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he United States Department of Treasury will reach the the statutory limit it is allowed to borrow money before election day, according to a new study by Sen. Rob Portman, R-Ohio., former director of the U.S. Office of Management and Budget. “Following the contentious debt ceiling last August, President Obama promised that he would take action to address the country’s fiscal crisis. He has failed to do that," Portman said. "In fact, his new budget increases spending and projects that Washington will be hitting the debt ceiling again in mid-October – burning through a $2.1 trillion debt limit increase in...

The Obama administration delayed asking Congress to raise the U.S. debt ceiling by $1.2 trillion after congressional leaders objected to the time frame. The White House said the delay won't affect the nation's creditworthiness, The Washington Post reported.Under the request the administration originally planned to submit Friday, Congress would have had 15 days to disapprove the request or else the debt ceiling automatically would have been raised from $15.2 trillion to $16.4 trillion.Congressional leaders, however, objected to the timeline, saying it would have been difficult for lawmakers to vote on the measure. The House doesn't return until Jan. 17 and...

The cat fell from a ceiling tile in the customs room.A Bay Area cat lost for two months since it went missing from a baggage center at John F. Kennedy Airport has been found safe. American Airlines reports that the feline, known as Jack the Cat, was found in a customs room and was taken to a veterinarian. A family friend of the owner told NBC that the cat was discovered after it fell from a ceiling tile. Karen Pascoe was flying with Jack and her other cat, Barry, to San Francisco that week to start a new job in...

The story is that as Mark Twain and novelist William Dean Howells stepped outside one morning, a downpour began and Howells asked Twain, “Do you think it will stop?” Twain answered, “It always has.” The debt-ceiling impasse has, as things generally do, ended, and a post-mortem validates conservatives’ portrayal of Barack Obama and their dismay about the dangers and incompetence of liberalism’s legacy, the regulatory state.

While many are complaining about the recent debt-ceiling deal, is it really the issue? Sure, statists say that the Republicans steered us toward crisis with their initial unwillingness to compromise, while traditionalists complain that the GOP folded and “let us down again.” Our problems, however, lie not in our politicians but in ourselves. Just so you know, my solution to our spending woes would be to once again limit the central government to only that which our Constitution dictates it may do, which would cause its budget to immediately shrink by at least two-thirds — and probably far more. Of...

The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday in an unprecedented reversal of fortune for the world's largest economy. S&P cut the long-term US credit rating by one notch to AA-plus on concerns about the government's budget deficits and rising debt burden. The move is likely to raise borrowing costs eventually for the US government, companies and consumers. "The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics,"...

Why the Tea Party-friendly Republicans of the U.S. House own this epic humiliation On Friday night, after a swirl of rumors and conflicting news reports that will be grist for the Washington pundit mill for years to come, Standards & Poor downgraded the credit rating of the United States.

Congresswoman Gabrielle Giffords returned to Washington, D.C. Monday, seven months after her tragic attack to cast her vote in favor of raising the debt ceiling. Her timing couldn't be better to unveil the absolutely relentless hypocrisy of left-wing media and politics. The vicious attack on Giffords sparked a whirlwind of criticism over the violent rhetoric of the right in which the media castigated the tea party for its tone. Sarah Palin was criticized relentlessly over a map depicting crosshairs over vulnerable democrats, similar to the DNC's use of targets on Republicans. Most heinously, Giffords' attacker, Jared Loughner, was assumed by...

The most distressing outcome of the deficit hysteria gripping Washington may be what Barack Obama has revealed about himself. It was disconcerting to watch the president slip-slide so easily into voicing the fallacious economic arguments of the right. It was shocking when he betrayed core principles of the Democratic Party, portraying himself as high-minded and brave because he defied his loyal constituents. Supporters may hope this rightward shift was only a matter of political tactics, but I think Obama has at last revealed his sincere convictions. If he wins a second term, he will be free to strike a truly...

Final House Roll Call Vote on the Debt Ceiling Extension (S.510 placed in the body of an existing House bill)FINAL VOTE RESULTS FOR ROLL CALL 690(Republicans in roman; Democrats in italic; Independents underlined)       S 365      RECORDED VOTE      1-Aug-2011      7:09 PM      QUESTION:  On Passage      BILL TITLE: To make a technical amendment to the Education Sciences Reform Act of 2002 Ayes Noes PRES NV Republican 174 66     Democratic 95 95   3 Independent         TOTALS 269 161   3 ---- AYES    269 --- AdamsAderholtAlexanderAltmireAndrewsAustriaBachusBarlettaBarrowBartlettBarton (TX)Bass (CA)Bass (NH)BenishekBergBerkleyBermanBiggertBilbrayBilirakisBishop (GA)Bishop (NY)BlackBlackburnBoehnerBonnerBono MackBorenBoustanyBrady (PA)Brady (TX)BuchananBucshonBurgessCalvertCampCampbellCansecoCantorCapitoCappsCarnahanCarneyCarterCassidyCastor (FL)ChabotChandlerCicillineClayClyburnCobleCoffman (CO)ColeConawayConnolly (VA)CooperCostaCostelloCourtneyCrawfordCrenshawCritzCuellarCulbersonDavis (CA)Davis (IL)DenhamDentDeutchDiaz-BalartDicksDingellDoggettDoldDonnelly (IN)DreierDuffyDuncan (TN)EllmersEmersonEshooFarentholdFattahFincherFitzpatrickFloresFortenberryFoxxFrelinghuysen GalleglyGaramendiGardnerGerlachGibbsGibsonGiffordsGoodlatteGosarGrangerGraves (MO)Green, GeneGriffin (AR)GrimmGuintaGuthrieGutierrezHanabusaHannaHarperHastings (WA)HayworthHeckHeinrichHensarlingHergerHerrera BeutlerHigginsHimesHinojosaHironoHochulHoldenHoyerHuizenga...

We were told over and over again that if America didn't raise her debt-ceiling, the financial roof would come tumbling down about our ears. We were told that the consequences for our credit rating would be disastrous. We were told that the stock market would crash. So, our elected representatives passed a debt-ceiling increase. Democrats complained that the increase didn't raise taxes; Republicans complained that the increase kicked the proverbial can down the road on spending. Democrats claimed victory for having forced Republicans to raise the ceiling at all; Republicans claimed victory for having forced Democrats to offset increased spending...

The Debt Ceiling Deal From HellAugust 3, 2011 Is the debt ceiling deal supposed to be some sort of a cruel joke? Is this what the American people have been waiting months and months for? The "debt ceiling deal from hell" is a complete and total fraud. Barack Obama will not need to worry about the debt ceiling again until after the 2012 election, and no "real" spending cuts will happen until after the 2012 election. The way the political game in Washington D.C. is played today, if you don't get something right now, you probably will never end up...

Monday, August 1, 2011 Everything Is OK Now Date: August 1, 2011 To: The Hubbard City Cafe From: Mitch McConnell and John Boehner (Your leaders in Washington) 1. We made an agreement with Obama, Biden, Reid, and Pelosi and avoided financial catastrophe by raising the debt ceiling beyond the 2012 Election. Don't worry. Everything is OK now. 2. OK, we agreed to gut the military with large spending cuts in the first phase of the agreement and with even larger cuts with the triggers in the second phase, but don't worry. We never follow through on our promises to cut...

The popular narrative about this summer’s struggle to raise the federal government’s debt ceiling centers on the word “default.” If the debt ceiling isn’t raised, we are told, the U.S. government will be forced to default on many of its financial obligations, reducing Uncle Sam’s creditworthiness and decreasing our government’s ability to effectively carry out its duties. Sounds scary. But a failure to raise the debt ceiling wouldn’t necessarily cause a default or any reduction of creditworthiness. Indeed, keeping the debt ceiling fixed might actually increase investors’ willingness to buy U.S. bonds.

I hope you like higher taxes. Much higher taxes. Last night I couldn't figure out at first blush how Boehner/Reid managed to get their "numbers" to work. Well, when I looked at it again this morning, it snapped into focus, along with a backhanded comment and, yes, math. Ok, ok, not really math. It was just a calendar. See, the Bush Tax Cuts and the FICA holiday expire at or before the end of 2012. And guess who's going to be President then - either having just been re-elected or much worse, as a lame duck?

This is from a speech Obama made in 2006: 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. Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion.That is “trillion” with a “T.” That is money that we have borrowed from the Social Security trust fund, borrowed from China...

12:04pm | Reid vote still scheduled for 1pm. Senate Majority Leader Harry Reid said the Senate will still vote on his plan to raise the debt limit today. Reid reading from AP report citing soldiers concerned about supporting their families if debt limit isn't raised. Reid says he and Obama are "hopeful" that a deal is near. "We are cautiously optimistic," adding serious issues remain to be resolved in the next few hours. "There's no agreement that has been made, but we're optimistic one can be reached." Reid thanks McConnell for being a "cheerleader" on this compromise. Read more: http://www.businessinsider.com/live-coverage-debt-ceiling-sunday-negotiations-2011-7#ixzz1ThTEm13A

Returning to 2005 Spending Levels Would Match Current Revenues of 2.5 Trillion dollars. Outlays in 2005 were 2,472.2 Trillion. This solution would result in no rise the debt limit and we would have a balanced budget. This would also secure our AAA credit rating. This idea probably has too much common sense for the "Inside the Beltway Crowd."

10:56am | Good Saturday morning. The House and Senate will convene at 1pm today. The House will likely go out of session after a vote on the Reid plan to raise the debt limit, while the Senate will stick around until 1 am Sunday to vote to end debate on the plan. Read more: http://www.businessinsider.com/live-coverage-congressional-debt-ceiling-showdown-2011-7#ixzz1TbPkr4wi

Government officials are scrambling to come up with ways to sell debt even if the nation’s debt ceiling isn’t raised by early next week, though officials are remaining silent on just what course of action they might take, and it’s unclear if any of the options discussed would be enough to meet the country’s massive borrowing needs, the FOX Business Network has learned. The issue of how to borrow outside the debt limit emerged during a regularly scheduled, though timely meeting, Friday between officials at the Federal Reserve, the Treasury Department and 20 banks that buy US debt. Government officials...

U.S. Treasury Secretary Timothy Geithner told Senate Majority Leader Harry Reid (D., Nev.) Friday that Congress must quickly to raise the debt ceiling to ease market uncertainty. During a morning phone conversation, Geithner "underscored the need for congressional action to avoid creating more uncertainty for the economy and financial markets," a Treasury spokesperson said. Reid disclosed what he called a "very sobering conversation" earlier Friday. Based on the call, Reid said businesses were having trouble borrowing outside of short-term lending "They can't borrow more money than overnight because no one knows what the interest rate will be tomorrow," said Reid.

During the current debt ceiling debate, have the media told you what your personal share of the national debt would be after the ceiling is hiked?Yeah. I didn't think so.But when it was a midterm election year in which Democrats thrashed President George W. Bush and the GOP on overspending, it was a different story.On March 16, 2006, Barack Obama was in his second year as a freshman senator and denounced the Bush administration's request for a debt ceiling increase. The debt ceiling increase passed the Senate on a 52-48 vote.

Updated as amendment, must read both for complete bill: Original "Boehner Bill": Amendment in the Nature of a Substitute — Budget Control Act of 2011 (Acrobat PDF) Revised Amendment to the Amendment in the Nature of a Substitute (Acrobat PDF) Source, House Committee on Rules, S. 627 Faster FOIA Act of 2011 (Budget Control Act of 2011)

CEOs of the nation's leading banks, including Goldman Sachs and JPMorgan Chase, sent a letter to the White House and Congress on Thursday urging them to hurry up and reach a debt agreement. In the letter, sent by the Financial Services Forum to President Obama and members of Congress, the CEOs said an agreement needs to be made this week, or else there will be "grave" consequences. "A default on our nation's obligations, or a downgrade of America's credit rating, would be a tremendous blow to business and investor confidence -- raising interest rates for everyone who borrows, undermining the...

Tea Party Rep. Joe Walsh sued for $100,000 in child support BY ABDON M. PALLASCH Political Reporter/apallasch@suntimes.com July 27, 2011 9:59PM Freshman U.S. Rep. Joe Walsh, a tax-bashing Tea Party champion who sharply lectures President Barack Obama and other Democrats on fiscal responsibility, owes more than $100,000 in child support to his ex-wife and three children, according to documents his ex-wife filed in their divorce case in December. “I won’t place one more dollar of debt upon the backs of my kids and grandkids unless we structurally reform the way this town spends money!” Walsh says directly into the camera...

Yes, indeed it is. While everyone and their grandmother is foaming at the mouth how both republicans and democrats hiked the debt ceiling for umpteen times over the past x years, the truth is that never before has the ratio of the proposed debt ceiling to the tax receipt ratio been as high as it is now. At nearly 6 times, this means that the top line (forget bottom line) cash inflows into the Treasury are 6 times lower than the current debt ceiling. And following the upcoming $2.5 trillion this number will surge to almost 8 times. So please...

President Obama has no intention of allowing the U.S. government to default on its financial obligations regardless of whether the government's borrowing limit is raised... This means that the president has been bargaining in bad faith with congressional leaders by raising the specter of a default, knowing full well he won't allow it to happen. This is another way of putting it: the president has been lying to the nation.

Who do you trust more to handle the debt ceiling? President Obama Congressional Republicans Neither President Obama 25% Congressional Republicans 35% Neither 39% Total votes: 570

■Provides two increases in the debt limit -- $900 billion and $1.6 trillion — totaling $2.5 trillion. It gives the President an immediate $900 billion increase given that Congress does not vote to disapprove it. It gives the President another $1.6 trillion increase next year if a bill written by a new Super Committee passes both houses and becomes law. ■Reduces spending by only $1.2 trillion over the next ten years. This amount won't even come close to balancing the budget, as the debt is expected to grow by as much as $10 trillion over the next decade. The plan...

It seems like we’ve been talking about the debt ceiling for an awfully long time. Probably because we have been talking about the debt ceiling for an awfully long time. President Obama made a primetime appearance on Monday night to address the nation over this impending financial doom. I disagree with the president on a lot of issues. That’s ok. But lying is not. There were so many mistruths coming out of our leader’s mouth during that speech that I’m throwing any shred of political correctness out the window and calling him out. I’ll be awaiting my invitation to the...

South Africa and apartheid, Custer’s Last Stand — those are not exactly great moments in world history. But Chris Matthews says that today’s Tea Party-influenced Republican Party fits in the same category. On his Monday MSNBC program, Matthews asked the Huffington Post’s Howard Fineman why he thought the GOP was taking a tough stand on the debt ceiling negotiations. “What’s going on here as I see it is a kind of slow-motion secession,” Fineman said. “This is an ending of the social compact. This is two, three generations worth of agreement about Social Security, about Medicare, about the role of...

First let’s cut through the ‘big budget deal’ Obama smoke screen. Obama’s original demand to Republicans months ago was a debt limit increase that is big enough (~ 3 trillion $) to get him through his presidential election, with NO budget cuts. And that is his only demand still: a huge debt increase that is clean of budget cuts. So his 'big deal debt/budget negotiations were a shame and the trillions in budget cuts he claimed he offered never existed because his own congressional leaders told them they were DOA which is why he killed the ‘big deal’ last week....

WASHINGTON (CNN) - President Barack Obama on Monday endorsed a debt-ceiling proposal by Senate Majority Leader Harry Reid that would cut government spending by $2.7 trillion and increase the federal borrowing limit through 2012, the White House said.

Democrats have controlled the Senate and the White House since the election of 2008, and the House of Representatives up until this year.  Certainly they could have passed any budget they desired, including one with tax increases and spending increases.  But they chose to ignore the 800-day gorilla in the room because they don't want to be on record supporting a budget that actually does what they want.  Then the public could hold them accountable for their cowardly and irresponsible behavior in the face of national fiscal calamity.  

Mr. 0bama seems to think he can order Mr Speaker Boehner to write a spending bill to his personal liking. well mr 0bama: that ain't how it works here: you ARE NOT a DICTATOR and mr harry reed: you need to debate the bill that was sent to you and respond. anything less under these circumstances in malfeasance

"...The actual significance of what has taken place in this incident is being misinterpreted. Pundits like O’Reilly, Kudlow, Charles Krauthammer and old guard Senators like James Coburn are championing the status quo. Krauthammer is contending that Republicans have “over played their hand” and “appear as unreasonable”. The fundamental problem with all of their melodrama is they are all making the mistake of assuming that the proffered opinion of S&P and Moody’s is somehow an axiom. Nobody is asking the question, who are these people and –why- should we give their opinions automatic credence? I take issue with the very premise....

Breaking on all networks

Obama on the debt ceiling; then and nowEthel C. Fenig January 5, 2011 Almost five years ago, in March, 2006, the usually silent junior Democratic senator from Illinois, Barack Obama, unexpectedly piped up to oppose increasing the nation's debt ceiling, explaining 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...

The debate over increasing the debt ceiling will show whether the Tea Party still has influence, Republican Sen. Jim DeMint (S.C.) said Monday. "We're going to find out if the Tea Party's still there in force in the next few weeks on this debt limit because we're trying to recruit Americans right now and there is a website — cutcapbalancepledge.com," DeMint, a favorite of Tea Party supporters, said while speaking on York, Pa., radio station WSBA. "We're encouraging Americans to sign up, call their congressmen and senators and help us create some pressure in Washington and let those people know...

Days after the Obama Administration’s attempt to seize control of the U.S. budget was roundly shown to be illegal, Sen. Mitch McConnell (R-Kentucky) and Rep. John Boehner (R-Ohio) have stepped up to show that Republicans want to tear up the Constitution too. Instead of letting the president usurp Congress’ budget-making authority, McConnell is now offering to give it up freely. AP’s David Espo writes that under McConnell’s plan…

Following is a link to my latest video at cbPatriot.com. I usually prefer to write but I was short on time: McConnell thinks it wise to give a would-be dictator - dictatorial power over spending... (continued)

“Eric, don’t call my bluff,” the president said, warning Cantor that he would take his case “to the American people.” He told Cantor that no other president — not Ronald Reagan, the president said — would put up with the treatment he was getting from the House majority leader. The latest and sharpest in a series of harsh exchanges between the two leaders heightened concern that markets could crash at any time amid fear of a reduction in the rating on once-ironclad U.S. debt. Cantor accused the president and congressional Democrats of progressively low-balling, over the last several days, the...

Senate Republican leader Mitch McConnell challenged President Obama’s claim to support trillions in serious spending cuts as part of a deal to raise the debt ceiling – cuts the president says show he’s ready to anger Democrats to get a deal. In a sharply worded speech on the Senate floor today, McConnell labeled the Obama cuts a sham. “We all saw how it worked,” he said. “The administration leaked to the media, without any details, the idea that it was willing to go along with trillions in spending cuts.”But the cuts are largely illusory, McConnell indicated. Obama hoped “the budget...

Speaker John Boehner told a closed gathering of House Republicans on Tuesday morning that he was “pissed” over being unable to reach a “grand bargain” with President Barack Obama to make sweeping entitlement changes in return for an overhaul of the U.S. tax code. But Boehner also accused Obama of failing to lead on the impending crisis over boosting the $14.3 trillion debt limit, according to people inside the GOP meeting. But while Boehner was trying to rally his Republican troops Tuesday morning, he did warn them that they will quickly lose leverage in the debate as the country grows...

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President Barack Obama said last Friday that the administration and Congress needs to cut a deal by Aug. 2 to increase the legal limit on the federal debt “to make sure that America does not default.” Yet, the actual accounting done by the U.S. Treasury Department shows that federal tax revenues have exceeded interest payments on the federal debt by 20-fold since the Treasury announced on May 16 that the federal government had hit the current legal limit on the national debt. In fact, since the government hit the debt limit on May 16, the ongoing flow of federal tax...

(video at link) "We are not out here trying to use this as a means of doing all these really tough political things. I would rather be talking about stuff that everybody welcomes like new programs or the NFL season getting resolved. Unfortunately, this is what's on our plate. It's before us right now and we've got to deal with it. What you are right about, I think, is that the leaders in the room here, at a certain point, have to step up and do the right thing regardless of the voices in our respective parties that are trying...

In the sparring over the issue of raising the debt ceiling BArack Obama weighed in with "harsh language." In some of his harshest language to date in the fight over the deficit, President Obama warned today that the debt ceiling should not be “used as a gun” against Americans to extract tax breaks for the wealthy. Speaking at the Twitter Town Hall at the White House today, the president said Congress “shouldn’t be toying” with the debt ceiling and cautioned against risking the financial health of the country in order to protect the interests of the super wealthy. “Never...

Democrats say they won't vote to raise the debt limit unless they get someone in the private sector to pay higher taxes. Republicans say they won't raise the debt limit unless they get reductions in public-sector spending without raising taxes. Shall we put this to a vote? Not a vote of Congress, but of the American people—the 130 million or so who will vote for president in November 2012. The debt-limit fight is being depicted as mostly a green-eyeshades funding technicality, dating back, not surprisingly, to 1939. It's bigger than that. When Congressman Paul Ryan says we have arrived at...

Biden warns GOP on debt ceiling talksVP says middle class will not "carry the whole burden" of deficit reduction By KEN THOMAS, Associated Press Sunday, Jun 26, 2011 10:08 ET Vice President Joe Biden said Saturday the Obama administration wouldn't let middle class Americans "carry the whole burden" to break a deadlock over the national debt limit, warning that the Republican approach would only benefit the wealthy. Addressing Ohio Democrats, Biden said there had been great progress in talks with Republican lawmakers on a deficit-reduction plan agreement. But he insisted that his party wouldn't agree to cuts that would undermine...