that is just fearmongering and deliberately deceiving people. The average tax revenues for the federal government are roughly $200 billion a month. Service on the debt is between $30-40 billion a month. There is ample revenue to ensure that we service the debt and any responsible president would say ‘regardless of what happens on the debt ceiling, the United States will always honor its debt. We will never default on the debt.’
Cruz explains further, including his prediction that Obama would threaten to not pay troops and social security again like he did last time. That prediction came to pass today.
http://www.therightscoop.com/ted-cruz-says-theres-ample-revenue-that-obama-is-deliberately-deceiving-people-on-debt-ceiling

[Elsie]

8. timeout(10,000,000)
9. goto 1