Obama wants action on government's borrowing limit
HONOLULU (AP) - President Barack Obama is hailing a last-minute deal that pulled the country back from the "fiscal cliff," but says it's just one step in a broader effort to boost the economy and shrink federal deficits.
Obama said in his radio and Internet address Saturday that the new law, approved by Congress on New Year's Day and signed Thursday, raises taxes on the wealthiest Americans while preventing a middle-class tax increase that could have thrown the economy back into recession.
With one crisis for the short term, Obama faces new battles in Congress over raising the country's $16.4 trillion borrowing limit, as well as more than $100 billion in automatic spending cuts for the military and domestic programs which were delayed by two months under the compromise.
Lawmakers promise to replace those across-the-board cuts with more targeted steps that could take longer to implement.
Obama, speaking from Hawaii, where he is on vacation with his family, said he is willing to consider more spending cuts and tax increases to reduce the deficit.
But he said he "will not compromise" over his insistence that Congress lift the federal debt ceiling. The nation's credit rating was downgraded the last time lawmakers threatened inaction on the debt ceiling, in 2011.
"Our families and our businesses cannot afford that dangerous game again," Obama said.
If elected officials from both parties "focus on the interests of our country above the interests of party, I'm convinced we can cut spending and raise revenue in a manner that reduces our deficit and protects the middle class," Obama said.
In the Republican address, Rep. Dave Camp of Michigan said that as attention again turns to the debt limit, "we must identify responsible ways to tackle Washington's wasteful spending."
Americans know that "when you have no more money in your account and your credit cards are maxed out, then the spending must stop," Camp said.
Obama said in his radio and Internet address Saturday that the new law, approved by Congress on New Year's Day and signed Thursday, raises taxes on the wealthiest Americans while preventing a middle-class tax increase that could have thrown the economy back into recession.
With one crisis for the short term, Obama faces new battles in Congress over raising the country's $16.4 trillion borrowing limit, as well as more than $100 billion in automatic spending cuts for the military and domestic programs which were delayed by two months under the compromise.
Lawmakers promise to replace those across-the-board cuts with more targeted steps that could take longer to implement.
Obama, speaking from Hawaii, where he is on vacation with his family, said he is willing to consider more spending cuts and tax increases to reduce the deficit.
But he said he "will not compromise" over his insistence that Congress lift the federal debt ceiling. The nation's credit rating was downgraded the last time lawmakers threatened inaction on the debt ceiling, in 2011.
"Our families and our businesses cannot afford that dangerous game again," Obama said.
If elected officials from both parties "focus on the interests of our country above the interests of party, I'm convinced we can cut spending and raise revenue in a manner that reduces our deficit and protects the middle class," Obama said.
In the Republican address, Rep. Dave Camp of Michigan said that as attention again turns to the debt limit, "we must identify responsible ways to tackle Washington's wasteful spending."
Americans know that "when you have no more money in your account and your credit cards are maxed out, then the spending must stop," Camp said.
Here's a thought from one American:
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Let's work at paying off our debts, our borrowed money, and those we owe Mr. President.
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Depositing a Platinum trillion-dollar coin with your likeness on it in the U.S. Treasury with no gold to back it so you can spend more, is no different than anyone printing counterfeit money. Â
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If the young adults today that are working and those attending college to get better jobs want to see retirement benefits like social security and medical, they cannot be faced with this unprecedented debt.
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Every week I see where AIG, GM, and other companies whose poor financial spending led to taking our money, was paid back. Â But when I Google the loan amount, it far exceeds what was paid to date. Â Stop the shams; stop dividing us - the election is over.
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You compromise now. Â Its what Presidents do - they lead, they work together to pay down the Country's debt. Â You cannot keep spending or the young people that voted for you will have nothing in 30-years.
Those who hate that Tea Party group are starting to realize why other States sent them to Washington DC. They saw this coming a long time ago. Its very unfortunate the Democratic party doesn't realize how critical the situation really is.  I remember being young and having a credit card and thought nothing about using it. Only until I had to pay back what I spent did I regret what I did.Â
He should take the pin off of his lapel. We are in the hole in the tune of 16 trillion. This is debt and the spending he refuses to cut is IMMORAL. Anything that comes from his mouth is falling of deaf ears in our home.
"Lawmakers promise", now THAT"S funny.
Oh yeh, I'll bet he does. He wants to spend more and is worried that they might close the purse that he so readily dips out of for this and that and anything else that strikes his fancy. He spends like a sailor coming in off a 6 month deployment with our money. If we don't slow this drunken sailor down he will put this country in bankruptcy where the dollar will be worth less than the Peso. Already the Canadian dollar and Australian dollar are worth more than the US dollar. Â
 @LongBeachBum You got that wrong, the Australian dollar on 1/4/13 was worth $.958348 US dollars, the Canadian on same date $.987837. Obama doesn't spend a dime that Congress hasn't authorized. You need to take a class on who does what in Washington, DC.Â
@jcman Now that the Spendocrats have their tax increases, it's time to close the purse strings and not authorize anything other than the essentials. This would be GOOD for our country.
So, how much has this government spending helped? After 4 years, and an additional $6 trillion of debt, we are actually MUCH worse off. Besides inflation, we have an unemployment rate of 23%. At the beginning of 2009, it was 17%. (shadowstats)
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I never thought any president could spend more than George Bush, but Obama has managed to spend twice as much, and with zero improvement. All the jobs created by mal-investment (stimulus- unearned liquidity), are being propped up by more mal-investment. It can't sustain itself forever like this. When it stops, it most likely means the US is economically crushed.
@Dredd57 A lot of that $6T was caused by Obama putting the two wars, Medicare Part D, gawd only knows what else, plus all of that interest, on the books after "fool me once" W, "deficits donât matter" and "itâs Hoover time" Cheney, and "give me a lot of money but donât ask me where it is going" Paulson kept it and much more off the books and on the China credit card instead. Go figure. We are actually much better off now than we were mid to late â08 and even into most of â09 (where we were still under the aforementioned Wâs last "budget". Think about where we really were back then. I.e. even a more complete collapse of all markets, including Wall Street, the banks, the labor market, Main Street, etc. etc. within a few days in Sept. â08. By the way. Have you even bothered to check what inflation is at? Many are saying that if the extreme reps and TPers would stop being so obstructionist, foot dragging, and etc. the economy would actually continue improving at an even faster rate. In fact it is continuing to improve and will continue to improve at least somewhat faster with or without them. It is just a matter of how much and how soon. The extreme reps and TPers are still trying to keep the Obama admin. from having much if any success at all, thus trying to get the public back on their side. It will not work much as the W, Cheney, and Paulson goal of trying to keep the economy going until after they were gone, thus kicking the melt down, and the blame for same, on to the next admin. did not work. At least it did not work among those who can at least think about it just a little bit. One can only try to hold either a sinking ship (Wâs, Cheneyâs, and Paulsonâs) or a floating and moving ship (Obamaâs) back so long. So it might all depend on if the extreme reps and TPers want at least a little or no credit for the improvement. Of course I am sure that they will still try to take some credit for it at some point no matter what. It will just depend on how many actually believe them at that point in time. Good luck with that. Not.
@flyskiwindsurf  Does any of what you posted about the past really matter? Do you have children? Does it matter how we fix the problem? DC has raised taxes on all of us as of 12/31. It's time to look at spending.Â
 @heyjoe No, DC has not raised taxes on all of us.  I certainly don't make $400,000.00 a year.
@heyjoe Why do others keep bringing it up then if it doesnât really matter? Maybe those who try to ignore, twist, or convolute the past are not aware of "Those who cannot remember the past are condemned to repeat it". - Edmond Burke. Or maybe they actually are aware of it but just want everyone else to forget it so that they can keep stealing even more money. By the way. Who is not looking at spending?
 @flyskiwindsurf  @Dredd57 You lost most of your credibility when you said we are better off now than 4 years ago. There is statistical PROOF we are much worse off now. Even if McCain won in 08, we would still be worse off now, it isn't a matter of party, its a matter of policy. Bush/Obama have the same policy sans a healthcare bill and a handful of social issues to make people believe there is really a difference. Any person with real objectivity can see the two party system for what it is: two wings, same bird.
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You also don't mention how many liberties have been crushed under the Obama administration. Obama has actually been worse than Bush and his Patriot Act. Under Obama, we got the Food Modernization Act (which has so little to do with food), and the National Defense Authorization Act, also known as the indefinite detention of American citizens bill.
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If you hate Paulson, then you should really hate Geithner too. I hate them both. Haha.
@Dredd57 bwahahahahaâ¦â¦.. Wow. You are getting more than a little desperate. Nah I was serious. I.e. I know Iâm not but you obviously are one big one. How old are you anyway?
 @flyskiwindsurf  @Dredd57 I see you are still flipping things around, God you're a clueless idiot.Â
@Dredd57 bwahahahaâ¦â¦. Now thatâs funny. I have been thinking essentially the same thing about you. Which obviously wouldnât be all that bad. Or worse. Which could be really bad.
 @flyskiwindsurf  @Dredd57 Who are you trying to convince here? I'm starting to worry you'll end up killing yourself at the end of this.
@Dredd57 Well possibly except for exchanging posts with someone such as you with your rigid and obvious low level of information as well as your low IQ.
@Dredd57 Ah, so you just continue to admit that is what you are doing. Luckily I on the other hand obviously have nothing to be embarrassed about. Obviously. You on the other hand obviously have everything to be embarrassed about. Obviously.
 @flyskiwindsurf  @Dredd57 Ah, the desperate last stand of embarrassment.
@Dredd57 bwahahahaâ¦â¦ No. Trolling you by just copying the limpberger, insannity, unreality, etc. talking points you post, inverting them by just changing a few words, and then pasting/posting it back to you as above with some minor reformatting at times. Thus showing you exactly what you are and how you just completely described yourself. Heck. I even went at least a little beyond that and provided some back up data and information. Something that you were never capable of doing as all of your aforementioned talking points are just lies while the real truth is obviously there when they are just inverted. Go figure. bwahahahahaâ¦.. Way to figure it out boy. bwahahahhaâ¦.
 @flyskiwindsurf  @Dredd57 So you're saying you are trolling me by acting like an idiot on purpose? And here I thought it was coming so naturally... LOL, kid you are a riot.
@Dredd57 bwahahahaâ¦. So who is really trolling who here? Think about it if you even can. Then you finally essentially ask for real research, which you have never provided but which I then posted to you (but I already knew existed throughout the known universe if you even cared to look) and you of course as expected just ignore it and go on with your delusional delirious diatribe. Go figure even again. Good gawd man this is way too easy. bwahahahaâ¦..
 @flyskiwindsurf  @Dredd57 Go read the last paragraph of my last post, and then look at your response. For the love of god dude, this is too easy.
@Dredd57 (cont from above) Those are still pretty good levels that are obviously not raising much concern for those who know what they are talking about. Yet it seems to be an issue for you. But I guess that is just one of the things that you donât know what you are posting about in your talking points isnât it. Go figure.
@Dredd57 bwahahahaâ¦.. You are really starting to lose it arenât you plus you are just projecting like crazy, both much as right wingers are wont to do. You provide just lying talking points and provide no backup just as right wingers are also wont to do. Okay so letâs discuss inflation as that should be fairly easy even for the likes of you. I.e. above you mention inflation as being an issue while it really has been running around 1 to 2 percent for some time now with a momentary uptick to near 4 percent mid through late 2011 and now back down around 2 percent. (cont below)
 @flyskiwindsurf  @Dredd57 Ok, you clearly aren't getting it. There are two kinds of debaters, the researcher, and the talking points debater. The talking points debater can't be reasoned with, because he only knows a few talking points and that's all he wants to talk about. I realized you were a talking points debater when you started copying and pasting the same information over and over- because that's all you know. You are a waste of time.
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If that wasn't bad enough, a sure sign someone doesn't have a valid rebuttal is when they turn everything around word for word like a child having an argument. "You don't know what you're talking about" - "NO YOU DON"T KNOW WHAT YOUR TALKING ABOUT!" Why would anyone have an argument with a child?
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Truth be told, I've wasted too much time trolling you the past few responses, because its funny you refuse to see this for what it is. So you can either say "F-you" and get on with your life; or you can further prove all of this true by continuing to post the same ridiculous information or once again repeat everything I say in reverse and embarrass yourself. I await your hilarious and completely predictable response.
@Dredd57 (cont from above) You have little to no honor or even self worth or you would apologize for making those false statements. Instead you just try to provide insult after insult in an effort to get me to back off of challenging your delirious and delusional comments. I.e. one of the last tactics of a loser âdebater âin your losing discussion, argument, debate, or whatever you are trying to call it. You again are such a rigid, low information and low IQ person that you can not even admit that you are so wrong about pretty much all of what you posted. Go figure. I.e. provide some valid documentation and/or valid back up to your lies and half truths or, as you continue to do, just go home with your tail tucked between your legs.
@Dredd57 You should be apologizing for many things including for being the obvious embarrassment here. You just lie or provide half truths with obviously nothing to back any of them up. I.e. you would have provided some valid documentation and/or valid back up to what you say if you had any of that but you have nothing so you provide nothing. (cont below)
 @flyskiwindsurf  @Dredd57 I'm going to apologize right now. Its very clear to me you are mentally handicapped and now I feel awful for engaging you in a manner that has allowed you to completely embarrass yourself over and over.
@Dredd57 So you are not only admitting that any irony here did go completely over your head as well as you even again do tacitly admit that 1) is correct and you agree with it. Okay. So on to 2), 3), and 4) as all of them should be pretty straightforward and thus easy for even you to agree with. I.e. 2) we are actually much better off now than we were mid to late â08 and even into most of â09 (where we were still under the aforementioned Wâs last "budget"; 3) current relatively low inflation; and 4) the economy is continuing to improve and will continue to improve at least somewhat faster with or without the reps and TPers.
 @flyskiwindsurf  @Dredd57 I see the irony also went over your head. *sigh* Its not funny anymore, now its just getting sad.
@Dredd57 bwahahahaâ¦â¦ The entire point is that you have NOT responded, or debated as you call it, to any of my points from my first or even from my second post to you, no matter what you say in your various posts. So I then listed them out in numerical order in order to make it at least a little easier for the likes of you to at least try to respond to some of them, which you still couldnât or wouldnât do. So okay. Letâs take them one at a time then. How about you start by responding, if you even can that is, to 1) a lot of that $6T was caused by Obama putting the two wars, Medicare Part D, gawd only knows what else, plus all of that interest, on the books after "fool me once" W, "deficits donât matter" and "itâs Hoover time" Cheney, and "give me a lot of money but donât ask me where it is going" Paulson kept it and much more off the books and on the China credit card instead. I am sure that you will continue to refuse to respond to and ignore that as well as anything else though. That is how rigid, low information and low IQ people lose debates. I.e. you know that you have no response to it and therefore you refuse to respond to it. Go figure. bwahahahaâ¦.
 @flyskiwindsurf  @Dredd57 No I was laughing because you just repeated all the same information as before, just in block essay form. You also once again just flipped everything back around, almost word for word. Why would I debate all the same crap over and over? That's how stupid people win arguments, they lower you down to their level and beat you with experience. Haha.
@Dredd57 Yeah I figured one such as you would not be able to figure much of anything out. It is rigid, low information and low IQ posters such as you that donât really understand much of anything of what is truly happening in the world.
 @flyskiwindsurf  @Dredd57 I nearly died laughing at all that.Â
@Dredd57 (even more cont from above) 12) one party is for the rich, the corps., the banks, etc.; and 13) the other is at least trying to help a lot of the others at least at times. You're just another right wing wacko. Objective conservatives would be embarrassed by the likes of you, especially you vilifying Obama's track record in general. Why don't you go look at who instigated all the money for that big bailout. How much power the banks have gained is more the fault of the reps and TPers. Heck they are even trying to roll back a number of the regs. let alone fighting any new ones. Corporate welfare did go too far at times but it did save us from another Great Depression or worse and again we as well as most of the corps. are definitely improving from where we were. I am sure that you would have preferred another Great Depression though. Your Messiah is Bush. You are just too party blinded to see it. There is not much worse than a rabid conservative.
@Dredd57 (more cont from above) 5) if the extreme reps and TPers would stop being so obstructionist, foot dragging, and etc. the economy would actually continue improving at an even faster rate; 6) the extreme reps and TPers are still trying to keep the Obama admin. from having much if any success at all; 7) the W, Cheney, and Paulson goal was to try to keep the economy going until after they were gone, thus kicking the melt down, and the blame for same, on to the next admin.; 8) Bush got us into a war we didnât need at the time while ignoring and just letting fester the war that should have been prosecuted to the fullest extent possible at that time; 9) Bush also over sold the Congress on a hugely overpriced Medicare Part D; 10) Bush put all of that on the China credit card; 11) Obama has mostly extracted us from one war and is extracting us from another while ignoring the reps calls, including McCainâs, for getting into even more large wars; (even more cont below)
@Dredd57 (cont from above) I.e. By not responding to even some of the very first items in my post(s), you obviously at least tacitly admit that: 1) a lot of that $6T was caused by Obama putting the two wars, Medicare Part D, gawd only knows what else, plus all of that interest, on the books after "fool me once" W, "deficits donât matter" and "itâs Hoover time" Cheney, and "give me a lot of money but donât ask me where it is going" Paulson kept it and much more off the books and on the China credit card instead; 2) we are actually much better off now than we were mid to late â08 and even into most of â09 (where we were still under the aforementioned Wâs last "budget"; 3) current relatively low inflation; 4) the economy is continuing to improve and will continue to improve at least somewhat faster with or without the reps and TPers; (more cont below)
@Dredd57 No thanks to you for not responding to anything I wrote in my first post/response to you. Thus my somewhat repetitive post to you in at least an attempt to show you how completely devoid of any response that you truly truly are. Apparently I'm debating a child. *sigh, I of course had no hopes at all for any debating ability from you as I obviously did know better when I saw your inabilities in general. Plus you have absolutely no idea at all about much of what you are posting nor can you seem to comprehend anything even if it is broken up into small bits for you to consume (cont below)
 @flyskiwindsurf  @Dredd57 Thanks for not responding to anything I wrote except reversing it. Apparently I'm debating a child. *sigh, I had high hopes for your debating ability, but I should have known better when I saw your inability to use a paragraph.Â
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You're just another liberal sheep. Objective liberals would be embarrassed by the likes of you, especially your justifying Obama's horrendous track record on liberty by pointing to Republicans. Why don't you go look at where all the money for that big bailout went? How much power the banks have gained under Obama? How much corporate welfare has been distributed under Obama? Your Messiah is no different than Bush. You are just too party blinded to see it. The only thing worse than a rabid conservative, is a bleeding heart blind liberal.
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@Dredd57 You lost all of your credibility when you said we are worse off now than 4 years ago. There is statistical PROOF we are much better off now. Look it up if you even can that is. If McCain had won in 08, we then would have been much worse off now. Itâs a matter of policy. Bush got us into a war we didnât need at the time while ignoring and just letting fester the war that should have been prosecuted to the fullest extent possible at that time. Bush also over sold the Congress on a hugely overpriced Medicare Part D. All of that on the China credit card. Obama has mostly extracted us from one war and is extracting us from another while ignoring the reps calls, including McCainâs, for getting into even more large wars. That plus a lot of other things, are really huge differences. Any person with real objectivity can see the two party system for what it is: one party is for the rich, the corps., the banks, etc. The other is at least trying to help a lot of the others at least at times. Crushed? That seems to be a lot more than just a little hyperbole. But here I always thought that a lot of the reps liked the idea of the removal of many many liberties. I didnât say that I hated Paulson. I and many others just thought his request was really really really funny.
 @Dredd57 You need to lay the blame for spending on Congress, they are the ones that authorize expenditures.
@jcman  BZZZZ. WRONG.
@heyjoe Where did you go to school anyway? Were you home schooled by born againers or something or did you just not make it past the 5th grade or so?
Imagine if you ran your family budget on the idea that when you've maxed out your credit cards, spent all your money, and borrowed as much as your family and friends will allow - the solution is that your creditors simply need to raise your debt limit. Call your credit card company and propose that to them and see what they tell you. No credit cards for me, simply living within my means. It's a far fetched and un-American idea, I know.
 @SoTweetie And if our gov'ts budgeting wasn't bad enough, a privately owned Central Bank with complete power over our currency is further inflating it away. Just wait until the Federal Reserve starts monetizing debt. The currency collapses nearly overnight at that point.
The action should be NO INCREASE of the Debt Limit !! Live within your means politicians, just like normal people have to !!
 @Gaikokujin So...  defaulting on our debt is the answer?  What do you think will happen to the economy if that occurs? Â
 @sleever  @Gaikokujin Wow you simply don't get it. If we keep this crap up we will default anyway and to make matters worse the economies of the entire world will go under.
 @sleever  @Gaikokujin STOP SPENDING !!
 @Gaikokujin I do get it.  You don't.  We've already spent the money we don't have.  If we don't increase the debt limit...  we (the united states) defaults on our debts.  That would be incredibly bad for the economy.
@Gaikokujin This is more like that you have already spent more than your total credit limit and now you refuse to raise that total credit limit up to that total of what you have already spent plus you also refuse to pay for any of your spending that has exceeded that total credit limit. One thing that you and others might advocate for instead would be to have the credit limit kick in before the budgeting/spending has occurred, not after.
 @flyskiwindsurf  @Gaikokujin No. You cannot just print more money or just keep spending. You and I cannot do it, we have to live within our means. The government should be held to the SAME standard.
@Gaikokujin Yes I do get really tired trying to post to rigid, low information and low IQ posters such as you. If you really truly do believe that the fed govt. is the same as a family, you are so lost beyond all belief that you are not really even relevant. Obviously.
 @flyskiwindsurf  @Gaikokujin how typical of you, personal attacks. And no it isn't different. You don't spend money that you don't have.
@Gaikokujin Did you even read or even comprehend what I posted? Obviously not. Go figure. Read it. Then think about it. Then at least try to comprehend it. If you even can that is. By the way. As an aside, the fed govt is different than a family. But maybe you have not noticed that nor even comprehend that either.