You are currently browsing the category archive for the ‘Debt Ceiling Crisis’ category.

Originally published on the Office of Management and Budget blog and picked up here off the Treasury Blog… the magic number of deficit reduced is $737 billion.

Put into perspective.

That total is for the entire span ranging from 2013 to 2022, covering this presidential term and the next two.

This is compared to the $4 Trillion Grand deal that was agreed to by everyone back in August 2011, then scuttled by Paul Ryan (Romney’s VP pick), who walked out of the agreement taking the Tea Party Republicans with him… The agreement was there, it was right there on the table; Obama had signed on. Democrats in the Senate had signed on. Republicans in the Senate had signed on. Democrats in the House had signed on. And the Republicans in the House had signed on… But then, to everyone’s surprise! Paul Ryan, said no, it raised taxes, so he and his Tea Party couldn’t vote on it… The deal was scuttled. And we got sequestration, a new debt ceiling, and the expiration of the Bush Tax Cuts all at once… . .

Last Monday, Paul Ryan voted to raise taxes. So what was the Big Deal?

This table shows the relief from last years policy. This year, we will cut the proposed deficit by 4 billion. That is in jeopardy, because the Hurricane Sandy relief which has been promised to be passed by the new House of Representatives sworn in yesterday, is already 60 billion over what was previously budgeted…. Next year we may get some of that back; this bill drops our deficit $42 billion.

The point I’m making is that this bill although a victory, actually saves very little…. Obama originally said we’d go with $1.6 Trillion in new revenue. $2.4 Trillion of cuts would be on top of that. Now, including both revenue and cuts, we have not even half of that. Over 12 years, we save $737 billion with $329 billion coming from the last three years of the second term of whomever gets elected after President Obama!

What we got …. was a deal. That says something. America should be grateful for small wonders. America also got time to debate the cuts. They would have happened immediately without debate had we done nothing. SURPRISE!!! 500,000 ARE UNEMPLOYED AS OF TODAY!! America got unemployment insurance extended. America got the wind credit tax extended, very necessary right now. America got higher taxes on the top half of the 1%.… As they scramble to bury their money into our economy, we could see job growth come out of it… And that is really what was important. That the 2$ Trillion sitting outside the economy, get taxed so it becomes now cheaper to invest in our nation’s infrastructure and not in the stock market…. That was the whole idea for high taxes. Force investment into the economy…. Those 400 people who own the top 1/10th of the top one percent of the wealth, now… have to do something with it.. or lose it…

But as for affecting the deficit, it could actually help if the economy takes off and 12 million new jobs open up as anticipated. Those new jobs will pay tax money too, more than making up what the incomes between $250,000 and $400,000 got to keep.

But Delaware’s Senator Tom Carper is correct here. This bill he voted no for, simply kicks the can down the road, where had it not been passed at all, the laws on the books would have begun to eat up the deficit like bacteria in a sewage tank… Like taking an antibiotic, which makes you initially get sick the first day, then you begin getting better almost immediately, this deal against which Carper voted “no” would have caused a recessionary blip, then pulled us into prosperity.

This flashing, daring, last minute grand compromise, as Carper rightfully states, is the equivalent to opting NOT TO TAKE THE ANTIBIOTIC BECAUSE IT MAKES YOU A LITTLE SICK THE FIRST DAY…..


Tim Geithner said today, that the Treasury runs out of money on December 31st. That day we cross the $16.4 trillion debt limit.

Extraordinary measures can be expended to provide a stopgap… The Federal Treasury can raise $200 billion as a stopgap which provides 2 months leeway…

We were here once before, and learned nothing.

This crises is caused by a holdout band of renegade Republicans who for better or worse are out to destroy the United States of America.

There is no other scenario.

Fix the Deficit Yourself With This Handy Dandy Deficit Fixer Upper
Courtesy of New York Times

Here is the sight where you can fix the deficit yourself... Let me know how long it took and what you found to be your biggest surprise?

Indirect link:

The number is staggering. $15 million to Newt Gingrich, $70 million to official Republican entities, and reportedly $65 million to dark shady political shell organizations. All, being thrown up against the current President, the man who won.

Rumors floated up that this was in support of Netanyahu and the side of Israel that invests in settlements. It appears that Romney’s fervant support of Netanyahu was the result of his ties with this man… Not long after their first $10 million meeting, Romney restated his support for one of Adelson’s top priorities — his fervent backing of Israel’s conservative government and his opposition to a two-state solution to the Israeli-Palestinian conflict. Romney’s first foreign trip after his meeting with Adelson included a late July visit to Israel, which included a Jerusalem fundraiser that Adelson famously attended.

However other fundraisers are now saying differently…

Adelson is reportedly to have said he planned to spend about $100 million or “as much as it takes” to defeat Obama and help Republicans in Congressional races. Adelson’s personal wealth has been pegged at $20.5 billion by Forbes, making him one of the world’s richest men and enabling him to open his checkbook wide without worrying much about his bottom line…..

During the election, Adelson told Politico that the Justice Department investigation, and the way he felt treated by prosecutors, was a primary motivation for his investment in Republican presidential nominee Mitt Romney and other GOP candidates…

In dark money he shelled out:

40 million to Karl Rove’s Crossroads.
15 million to a grassroots foundation run by the Koch Brothers.
5 million to the US Chamber of Commerce.
6.5 million to the Republican Jewish Coalition. (close to 100% of its entire funding.

It was a disappointing election for Adelson. His nemasis whooped him bad.

In SuperPac money Adelson gave $5 million to Boehner, and $5 million to Cantor and his allies. Which is why, he was in Washington today, meeting with Congressional Republicans to devise methods to disrupt any new tax on his estate… The Sands.

The primary reason for the meeting, is he wants these charges dropped. The Justice Department investigation, and the way he felt treated by prosecutors, was a primary motivation for his investment into the campaign of the Republican presidential nominee. Federal officials are looking into potential money laundering by two shady high rollers at his Las Vegas casinos.

The money laundering investigation, led by the U.S. attorney for Los Angeles, is probing whether the casino broke the law by failing to report to the government millions of dollars of potentially laundered funds that two gamblers transferred to its casinos. (Tax evasion: the same thing that brought down Al Capone.)

One of the two gamblers, Ausaf Umar Siddiqui, is being probed about over $100 million of his transactions through the casinos. Separately, he was arrested in 2009 and pleaded guilty to accepting illegal kickbacks in his job as an executive with Fry’s Electronics in California. He is now serving a six-year jail term.

The other big gambler in the probe is Zhenil Ye Gon, a Chinese-born Mexican-based businessman, who reportedly transferred $85 million to Sands casinos several years ago. Ye Gon was indicted in 2007 for dealing in illegal drugs, but the charges were dismissed in 2009.

So the largess of Sheldon Adelson’s giving experienced the Republican party, was part of the $185 million in laundered money it got from these two people, leaving a cool $35 million in profit. Seen this way, it didn’t cost Sheldon a thing.

Another inquiry by Justice and the SEC has been under way for about two years. It involves allegations that Adelson’s lucrative casinos on the Chinese island of Macau may have violated the Foreign Corrupt Practices Act by paying bribes to Chinese officials to expand its operations there.

Bribing the Chinese was a smart deal, if only the SEC and Justice Department hadn’t been so “hung up” on
regulations… (Can anyone else here a Romney campaign line here?) $700,000 went to a local attorney, Leonel Alves, who was hired by the Sands Chinese subsidiary while he was a government legislator in Macau. The lion’s share of Sands’ corporate revenues now come from Macau. That $700,000 bribe now yields a return of $326 million this past quarter…. As a business proposition, it made very good sense. Unfortunately there is one of those ridiculous regulations that hog-tie real business people called Foreign Corrupt Practices Act

Republicans would simply look the other way as long as they were on the receiving end of millions. Obama’s Justice Department? Well, not so fast.

Hence the determination to throw money away on the flimsiest chance that doing so could defeat him.

Of the billion dollars spent in this past election, 15% of that came from one man. Now, I believe in America, a man should spend his money how he wishers. Had he chosen to give this to fight Breast Cancer, we would all hold him in high esteem…

And the law is so broad, after Citizen’s United, that it appears he violated no rules, no regulations, and all his giving to Republicans was legal and completely within the law….

Seen from hindsight, obviously his influence impacts candidates. Karl Rove was in his box during his election night meltdown. Some fundraisers are pointing fingers at Karl Rove for advising Sheldon not to invest in “their” dark money organization, simply leaving competing interests for Rove, out in the cold. Newt Gingrich out of nowhere came out with an uncharacteristically backing of Israel during the primary. We now know why. Netanyahu figured prominently in the third debate, far more than his importance warrants. We now know why. Republicans against their parties own self interest, are risking losing any loyality with the American middle class over their intransigence not to raise taxes a teeny bit upon the wealthy. We now know why….

Simply put, if you can’t get elected without the help of one man…. and that one man is in your office telling you what you should be doing, you are going to listen to him…

The losers of this method of campaign financing are the American people. In this battle between the wealthy and everyone else, the Republicans are siding with the wealthy for their own self interest…. and their political survival is a pretty darn big self interest. Which means the rest of us are only getting one option to choose from. One party rule will again dominate America, as long as dark money is allowed into politics and there are no caps on one person’s influence.. And that party… will be the one representing the 98%….. and any party, without being repeatedly challenged, inevitably becomes soft and corrupt.

Until soft money becomes dried up, we will continue to have Sheldon Adelson types dropping into Washington with open checkbooks, and the rest of us will suffer these childish posturing battles between Sheldon Adelson supporters, and the rest of America. More grandstanding is guaranteed to be forthcoming by the Republicans….

I’ll bet you $150 million on it….

After the election of 2012 showed, Conservatives are not the power they thought they were. In fact, had no conservatives interfered with the Republican side of the race, the outcome could have been a Republican victory. Romney lost because he had to pretend he was a conservative to gain the nomination. His prime role after acquiring the nomination, was keeping the radical wing of his party from defecting.

If there was not a conservative litmus test to which the Republican Party had to pass, Obama would have had to run on his record on the economy with no help from Santorum, no help from Rick Perry, no help from Grover Norquist, no help from Michelle Bachmann, no help from Karl Rove, no help from Sheldon Adelson, no help from Todd Akins, no help from Mourdoch, no help from Rush Limbaugh, no help from Fox News….. and no help Rep. Issa.

It could have been a much tighter race if the conservative element THAT REALLY PISSES 60 PERCENT OF AMERICA OFF TO THE MAX, was not there….

Republicans are waking up. No hated conservative will be chairing a committee in the House this session. They will be chaired by those who voted for the Debt Ceiling Compromise two summers ago.

After spending a billion dollars, these PACS were able to get fewer Republicans to the polls than John McCain……“Freedomworks, Americans for Prosperity, Club for Growth, Heritage Action for America, Madison Project, Concerned Women of America, Susan B. Anthony, Gun Owners of America, etc. etc. etc, all who tap the spigot of wealthy sociopaths like the Koch Brothers, have nothing to show for all the rich people’s money they wasted….

They try to take credit for the Republican House, but very little of their money was spent there. Gerrymandering is responsible for returning the Republican House. Even then, strong conservatives in conservative districts still faced tough fights against Democratic challengers. Michelle Bachmann once the darling of Delaware’s trop-conservative David Anderson, after being behind, won by just hundreds of votes…..

Grover Norquist is facing the unthinkable. Republicans are calling him absolutely crazy like Hitler.

Republicans everywhere are waking up that walking into the public arena still covered in manure, makes others support the other party….

They are dusting off the moderate Republicans immigration reform, to go after Hispanic votes. Just a few short months earlier, they lambasted not deporting little Mexican boys as girls, as a sign of unprincipled conservative weakness. RINO your were called if you had compassion for children.

Paul Ryan, after lambasting Obama for removing $756 billion from Medicare even though he did the same in his Republican budget, has now offered up a new budget: missing $756 billion from Medicare……

Who appears to be moving forward? Moderates. People who put people first, and ideology second. They don’t believe in wasting money, but they are far from regular Tea Party stock who feel that any government program that does not directly give themselves a handout, is a waste of money.

Chris Christie: vilified for meeting with Obama after Hurricane Sandy, has a spread of approval ratings almost as wide as his girth.

John Boehner, despite the public face, is working with the President to isolate those radical Republican communists who want to destroy America’s government, and is quietly organizing a plan to put America back on the road to prosperity.

Eric Cantor after the election, is uncharacteristically amenabile.

Bobby Jindle who is moderate, is held in high regard.

Not one person has heard from Rick Santorum. (Is he too in Betty Ford?) Or is he “really” hiking the Appalachian Trail?

Fox News and Murdoch are pummeled at everything they say… Even Ann Coulter is saying we have to pass Obama’s tax increases. As well as William Kristol.

The big Republican donors all recognize that raising taxes is far cheaper to their bottom lines, than having the market retract over an artificial debt ceiling crises that again, never has to be….

FedEx Chairman and CEO Fred Smith, top executives from Northrop Grumman, Pratt & Whitney, TASC and RTI International Metals, David Langstaff, CEO of TASC, David Hess, head of Pratt & Whitney, Joe Echeverria, CEO of Deloitte, AT&T CEO Randall Stephenson, Goldman Sachs Chief Executive Lloyd Blankfein, have all recently come out in favor of raising the top marginal rates!

Against this backdrop the Senate lost conservative Jim DeMint R-SC who felt the Heritage Foundation was not Conservative enough, so he gave up his Senate seat.

As wew watch Conservatives are turning into dust. As we watch we see an ineffective, uncompromising, and inept group of bitter old codgers, none of who have accomplished any good in their endeavors…. playing “nearer my God to Thee” as conservatism takes its long overdue dive to the ocean floor…..

If the Republicans can become the moderate party that “doesn’t waste money”…. they may have a shot… If they do anything conservative… They will lose much, much, much, much, much worse… the next time around…

America absolutely hates everything they stand for… $1 billion in advertising for nothing,…. says so.

I wish I could say it was both parties to blame. But to do so is to lie. That is one thing I don’t do.

After crunching the numbers the president’s plan is the basic, lowest tax increase we can afford. Anything less, does nothing to bring our nation back to prosperity. I certainly would argue that the tax increase should be higher, but it appears that instead of starting high and negotiating lower, Obama started with the bare minimum. This is it; take it or leave it. He cannot go below that line. Period.

The Republicans know the stakes; but would rather take us over the cliff, instead of looking weak to the faithful of their party, which lost btw….

It is just nuts. Now, they want to create another debt ceiling crises? …. again? Is there no end to stupidity?

Pros and Cons of Holding A Nationwide Strike on January 2nd, 2013.


1) Forces Republicans to negotiate.
2) Demonstrates to Congress this is not a game.
3) Gives everyone a day longer holiday break.
4) Raises stakes for Tea Party Republicans thinking about defaulting.
5) Causes all eyes to stay focused on the deficit issue at hand.
6) Could be conducted as a wildcat strike , just call in sick.
7) Shows that Americans are serious about taxing the wealthy.
8) Gives our president a tool to hold over corporate America
9) January 2nd is the lowest productivity day of the year, no economic loss
10) Needs to be viral to have any meaning. People have to want to show their support for balancing the budget through taxes on the wealthy.
11) Continuation of occupy themes.
12) Businesses as well as labor, can show their support for raising taxes on the wealthy.
13) After experiencing a nationwide strike, Labor negotiators will have more clout in negotiations.
14) America’s people takes back their destiny. Like Thanksgiving, almost every American is off work.
15) Will demonstrate what happens if America stops working.
16) Will be called off if Agreement is decided before Dec. 15th.
17) Should be also supported by Businesses, corporations as well as workers. We all have a hand in making sure our government can pay it’s bills far into the future.

1) Inconvenience to those flying that day, or any travelers.
2) Lost day of work.
3) Job may fire you.
4) There are no winners in a strike. Victor goes to the one who stands hardship the longest. All lose.
5) If successful Could be overused. Strike for Animal Rights.
6) Will gum up normal operations. for whole day. and perhaps the next.
7) Will lower GDP by one day’s worth in that quarter.
8) May cause gigantic riots never before seen in the history of the World.
9) Nobody will come.

One year ago, September 8th, 2011, the greatest President in our lifetime (you may not agree now, but you will, you will) laid out the American’s Jobs Act.

The plan included stimulus spending in the form of immediate infrastructure investments, tax credits for working Americans and employers to encourage consumer spending and job growth, and efforts to shore up state and local budgets to prevent further layoffs of teachers, firefighters, police officers, and other public safety officials…..


One month later, the GOP blocked the bill in the Senate, preventing the creation of more than a million jobs and the added growth that multiple economists predicted would occur if the bill passed…..

1 million jobs, Republicans like Mitt Romney, Paul Ryan, Eric Cantor, Mitch McConnell, and every single person running this election under the banner of Republicanism… cost you..

1 million jobs. One million jobs.

Jobs bills are seeds that usually sprout and give fruit in other jobs. If ten people in your community suddenly get jobs, they will spend some of that in your community. It could be groceries. It could be gasoline, It could be the Indian liquor store. It could be Radio Shack. But they get it. When the government creates jobs, we get the benefit.

Republicans killed 1 million jobs. Why? So Obama would not get re-elected.

Where would unemployment be now?

12.5 million unemployed minus 1 million employed equals= 11.5 million unemployed. Today our rate would be with no additional growth in the private sector, 7.4% (11.5/154.6= 7.4%)

Republicans are the reason our economy sucks. They didn’t want Obama to do his thing…. and grow those jobs…..

Here is what others said the Jobs Bill, killed by Republicans so Obama wouldn’t get elected, ……

Moody’s Analytics estimated the American Jobs Act would create 1.9 million jobs and add two percent to gross domestic product.

–The Economic Policy Institute estimated it would create 2.6 million jobs and protect an addition 1.6 million existing jobs.

Macroeconomic Advisers predicted it would create 2.1 million jobs and boost GDP by 1.5 percent.

Goldman Sachs estimated it would add 1.5 percent to GDP.

Republican Tea Partiers have also cut 700,000 jobs since 2010. Public-sector job cuts also cause job loss in the private sector, for a couple of reasons. First, public-sector workers need to use inputs into their work that are sourced by the private sector. Firefighters need trucks and hoses, police officers need cars and radios, and teachers need books and desks. When public-sector jobs are lost, it stands to reason that the inputs into these jobs will fall as well, and indeed research shows that for every public-sector job lost, roughly 0.43 supplier jobs are lost.

And they blame Obama? Gee, what a great president we have who has to work with garbage and still, does what is right for the American people. 96,000 brand new, never before, created jobs in July…. Surely we live in the times of the “Best President Ever”

If America can just wipe out every single Republican on the ballot, whose party is solely responsible for the crash in 2008, the fall in 2009, the crises in 2011… today’s sluggish growth… we would get roaring.
Republicans can do no right. At least when it comes to your money…

Their money? Oh, no problem.. “I’ll bet you $10,000 dollars, right here….”

The headlines should read:


Now that, is a proper headline.

(Courtesy of Delaware Liberal’s Hot & On Top Reporting)

Health and Human Services (HHS) Secretary Kathleen Sebelius announced that 5,600 Delaware residents will benefit from $1.8 million in rebates from insurance companies this summer, because of the Affordable Care Act’s 80/20 rule. These rebates will average $351 for the 5,300 Delaware families covered by a policy.

Obamacare is working!  Obamacare is saving people money.  They were at the mercy of insurance companies before.  Now, they have $1.8 million in their pocket.

It is not because of Republicans!.. They are the ones taking money out of your pocket, handing it to the insurance companies, and saying “don’t forget about that campaign contribution in October.”

No one can trust Republicans unless you are making more then 10 million a year. No one.

So when they say the first thing they want to do in January is repeal Obamacare,  and now you can see why.

That want insurance campaign contributions… and that is all.  They don’t give a fuck about you.

Only Democrats can right the wrongs… Do what you know you must.  Swear on a stack of Bibles, never, never,  never, never vote for a squirmy, sluggish, beetle-infested, putrid, maggotty, caterpillerish, centipedific, millipederishes, multi-lensed eyeballed, appendage ringed mouthed, stinger-embedded, infectious bacterial infested, food coveting, ooze secreting, spontaneously defecating  insect who swears allegiance to the Republican Party….

Spray them with insecticide instead…..

(Wow, what a great demo idea for the Republican National Convention……)

Sometimes after reading truth like this, you just want to walk into a room of thronging with roaches, pretend they’re Republicans and squish them each and every one ………

To understand this year’s New Castle County School Board Elections you need to see


The DSEA has always sponsored candidates for school board elections. And usually there was little opposition. After all?  What crazy parent would run or even vote against his child’s teacher or that candidate who she was supporting?


Except that this organization supporting those hard working people called teachers… is a union….

And unions, are bad for business, or so says….Marvin N. “Skip” Schoenhals, head of WSFS Bank…( a good bank btw, one that did not make the mistake and sidestepped around the hole Wilmington Trust fell headfirst into…)

As Delaware Libertarian points out, at the state Chamber of Congress dinner, “Skip” To My Lou stood up and said…. ” Unions are bad… they hamper progress….” a statement subsequently verified by the News Journal.

So…. are these nasty school board elections about kids?  HA, HA, HA, HA, HA…..

No, it is about busting up unions… And the easiest ones to bus up, are the ones paid for with taxpayer’s funds..  After all, you can’t blame the corporation for making way too much money at the expense of workers, when it is  “WE, the people”  ourselves who are paying all the salaries…

Ingenious. Kill the unions that are publicly funded, then… use that success to get rid of union rights all together… ‘Tis a consummation, devoutly to be wished!”…

Wisconsin, did that. Indiana, did that. Ohio, didn’t quite do that, they voted no.

When a businessman or government official proposes to do away with a union, he is saying this; make them work for less so all that extra money comes to me… Pure and simple.

In real life outside Republican fantasy world,  the converse is actually true. If you have too much money to spend wisely, you should be investing that excess in the local economy. If you aren’t doing it willingly, then we, this county’s citizens,  should do it for you….

Ever wonder what $1 Billion extra dollars dropped into little ole Delaware’s economy each quarter, would do for unemployment? For sales? For profits?  For salary increases?  For your bank account?  For your alimony payment (ok, don’t go there)?

That’s what unions do. Instead of companies making $4 billion in profit a year and sucking it out of the local economy, a company, because of union negotiations, now takes only $3.9 billion out of the economy but that $100 million in union scale wages, goes right into our dealerships, our banks, our grocery stores, our restaurants, and our movie theaters, not to mention Christiana and Concord shopping malls.

That’s what unions do. They shave off a bigger piece of the pie, and let that shaving percolate upward through our economy.   Of course, “Skip” gets all  mopey because he no longer gets his 10% commission off that $100 million, (THAT’S  $10 MILLION DOLLARS to the non-mathematically inclined).. so he’s all sad-faced. (Well, in his defense, I’d be mopey if I didn’t get $10 million dollars)…

So the reason, this school board elections are being run by Nasty Boys?… Unions.

Would this much money be spent just to help the kids know right from wrong (I mean right from left (lol really I mean “wrong” from left))?  If you really believe it, then why do these new PAC supporters avidly and vocally complain about how much their school tax assessment (far less than they are spending to rig the school boards) is for Delaware’s education?

Just stop… and think…. for a moment…. (and count the ellipses…. lol….)

Isn’t there something sinister, when a company or single individual complains vociferously about being taxed too much for schools, then throws that much doubled, into stacking the school board with people who will do away with unions?

Ahhhhhh… now the nastiness on both sides… makes sense…..

And did you ever stop to wonder why no one has seen or heard of Janet Jackson, ever since Michael Jackson died?

Check the link again…..