Timmy’s exact analysis of the situation is just brilliant!
Related article:
– Geithner urges Congress to raise debt limit (AFP):
WASHINGTON (AP) — Treasury Secretary Timothy Geithner warned congressional leaders Thursday that the government could reach its borrowing limit by spring and failure to raise it could affect millions of American jobs.
The US is totally broke and this is the Greatest Depression.
Geithner Warns Lawmakers On US Debt Limit
WASHINGTON -(Dow Jones)- The U.S. could reach its debt limit of nearly $14.3 trillion as early as March 31, Treasury Secretary Timothy Geithner said Thursday.
Geithner in a letter to lawmakers said failure to raise the debt limit could “precipitate a default by the United States” and have catastrophic economic consequences–potentially more harmful than the financial crisis in 2008 and 2009.
The letter received a cool reception on Capitol Hill.
“The American people will not stand for such an increase unless it is accompanied by meaningful action by the President and Congress to cut spending and end the job-killing spending binge in Washington,” Republican Speaker of the House John Boehner said.
Boehner, leading a new Republican majority in the House, said spending cuts remained a top priority lawmakers.
The Treasury Department estimates that the U.S. could reach its debt limit as soon as March 31 and probably no later than May 16. The exact date depends on the rate of economic growth, tax receipts and other factors.
“This means it is necessary for Congress to act by the end of the first quarter of 2011,” Geithner said in the letter.
Geithner is pushing lawmakers to lift that ceiling for the sixth time in less than four years. Lawmakers last increased the debt ceiling almost a year ago.
But by Monday, the federal debt subject to that ceiling stood at around $13.95 trillion, giving the government just $355 billion before it would be legally prohibited from borrowing to pay its financial obligations.
A Treasury official said the administration is hoping to separate the debt ceiling increase from the debate on spending. And in his letter, Geithner said deep spending cuts would delay reaching the ceiling by no more than two weeks.
Boehner, though, emphasized the importance of spending cuts.
“While America cannot default on its debt, we also cannot continue to borrow recklessly, dig ourselves deeper into this hole, and mortgage the future of our children and grandchildren,” he said.
Failure to raise the U.S. debt ceiling could cast doubt on the U.S. government’s ability to meet its obligations and send shockwaves through the bond market.
“Default would have prolonged and far-reaching negative consequences on the safe-haven status of Treasurys and the dollar’s dominant role in the international financial system,” Geithner said.
A Treasury official described the request for the increase as routine. Still, the political balance on Capitol Hill has changed, potentially making the process more fraught.
Many conservative candidates ran election campaigns criticizing their opponents for voting to lift the debt ceiling last year, and promised to vote against another increase when federal borrowing hits the current cap. Their promises likely will be tested in the coming weeks.
The U.S. House of Representatives agreed Wednesday to change voting procedures on increasing the nation’s borrowing limit. The new policy means that lawmakers will be forced to go on record in support of raising government borrowing or vote “no” and risk putting the U.S. into default.
Previously, Congress had approved debt limits automatically as part of the budget resolution.
By Meena Thiruvengadam and Jeffrey Sparshott
Of DOW JONES NEWSWIRES
Source: The Wall Street Journal
(Click on image to enlarge.)
Obama is now the worst President in the history of the United States of America, because not only did Obama approve and extend all Bush policies, but he also added even more unconstitutional laws and policies to them.
Obama like Bush (and all the other elite puppet criminals) is a traitor.
Change we can believe in!
The record from hell (only a small part of it):
– Utah: $1.5 Billion NSA Cyber-Security Center Under Way
– Hiding The Greatest Depression: How The US Government Does It
– S. 510 Food Safety Modernization Bill and Codex Alimentarius
– New Obama Eligibility Challenge Reaches The U.S. Supreme Court
– The TSA’s State-Mandated Molestation
– President Obama To Enact ‘Death Panels’
– Obamatax Law Packed With Obscure Business Tax Cuts
– US Treasury: Government Liabilities Rose $2 Trillion in Fiscal Year 2010
– President Obama to Sign Package Extending Tax Breaks For The Rich
– In pushing Obamacare, Nancy Pelosi dismisses authority of US Constitution
– 30 Facts – The Rothschild Bankers Planned The Gulf Disaster
– Jesse Ventura Conspiracy Theory: ‘Gulf Coast Oil Spill’
– US House of Representatives Passes Unconstitutional S.510/HR 2751, The Food Safety Modernization Act
– And Now: Democrats Pull Fast One With S. 510 Food Safety Bill
– Federal Judge Rules Obamacare Unconstitutional
– US: Highest November Budget Deficit On Record
– Walmart Public Service Announcement By STASI Secretary Janet Napolitano
– BP Victims Won’t Be Allowed to Sue If They Accept Compensation
– Obama supporter Velma Hart ‘Exhausted’ Defending Barack Obama’s Policies Loses Her Job
– Rep. Ron Paul on CNN: ‘We Don’t Solve Our Problems By Abusing The Rights Of American Citizens!’
– Homeland Security Secretary Janet Napolitano Proposes Full-Body Scanners For Trains, Boats, Metro
– Rep. Ron Paul to TSA: Stop Irradiating Our Bodies and Fondling Our Children!
– 1 in 7 US Households Hit By Hunger Issues in 2009
– White House Probe Clears BP Over Oil Spill Disaster
– President Obama Warns of Unemployment Being ‘New Normal’ in US
– Jesse Ventura Conspiracy Theory: Wall Street
– Catherine Austin Fitts: The Looting Of America
– Pentagon Awards $630 Million Afghanistan Contract to Highly Controversial Supplier
– America – The End of Liberty (Documentary)
– In US 14 Percent Rely on Food Stamps, 42,389,619 Americans received food stamps in August
– US Spends 511 Million Dollars on Embassy Expansion in Afghanistan
– Marine Toxicologist Dr. Riki Ott: ‘People Now Dropping Dead’ In the Gulf
– US Debt Has Increased $5 Trillion Since Speaker Pelosi Vowed, ‘No New Deficit Spending’
– The Dylan Ratigan Show with Prof. William Black: ‘Fire Holder, Fire Geithner, Fire Bernanke’
– The US is building an £8 billion super military base on the Pacific island of Guam
– Elite Puppet President Obama Exposed (The video exposes also several other puppet US administrations.)
– Transparency: US Treasury Shields Citigroup as Deletions Undercut Disclosure
– Three Horrifying Facts About the US Debt ‘Situation’
– Tickerguy On Dylan Ratigan Show – Massive Fraud At The Highest Levels!
– Operation Dark Heart: Book Burning by Obama Administration
– FBI agents seek the right to tap texts, emails and websites
– President Obama Argues His Unconstitutional Assassination Program Is A ‘State Secret’
– Obama Administration Plans Largest Arms Deal Ever, Worth $60 Billion
– US Census Bureau Reports Highest Poverty Rate Since 1994: 14.3 Percent
– Interview With Gerald Celente: The Gestapo of Food
– President Obama Wins The Right to Invoke ‘State Secrets’ to Protect Bush Crimes
– Arizona Sheriff Joe Arpaio Responds to Federal Government Suit
– Arizona Sheriff Joe Arpaio Being Sued By Federal Government
– Change: Obama Administration Forbids Sale of 850,000 Antique Rifles
– American Deaths In Afghanistan Surpass Highest Annual Record
– Arizona Sheriff Paul Babeu: ‘Mexican Drug Cartels Literally Do Control Parts Of Arizona’
– US: Record 1 in 6 Americans in Government Anti-Poverty Programs
– Paul Craig Roberts: Death of the First Amendment – The Nazification of the United States
Obama has the same position as Bush on Al-Qaeda:
– Al Qaeda Doesn’t Exist or How The US Created Al Qaeda (Documentary)
– Gulf claims chief Ken Feinberg says BP no-sue rule was his idea, takes control of BP’s $20bn fund
– Nearly 50 Percent leave Obama Mortgage-Relief Program
– Army Gags Officer Challenging Obama Eligibility; Officer’s Defense Team Demanding Obama Birth Docs
– US Military Judge: Confessions Obtained By Threatening The Subject With Rape Are Admissible In Court
– Judge Napolitano on Freedom Watch With Ron Paul, Lew Rockwell, Justin Raimondo And Gerald Celente
– Elena Kagan Blocked At Least 9 Obama Eligibility Lawsuits
– US: Food stamp Use Hit Record 40.8 Million in May
– Admiral Mike Mullen: US has plan to attack Iran (if needed)
– Arizona Sheriff Paul Babeu: ‘Our Own Government Has Become Our Enemy’
– Obama Administration Proposal To Give FBI Access To Your Internet History Without Court Order
– SEC Says New Financial Regulation Law Exempts it From Public Disclosure, incl. FOIA!!!
– Nancy Pelosi Blocks Gulf Disaster Investigation
– And Now ObamaService? H.R. 5741: Universal National Service Act
– TARP Watchdog Neil Barofsky: US Taxpayers On The Hook For $23.7 Trillion
– Obama Bankster Bill Lets Banks Have US Over A Barrel Again
– GLOBE MAGAZINE: OBAMA BORN IN AFRICA! WHY HIS PRESIDENCY IS ILLEGAL
– Obamacare: Gold Coin Sellers Angered by New Tax Law
– Change: Estate Tax Top Rate To Jump From Zero To 55%, Exemption To Shrink To Just $1 Million
– Harvard Prof. Niall Ferguson Warns of Sudden Collapse of American ‘Empire’
– Obama Administration Plans Secret Big Brother ‘Perfect Citizen’ Net Surveillance
– General James Mattis who said it was ‘fun to shoot people’ takes over US Central Command
– Obama Administration To Sue Arizona Over Immigration Law
– Now truth is bad for you: ‘Obama warns Erdogan international Gaza flotilla probe bad for Turkey’
– Barack Obama’s ‘Politics As Usual’ Revealed By Rod Blagojevich Trial
– Third US carrier, 4,000 Marines augment US armada opposite Iran
– Obama Internet ‘Kill Switch’ Approved By Senate Committee
– Ron Paul on Stanley McChrystal
– Rahm Emanuel ‘traded political favour with Rod Blagojevich’
– Americans buying their own health insurance face an average 20 percent increase in premiums
– Report: US and Israeli warships cross Suez Canal toward Red Sea
– US Senate Bill Proposes Internet ‘Kill Switch’ For The President
– Big Brother DHS And DOD Want To Open US Skies To Spy Drones
– President Obama Has Already Outdone Every Previous President In Prosecuting Whistleblowers
– US government debt to rise to $19.6 trillion by 2015
– Left-Wing Icon Daniel Ellsberg: ‘Obama Deceives the Public’
– US: $13 Trillion Debt Poised to Overtake GDP (Chart of Day)
– 10 US States Where An Absurd Percentage Of The Population Works For The Government
– US ‘secret war’ expands globally as Special Operations forces are deployed in 75 countries
– Paul Craig Roberts: A Plague Upon The World: The USA is a “Failed State”
– Paul Craig Roberts: ‘AIPAC Owns The US Puppet Government’
– US Begins Massive Military Build Up Around Iran, Sending Up To 4 New Carrier Groups In Region
– President Obama Wins The Right to Detain People With No Habeas Review
– Meltup (Documentary): The Beginning Of A US Currency Crisis And Hyperinflation.
– US posts 19th straight monthly budget deficit; April deficit nearly four times higher than in 2009
– Obama Picks Elena Kagan, Backer of Indefinite Detention Without Trial, for Supreme Court
– Peter Schiff on Obama’s Financial Regulation Bill and Goldman Sachs
– Peter Schiff: Obama’s Financial Reform Does Nothing To Address The Underlying Problems
– Gerald Celente: Obama’s Financial Reform Is Just A Show
– Mike Krieger: Goodbye Disneyland! – The Neo-Feudalistic, Gulag Casino Economy Has Already Begun
– President Obama Repaying His Masters At Goldman Sachs
– Marriage Penalties Increase Dramatically Under ObamaCare
– US won’t share Ft Hood evidence with Senate: Gates
– The No.1 Trend Forecaster Gerald Celente on ObamaCare, Dollar Devaluation And Gold
– Rep. Ron Paul: President Obama Is ‘Not A Socialist.’ ‘He Is A Corporatist.’
– Dylan Ratigan Show With Alan Grayson: The Great Con Job By The Fed, The Government And The Banksters
– Obama Administration Approves Targeted Killing of American Cleric
– Michelle Obama says Barack’s Home country is Kenya – full statement
– Judge Napolitano on Obama’s Private Army
– Obama Gives ‘Pesticide Lobbyist’ Post as Chief Agricultural Negotiator
– It’s Official: America Now Enforces Capital Controls
– Rep. Ron Paul: Healthcare Will Drive US To Bankruptcy
– John Pilger: Have a Nice World War III, Folks
– Joe Biden to Barack Obama: ‘Mr. President, This Is A Big F****** Deal’
– Rep. Ron Paul: Healthcare Bill is ‘Blatantly Unconstitutional And Contrary to The Ideals of Liberty’
– Health Care Bill ‘Dangerously Expands IRS’s Power’
– US Government Preparing For Civil Unrest In America
– Freedom Watch with Judge Napolitano: Unconstitutional National Worker ID Card
– Record: National Debt Up $2 Trillion in Just 421 Days on Obama’s Watch
– Obama agencies invoking secrecy provision more often than under Bush
– US budget deficit hits record $221bn, the largest monthly deficit in history
– US Drone Strikes in Pakistan: 1 in 3 Killed Are Civilians
– New Obama Administration Program Will Pay Homeowners to Sell at a Loss
– Michael Moore: ‘Democrats are a bunch of wusses … It’s disgusting … I’m sick of them’
– President Obama signs one-year extension of Patriot Act
– Cybersecurity Bill To Give President Obama New Emergency Powers
– US Senate votes to extend Patriot Act
– Judge Napolitano and Angela Keaton on Freedom Watch: Obama’s Bush Foreign Policy
– Obama Signs Law Raising Public Debt Limit from $12.4 Trillion to $14.3 Trillion
– President Obama’s Pledge Never to Raise Taxes on Anyone Making Less Than $250,000 a Year
– Paul Craig Roberts: It Is Now Official: The U.S. Is A Police State
– Prof. Russell Roberts Testifies Before House Committee: ‘I Want My Country Back!’
– Director of National Intelligence Says US May Kill Americans Abroad
– The New Vision of the Obama Administration: War Without End
– Pentagon’s New Record Black Budget Tops $56 Billion
– Obama’s $3.8 Trillion Budget: Tax Rise of $1.9 Trillion for Richer Americans, Businesses
– Rep. Ron Paul on Obama seeking to assassinate ‘US citizens’ he labels as terrorist
– President Obama raises stakes on Iran by sending in ships and missiles
– Marc Faber: Obama Makes Bush Look Like a Genius
– Obamanomics: Why Did the ‘Stimulus’ Fail to Help the US Economy?
– President Obama to indefinitely imprison detainees without charges
– Ron Paul: US Foreign Policy is Bankrupting America
– America’s Impending Master Class Dictatorship!
– US: Supreme Court overturns long-standing limits on corporate political campaign spending
– Know the TRUTH about the Government Health Care Bill H.R.3200 (Key Points)
– The No.1 Trend Forecaster Gerald Celente: Financial Mafia Controlling US and Wall Street
– Peter Schiff: The Lunacy of US Government Programs
– Larry Summers, Robert Rubin: Will The Harvard Shadow Elite Bankrupt The University And The Country?
– Barack Obama’s Health Care Lies And Reversals
– PIMCO’S Bill Gross: ‘Let’s Get Fisical’ (… or why the US will not make it.)
– U.S. Avoids Technical Default By Three Days
– As an American, I refuse to buy mandatory health insurance … that supports Big Pharma
– Obamacare to expand IRS role: Checking if Americans have health insurance
– Prof. Dr. David Michael Green: Now I’m Really Getting Pissed Off … With Obama
– Afghan CIA suicide bomber ‘was courted as potential informant’
– US government wants farmers to use coal waste on fields
– We’re Screwed! Hyperinflation like in the Weimar Republic; Great Depression worse than in the 1930s
– Treason: Obama gives INTERPOL immunity from the Constitution (Amending Executive Order 12425)
– Peter Schiff on Obamacare, Freddie Mac & Fannie Mae: The Nightmare Before Christmas
– Obama administration backs Fannie Mae and Freddie Mac no matter how big their losses may be
– Obamacare: Big payoffs to senators on health bill stoke public anger
– Obamacare: Change Nobody Believes In
– Obama’s surge comes at a cost: At least $57,077.60 per minute
– President Obama: Another Busy Day in The Oval Office!
– Fascism in America: By Political Definition The US Is Now Fascist, Not A Constitutional Republic
– Barack Obama Lies 7 Times In Under 2 Minutes!!!!!
– Obama’s Big Sellout (Rolling Stone Magazine)
– Rep. Dennis Kucinich: The Truth About Afghanistan
– White House ‘Party Crashers’ Knew President Obama For Years, Here Pictured With Obama in 2005
– MSNBC Rachel Maddow: War President Obama
– Ron Paul: ‘Obama is Actually Preparing Us For Perpetual War’
– Afghanistan Surge to Cost At Least $40 Billion, That Is $1.333.333 For One US Soldier Per Year
– Paul Craig Roberts: The Obama Puppet – The World’s Least Powerful Man
– Change: 71% are Angry, 46% are Very Angry at Federal Government (Rasmussen Reports)
– Lawmakers Slam Obama Administration for Faulty Job Data on Government Web Site
– White House Pharma Deal to Net Industry $137 Billion
– Afghanistan: New 67-Million-Dollar US Prison At Bagram
– President Obama: CONTINUATION OF THE NATIONAL EMERGENCY WITH RESPECT TO IRAN
– Health Care Treason: Tell The Senate No, We Will Sue
– The ‘Obama Market’ in Kabul: US Military Rations, Sleeping Bags, Tactical Goggles on Sale
– Paul Craig Roberts: Republic of Fools & The Evil Empire
– President Obama: Penalties have to be high enough to force people to buy health insurance
– Pelosi Healthcare Bill: Buy Insurance or Go To Jail
– President Obama creates 640,329 jobs at a cost of $323,739.83 per job
– Rep. Dennis Kucinich: Health reform legislation ‘a bailout for insurance companies’
– US: Up to 95.2% Income Tax Rate Needed to Close Deficit in 2010
– How the Obama administration inflates the number of jobs created
– $160,000 Per Stimulus Job!?! The White House Calls That ‘Calculator Abuse’
– More Than 40% of President Obama’s Top-Level Fundraisers Secured Posts in His Administration
– President Obama signs law blocking release of torture photos
– H1N1 Swine Flu A National Emergency? Take A Close Look At This Chart
– President Obama declares H1N1 swine flu a national emergency
– President Obama Lobbies Senate, Favors Insurance Industry Version of Health Care Reform
– Fall Of The Republic – The Presidency Of Barack H. Obama (The Full Movie HQ)
– President Obama gets a seasonal flu shot, but not for swine flu
– The US Government: Bought and Paid For
– President Obama, Congress prepare to thwart ACLU suit over abuse photos
– President Obama wins Nobel Peace Prize and hell freezes over!
– President Obama nominated for Nobel Peace Prize less then two weeks after Inauguration!!!
– US: Military to get mandatory swine flu shots soon
– Americans threatened with jail, huge fines for refusing to buy health insurance
– President Obama Extends 9/11 National Emergency
– Obama’s Regulation Czar Advocated Removing People’s Organs Without Explicit Consent
– Philip Giraldi: The Best Congress AIPAC Can Buy
– Rep. John Carter: Our Own Congress is Trying to Silence Us
– John Pilger: Barack Obama is a Corporate Marketing Creation
– Were the bailouts even constitutional?
– Obama administration asks the Supreme Court to block detainee photos
– Obama leaves Bush’s NSPD 51 intact
– Monsanto lobbyists to be placed in charge of food safety by Obama
– Joe Biden: We Have to Go Spend Money to Keep From Going Bankrupt
– The Obama Stimulus Failed: States Use Stimulus Money for Short-Term Needs, Audit Shows
– Barack Obama at AIPAC (Flashback)
– Obama’s Money Cartel (Flashback)
– Barack Obama Hires Another Tax-Screwer-Upper
– Obama administration refuses to disclose “high hazard” coal dump locations
– Obama proposals to greatly increase the power of the Federal Reserve
– No change: Obama ambassadorships still go to fundraisers, friends
– ACLU hits Obama administration hard over torture controversies
– Obama’s Homeland Security Nominee Withdraws Amid Questions About Torture
– Rachel Maddow: Indefinite detention? Shame on you … President Obama
– Obama: Israel’s security is paramount
– Obama Breaks Major Campaign Promise as Military Commissions Resume, Says Amnesty International
– Obama administration seeks indefinite detention for terror suspects
– Here Are a Few of the Torture Photos Obama Doesn’t Want You To See
– Lou Dobbs: Obama Pushes Anti-Gun Treaty
– Obama and habeas corpus — then and now
– Obama passing new law to allow searching of PC’s, Laptops, and media devices
– Obama Received a $101,332 Bonus from AIG
– Paul Craig Roberts: From One Assault On The Constitution To Another
– Obama backs Bush: No rights for Bagram prisoners
– Obama Stimulus Saves Microsoft Billionaire Hundreds Of Millions
– Obama, not Bush, now seeking delay of Rove deposition
– Barack Obama to allow anti-terror rendition to continue
– Obama promised that lobbyists “won’t find a job in my White House”, but here they are again
– What Recession? The $170 Million Inauguration
– Cost for a single soldier to fight in Iraq or Afghanistan is about $775,000 per year
– CNN – Lou Dobbs: Obama Backing North American Union Agenda
– Jim Rogers: If Obamanomics happens it’s all over
– Soros-Funded Democratic Idea Factory Becomes Obama Policy Font
– Change, change, change … Obama’s Bailout Bunch Brings Us More of the Same Bullshit
– Obama’s Chief of Staff Was Director Of Freddie Mac During Scandal
– Obama’s Chief of Staff pick is one of the biggest recipients of Wall Street money in Congress
– Ron Paul: McCain, Obama ‘no difference’
– Joe Biden in 2007 interview: I am a Zionist
– On video: Obama Claims He Has Visited 57 States
At a campaign event in Beaverton, OR, Obama claimed to have visited 57 U.S. states during the campaign.
