Jan 21

On government debt:

“There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt.”
– John Adams

“I wish it were possible to obtain a single amendment to our Constitution — taking from the federal government their power of borrowing.”
– Thomas Jefferson

“‘Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren,” Obama said in a 2006 floor speech that preceded a Senate vote to extend the debt limit. “America has a debt problem and a failure of leadership.”
– Barack Obama (Exactly right!)

“When a country embarks on deficit financing and inflationism you wipe out the middle class and wealth is transferred from the middle class and the poor to the rich.”
– Ron Paul

“Deficits mean future tax increases, pure and simple. Deficit spending should be viewed as a tax on future generations, and politicians who create deficits should be exposed as tax hikers.”
– Ron Paul

“The dollar represents a one dollar debt to the Federal Reserve System. The Federal Reserve Banks create money out of thin air to buy Government Bonds from the U.S. Treasury…and has created out of nothing a … debt which the American people are obliged to pay with interest.”
– Wright Patman

“The one aim of these financiers is world control by the creation of inextinguishable debts.”
– Henry Ford

“I place the economy among the first and most important virtues, and public debt as the greatest of dangers.”
– Thomas Jefferson


Those criminals in the US government and the Fed banksters are bankrupting America!

George Carlin: The American Dream

(Much more info at the end of this article.)


us_senate
U.S. Senate

Jan. 21 (Bloomberg) — The U.S. debt limit would be raised by $1.9 trillion to $14.29 trillion under an amendment proposed in the Senate.

The chamber began debate yesterday on raising the debt ceiling for the fifth time in two years after lower tax revenue from the recession and higher stimulus spending boosted the calendar-year budget deficit to an all-time high last year.

“If Congress does not enact this legislation, and soon, then the Treasury would default on its debt for the first time in history,” said Senate Finance Committee Chairman Max Baucus, a Montana Democrat.

The White House in a statement urged lawmakers to pass the measure. “Such an increase is critically important to make sure that financing of federal government operations can continue without interruption,” it said.

The proposed ceiling would probably allow the Treasury to continue its borrowing until next year, said Michael Feroli, an economist at JPMorgan Chase & Co. in New York.

Congress passed a short-term increase in the debt limit to $12.39 trillion last month after a group of senators, led by Budget Committee Chairman Kent Conrad of North Dakota, refused to vote on a longer-term extension unless Congress created a commission to study deficit reduction.

The Obama administration reached a tentative accord with congressional Democrats to create a version of the panel by executive order, House aides said. The agreement was negotiated by House Democratic Leader Steny Hoyer of Maryland and Vice President Joseph Biden, said one of the House staffers. The aides commented on condition of anonymity.

Vote in Congress

The proposal by Conrad and Republican Senator Judd Gregg of New Hampshire would require Congress to vote on the commission’s recommendations without making any changes. With a commission created by presidential order, congressional leaders would promise to bring its proposals to a vote although such a vote wouldn’t be required by law.

A commission appointed by the president would be “a backup” if Senate sponsors can’t get the votes to pass “what we think makes the most sense,” a panel created by Congress, Conrad told reporters. He said he didn’t expect to win approval of his proposal, which Baucus opposed in a speech on the Senate floor.

Gregg told reporters that the proposal to create a commission by executive order was “a very cynical act by the administration” that “is by definition partisan and the whole purpose” is to have a bipartisan body.

“There is no way you can require a vote” by Congress so “it’s a nothing-burger,” Gregg said.

To contact the reporters on this story: Alison Fitzgerald in Washington at afitzgerald2@bloomberg.net; James Rowley in Washington at jarowley@bloomberg.net

Last Updated: January 21, 2010 00:01 EST
By Alison Fitzgerald and James Rowley

Source: Bloomberg

The Fed and the US government are destroying America:

Illinois enters a state of insolvency: ‘We’re close to de facto bankruptcy, if not de jure bankruptcy.’

The No.1 Trend Forecaster Gerald Celente: Financial Mafia Controlling US and Wall Street

Peter Schiff: The Lunacy of US Government Programs

– Former Dean of Harvard College Harry R. Lewis: Larry Summers, Robert Rubin: Will The Harvard Shadow Elite Bankrupt The University And The Country?

Experts: Dollar Crisis Looms if US Doesn’t Curb Debt

Marc Faber on Coming Sovereign Debt Crisis: Next Countries to Default are the US, Japan and the ‘PIIGS’

Fitch: US Must Cut Spending To Save AAA Rating; US December Deficit Nearly Doubles

The Coming Sovereign Debt Crisis

US slides deeper into depression as Wall Street revels

PIMCO’S Bill Gross: ‘Let’s Get Fisical’ (… or why the US will not make it.)

Barack Obama’s Health Care Lies And Reversals

US sheds 85,000 jobs in December; Record 40% Of Unemployed Without Job For 27+ Weeks

Peter Schiff on Fast Money: ‘America is broke’; ‘The Fed created a currency crisis’; ‘Dollar to collapse 50-70% or more’

US: Public Pensions Face $2 Trillion Deficit

U.S. Avoids Technical Default By Three Days

As an American, I refuse to buy mandatory health insurance … that supports Big Pharma

The US Government Is Preparing For Collapse: Your Legal Right To Redeem Your Money Market Account Has Been Denied

Prof. Dr. David Michael Green: Now I’m Really Getting Pissed Off … With Obama

US Treasuries Post Worst Performance Among Sovereign Markets In 2009

US losses will top $400 billion on Fannie Mae and Freddie Mac

US: More Ammo For The Treasury Bazooka

US government wants farmers to use coal waste on fields

The No.1 Trend Forecaster Gerald Celente: The Terror And The Crash of 2010

We’re Screwed! Hyperinflation like in the Weimar Republic; Great Depression worse than in the 1930s

US Congress: Banksters Get $4 Trillion Gift From Barney Frank

Treason: Obama gives INTERPOL immunity from the Constitution (Amending Executive Order 12425)

Peter Schiff on Obamacare, Freddie Mac & Fannie Mae: The Nightmare Before Christmas

Obama administration backs Fannie Mae and Freddie Mac no matter how big their losses may be

Rep. Dennis Kucinich: US War Presidents ignore Congress and Constitution

Obamacare: Big payoffs to senators on health bill stoke public anger

US: Trillions Of Troubles Ahead

Chinese central banker Zhu Min: ‘The world does not have so much money to buy more US Treasuries.’

Obamacare: Change Nobody Believes In

Obama’s surge comes at a cost: At least $57,077.60 per minute

US National Debt Tops Debt Limit

Hypocrite in Chief (Funny):
President Obama: Another Busy Day in The Oval Office!

Fascism in America: By Political Definition The US Is Now Fascist, Not A Constitutional Republic

John Williams of Shadowstats: Prepare For The Hyperinflationary Great Depression

Liar in Chief (NOT funny!!!):
Barack Obama Lies 7 Times In Under 2 Minutes!!!!!

Robert Fisk, The Independent’s award-winning Middle East correspondent: Obama is a Disaster, Worse than Bush

Rep. Dennis Kucinich: ‘These Wars Are Corrupting The Heart Of Our Nation!’

Famous Investor Jim Rogers: Incompetence In Washington, Abolish The Fed And The Treasury

Rep. Dennis Kucinich: The Truth About Afghanistan

Obama’s Big Sellout (Rolling Stone Magazine)

Obama administration to lift debt ceiling by $1.8 trillion

Climategate: President Obama’s rule by EPA decree is a coup d’etat against Congress, made in Britain

Obama administration tells Pakistan: Tackle Taliban or we will

MSNBC Rachel Maddow: War President Obama

Ron Paul: ‘Obama is Actually Preparing Us For Perpetual War’

–  Afghanistan Surge to Cost At Least $40 Billion, That Is $1.333.333 For One US Soldier Per Year

Rep. Brad Sherman: Geithner rejects $1 trillion limit on bailout power (Section 1204 is unlimited in dollar amount!)

Liar in Chief (Over 300 soldiers died in 2009 because of this lie!!!):
Obama: ‘I will promise you this, that if we have not gotten our troops out by the time I am President, it is the first thing I will do. I will get our troops home. We will bring an end to this war. You can take that to the bank.’

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One Response to “Senate Proposes Increasing US Debt Limit to $14.3 Trillion: “If Congress does not enact this legislation, and soon, then the Treasury would default on its debt for the first time in history,” said Senate Finance Committee Chairman Max Baucus”

  1. America, what happened to you? by Joemomma5000 - Page 6 - TribalWar Forums Says:

    […] and more, and more, and more… Seriously. Americans, why don't they talk about this on CNN? Senate Proposes Increasing US Debt Limit to $14.3 Trillion: Goolsbee Says Failure to Raise U.S. Debt Ceiling Would Be `Catastrophic' – Bloomberg U.S. […]

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