Obama needs $1.2 TRILLION more to stay afloat

[Sam Odom]

President Barack Obama is expected to ask for authority to increase the borrowing limit by $1.2 trillion


What a fukking train wreck we have become

[FourLengthsClear]

The hole gets deeper.

[Sam Odom]

When will they (3 branches of govt) say 'enough is enough' ?

And start making real cuts

[JerseyLove]

Hes a long legged mack daddy. First time I saw his name was on a big pair of

[Emily_Haines]

What difference does it make? The money can never be paid back so may as well just run the debt up as far as possible.

[big0mar]

Not that much really

Entire world GDP is like $16T a year

[sideloaded]

http://www.zerohedge.com/news/guest-post-run-global-banking-system-how-close-are-we

[FourLengthsClear]

Not that much really

Entire world GDP is like $16T a year

Not that much? 1.2 trillion is USD 4,000 for every man woman and child in the US and would bring the debt ceiling up to USD 45,000 for every American. By any standards that is hideous.

...................... and btw Global GDP is well over USD 60 trillion.

[Emily_Haines]

Not that much? 1.2 trillion is USD 4,000 for every man woman and child in the US and would bring the debt ceiling up to USD 45,000 for every American. By any standards that is hideous.

...................... and btw Global GDP is well over USD 60 trillion.

Throw in the fact that 50% don't pay taxes and it's more like 8000 per person

The entire national debt is more like 120000 per person

It will never be paid back!!!!!!

[jmilacek]

You guys realize this was agreed upon by Democrats and Republicans a long time ago, right?

[capitalist pig]

Throw in the fact that 50% don't pay taxes and it's more like 8000 per person

And there lies the whole problem with our country. I dont care if you make $3000 a year everyone should be paying federal income taxes, its ridiculous to let off the low income folks from paying, they are the biggest drain on the system and contribute nothing,JMO.

later

[Emily_Haines]

And there lies the whole problem with our country. I dont care if you make $3000 a year everyone should be paying federal income taxes, its ridiculous to let off the low income folks from paying, they are the biggest drain on the system and contribute nothing,JMO.

later

It's also not OK for the 1% to have their incomes go up 400% over the last 25 years and the 99% go up 80% and expect the 1% not to pay more.

[big0mar]

Not that much? 1.2 trillion is USD 4,000 for every man woman and child in the US and would bring the debt ceiling up to USD 45,000 for every American. By any standards that is hideous.

...................... and btw Global GDP is well over USD 60 trillion.

If you don't have $45k to spare you're a fukkin bum

We are rich because of government. Don't forget that.

[big0mar]

It's also not OK for the 1% to have their incomes go up 400% over the last 25 years and the 99% go up 80% and expect the 1% not to pay more.

Why not????

[capitalist pig]

It's also not OK for the 1% to have their incomes go up 400% over the last 25 years and the 99% go up 80% and expect the 1% not to pay more.

Thats a tough one, but I see your point, but put yourself in the 1% class and imagine your already paying 45% in income taxes, and the govt wants 55%. Most 1%rs probably wouldnt even notice it in their lifestyles, but its got to seem like a slap in their face the way our govt pisses money away, JMO.

later

[CarpeDime]

it will go to defense spending so its good

bush and congress did that for aphghanestan and iraq and we kicked complete arab ass not to mention created jobs in defense contracting and created job creaters who own defense contracting small businesses

cant let up now we need to fuk up iran and then pakistan 1.2 tril should do it

[FourLengthsClear]

it will go to defense spending so its good

bush and congress did that for aphghanestan and iraq and we kicked complete arab ass not to mention created jobs in defense contracting and created job creaters who own defense contracting small businesses

cant let up now we need to fuk up iran and then pakistan 1.2 tril should do it

I like the satire but it won't all go to defense. There is the small matter of servicing the current debt which will allow the Chinese to bolster their own defence spending.

[big0mar]

I like the satire but it won't all go to defense. There is the small matter of servicing the current debt which will allow the Chinese to bolster their own defence spending.

I wonder what kind of rates China is charging us. Must be very high, right?

[FourLengthsClear]

I wonder what kind of rates China is charging us. Must be very high, right?

Bond yields on the open market are still remarkably low, this is true. This is mostly because there is very little high quality debt out there, the whole of the western world is in the same hole and we have the ultimate case of moral hazard.

If investors were to value US, British or French debt they way they have by historical standards capital markets would have ground to a halt.

[Cougar Bait]

it will go to defense spending so its good

bush and congress did that for aphghanestan and iraq and we kicked complete arab ass not to mention created jobs in defense contracting and created job creaters who own defense contracting small businesses

cant let up now we need to fuk up iran and then pakistan 1.2 tril should do it

[Emily_Haines]

I like the satire but it won't all go to defense. There is the small matter of servicing the current debt which will allow the Chinese to bolster their own defence spending.

super committee not coming to an agreement results in automatic cuts off 1/2 trillion to the defense budget

[MUHerd37]

super committee not coming to an agreement results in automatic cuts off 1/2 trillion to the defense budget

None of that is going to happen. They already admitted all the auto cut stuff was bullshit and isn't going to happen.

[mikemca]

Legalize drugs ,online poker,sportsbooks and tax them like cigarettes = Voila


That doesn't erase it but it sure puts a dent in it.Don't know why they are so stubborn ,if people want to slowly kill themselves or flush their money down the drain then so be it.

[rickbo528]

What difference does it make? The money can never be paid back so may as well just run the debt up as far as possible.

There's a real intelligent response.

[thebestthereis]

fade lang at your max bet between your 12 different outs and you'll be out of debt in roughly 4.5 years +/-. it won't happen overnight but it will happen, for certain. that is my plan and i am sticking to it. we don't need cuts whatsoever, as a matter of fact my plan adds bonuses every year.

[No coincidences]

fade lang at your max bet between your 12 different outs and you'll be out of debt in roughly 4.5 years +/-. it won't happen overnight but it will happen, for certain. that is my plan and i am sticking to it. we don't need cuts whatsoever, as a matter of fact my plan adds bonuses every year.

LANG 2012!

[Romocide]

Legalize drugs ,online poker,sportsbooks and tax them like cigarettes = Voila


That doesn't erase it but it sure puts a dent in it.Don't know why they are so stubborn ,if people want to slowly kill themselves or flush their money down the drain then so be it.

Bingo! What people do with their own body and own money in their own business. The government needs to stop trying to save people from themselves and start trying to help the nation as a whole. The war on drugs has been and will continue to be an epic failure. Contrary to propaganda, there would not be gangs of drug addicts roaming the streets at night looking for someone to shoot and rob. No more than their already is. In fact, legalization of drugs would cause a massive decrease in crime. The money gained from taxes and no longer having to pay the costs of nonviolent drug offenders in prison would be enormous.

Legalizing these things would create an almost instant upswing in the economy.

[itchypickle]

Obama's treating the debt issue like a teenager trying to fukk a girl for the first time...drip drip drip....$500 Billion here, $1Trillion there, another $800 Billion here.....Just let me get the tip in baby, I promise that's all and then wham...we're fukked

[Jaug]

Borrowing $40 per $100 spent. Wont hold in the long run.

[crustyme]

[Sam Odom]

Meanwhile... In Hawaii

“The Obama party had a special 5-course tasting menu for $75 a person, $105 per person with wine pairings for each course," according to the pool report. "Highlights include 'Sassey Salad' and bacon wrapped pork loin,” according to CNN’s Peter Morris, who was at the restaurant when the president arrived, according to the report.

[Salvan]

LOL, SBR resident retard conservatives are still confused on how our government works. Obama doesn't spend. The congress spends. We raised the debt ceiling 10 times under Bush, where were all these chuckle heads then? Under Bush is when we should have cut spending and raised taxes, idiot cowboy did the opposite. Cutting deficits in a recession is the last thing you want to do. That is economics 101. Read a book dumbasses.

[Sam Odom]

LOL, SBR resident retard conservatives are still confused on how our government works. Obama doesn't spend. The congress spends. We raised the debt ceiling 10 times under Bush, where were all these chuckle heads then? Under Bush is when we should have cut spending and raised taxes, idiot cowboy did the opposite. Cutting deficits in a recession is the last thing you want to do. That is economics 101. Read a book dumbasses.

So who is the dummy? In the same paragraph you say the President (Obama) doesnt spend then go on to say a President (Bush-cowboy) is to blame for spending


.

[Salvan]

So who is the dummy? In the same paragraph you say the President (Obama) doesnt spend then go on to say a President (Bush-cowboy) is to blame for spending


.

Where did I say "President (Bush-cowboy) is to blame for spending"? Do you have reading comprehension problems, dumb f\*\*k? I said UNDER Bush, as in WHEN bush was president, we should have cut spending and raised taxes. Way to avoid the entire point of my post and then LIE about what I said. You made a stupid misleading thread, admit it and move on.

Blaming the current President for the budget busting policies enacted when Republicans controlled the Congress and White House is lying.

[Salvan]

Fixed for accuracy, when Obama took office we were still operating under a budget BUSH signed into law in 2008. We wouldn't have massive deficits if not for a Republican Recession that sent unemployment to 10% before Obama's/Dems Recovery Act started undoing the damage