by Big Dog on Aug 2, 2011 at 20:20 Political
The Senate passed the bill to raise the debt limit by 2.4 TRILLION dollars an unprecedented amount that tops the previous high, also set by Obama just last year. The deal is supposed to be the best we could get and with only a portion of government controlled by conservatives that is likely true. Too much wheeling and dealing took place to resolve this phony crisis drummed up by Obama and his minions. Instead of something responsible we got a bill, that Obama promptly signed into law, that will raise our taxes and all but guarantees we will see our credit rating lowered and interest rates rise.
The deal allows the government to borrow 2.4 TRILLION dollars raising our debt to over 16 TRILLION dollars. The debt of the US did not hit 2.4 TRILLION dollars until 1987. Yes, it took from our founding until 1987 to hit a total debt, as a country, of 2.4 TRILLION and the government just raised the limit by that amount. It is absolutely amazing that the pinheads in DC don’t understand what they are doing to us as a country.
The total debt of the federal government did not hit $2.4 trillion until November 1987, according to the U.S. Treasury Department. According to Treasury’s Monthly Statements of the Public Debt, the national debt equaled $2.3848 trillion at the end of October 1987 and $2.409572 trillion by the end of November 1987. CNS News
So we added 2.4 TRILLION to our debt and when the Bush tax cuts expire we will all be hit with a tax increase. There is no way that Obama will allow them to continue because he is foaming at the mouth to get the chance to raise taxes. Whether he wins in 2012 or not he will still be in office and there is no way he will allow the tax cuts to continue. We will get socked.
To top that off Obama and Congress ensured we will get hit with another tax increase. Once our credit rating is lowered we will all get hit with higher interest rates and this amounts to a tax on all of us, Obama said so himself. So we will get taxed twice, will have more debt and the alleged cuts will actually add 7 TRILLION dollars to our debt over the next ten years.
This is fiscal suicide and it amounts to malfeasance by every elected official who voted for this.
The former comptroller general is predicting we are three years away from being like Greece.
With this deal and the out of control spending it is only a matter of time before drastic cuts to (and possibly the elimination of) social programs will take place. We will have to put draconian austerity measures in place and those who were fighting for their piece of someone else’s pie today are going to be without in the future.
And I doubt the government is going to like our response.
Remember today and remember in November 2012. We need to get rid of everyone who voted for this.
And we can start with the guy at the top. One and done.
As an aside, the stock market took a beating today. So much for saving the country…
Never surrender, never submit.
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