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Quick Solution to Debt Ceiling Crises

May 6, 2011 in "clean" remark, 10 Election Results, A Dad's Responsibility, Accountability, administration policy, affordable housing, Afro Americans, AFSCME, America's Food Supply, America's morals, American Right to Privacy, Bank Bailouts, bank failures, Ben Bernanke, Big Head Todd and the Monsters, bill of rights, Bin Laden trades, Bloomberg, Bridgeville, Bush, but its not true; its satire, C Span, campaign finance, Celebrety Status, Cheap shots, Chuck Hagel for President, civil disobediance, CNN Sucks, Colbert Report, Committee to Finance Marijuana, Conservative Movement, Constitution, Constitutional admendments, Controller General, Corporate Bailouts, Corporate Bankruptcies, CorpWatch, credibility, credit rates, criminal intent, Crooks and Liars, Eric Cantor, Federal Deficit, fiscal responsibility, FOIA, Fox News, George Lakoff, Gerald Brady, Gerry Fulcher, Getting Rid of Hannity, Glenn Beck, God Bless Our Troops, Goldman Sachs, Governor Huckabee, Greatful Dead concerts, green frog theory, gwb43.com, Haliburton, Harry Reid, High Crimes & Misdemeanors, House Democrats, Housing Market, Hyperbole, In God We Trust, individual responsibility, inflated gasoline prices, Insurance companies, J P Morgan, J. R. Ewing, Jack Markell, Japan's banking crises, Jim Morrison, John Boehner, Steve Newton, TARP, Tax policy, taxes, Tea Party versus Republicans, Ted Kaufman, The kavips Compromise, Viva Viagra | Leave a comment

Today the White House issued this Executive Order.

“Should the debt ceiling not be lifted in time by May 16, in order to prevent the Treasury from running out of funds, I am hereby using the emergency powers given to the Chief Executive by the Constitution, to temporarily suspend the Bush Tax Cuts until: 1) either we can legally borrow the funds to continue paying on our commitments, or 2) we bring our debt down to the 2008 level by having much more tax revenue pour in.

This is in effect, immediately, and I have instructed the IRS to recalculate all 2010 tax forms over the level of $2 million dollars, and asses those individuals and companies, for the differences.

We must take this action because Republicans want to pay politics with your lives. As Chief Executive, I am responsible to you, not them. I won’t let that happen.

With these tax cuts out of the way, and with our austerity programs already in effect, that windfall of profit the Treasury will receive, will be entirely funneled towards the paying off our debt.

This policy will continue until Republicans can act reasonably and in a productive fashion.

Barack Obama.