Skip to comments.Obama, 11 a.m.: We won't default. Obama, 6 p.m.: We might default.
Posted on 07/23/2011 11:29:47 AM PDT by freespirited
Throughout the debt ceiling talks, one of President Obama's key tasks has been to serve as a reassuring voice, expressing confidence to the public and the financial markets that the United States will not default on its debt. When he appeared at a town hall at the University of Maryland Friday morning, Obama did just that. "The United States does not run out without paying the tab," he said. "We pay our bills... We have never defaulted on our debt. Were not going to do it now." Later in the townhall, Obama said, "I just want to make sure everybody understands defaulting is not an option."
Just a few hours later, shortly after 6:00 p.m., the president appeared in the White House briefing room and delivered a message almost precisely the opposite of what he had said a few hours earlier. "[Congressional leaders] are going to have to explain to me how it is that we are going to avoid default," the president said. When asked whether he could guarantee that Social Security checks would go out, Obama said, "When it comes to all the checks, not just Social Security -- veterans, people with disabilities -- about 70 million checks are sent out each month; if we default then were going to have to make adjustments." Still later, Obama said if House Republicans "are not willing to make sure we avoid default, then I think ... that they would have to take responsibility for whatever problems arise in those payments." ...
Yes, Obama was angry about the breakdown of the latest round of talks with congressional Republicans. But the talks have broken down before -- Obama himself walked out of one session -- and Obama must know that having the president vent publicly about default will not help the situation.
(Excerpt) Read more at washingtonexaminer.com ...
Shut it down if necessary. NO TAX increase, stop spending. Period.
just wait and watch....him contradict himself, in frustrated panic.
Another “I didn’t have sex with that woman, Ms. Lewinsky:”, meaning of “is” is moment we have become so used to from the Marxists.
He does, but it makes him feel better while going off the deep end.
He is losing his worshipers by the droves because of this d@mn stubborn Congress! : D
have seen that video on FRepublic now a couple times
crap, that is funny
Entirely up to you Pres**ent 0. If current revenues are sufficient to meet current obligations, default does not have to happen . . . unless you chose for your own game-playing purposes to not use current funds to meet current obligations.
He’s h#llbent on raising taxes. It’s in his DNA.
This bugger doesn’t know what the hell he’s saying. He lets off with whatever he thinks will get him through the next five minutes.
Defaulting is a choice.
They have the choice of paying for entitlements or servicing the debt.
They will probably choose to default and then play the typical politician blame game.
Then the lemmings on the left will blame the right and the lemmings on the right will blame the left.
The politicians will smile at each other across the aisle as their faux competition will have worked again as they continue their power trip over the American people.
I’ve read that monthly revenues are on the order of 200B. Debt service is 29B. That leaves more than enough money to pay medicare, social security, veterans.
What it does not leave is enough to cover about 40% of monthly obligations, like the bloated bureaucracy at DOE, ED, etc.
It is clear to see that our Rogue government is not sincere in bringing about financial recovery due to the fact that they want to continue to raise the debt ceiling, instead of paying down the debt.
( 2+2=4 , not 5)
Threats are being used not only against the American people, but also those countries from which the United States are indebted to as well. Obummer is essentially telling China, and the other countries, “ hey, if we can’t keep borrowing money from you, then we will default on our loans, or simply print more money and pay you with devaluing currency.” His rhetoric alone about threatening default is absurdly stupid, it’s potential national suicide. Such is the situation we are in.
Not only that, but SS incoming revenue is about $45 billion, while outgoing payments to recipients is about half that.
Not so sure about that:
In FY 2010, defense spending, Social Security, and Medicare/Medicaid combined were over 100% of federal revenues.
Social Security and Medicare payments will keep going up as more boomers retire, go on Medicare, and the general population keeps aging and gaining weight.
Tax incomes are probably going to go down.
Entitlements are the elephant in the room that no one will address. Americans are living in a delusional state of denial.
It they were to raise taxes (or fees, or other tricks), the slowdown will become more severe very quickly. Truly private-sector Americans won’t tolerate more thievery. Federal funding to local governments must be cut, though those are the favorite constituents of Congress.
No executive experience, no political opposition (including McCain), no demonstrated leadership ability.
What a disaster.
Social security in the red this year (2010)
BTW, do not be misled. Only Congress can raise spending, and only the House of Representatives can hike taxes on the federal level. At the same time, your local government folks can do both in various ways.
Little correction: only the House can initiate revenue hikes.
I think he would hold up SS checks just for spite so he can have a chance to blame the pubs. Not servicing the debt would be a colassal blunder.
I think he would hold up SS checks just for spite so he can have a chance to blame the pubs. Not servicing the debt would be a colossal blunder.
Obama:”WE dont default on OUR nation’s debts”
Obama a little later :”REPUBLICANS are going to default on OUR nations’s debts”
You see the WE is for when Obama is taking credit for something, but is used sometimes in a negative context.
Get ANY debt limit increase bill to Obama’s desk and he will sign it. Republicans only need to break 15 Democrat Senators to do that. The debt limit will be increased, one side will cave. It’s a matter of understanding what winning means. Winning is not giving Obama what he originally demanded, then claiming it saved us from something even worse.
He had to wait for the market to close before dropping the ‘default’ word bomb.
By Monday, the Republicans will have suffered the slings and arrows of outrageious demagoguery from the media for three days and public opinion will be set against them (the WH hopes).
Byron you're giving him waaaay too much credit.
Mr. Obama, why don’t you submit a plan?
A default is not an economic event. It is a political event.
We need to get this child out of the White House.
Is it just me or is Gumby really sitting in the Oval office?
” A default is not an economic event. It is a political event.”
It is so obvious at this point, but not lost on many since and before he became POTUS, he, as well as so many in his party, are totally evil bastards.
Not increasing the debt has no bearing on if we default. We have plenty of income to meet our debt requirements. Obama and his fellow liberals in the Democrat party are simply the party of Tax & Spend and want to spend more than the country takes in as they use that money to buy votes.
If I were BoneHead, I would go before the cameras and say just one thing, “Mr. Obama, why are you so focused on taking this country into more debt?”