Posted on 07/15/2011 7:28:37 AM PDT by kristinn
Obama and GOP to hold dueling press conferences this morning on the pending Obamageddon. The Republicans are set to speak to the press sometime this morning after a closed door caucus meeting featuring a doomsday briefing on debt default.
Obama is set to speak at 11 a.m. EDT.
Boehner up next. No tax hikes, real spending cuts that exceed increase in debt ceiling. Says time for Democrats to get serious.
bmfl
Kevin McCarthy up next invites Democrats to join in passing GOP bill next week.
Cathy McMorris Rodgers speaks next. Promotes GOP 'cut, cap and balance' plan.
Fox chyron didn't name the last speaker who said GOP will produce a plan to address short-term , mid-term and long-term issues.
Boehner up again now. Fox goes to commercial, other cables nets not covering at all.
Air Force One needs to be grounded especially for a birthday gala/fundraising trip to Chicago on 8-4 if Obama lets the USA Default.
By LAW Social Security is on automatic pilot.It has its own SEPARATE funding source: FICA tax. This revenue is specifically directed to the Entitled retirees. At this time receipts are exceeding expenditures.
All of which means that the Resident has NO statutory authority to stop the flow of funds — almost all of which are dispatched electronically.
The trust fund is in a paper-work lock-box.
The way it works is: excess FICA taxes are used exclusively to purchase T-bonds — at auction — at the same price and terms as the open market — exactly when the open market auction occurs.
Thusly, excess FICA taxes make their way into the General Fund. They don’t just go there in a straight line.
Should, for any reason, the Trust Fund need to redeem it’s position ( roll off its T-bonds ) it can sell them in the open market or present them for payment. Should the Resident NOT pay — it would be a clear cut DEFAULT by the US Treasury, no ifs ands or buts.
IT IS IMPOSSIBLE for the Wan to stop Social Security checks.
That he threatens such is a straight up indication of his impulse to despotism.
Why did the media stop covering the event
Bowbama, what a dick!
The White House “requested” that the live coverage be stopped until after he speaks.
Sarcasm?
Oooooooooo the Oblidiot speaks! Better check the batteries in the teleprompter and his little earpiece!
Missed what little coverage there was. Any on Pelosi’s supposed appearance at 10? Or is she pulling her hair out now? Can’t beleiwve the networks, including Fox, cut it.
But I still think it will have the intended effect upon 0bama’s presser at 11...how does he respond? I don’t see a downside here.
Too early for the drinking game?
Well, yeah. Thanks for taking one for team, Kristinn. I won’t watch, as I can’t afford a new TV. Besides, I could have more fun cutting my grass with nailclippers. ;>
Surprise, surprise! PMSNBC is covering the dems presser.
Again?!?!
Geez, not one day goes by....
Rep. Jason Chaffetz is the House author. DeMint is carrying the water in the Senate.
Pence is telling people to HAMMER their representatives and senators.
T minus ten, and counting....
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