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2 Bumps

Obama maybe thinking about enacting his right to the 14 Amendment, another words, going around congress yet again..

Washington's penchant for high-stakes drama is now manifesting itself in another fight over the debt limit, with some top Democrats suggesting that President Barack Obama should invoke the 14th Amendment and raise the $16.4 trillion debt ceiling unilaterally.

First, the facts: The U.S. reached its $16.4 trillion legal borrowing limit on Dec. 31, prompting the U.S. Treasury Department to begin using so-called extraordinary measures to finance the government and continue making interest payments. To free up money, Treasury can shift government-employee retirement funds out of Treasury securities and into idle cash, withhold year-end interest payments to government trust funds and employ other accounting maneuvers. Those efforts, however, will be exhausted by the end of February, according to the Congressional Budget Office. Because the U.S. runs a budget deficit, it must borrow money to fund the government, but the authority to borrow more than the current $16.4 trillion limit rests with Congress. Without an increase, the U.S. will be unable to fund its obligations, such as Social Security payments, government salaries, interest on the debt and other expenses. Going down this rabbit hole would lead to a wave of government defaults, forcing the U.S. to violate the full faith and credit pledge it made to investors.The economic toll from such an outcome would make the last recession look like a bubble.

Polls consistently show most Americans would blame Republicans for a shutdown, which is why Newt Gingrich -- architect of the 1996 government shutdown -- recently called a debt-ceiling showdown a "dead loser" for the party. Obama will largely be able to absolve himself of liability, saying the U.S. Constitution gave him no choice but to make good on interest payments and that the Republicans' refusal to pay for spending they themselves authorized has triggered an economic tsunami.

There is mre at this link, but this was a little of the highlights. But IMO, since we are so muich in debt, why in thell did Obama give congress a raise? Extend unemployment for a year or so without any spending cuts? I just do NOT understand why he is doing this., Can someone tell me for godsakes why this man seems bent on was is becoming more and more clear and that is sending the whole nation into another Depression. According to Forbes, 23.7 million Americans unemployed or underemployed. The BLS reports the unemployment rate (U6) including them as 14.4% for November. That is already Depression level unemployment. Total employment as of November was still 3.2 million jobs below its peak just before the recession started, 5 years ago!  Yet since then, the working age population has increased by 11.2 million.  That is why America is now still 14.7 million jobs short of full employment.

http://www.bloomberg.com/news/2013-01-07/the-14th-amendment-is-obama-s-best-option-on-debt-

ceiling.html

So, what are your thoughts on ths ladies?? What are the thoughts of all the Obama supporters?

Answer Question
 
Michigan-Mom74

Asked by Michigan-Mom74 at 2:21 AM on Jan. 11, 2013 in Politics & Current Events

Level 34 (66,305 Credits)
Answers (8)
  • I cant do a damn thing about it but I think that the ones that voted him back in need to make up for all this loss tax them excessively.
    There is no reason to care anymore for that reason, he is the president and not one thing I do now will change the outcome of any of this. I am just sitting here waiting for the world to truly end so that we dont endure the humongous hell we are facing.
    Anonymous

    Answer by Anonymous at 2:38 AM on Jan. 11, 2013

  • I honestly think our country's financial problems are too complex for most people to wrap their heads around so they just support borrowing and spending more without much thought on how to pay for it. I don't think they are intentionally supporting damaging future generations, but I don't think many people think that far into the future.


    I think that it doesn't matter who is in office, Democrats always blame Republicans, and vice versa. It's a no win for normal citizens. Government only has their best interest at heart and I don't think they really care about the future of the country, they only care about retaining power and control. I think our country has some difficult and ugly days ahead of her.

    QuinnMae

    Answer by QuinnMae at 9:25 AM on Jan. 11, 2013

  • It is what it is. Not a damn thing we can do. If you think Romney wouldn't do anything different you are more naive than your copying and pasting and guns and daily Obama bash.
    Anonymous

    Answer by Anonymous at 10:06 AM on Jan. 11, 2013

  • Why do people have to bring up candidates that didn't make it into office? Nobody mentioned him until you, anon. The fact is, Obama is in office and these are his decisions. It doesn't matter what someone else would do, because the buck stops at his desk. Criticism comes with the job, if he can't take it, he should not have run for re-election.
    QuinnMae

    Answer by QuinnMae at 10:22 AM on Jan. 11, 2013

  • We can expect a lot of going around many things, we can only try and be one step ahead of that. Busy doing just that.
    sunshine196

    Answer by sunshine196 at 11:58 AM on Jan. 11, 2013

  • " If you think Romney wouldn't do anything different you are more naive than your copying and pasting and guns and daily Obama bash."Anonymous
    Ok.....Where was Romney even mentioned? And guns? The election is done and over with, I could care less. But I didn't like Romney either. But Romney couldn't do more worse then what Obama is doing now anyway. Wait until Obama care is fully in effect, and under the law, Americans must be insured starting in 2014 or pay a penalty assessed on their tax returns.
    And where was I bashing Obama anon?? Believe me, if I was gonna bash Obama, it would be a hell of a lot more then that! Those are facts, not bashing. And with you being anonymous, it tells me you are insecure or just plain stupid. Obama is taking all of us down a dark path, and its a matter of time before we end up like the citizens in Greece if he continues spending like he is.
    Michigan-Mom74

    Comment by Michigan-Mom74 (original poster) at 7:28 PM on Jan. 11, 2013

  • I am hopeful that the right decisions will be made.

    booklover545

    Answer by booklover545 at 9:11 PM on Jan. 11, 2013

  • I think the people wanted him....and now they will reap what they have sown.

    yourspecialkid

    Answer by yourspecialkid at 9:54 PM on Jan. 11, 2013

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