The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that “the buck stops here.” Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.
That was when there was a nasty old Republican in the White House though...
All that golf has Barry headed to Martha's Vineyard to play more golf I guess...
During past vacations on the Vineyard, the president spent much of his time on the farm but ventured out sporadically for golf and for family jaunts for ice cream and shopping
Actually I am all for Barry getting out of Dodge, there is NOTHING left here anymore.
(CNS News) — The federal government ran a deficit of $929 billion in just the first 8 months of fiscal 2011, which began on Oct. 1, 2010, according to the Congressional Budget Office’s monthly budget review for June.
“CBO estimates that the government recorded a deficit of $929 billion for the first eight months of the fiscaly year,” said CBO.
Last year, the government ran a deficit of $935 billion in the first 8 months of the year, according to CBO.
“My job over these first two years has frankly been to clean up a big mess,” Mr. Obama said at a $10,000-per-ticket event at a gated mansion in Miami Beach. “We were able to make sure we yanked an economy out of what could have been a second Great Depression.”
In February 2009, the Bureau of Labor Statistics (BLS) reported that 141.7 million people were employed. By the end of May 2011 – the last month for which data are available – that number had fallen to 139.8 million, a difference of 1.9 million.
Politics virtually guarantee that the global economy won't go into crisis in 2011. Politics make it extremely unlikely that the global economy will slow down as much as the market seems to fear. Politics, in fact, put a safety net under the global economy this year.
And politics also virtually guarantee another, deeper crisis in 2012 or 2013. I'd bet 2013.
We can't have a total meltdown until Barry leaves office now can we? Even though his policies (and his predecessor's to an extent) have lead to this mess.
By 2013, no matter how the election goes, the Federal Reserve will be under almost unbearable pressure to reduce its balance sheet and raise interest rates. That's when global bond markets will really pressure the United States to come up with a plan -- at the least -- for reducing its budget deficit over the long term.
The federal government posted its largest monthly deficit in history in February at $223 billion, according to preliminary numbers the Congressional Budget Office released Monday morning.
