Plenty of money for his fellow muzzies though:
Obama’s 2009 Supplemental Appropriations for Iraq, Afghanistan, Pakistan, and Pandemic Flu was revised and “passed by the full committee.” Not sure what the next step is, but based on the summary, it gives billions of U.S. taxpayer dollars to countries and entities that support Sharia law and/or harbor, hide and support those who want to destroy the U.S. and our allies.
http://creepingsharia.wordpress.com/2009/05/13/obamas-supplemental-bill-passes-gives-billions-to-enemies/
Read the summary from David Obey’s office that was quietly released last week with nary a word from any media.
• $3.6 billion, matching the request, to expand and improve capabilities of the Afghan security forces
• $400 million, as requested, to build the counterinsurgency capabilities of the Pakistani security forces
• Afghanistan: $1.52 billion, $86 million above the request
• West Bank and Gaza: $665 million in bilateral economic, humanitarian, and security assistance for the West Bank and Gaza
• Jordan: $250 million, $250 million above the request, including $100 million for economic and $150 million for security assistance
• Egypt: $360 million, $310 million above the request, including $50 million for economic assistance, $50 million for border security, and $260 million for security assistance
• Pakistan: $1.9 billion, $591 million above the request
• Iraq: $968 million, $336 million above the request
• Oversight: $20 million, $13 million above the request, to expand oversight capacity of the State Department, USAID, and the Special Inspector General for Afghanistan to review programs in Afghanistan, Pakistan and Iraq
• Lebanon: $74 million
• International Food Assistance: $500 million, $200 million above the request, for PL 480 international food assistance to alleviate suffering during the global economic crisis
• Refugee Assistance: $343 million, $50 million above the request, …including humanitarian assistance for Gaza. Funding for the UN Relief and Works Agency programs in the West Bank and Gaza is limited to $119 million (Note: Gaza = Hamas)
• Disaster Assistance: $200 million to avert famines and provide life-saving assistance during natural disasters and for internally displaced people around the world, including Somalia, Zimbabwe, Ethiopia, the Middle East and South Asia
• Peacekeeping: $837 million for United Nations peacekeeping operations, including an expanded mission in the Democratic Republic of the Congo and a new mission in Chad and the Central African Republic
• Department of Justice: $17 million, matching the request, for counter-terrorism activities and to provide training and assistance for the Iraqi criminal justice system
The mainstream media remains silent on this but the International News has now picked up the story — and then there is Obama’s $108 billion IMF bailout scheme in addition to the Supplemental.
You are technically correct but it is only really a default if it is to foreign gubments. People on social security, much like GM and Chrysler bond holders are screwed.
http://theccpp.org/2011/06/obamas-debt-limit-scare-tactics.html
...the Obama administration is threatening to cut off Social Security benefits as well unless they get their “clean” debt limit increase without any spending control.
But that would only be by the choice of President Obama, because cutting off Social Security benefits in any way would not be necessary even without a debt limit increase. Social Security payroll taxes would again still continue to be paid in full, which the Social Security Administration estimates would total $564.7 billion for this year. Social Security benefit payments are estimated to cost $727.3 billion for the year, leaving a deficit of $162.6 billion to be covered if benefits are to be paid in full.
The federal government, however, doesn’t have to borrow from the general public, increasing the national debt, to cash out the Social Security trust fund bonds necessary to cover this shortfall. It can pay off the bonds out of other incoming tax revenue as well. With federal individual and corporate income tax revenue, and excise taxes, totaling $1,257.5 billion, even with $206.7 billion going to pay debt interest, that still leaves $1,050.8 billion, or over $1 trillion, more than enough to cash out $162.6 billion in Social Security trust fund bonds without any additional borrowing.