Liberal free for all coming to an end

[randolph]

Tracy

Basically they want the debt rolled back to where it was before Obama took office LOL. That's certainly something they can do, I only hope congress and BO are listening.

Do you actually believe the money spent, by Congress, to save the countries financial institutions during the meltdown was unnecessary?

[TracyCoxx]

Originally Posted by randolph

Tracy

Do you actually believe the money spent, by Congress, to save the countries financial institutions during the meltdown was unnecessary?

I think at most it only bought us time, and in the meanwhile, it left us with a larger debt. The ramifications of that are not over. I think as Ron Paul says, we were left worse off in the long run than if we bit the bullet and took the hit.

[TracyCoxx]

Jay Carney (White House press secretary) just said if we don't reach a deal by August 2nd, we will lose our borrowing authority.

Why is that? We do have enough money to pay the interest on the debt. If we don't do it, it's because the president and treasurer chose not to. And because Cut Cap and Balance got shot down in the senate, and congress won't come up with anything else sufficient, we're likely to get our credit rating downgraded.

But we will still be able to borrow, just at a higher rate. So why is the Carny lying?

[franalexes]

He ( Carney) is not lying. It's part of the Obamesiah stratagy. It's to create a hate war between groups.

[smc]

Originally Posted by TracyCoxx

Jay Carney (White House press secretary) just said if we don't reach a deal by August 2nd, we will lose our borrowing authority.

Why is that? We do have enough money to pay the interest on the debt. If we don't do it, it's because the president and treasurer chose not to. And because Cut Cap and Balance got shot down in the senate, and congress won't come up with anything else sufficient, we're likely to get our credit rating downgraded.

But we will still be able to borrow, just at a higher rate. So why is the Carny lying?

More disingenuous text from Tracy Coxx. The legislation that creates each subsequent debt limit gives the Treasury Department "borrowing authority" up to that limit. The issue of having a downgraded credit rating is not as Tracy Coxx would have you believe -- simply a matter of paying more to borrow. Any reading of debt ceiling legislation over history will make this clear.

[randolph]

Moodys gives the GOP junk status. LOL

Exactly what they deserve.

[parr]

Originally Posted by TracyCoxx

Jay Carney (White House press secretary) just said if we don't reach a deal by August 2nd, we will lose our borrowing authority.

Why is that? We do have enough money to pay the interest on the debt. If we don't do it, it's because the president and treasurer chose not to. And because Cut Cap and Balance got shot down in the senate, and congress won't come up with anything else sufficient, we're likely to get our credit rating downgraded.

But we will still be able to borrow, just at a higher rate. So why is the Carny lying?

TRACY, I KNOW I AM MISSING SOMETHING HERE BUT ARN'T WE TAKING
IN ENOUGH REVENUES TO COVER ALL THE EXPENSES, IF SO WHY ARE
WE BORROWING MONEY. JUST ASKING.

[TracyCoxx]

Originally Posted by parr

TRACY, I KNOW I AM MISSING SOMETHING HERE BUT ARN'T WE TAKING IN ENOUGH REVENUES TO COVER ALL THE EXPENSES, IF SO WHY ARE WE BORROWING MONEY. JUST ASKING.

No, there's a shortfall. I'm not sure how short we are but we can pay the interest on the debt and we have to. That will get paid first, despite what BO and the Treasurer say. Then the president has to pick and choose which groups of people (i.e. sr citizens, the military, etc) do not get paid, or who gets paid less. But I think the government gets about $200 billion/month in revenues from taxes and on gas taxes (yes, the government makes quite a bit of money on gas taxes while liberals whine that the government subsidizes oil companies). There may be some creative financing going on so that these groups are simply paid a few days or weeks late as more revenue comes in.

But the government keeps raising the deficit more and more each year. BO is running more than twice the deficit Bush did, and the deficit is projected to keep growing 7% each year.

[randolph]

If the Tea Party wins it's back to Voodoo economics.