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Posted by on Jan 5, 2013 in Economy, Featured, Politics | 2 comments

Obama Warns Against ‘Dangerous Game’ with Debt Ceiling

Obama warns against ‘dangerous game’ with debt ceiling (via AFP)

President Barack Obama warned Congressional Republicans on Saturday against playing a “dangerous game” with the economy as lawmakers prepared for a new battle over the national debt ceiling. But the Democratic president also congratulated lawmakers for passing an 11th-hour deal that avoided the so-…

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  • sheknows

    Wasteful spending?…that encompasses alot in our legislation.
    Looks like once again,the poor and elderly will be the sacrificial goats on the alter of Republican demands. Nevermind all the many millions that still go to pork,Not to mention all the money that could be incoming from corporate loopholes and high wage earner deductions that Republicans will fight tooth and nail for ( and win). Enough maybe to make the cuts to medicare, medicaid and SS a bit more palatable? Sure. But will Obama fight for that? Doubtful. He has taken up a new cause ( well, not new, just SLIGHTLY less objectionable than those pesky social programs Reps hate so much) and education.

    I see these negotiations as being another Republican caucus running roughshod over Obama, while he steps on the backs of the poor and elderly to get out of the way.
    I am sure even listening to the wrangling will be hard enough, but seeing the result will be nauseating.
    Hope I am wronger than I’ve ever been in predicting outcomes.

  • petew

    The maxed out credit card is a bad analogy. First of all, budget expenditures are not meant to be made with the expectation of repayment by the public. there is no overt contract in government other than providing the most good for the optimum amount of money, in that respect, many future expense cannot be known i.e. When the east coast is hammered by hurricane Sandy, this is essentially NOT something expected or that can be planned for! It would be unwise to cut future expenses by 60 billion, in order to make up for emergency hurricane relief which may, or may not, be needed again. Likewise, individuals cannot predict illnesses and should not be expected to cut household budgets in order to make up for medical financial losses–Not if the astronomical costs of long term care necessitate that they must give up food or power to make ends meet!

    But Obama may not give in on some of the Democrat’s sacred cows, and allow the economy to be hijacked by the tea party. After all, this time it will again, be the future of our credit rating at stake, which can effect every aspect of our economy and cause a new recession. The public will not, or at least, should not, be able to blame the President if this happens. A better analogy for what results would be a hypothetical situation in which a taxpayer owes large amounts of money to the government in income taxes, and then tells the government he will not pay it back until he has trimmed his home budget sufficiently—it doesn’t work that way! When debts are due, and a small number of power hungry thugs like those in the tea party, are clearly to blame, and they interfere with the government in this way. I urge the President not to back down under any threats from such thugs!

    One can only be bullied so long without fighting back! Even if just appealing to sanity as the only solution!

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