Santelli slams the Obama administration for playing the blame game over the downgrade to our credit rating, noting that even if you think it’s a bad call, you don’t beat up the other coach or take the umpire out behind the barn. And he also points out that without Tea Party, we would’ve had a clean debt ceiling increase and our credit rating would have likely been dropped even lower to BBB.
Listen at The Right Scoop to the end to hear his great analogy why we have a spending problem:
It’s all on purpose, what Obama has been doing all along. Read his book, dreams of my commie father. See for yourself.
Our “full faith and credit” wasn’t going to be destroyed by not raising the debt ceiling, or even raising taxes. The a obamaunism spending is that large. If you confiscated all the money of the billionaires and the millionaires, you would barely have a third of what Obama is over-spending in FY 11. Obama is destroying our economy by run-away deficit spending. Subsequent generations will be buried under mountains of debt.
One day after lowering the nation’s platinum triple-A credit rating, Standard & Poor’s analysts warned Saturday that the U.S. government could face a second downgrade if the economy continues to struggle and the government fails to make the cuts outlined in the debt ceiling agreement.
The ratings agency on Friday downgraded the nation to AA+ for the first time in history, saying partisanship in Washington is preventing dramatic deficit reduction.
S&P managing director John Chambers told reporters on a Saturday conference call that the toxic mix of a listless economy and political infighting will cause government debt to grow.
“Compared to some other highly rated governments, the U.S. government does not have the proactive ability to put public finances on a firm footing,” Chambers said.
In other words, we’re still not serious about getting spending in line. If you have looked at the debt trend line futures, you have to agree.
Markets Send Signal, Problem Much Worse Than USA Debt Ceiling
URGENT ALERT: Wall Street sends a clear signal that all is not well following the debt deal, with the Dow diving more than 500 points at one time, as investors worry about new data showing economic weakness in the U.S. and Europe.
Dow drops 512 for the session, now in full correction mode. Biggest one-day loss since Dec 2008. Before Obama, and obamamunism.
Second world recession on the way, say investors.
Crude, which turned negative on the year and is on track for its fifth consecutive daily decline, closed at $86.63 a barrel, down $5.30, or 5.77%. Nobody believes oil demand will rise …
WASHINGTON, D.C. – Today Sen. Rand Paul issued an open letter on the subject of the debt ceiling compromise facing the Senate. Below is that letter.
To paraphrase Jim DeMint: When you’re speeding toward the edge of a cliff, you don’t set the cruise control. You stop the car.
The current deal to raise the debt ceiling doesn’t stop us from going over the fiscal cliff. At best, it slows us from going over it at 80 mph to going over it at 60 mph.
This plan never balances. The President called for a “balanced approach.” But the American people are calling for a balanced budget.
This deal does nothing to fix the overreaches of both parties over the past few years: Obamacare, TARP, trillion-dollar wars, runaway entitlement spending. They are all cemented into place with this deal, and their legacy will be trillions of dollars in new debt.
File this one in the “credit where credit is due” folder. Having finished their exhausting work on the debt ceiling question, the House of Representatives prepared to head out of town for more than a month. But before shutting off the lights and making good their escape, somebody had the foresight to remember one very important item.
After the House of Representatives passed the bill to extend the debt limit, it adjourned for the summer, but not before Republicans took advantage of a procedural move that will help block President Obama from making recess appointments during the upcoming break.
While the House will be adjourned, it will continue to hold so-called “pro forma” sessions throughout August. Though it’s the Senate that must confirm presidential appointments, under the U.S. Constitution, it cannot adjourn for more than three days without the approval of the House. Therefore, the House has maintained the ability to prevent the Senate from going into full recess, effectively blocking Obama from making recess appointments.
Fortunately, this is one area where even the Democrats will be too embarrassed to argue very much. That, of course, is because Harry Reid did the same thing to George W. Bush after taking the majority in the Senate in 2007.
Don’t be fooled. We’ve just been betrayed by Washington.
A deal on the debt ceiling is near and Washington still hasn’t gotten serious about the fundamentals. It hasn’t gotten serious about default. It certainly hasn’t gotten serious about the future. When Harry Reid hails a “bipartisan compromise” you know we’re doomed.
Republicans and Democrats have just negotiated away the future of our children behind closed doors. The big compromise on Capitol Hill features elaborate triggers, tranches, Hornswogglers, Snozzwangers, Super Duper Commissions that will make the Snozzberries taste like Snozeberries, and a whole bunch of other convoluted gibberish that will, no doubt, come with loopholes and create entire new bureaucracies. What it doesn’t do is fix the problem.
The fact is Moody’s has already warned us that no one has put a plan on the table that comes close to solving our long-term problem. Moody’s will downgrade us. This could happen tomorrow, in six months or maybe a year from now, but at some point in the near future it’s going to happen. And it’s going to hurt. So we must be prepared.
Imagine your credit card’s interest rates constantly rising. Imagine high inflation eating away at your savings accounts, retirement funds and salary — if you’re lucky enough to have one these days. Imagine the interest rate on your mortgage rising and compounding until there was no hope of escaping debt. Imagine that fewer and fewer people are willing to lend you any money as your credit rating takes a dive.
The liberals at the New York Times don’t like the Debt Limit Deal President Obama and Leaders of Congress have agreed to. That’s always a good sign. Here’s some of their bluster in an editorial published this morning:
NEW YORK TIMES: There is little to like about the tentative agreement between Congressional leaders and the White House except that it happened at all. The deal would avert a catastrophic government default, immediately and probably through the end of 2012. The rest of it is a nearly complete capitulation to the hostage-taking demands of Republican extremists. It will hurt programs for the middle class and poor, and hinder an economic recovery.
It is not yet set in stone, and there may still be time to make it better. But in the end, most Democrats will have no choice but to swallow their fury, accept the deal and, we hope, fight harder the next time.
For weeks, ever since House Republicans said they would not raise the nation’s debt ceiling without huge spending cuts, Democrats have held out for a few basic principles. There must be new tax revenues in the mix so that the wealthy bear a share of the burden and Medicare cannot be affected.
Those principles were discarded to get a deal that cuts about $2.5 trillion from the deficit over a decade. .
Gee, this is unexpected, Obama and Geitner lying about default.
What is the problem? Its the debt stupid!
And Moody’s fesses up to the Tea Party:
Moody’s, best known for “Subprime is AAA,” is belatedly coming to the realization that a country running serial deficits of 10% of GDP is not a AAA credit.
President “Sub-prime Training Wheels” could not be reached for comment.
And, gee, who predicted this obvious turn … next time Obama or his allies in the press go back to the well and recite the well-worn verse that spending is all the other guy’s fault, take a look at the facts. The lies are crystal clear.
It’s the debt stupid!!! The debt limit is just a distracting kabuki dance. And yes it is all Obama’s fault. As are the lies about GDP, recovery summer and all the other crap spewed by this liar.
No country can run debts of these percentages of GDP, think debt to GDP ratio, and survive.
Cut, Cat and Balance anyone???
Here is Sen Rubio and the real problem defined … read the report.
“can’t raise the debt limit without addressing the real problem, the debt”
It seems like Moody’s is in agreement with tea party Senators and Reps. like Jim Demint and Jason Chaffetz who argue that the government needs to go MUCH further with spending cuts if we’re going to make a dent in this crisis:
The “limited magnitude” of both debt plans put forward by congressional leaders would not put the nation’s AAA credit rating back on solid footing, Moody’s Investors Service announced Friday.
“Reductions of the magnitude now being proposed, if adopted, would likely lead Moody’s to adopt a negative outlook on the AAA rating,” the credit rating agency said in a new report. “The chances of a significant improvement in the long-term credit profile of the government coming from deficit reductions of the magnitude proposed in either plan are not high.”
It added that “prolonged debt ceiling deliberations” have increased the odds of a downgrade, but that the firm is still confident policymakers will avoid a default.
“It remains our expectation that the government will continue with timely debt service,” the firm said.
A new poll shows President Barack Obama’s disapproval rate among political independents has broken above 50 percent, even while he is using the debt ceiling debate to seek approval from those critical swing voters.
Support for Obama among independents has fallen from 42 percent in May to 31 percent, and disapproval has risen to 54 percent, according to a late July poll of 1,500 registered votersby the Pew Research Center for the People & the Press.
The drop in support among independents is critical because both parties have a roughly similar number of die-hard supporters. The 2012 election prize will go to the candidate who draws more independent voters, and Obama’s decline in that crucial demographic has dragged his ratings down among registered voters, according to the Pew poll.
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