U.S. hit the Debt Ceiling THIS MORNING, Geithner takes extraordinary measures

Something has got to be slashed. You choose Which:

Planned Parenthood ?

Welfare ?

Internet R&D ?

Nazii Ziionism ?

Public Televison ?

Cut 90% Pentagon Generals

Aircraft Carriers ?

Troops in Germany ?

Civil Service Retirements ?

VA Hospitals ?

National Parks ?

Defense ?

Farm Subsidies ?

Troops in Japan ?

Military Retirements ?

NASA ?

Medicare ?

Holy Christian Crusades ?

something could get raised:

1) tax base, by eliminating loopholes and subsidies for mature industries

2) historically low tax rates

How much is enough, as a percentage of the national tax burden? Just throw out a number. And, remember, "more" isn't a number.

borrowing from the pension fund means we're now like the guy using one credit card to pay off another. David Walker has made the argument that the national debt is the biggest national security problem we face.

http://www.youtube.com/watch?v=O_TjBNjc9Bo

(in particular, watch the brief segment on 'what does financial warfare look like' at 20:25 into the video.)

Hence, the death of Osama is not going to save Obama in 2012. His greatest weapon in the fight for 2012 is neutralized.

I sure hope rumors are untrue that Islam has dispatched assassins targeting BHO's grandmother in Kenya, Michelle's relatives in Chicago, BHO's childhood bruddahs in Hawaii, etc.

National Debt: Ben Bernanke and Timothy Geithner say the sky will fall if the debt ceiling isn't raised on Monday. The American people say: Cut the Chicken Little spending.

Fed Chairman Bernanke warned on Thursday of "extremely dire consequences" if Congress did not raise the debt ceiling by Monday, and claimed "using the debt limit as a bargaining chip" to reduce government spending "is quite risky."

In the same alarmist vein, Treasury Secretary Geithner used the release of the Social Security and Medicare Trustee reports Friday to warn Congress "to move as quickly as possible, so that all Americans will remain confident that the United States will meet all of its obligations," including "our commitments to our seniors."

But the latest IBD/TIPP Poll finds Americans have hit a ceiling of their own, this one on patience with a government that's run up an inconceivable $14.3 trillion debt. They want spending restraint.

This is what I say to Tax Cheat Timmy:

to be slashed:

Planned Parenthood ?

Welfare ?

Internet R&D ?

Public Televison ?

Troops in Germany ?

Civil Service Retirements ?

National Parks ?

Farm Subsidies ?

Medicare ?

If you thought I would not reply to this you are very wrong. I served under two Governors. Governor Michael Leavitt and Governor Olene Walker. I was also very influential within the Political Science Department at the University of Utah.

To begin.

1. Our Government needs to stop sending billions, if not, trillions of dollars to support foreign governments.

2. Our Government needs to stop maintaining bases within countries who should be support themselves, bring the troops home i.e. fill in the blank

3. Our Government should be less concerned with the common man and more concerned with the white collar wall street man who is fudging numbers and maintaining progress at all costs even if it suggests undermining our entire economic infrastructure.

4. Our Government must cease allowing foreign nations, such as China, to drill for oil just off our continental shelf. i.e. Florida.

5. Our Government officials must cease voting on pay raises and increased political benefits and actually do their job.

In the mean time...start learning Chinese.

The one, the only, Aron Taylor

Hmmm..let’s see: Geithner is telling the whole world that the USA has to preserve its reputation as the worlds safest debt by........borrowing more to service that debt because it can’t actually raise the money itself.

In other words, to the rest of the world: "Be prepared to lend us more money, because if you don't, we won't be able to pay back what we've borrowed".

No wonder the U.S. Govt. is currently borrowing money off its own Federal Reserve - the only institution willing to invest in it.

The Federal Reserve is creating that money digitally.

What could possibly go wrong?

ZERO OUT THE BUDGETS FOR:

Nazii Ziionism

Cut 90% Pentagon Generals

Aircraft Carriers

Troops in Germany

Civil Service Retirements

VA Hospitals

Defense

Farm Subsidies

Troops in Japan

Military Retirements

NASA

Holy Christian Crusades

Obama lost me before Inauguration Day, when he announced cabinet appointments that didn’t include a single liberal.

It got worse after that: Obama extended and expanded Bush’s TARP giveaway to the banks; continued Bush’s spying on our phone calls; ignored the foreclosure crisis; refused to investigate, much less prosecute, Bush’s torturers; his healthcare plan was a sellout to Big Pharma; he kept Gitmo open; expanded the war against Afghanistan; dispatched more drone bombers; used weasel words to redefine the troops in Iraq as “non-combat”; extended the Bush tax cuts for the rich; claiming the right to assassinate U.S. citizens; most recently, there was the forced nudity torture of PFC Bradley Manning and expanding oil drilling offshore and on national lands.

cheer as the government crumbles

Sir Lance-alot wrote:

[quote]just saying wrote:

something could get raised:

2) historically low tax rates

You mean including on the rich people that do all the work and create all the jobs, and who are already way overtaxed to the point where they can barely afford a 10th home?

It would be a shame if those poor rich folks who are so put upon in our nation could only have 5 or 6 houses. I am sure retirees would gladly give up their Medicaid so the uber rich can keep those ten houses

The New UncleB wrote:

Obama extended and expanded Bush’s TARP giveaway to the banks; continued Bush’s spying on our phone calls; ignored the foreclosure crisis; refused to investigate, much less prosecute, Bush’s torturers; his healthcare plan was a sellout to Big Pharma; he kept Gitmo open; expanded the war against Afghanistan; dispatched more drone bombers; used weasel words to redefine the troops in Iraq as “non-combat”; extended the Bush tax cuts for the rich; claiming the right to assassinate U.S. citizens; most recently, there was the forced nudity torture of PFC Bradley Manning and expanding oil drilling offshore and on national lands.

And this is only a partial list of what he has accomplished in less than 3 years. The guy is an over-achiever if I ever saw one!

The time to address spending is in creating the budget not when the debt ceiling gets reached.

If we are to have a debt ceiling that may need to be raised, then it should be raised in concurrence with the submission of a budget that projects a deficit.

Tax increases can only come at the expense of obliterating property rights, which are the foundation of civilization.

You are stuck in 2-sided thinking.. Raise or lower.

The whole personal and corp tax code needs to be simplified with flat rates. We dont need an entire service industry to explain and/or make a parasitic living off a cumbersome and complicated tax code.

Goose-Step on AE!

I'm thinking in fewer than two dimensions. Not raise or lower- abolish.

Ten years ago in 2001 our total U.S. Budget was about 1.9 trillion dollars.http://www.presidency.ucsb.edu/data/budget.php

By 2011 that had about doubled to 3.7 trillion, while revenues have increased by just a few hundred billion. IMO, taxes will need to be raised, but clearly the increase in our government spending has far outpaced inflation . The ideology that government needs to get bigger and bigger to solve our problems has brought about our debt crisis.

It should be noted that when we had small budget surpluses in the late 1990's, the extra money was used to create more projects, rather than to reduce our already hefty debt. I, for one, would be more than willing to pay higher taxes, if I had some assurance that the money would go to reduce our deficit, and ultimately pay down our debt. I fear our debt has already gone beyond the point of no return, and that we will eventually either have to default, or inflate our way out of it, either of which will be disastrous.