Senate must raise debt ceiling above $12T - Says Obama

The Senate must move legislation to raise the federal debt limit beyond $12.1 trillion by mid-October, a move viewed as necessary despite protests about the record levels of red ink.

The move will highlight the nation’s record debt, which has been central to Republican attacks against Democratic congressional leaders and President Barack Obama. The year’s deficit is expected to hit a record $1.6 trillion.

Now Obama is asking Congress to raise the debt ceiling, something lawmakers are almost certain to do despite misgivings about the federal debt. The ceiling already has been hiked three times in the past two years, and the House took action earlier this year to raise the ceiling to $13 trillion.

thehill.com...

They want even more money?
Unbelievable.
Don't know about you but I won't be filling out any tax returns this year.

The plan is to kill the dollar, warrenb to prop a new currency.

Obama knows that he inherited some catastrophic economic situation, but rather than take this into consideration he is adding more burden to the deficit, creating and expanding government, something that you don't do during an economic crisis.

Is not the deficit what is the worry, but adding more to increase it, with not solutions as how to deal with what we owed now, The government is going to spend no matter what, but the more spending the more the dollar deflates.

You can tell that with all the trillions of dollars been spend to prop the dying system we go in our nation nothing has gone to promote growth.

I guess nobody cares that people are losing their jobs and is not more jobs to substitute those that are gone for ever.

Why will a government do that to its own people? because it has to be an agenda behind all of it.

reply to post by marg6043


I know. I read the UN report calling for a new currency.
I find it amazing, ok not really, that so many people are still blind to all this and continue to think this is an anti-Obama or left/right wing fantasy. Sheep will be sheep.

My thread about the National Guard is a good example.
So many simpleton's calling my post a hoax. I bet once they are in a camp they will still not believe anything we've said. All we can do is pass on the info.

Many Americans are completely unaware that they have traded their "wealth" (labor) for the banks worthless fiat currency. Americans seem to think "American Business" is OWNED by Americans. It is not. While we worried about our jobs being shipped over seas, our American corporations were sold off to foreign interests. Now the USA faces a manufactured crisis worse than the 1933 depression. It is deliberately handicapped by foreign corporate ownership, massive government red tape, poor US education and a government intent on passing legislation designed by the Corporate & banking cartels to further cripple the US. The corporate owned mass media keeps our attention away from the real problems and possible solutions. Meanwhile the banks and multinational corporate cartels quietly put into action their plans to steal all that is left to steal, the land from under our feet.

If the US government tried to fix the fiscal mess, the United States might be able to make a come back, but only if we can keep the banking/corporate cartel from taking our land. The bill to do so passed the House and is headed for the Senate under the guise of "Food Safety" Other WTO "harmonized" laws have been very successful in bankrupting independent farmers allowing corporations to snap up farmland cheaply in other countries.

I am amazed that the US government, in the midst of the worst financial crises ever, is content for short-selling to drive down the asset prices that the government is trying to support....The bald fact is that the combination of ignorance, negligence, and ideology that permitted the crisis to happen still prevails and is blocking any remedy. Either the people in power in Washington and the financial community are total dimwits or they are manipulating an opportunity to redistribute wealth from taxpayers, equity owners and pension funds to the financial sector. Paul Craig Roberts was Assistant Secretary of the Treasury www.countercurrents.org...

As far as I am concerned the whole lot in DC needs to be up on charges and that includes the lobbyists. Unfortunately most of the citizens are too busy squabbling to notice our country is in its death throes.

reply to post by warrenb


Just understand that we are now dealing with a new generation one that have no clue about American history and that our educational system has failed.

This new generation is the one that is more mailable and susceptible to deception.

Anybody born before the or in the seventies are not so easily fooled.

Originally posted by marg6043
The plan is to kill the dollar, warrenb to prop a new currency.

Precisely!

He want's to kill the dollar. This will happen and the results will be horrendous because the American citizens will have no say in the resulting events.

The replacement currency will be controlled outside of US hands. The settlement negotiations on US debt will be catastrophic for the US and the taxpayers will be raked over the coals.

The failure of the dollar will be seen as economic warfare against every country that has large holdings of the dollar and they WILL RETALIATE in economic or other fashions.

The wealthy will still be wealthy. The ones living off of government programs will still be a drain on working citizens and the taxpayers will be taxed untill they are destitute.

The rest of the world will be thrilled to see the US become a pauper and the new socialist regime will do everything in its' power to ensure that hard working taxpayers are punished for the crime being capitalists.



Change indeed.

reply to post by crimvelvet


Yes you are right, they are called financial parasites killing the American economy

This people are sucking up the livelihood of the American workers, killing or modifying Capitalism.

“The problem with parasites is not merely that they siphon off the food and nourishment of their host, crippling its reproductive power, but that they take over the host's brain as well. The parasite tricks the host into thinking that it is feeding itself.”

Something like this is happening today as the financial sector devours the industrial sector. Finance capital pretends that its growth is that of industrial capital formation. That is why the financial bubble is called "wealth creation," as if it were what progressive economic reformers envisioned a century ago. These reformers condemned rent and monopoly profit, but never dreamed that the financiers would end up devouring landlord and industrialist alike. Emperors of Finance have trumped Barons of Property and Captains of Industry alike.

That is why our present economical system is not working for the regular worker in the nation but only for the few elites in the ruling classes.

They benefit from the sell out of the nation.

One of the more deceptions been played to the tax payer is by the same crocks that took Tarp money, do you know that this people spend billions of dollar lobbying in Washington after taking bail out money?

Just imagine, why are they still able to lobby in Washington with money they took from tax payer?

People have not clue what is going on in our free for all (as long as is not an America) land of the free.

Who Opposes American Manufacturing?

Do you know that foreign interest and our own for the people corrupted politicians are the ones opposing to American Manufacturing and also they ones that killed the American only clause

This people are traitors to this nation and to the American worker, still they hold jobs in congress and are allowed to keep screwing the nation at will.

A country can not prosper without its industrial and manufacturing base, then why is our nation been allowed by outside influences to cripple the bread and butter of the nation?

Many of the agents that are foreign lobbying groups are not even registered as foreigners.

How is that?

representatives of foreign interests lobbying in the US for trade policies that benefit companies in other countries at the expense of America's factories, workers, companies, communities and economic power. It is to be expected that a country will work to increase manufacturing within its borders – even if we don't – and these firms helping the efforts of other countries are required to register with the Department of Justice as “foreign agents.” I traced an anonymous comment left at my own blog back to one of these, after I wrote about President Obama's upcoming "China tire case" trade decision.

Who is protecting this people?

www.opednews.com...

reply to post by warrenb


Yes, our goose is cooked, well done and burnt around the edges.
I hope all of you have got your money out of the banks . Replace paper with silver and gold... or cigarettes.
star for yusa

[edit on 9/8/2009 by Grayelf2009]

Originally posted by marg6043
reply to post by warrenb

 

Just understand that we are now dealing with a new generation one that have no clue about American history and that our educational system has failed.

This new generation is the one that is more mailable and susceptible to deception.

Anybody born before the or in the seventies are not so easily fooled.

Crap and I was born in 1980, I just barely missed the smart generation. I must ask, how long does it take you to climb all the way up to your pedestal?

On topic(I hope this makes sense, me being born in the 80's and all)-

Obama said he would cut our debt in half before his first term is up. What easier way to do that then to raise it as high as he can and then cut out all the extras in his last year?

He could raise the debt and still cut it in half at the same time.

reply to post by marg6043


I agree. This is so stupid that you cannot possibly imagine even our government being this dumb. This has to be intentional sabotage to destroy the dollar.

When the Bush bank bailout was first passed, my own mother who isn't into conspiracies if you paid her to be, even said this is all being done on purpose.

Politicians are known for being void of common sense but this is too stupid even for them.

Originally posted by marg6043
Why will a government do that to its own people? because it has to be an agenda behind all of it.

Statement of the year award.

But now wait. I was born in 1981. Not fair to assume everyone is not-as-smart as those born pre-80's. I do feel that my generation is very naive and easily influenced.

I think we all know whats coming. Just hope you're prepared to fight, survive, or give-in.


[edit on 8-9-2009 by havok]

reply to post by jd140


It has nothing to do with intelligence but susceptibility, the educational system went down the drain steadily since the seventies.

Remember this is a fact no just somebody making themselves more bright than others.

We went from top of the world to now just at the other end on the list of developing countries.

We are now a nation Living in a Culture of Delusion leads To Denial, Ignorance and Worse

While we are in a nation of freedom of information, our own government lies, manipulates and play with information to keeps us in the dark

Even with all the information in the INTERNET to learn about what is going on with the nations, people are still ignorant of facts because they trust the government to tell the truth.

If you were so informed about what is going on in the nation you would not have made that coment in response to my post, you would have known exactly what I am talking about.



[edit on 8-9-2009 by marg6043]

reply to post by marg6043


Nope, I see you making an ignorant blanket statement and now you are in the process of trying to back your statement with long drawn out posts.

Climb off the pedestal the air is cleaner down here.

But you are free to your opinion and if that is in fact the way you want to think then all I can say is baci il mio asino.

I have to believe Obama is trying to destroy the dollar in order to replace the curency.

Obamasaid we can't sustain the debt and we are out of money. Yet starting with Bush, the republicans and democrats are spending like crazy in Washington.

Once the dollar is replaced, Obama will be able to put in place his ideological agenda without much opposition. Without the dollar, we will no longer be a sovereign nation. We will be subject to the control by those who are in charge of the new currency.

Obama will probably give an address from the Oval Office saying we have to switch to a global currency in order to survive.

You can't spend all this money in Washington because we can't create enough jobs or the kind of jobs to sustain the debt. It's impossible in a global economy with cheap labor. This is why Obama wants a civilian force just as strong and well funded as the military. He knows people are going to be upset when this occurs and as he tries to put in place his radical agenda.

reply to post by jd140


I actually agree with Marg's assessment and understand she doesn't literally mean everyone born in the 80's. I was born in 79 so that is close enough to count me in the stupid ones.

But if we really analyze the situation honestly, we can admit that the majority of those in our generation are very poorly informed, easily swayed, and probably know bupkus about civics, history, politics, and government. They'll go for the pretty political face and what sounds good over what is logical or has substance, for the most part. There is always the enlightened minority and every generation has its idiots but our generation really does seem to be lopsided.

So in that sense, I can see what Marg is saying.

reply to post by jd140


Know I really have not more comments for you, I rest my case with that last post.

Thanks to the Deficit, the Buck Stops Here

I truly believe that driving higher deficits after the massive bail outs are to drive the dollar into extinction.

But what will be the benefits of killing the dollar as the world currency? well after the crash that originated in the US the nations that now still hold vas amount of dollars are in danger of having more bubbles been made and crashed.

Because let face it, The same profiteers that help create the last bubble in the mortgage industry after cashing out and walking with obscene profits and bonuses are back doing exactly what they did to begin with and nobody is regulating or watching them.

After they were paraded infrom of congress and for the people to watch in the news, after they were told that they were better death this fat rats are back.

Back during the heyday of the credit bubble, they were the financiers who earned huge bonuses for creating, trading and investing other people's money in those complex securities that resulted in trillions of dollars in losses and brought global financial markets to their knees. And now they're out there again hustling for investors and hoping to make another score buying and trading the same securities.

Like golfers who treat themselves to a second drive after hooking the first one deep into the woods, these guys play on without apology or penalty. The maddening thing is that they're getting away with it and nobody seems to care.

Seems that in our current system we reward the dirty and corrupted and pushing the hard workers.

www.washingtonpost.com... 

Pearlstein shows time and again how high-level executives engaged in terrible business models without assessing the risks, and then walked away. Now, they are back in the financial sector doing the same thing they did a few years ago. The financial system is on the rise, banking stocks are gaining value, and the intent of the Treasury and Federal Reserve is to rebuild the bubble which existed in 2006 and 2007.

www.economyincrisis.org...

Then we wonder who is killing the dollar.







[edit on 8-9-2009 by marg6043]

reply to post by AshleyD


You are free to agree with her, I don't.

If she didn't mean everyone born from 1980 to present then she would have said that. I'm a literal type of guy. I say what I mean, if I said everyone in the 1970's were burnt out hippies then that is what I would mean.

I make no apologizes for my last few posts and they stand as is. Especially the last line of my last post.