Monday, August 1, 2011

One Day Before America Defaults and Goes Broke

In 3 years in office, Obama amassed more debt than any president in US history. The debt is $14 trillion and the only solution is to cut the national debt by $1 trillion in 10 years. Most Americans are forcing both Democrats and Republicans to stop spending or freezing spending. Instead, both parties are playing politics. Democrats want to raise taxes and the American people are ignoring it. Republicans are making political maneuvering to guarantee a win in 2012 and beyond. While these politicians are playing with the lives of the American people, there is a solution. Vote every single incumbent, Democrat or Republican, out of office and put more Tea Party members in office.

(DailyMail) President Barack Obama awoke today to furious reaction to his last-minute debt deal, with experts slamming the agreement as a cruel means of hitting middle classes with tax hikes 'through the back door'.

The President and congressional leaders last night finally announced an agreement on emergency legislation to avert the nation's first-ever financial default.
But while the dramatic resolution briefly lifted a cloud that had threatened the still-fragile economic recovery, critics said in the long run the middle classes would bear the brunt of the country's massive debt, with increased taxes set to cover for the White House's reluctance to cut public spending.

The agreement, slammed as a 'sugar-coated Satan sandwich' by one congressman, is set to slice at least $2.4 trillion from federal spending over a decade, a price which is seen as too steep for many Democrats and too little for many Republicans.
According to President Obama, the deal, which came with scant time remaining before Tuesday's deadline for paying government bills, 'will allow us to avoid default and end the crisis that Washington imposed on the rest of America.'
Experts, however, insist the crisis may still hit middle America the hardest, with the very real possibility that a 12-person bipartisan committee, which will meet in the aftermath of the agreement, could still opt to impose a hard-hitting tax hike.
GOP lawmakers said the super committee could well recommend a rise in taxes, which would be passed by the House.

In addition, financial experts warned the U.S. credit rating was still likely to be downgraded, as figures revealed the U.S. has entered a double-dip recession and the Dow Jones average today fell to a level barely above the point indicating growth.
As furious reaction from both parties in Washington continued to emerge, Republican Senator Mike Lee threatened to filibuster the Senate vote to try to force the enactment of a constitutional balanced budget amendment to make sure it would be more difficult for the committee to raise taxes.

Mr Obama said the agreement will cut about $1 trillion in spending over 10 years. Another $1.2 trillion in spending would be cut automatically if a joint committee fails to find at least that much in budget savings.
The deal 'begins to lift the cloud of debt and uncertainty that hangs over our economy,' said the President.