Tag Archives: Debt Limit

Breaking News. Obama and Republicans Reach Debt Compromise

This evening (Sunday, July 31, 2011), Obama reached a compromise with Republican congressional leaders on the debt ceiling, to avoid a financial default.
Few details are available but the AP’s David Espo reports that the deal would:

  • Cut more than $2 trillion from federal spending over a decade. Thousands of programs – the Park Service, Labor Department and housing among them – could be trimmed to levels last seen years ago.
  • But the federal debt limit would rise in two stages by at least $2.2 trillion, enough to tide the Treasury over until after the 2012 elections.
  • No Social Security or Medicare benefits would be cut, but the programs could be scoured for other savings. Both could be on the table along with changes in tax law as part of future cuts.
  • Taxes would be unlikely to rise.

No votes were expected in either house of Congress until Monday at the earliest, to give rank-and-file lawmakers time to review the package. But leaders in both parties were already beginning the work of rounding up votes.

Senate Democratic leader Harry Reid bombastically proclaimed that “in the end, reasonable people were able to agree on this: The United States could not take the chance of defaulting on our debt, risking a United States financial collapse and a world-wide depression.”

To read the full AP article, go here.
H/t beloved fellow Anon!

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Everything Obama Says Is a Lie, Except This

“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 US Government cannot 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.”
— Senator Barack H. Obama, March 2006
H/t my friend Sol.

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Quartzsite-La Paz County: Microcosm of the State of the Nation?

Demographics are everything, so the MSM and pollsters say.  I’ll give them that and not argue with my “betters.”   My Dad always said, let everything be an object lesson.  So, I take the La Paz County/Quartzsite situation very seriously and compare it to the current Debt Ceiling standoff. 

The LaPaz County situation in a nutshell appears to be:

In past years of relative prosperity, elected officials signed a contract with a private company to provide a service they thought would be beneficial on some level.  Subsequently, there was a parting of the ways and the resulting court of appeals judgement of $9.5 Million was laid on the people of La Paz County.

The elected officials of La Paz County have run out the clock with bickering, blustering, politicking, cronyism and partisan wrangling in town meeetings to the point the judgement has now reached $14 Million and continues to climb.  

The citizens are coming unglued for very a understandable reason. It’s the same reason the Tea Parties formed. 

Look at the demographics of  La Paz County according to the 2010 Census to understand the mountain of local debt they’re facing   — piled on top of all the state and federal taxes they’re already burdened with:

Total Population                                                                                                    20,489   

Persons under 18 years old      24.5 %   (not in full time workforce)                          Persons 65 and older                 33.1 %  (not in full time workforce)                                                                 57.6% of people not in full time workforce

 Total Households between 2004-2009                                                         9,530         

Median Income Per Household                                                                      $ 30,939          Per Capita Income                                                                                                $ 20,050

In a depressed economy with lowered wage expectations, few job opportunites and increasing debt obligations, any population is a powderkeg waiting to explode.   With a median income of less than $31,000 per household to cover federal, state and local taxes plus housing, transportation, utilities, clothing and food; how are less than ten thousand households going to come up with the money to pay off the additonal $14 Million that resulted from the bad decisions and dithering of their incompetent elected officials ?

Like La Paz County, Arizona; every state, county, city and town has elected officials who’ve signed contracts heaping their citizens in greater and greater indebtedness…. and that’s not counting the federal debt ceiling Obama wants to raise.  Like LaPaz County, the federal government has us in bondage to all the nations that hold our promissory notes.

To quote Bette Davis as Margot Channing in ALL ABOUT EVE, “Fasten your seatbelts, it’s going to be a bumpy night.” 

This is fair warning to every candidate seeking office at every level of government.  ~LTG

Quartzsite: Where the Sh#t Hit the Fan

Mayor Comments on Quartzsite State of Emergency

Tyrannical Arizona City Council Declare State of Emergency

Town in Arizona Run By Wolves

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