Home > KING OBAMA > Obama’s Answer To The Massive Federal Debt, DEPLOY THE BOGEYMAN!

Obama’s Answer To The Massive Federal Debt, DEPLOY THE BOGEYMAN!

U.S. Debt Clock

With the deadline nearing to raise the federal debt ceiling and putting the country even deeper into our dark hole of debt Barrack Hussein Obama has deployed the BOGEYMAN. This typical modus operandi of the Democratic party is dragged out every election and usually anytime anybody wants to cut fat and pork from the bloated pig called the federal government. Obama and his errand boys our being dispatched far and wide to scare the hell out of the old folks with dire threats of vanishing Social Security checks. This pathetic old practice of the loony left would just be amusing accept for the little fact that we are $14.291.248.000.000 in debt. That’s $129.770 per taxpayer, the interest alone is $3.631.033.866.945 as I write this. Obama’s insistence on massive tax hike’s on the only people left with money to invest in new business just show’s what an idiot he is. Where does Obama and his fellow Democrats think jobs come from? The past 30 months have proven they really have little clue. The trillions of dollars spent on “stimulus”, didn’t stimulate anything but increased debt. The taxpayer money was wasted on projects that benefited supporters of Obama and his party. The unemployment rate is still at record levels, many of the employed are underemployed. Score of workers are just taking whatever job they can find just to feed there families. The liberals just don’t understand that capitalism creates jobs, government spending just takes money from the economy and kills long term growth. History has proven that as nations increase the size of government there economies crumble. Socialism has failed every single time, all anyone has to do is look at Europe or the former Soviet Union. Our nation thrived for decades when government was small and business was free to prosper. Profit is an amazing incentive to create. As our government has grown business has suffered under increasing regulation and governmental interference. Look anywhere in the world and the pattern repeats itself over and over. Politicians spend taxpayer money to benefit there election chances, there are incapable of wisely spending our hard earned dollars. Take some time and start adding up all the money that is forcible taken from your wallet every day. Do you think your getting a fair bang for your buck? Could your family have spent those tax dollars better, I am guessing YES. When government spends your money they are picking winners and losers, do you really think these clowns are acting in your best interest?

Cantor: Obama Scuttled Debt Deal With Trillion-Dollar Tax Demand

(CNSNews.com)– House Majority Leader Eric Cantor (R-Va.) said that President Barack Obama torpedoed a deal to raise the debt ceiling by demanding an additional $1 trillion in tax hikes in exchange for comprehensive tax reform.

Speaking to an audience at the U.S. Chamber of Commerce on Tuesday, Cantor said that Obama had offered to “de-couple” tax hikes on those making $250,000 or more in exchange for lowering tax rates later through comprehensive reform.

“As you know, the Speaker [John Boehner] ended the talks because the president insisted on raising the tax rates,” Cantor said. “From what I know – and there’s not a lot of detail that I do know about – that deal was premised upon decoupling of the Bush tax rates.”

“This was the notion that somehow you’re going to make permanent the rate at 35 percent for those [earning] under $200,000 [per year] and for everybody – individually under $200,000, couples $250,000 and over – you’re going to let those rates expire in the hopes that you’re going to get tax reform at a date certain and somehow that date certain is going to produce comprehensive tax reform that’s going to yield a lowering of the rates.”

However, Cantor said, Obama also demanded an additional $1 trillion in unidentifed tax hikes, forcing House Speaker John Boehner (R-Ohio) to walk out of the talks.

“The problem is, the president is also requesting an additional $1 trillion-plus in new revenues, which CBO right away scores as a tax increase.” (The CBO is the Congressional Budget Office.)

Cantor called Obama out on the latter’s stated desire for a grand bargain on the debt ceiling, saying that despite the rhetoric, Obama had yet to produce any details on President Barack Obama sits with House Speaker John Boehner of Ohio, as he meets with Republican and Democratic leaders regarding the debt ceiling, Monday,

“So, I’d like to see the specifics of what the president says his plans are,” Cantor said. “The Biden-yielded specifics, they were talked about in that meeting [July 11] and were quickly dispersed by the White House as to what the details were – again, those were the details that were discussed and identified [as] bipartisan under the Biden talks.”

In other words, the deal Obama offered Boehner would have allowed the top tax rates to rise as scheduled in exchange for Obama’s support of comprehensive tax reform, lowering all tax rates but closing loopholes and eliminating deductions. Obama also wanted at least more than $1 trillion in new unspecified tax increases.

Obama, according to Cantor, did not offer Boehner specifics on what that comprehensive tax reform might look like, only a promise that it would pass in the future, prompting Boehner to leave the talks.

The debt limit, or debt ceiling, is the amount of money the federal government is legally allowed to borrow. The current ceiling, which was hit on May 16, is $14.29 trillion. The talks between congressional leaders and the White House have concerned how to go about raising that debt ceiling another $2.4 trillion, with agreements on budget cuts and future spending, as well as the tax increases the president and the Democrats are advocating.

Congress is expected to vote on a potential debt limit increase before Aug. 2, 2011.

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