Posted on 08/09/2011 8:46:14 AM PDT by yoe
Pummeled by ghastly economic news, President Obama called Monday for more spending and extended tax cuts that he said would help stimulate the economy but these also could deepen the deficit problems that helped the federal government earn its first-ever debt downgrade last week.
The president made the proposals as world stock market indexes were tumbling, and his remarks seemed designed to help the White House regain its political footing by resetting the congressional agenda next month. Mr. Obama said he wants the 2 percent payroll-tax cut extended into next year, the creation of an infrastructure bank by Congress to promote construction, and enhanced unemployment benefits extended for another year.
If Congress fails to extend the payroll-tax cut and the unemployment-insurance benefits that Ive called for, it could mean 1 million fewer jobs and half a percent less growth, the president said from the White House, as stocks were in the midst of deep losses that would register a nearly 635-point drop in the Dow Jones industrial average. This is something we can do immediately, something we can do as soon as Congress gets back.
(Excerpt) Read more at washingtontimes.com ...
1934 Chicago Tribune, right?
Opportunity for GOP.. Say we aren’t even starting with any unemployment insurance increases until ObamaCare is on the chopping block.
S&P warns of a second downgrade
One day after lowering the nation’s platinum triple-A credit rating, Standard & Poor’s analysts warned Saturday that the U.S. government could face a second downgrade if the economy continues to struggle and the government fails to make the cuts outlined in the debt ceiling agreement.
http://www.politico.com/news/stories/0811/60803.html
this and the original, initial article BOTH focus on spending cuts.
Total annual income for the Jones family: $21,700
Amount of money the Jones family spent: $38,200
Amount of new debt added to the credit card: $16,500
Outstanding balance on the credit card: $142,710
Amount cut from the budget: $385
Whew! Im glad they got that all worked out to our benefit, arent you? I feel better already.
That is the ONLY way Mr and Mrs Average American will understand the budget.
Was there ever any doubt what Obama would do?
Newsmax
Limbaugh on Market Collapse: Obama Engineering the Decline of America
Monday, August 8, 2011 06:17 PM
By: Jim Meyers
Top-rated talk radio host Rush Limbaugh finds a silver lining in the downgrading of Americas credit rating: There no longer is any doubt that President Barack Obama can be roundly defeated in 2012.
Obamageddon that’s what we have witnessed since Friday, Rush told his listeners on Monday.
Obamageddon. Barackalypse Now. The only silver lining I can find is that as far as 2012 goes, Obama’s a Debt Man Walking. Anybody want to tell me he’s not landslidable now?
Let me repeat this as the Media Tweak of the Day: What we have witnessed since Friday is Obamageddon, Barackalypse Now. And the only silver lining out there is that as far as 2012 goes, Obama’s now Debt Man Walking.”
In his blistering attack on Obama and the Democrats, Limbaugh asserted that we have a president thats overseeing engineering the decline of the American republic.
http://www.newsmax.com/Headline/Limbaugh-Obama-defeat-2012/2011/08/08/id/406572
Obama: “We Do Not Have AAA Political System To Match Our AAA Credit Rating”
07/30/2011
“Make no mistake, for those who say they oppose tax increases on anyone, and lower credit rating would result potentially in a tax increase and everyone in the form of higher interest rates on their mortgages, their car loans, their credit cards, and that is inexcusable,” President Obama said on Friday morning.
http://www.realclearpolitics.com/video/2011/07/29/obama_we_do_not_have_aaa_political_system_to_match_our_aaa_credit_rating.html
so taxes have just gone up , but Obama wants them to go up EVEN MORE ...
Correct!
Excellent post. And remember that Boehner said he got 98% of what he wanted. That means he thinks it was close to a perfect deal. He should be hanged with those words during primary season.
Because middle class handouts are very popular with those the GOP wants as voters. We will be lucky if they hold out to get it paid for with other cuts.
Trying to repeat the success of SS and medicare addiction, many on MSNBC are telling viewers that they 'paid in' to unemployment compensation, the dumb lib MSNBC fans cant even read their pay stub receipts.
I'd say the son of Alinsky can go visit his father in hell but it looks like obama is bringing hell to us.
More debt spending??
The problem is there is too much debt!
I clicked on your link and it goes to Wikipedia, saying Bad Title.
drudge now reporting MO snuck off yesterday on a secret vacation to Oregon.
“...President Obama called Monday for more spending.....”
Again, remind me what was Einstein’s famous definition of insanity...?
To meet her REAL lover? What’s her name?
: )
Gayle and Oprah.
LOL
Menage e trois with three “ beards “
We are going to have to wait and see how this all pans out. Time will ultimately tell. I’m thinking that we are edging more towards the first scenario(hopefully). The other scenario is just to painful to accept.
Yes. To cut the budget, and stimulate the economy, the POTUS is satirizing himself. It’s like suicide, only funnier.
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