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U.S. News: Obama-Kelley Meeting
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The SPLC: Big Bucks, the FRC, and Jimmy Carter
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Mark Levin Talks to the NRA
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POLITICO: RUSH LIMBAUGH MAY PART WITH CUMULUS
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The Problematic Frank Luntz’s Stockholm Syndrome
April 25, 2013 | 11 comments
The Spectacle Blog
It’s official.
The credit rating of the United States government — for the first time in American history — has been cut.
Lost in the headlines generated by Obama press conferences, Reuters reported that the credit rating agency Egan-Jones has in fact become the first rating agency to downgrade the U.S. rating. Egan-Jones, says Reuters:
..has cut the United States’ top credit ranking, citing concerns over the country’s high debt load and the difficulty the government faces in significantly reducing spending.
And what else is being reported about Egan-Jones’ reasoning for doing this?
The agency said the action, which cut U.S. sovereign debt to the second-highest rating, was not based on fears over the country not raising its debt ceiling.
Instead, the cut is due the U.S. debt load standing at more than 100 percent of its gross domestic product. This compares with Canada, for example, which has a debt-to-GDP ratio of 35 percent, Egan-Jones said in a report sent on Saturday.
The startling news, dug out by our friend and talk radio host Mark Levin, comes as House Speaker John Boehner walked out of talks to resolve the issue because President Obama “insisted on raising taxes.”
Which is to say, as more credit downgrades loom from the likes of Moody’s and Standard & Poor’s, Obama refuses to yield on the left’s addiction to tax-and-spend, precisely the problem Egan-Jones cites when they note that the U.S. debt load is, in the words of Reuters, “standing at more than 100 percent of its gross domestic product.”
This is serious. It’s no longer about cutting up the government credit cards. It’s about the Left as financial crack addicts. What John Boehner is doing — one hopes — is not negotiating but performing what drug and alcohol counselors refer to as an “intervention.”
And as with a lot of addicts, the Addict-in-Chief is, reports the Washington Post, “visibly angry.”
The Post did not mention the Egan-Jones downgrade.
It did note that Senate Majority Leader Harry Reid said the GOP’s “Cut, Cap and Balance” bill — which would specifically address the concerns of credit rating agencies, was “dead.”
Have you considered| 7.23.11 @ 11:27AM
It bears repeating one more time.
""..has cut the United States' top credit ranking, citing concerns over the country's high debt load and the difficulty the government faces IN SIGNIFICANTLY REDUCING SPENDING.""
Actually, this should have happened years ago.
Maybe this will wake the brain dead in DC....Its The Spending Stupid!!!!!!!
USSAlabama| 7.23.11 @ 4:52PM
I saw this last week. I do not think the ones you refer to as 'brain dead in DC' will "get" it . . .
They know it. They do not care. This is a calculated path that they have chosen. I also feel confident to say they have some reason that we can only suspect; a nefarious one.
Harry Reid may have said C,C, B is dead, but last night the President said he would sign it.
Don't forget: the Executive Branch has only EQUAL power with the Legislative and Judiciary.
Not more as Obama would have everyone believe.
(As in believe that he is the Supreme Leader.)
Mimi| 7.23.11 @ 11:31AM
Heh Jeff...An addict has to want to QUIT! Also they choose to get well.
BUT....many a times a GOOD judge, A wife with ultimatums, a feeling they will die, will help them WANT IT. This crew we are dealing with is still in DENIAL....They think 2010 never happened.....Only answer ?.....HARDBALL...Nice doesn't work this time and NICE never HELPED an addict....only after choosing, it works wonders.
Thc critical and most important thing is to NOT get sucked in to their illusions and excuses...handing them back the harsh, sometimes brutal TRUTH. That takes confrontation and courage...MAYBE thatwill help the negotiations....Like..." LOOKwhat you did to the country, it was wrong..own up...get real"
darcy| 7.23.11 @ 2:02PM
Mimi: They know 2010 happened and that this may be their (Obama and his statist allies) last time to wreak the damage on our nation that has been their goal all along. The data is there for everyone to see: our fiscal house is falling like a deck of cards; even the Democrat Party must see this is what the numbers reveal. That they want to tax more and spend more demonstrates that it is their goal to bring on collapse.
Mimi| 7.23.11 @ 8:40PM
To continue tax and spend in this environment...
doesn't make sense....You may just be right!The one thing I question is....Where are the patriotic Americans in the Democratic Party ??? By now, you'd think they would be breaking from the fold.
Also...The news Media ...I can't believe they are sucked in to their dilusion....some must fear as we do for their NATION in this DIRE hour...When will at least some, jump ship ??....The plain DENIAL works the best for me....TRUTH will rise up and shine light on the culprits....maybe ....SOON!!!
Conservative Bob| 7.23.11 @ 11:35AM
The plan from the outset has been to create a crisis.
The House Republicans are thus far doing the right thing.
I find it interesting that the Senate and the president continue to reject everything coming from the house and then demand the house come up with something else.
It is time for the Senate to produce a bill of their own. Go on the record Harry! What is your proposal, what can you get passed in your chamber.
Mr. President other than idol threats and empty words what have you specifically proposed?
Lead follow or get out of the way, you poser!
lara| 7.23.11 @ 11:59AM
When Bush took office, the national debt was $5.73 trillion. When he left, it was $10.7 trillion, marking the biggest increase under any president in U.S. history. Why didn't those of you who are so concerned about it now speak up during those eight years of "deficits don't matter"? I don't even mean that as a rhetorical question meant to make a partisan point; really, why didn't anyone speak up then? Did you change your minds in the recent past, or were you afraid to disagree with the party line?
Wayne | 7.23.11 @ 12:15PM
Ron Paul did and the GOP insiders just laugh at him. What happened to all that money we were to get from Iraqi oil? We continue to play the suckers as well as the policemen of the world.
Mimi| 7.23.11 @ 12:20PM
Lara...During those yearsthe Conservative-Republicans gave all kinds of disapproval they were Livid at Bush. They lost the House to the Democrats in 2006 because of the spending...also some think it contributed to Obama's election.
Another perspective you have to realize George Bush in office less than 9 months, was at the helm during the ONLY attack on the HOMELAND (other than war of 1812), 911. Consider the havoc and aftermath with markets, new programs and all kinds of expenses. He lead us thru those years with courage and leadership. Also Lara the DEMS started their spending binge in early 2007 and have never let up!
ConservativeWanderer | 7.23.11 @ 12:33PM
Yes, Lara, in 8 years Bush ran up about $3.3 billion in deficit spending.
However, in just TWO years, Obama has already run up $2.8 billion in deficit spending.
In short, The Lightworker Obama has done in two years what it took the eeeeeeeeevil Booooooooosh 8 years to do. Congrats!
Have you considered| 7.23.11 @ 12:40PM
CW, I think you may mean Trillion, not Billion
ConservativeWanderer | 7.23.11 @ 12:44PM
You are correct, I did mean trillion with a T instead of billion with a B.
My apologies for the error.
have you considered| 7.23.11 @ 12:38PM
Lara, your presupposition is incorrect. We DID object, strenuously! Why do you think the GOP lost seats in 2006 and 2008? Do you really believe that it was because we swung Democrat?
No, it is because many, like me, refused to vote for an R. For myself, if there was an Independent or Libertarian on the ballot line, I voted for them. Where no choice but D or R was presented, I did not cast a vote. In 2006, Sen. Lugar didn't even have a D running against him. I voted for the Libertarian because Lugar's positions simply were not fiscally responsible IMO. I believe he Will get ousted in the primary this time around.
I wrote and emailed Lugar at least once a month, yet that changed nothing.
I will assume that you don't listen to talk radio, but even Sean Hannity called the R's out on spending. However, when he kept insisting that we conservatives vote for the Rs, even though they are spending like drunken sailors, that is when he lost me as a listener.
Rush has often excoriated the Republicans on spending, you obviously just don't know that.
Until the advent of the Tea Party, many like me assumed we were alone in the anti-spending wilderness, but no more.
Get on board, and vote for real change in 2012.
Wayne | 7.24.11 @ 1:23PM
Even Hannity says that the Republicans lost their way. And those wars were voted on by the Democrats yet somehow they are still able to call them Bushes wars. However no Republican voted for Libya war yet somehow it is not tagged as Obama's war. The GOP fails to defend itself very well and lets the Democrats control the message.
For example Republicans will use that 250K figure for rich, but then fail to say that is per couple, making it really 125K for each individual in that marriage.
wodiej| 7.25.11 @ 7:15AM
I live in Indiana and will do all I can to oust Lugar. He's a major RINO. We have a decent Tea Party challenger.
Clint| 7.23.11 @ 12:50PM
"President Bush presided over a $2.5 trillion increase in the public debt through 2008. Setting aside 2009 (for which Presidents Bush and Obama share responsibility for an additional $2.6 trillion in public debt), President Obama’s budget would add $4.9 trillion in public debt from the beginning of 2010 through 2016."
Oldefarte| 7.24.11 @ 4:11PM
Bush spent money on the war/military and the drug benefit for seniors; Obama spent money on bailout to auto manufacturers to benefit his labor union constitients, stimulus to state/local governments to maintain their labor unionized workers, to legislate his WELFARECARE which robbed Medicare [whose recipients PAID FOR their beneifts] to placate Medicaid [whose recipients DID NOT PAY FOR their benefits]; all of which tripled Obama's expendatures over those of Bush's. I'll take/vote for Bush, McCain etc anyday, anytime, anywhere over that other socialist thief currently occupying the WH who has robbed the taxpayers of this country blind within 2 1/2 years all due to the stupid morons who voted for him on 11/4/08 [and who still can't tell the difference between a Republican and a Democrat, sadly]!!!!!!!!
You're Wrong| 7.24.11 @ 7:31PM
Auto bailout began under Bush the younger. $0 were cut from Medicare by the PPACA. The $500 billion is projected savings not cuts to Medicare. Do you think we should just spend the money even if we don't have to? PPACA reduces the deficit, not increases.
The difference between a Republican and a Democrat? Democrats lie about some of the things some of the times. Republicans lie about all of the things all of the time. Your post is a perfect example.
No, YOU'RE Wrong!!| 7.24.11 @ 8:11PM
PPACA reduces the deficit??
Seriously?? You're gonna try to blow smoke up MY ass?? How about you read the 2000+ pages, like I did, and find where it reduces the deficit!!
wodiej| 7.25.11 @ 7:20AM
no, biggest difference is liberals want to redistribute wealth from people who have earned it and give it to those who haven't. Plenty of people on both sides who lie so let's stop trying to bolster the argument with name calling. It's petty and has no substance.
Tony| 7.25.11 @ 9:26AM
Okay, okay, it's all bush's fault. Now explain to me what the great and holy democrats did to fix bush's 'mistakes'. Go ahead, I'll wait for you.
Wayne | 7.23.11 @ 12:13PM
What is dead is Reid's job as Majority Leader in 2013. He may just as well consider himself a lame duck right now whose only job is to refuse to bring any House bill before the senate.
Mimi| 7.23.11 @ 12:26PM
Wayne you are so right! This latest ...table-ing the CUT, CAP & BALANCE in the Senate yesterday ...will be the MAN'S waterloo. THAT was despicable and may have the effect of destroying the whole COUNTRY ! I am PRAYING we can get it voted on and passed it is our only way to avoid a calamity on AUG. 3 ! I wonder if he could be impeached for that???
Oldefarte| 7.24.11 @ 4:14PM
The morons of Nevada re-elected him in November of last year, so he practically has a full another term to canoodle with SF-Nancy etc in providing socialistic benefits to their indigents. If the imbiciles in Nevada would have voted instead for his Republican opponent, Reid would even be in the political picture now!!!!!
james schneider| 7.23.11 @ 12:23PM
lara,
We on the conservative side of this thing were furious with the increase in spending under Bush, but it was the democrats who had pushed for even more spending including Obama ( when he would vote at all ). Why do you think the Tea Party began? Now, this Marxist president and the Democrats still in power have gone way beyond what Bush did and want to continue. Do you really think that spending like this is good for the country ? Bush was bad enough (on the spending) , Obama is beyond dangerous and must be stopped.
Oldefarte| 7.23.11 @ 12:51PM
Jeffrey's excellent article should set off alarm bells to the sane amongst us that this is extremely serious. This defecit/debt buildup is not a current phenominon, but has been occurring my entire adult lifetime. Obama and today's Democrats are only the followers of same's relatives within the Democratic Party through the Roosevelt, Kennedy, Johnson, Carter, and Clinton administrations; who philosophically believe that it is taxpayers moral duty to fund through taxiation the welfaric distribution of taxpayers' hard earned money to financial indigents dependent upon the government all for vote obtaining purposes. The governmental defecit/debt is not due to the last two years etc, but instead has originations going back to THE GREAT SOCIETY PROGRAMS OF KENNEDY-JOHNSON, which are still present on the federal government's books and for which we taxpayers are still paying for each/every April 15th. Harry Reid is only an extension of Mike Mansfield [Democrat majority leader during the Johnson Administration], and this is only what Democrats have been doing for decades. Again folks, the only answer is to elect Republicans, and thereafter weed out the ranks of same eventually!!!!!!!
Wayne | 7.24.11 @ 1:27PM
True. LBJ borrowed to pay for Vietnam and created a monstrous entitlement that created generational warfare. It helped lead to the malaise of the 70s and the culture of borrowing.
Oldefarte| 7.24.11 @ 4:18PM
Sadly, what many here do not understand is that Johnson's [and Kennedy's] Great Society welfare programs [ie Community Action, Aid to Dependent Children etc] are still on the federal government's books, are annually expendature increased and paid for BY TAXPAYERS [ie elements in our current defecit/debt problem]!!!!
Chuck near Houston| 7.23.11 @ 3:19PM
We constantly hear from the left - "Yeah, will look what Bush (or Reagan, or Bush1) did wrt the budget and taxes. As if that somehow justifies this level of spending and worse, the rate of spending growth. What did momma say about your friends jumping off of bridges?
jrs| 7.23.11 @ 7:04PM
While I agree that the if the US wasn't the US, we'd have had our debt cut a long time ago, a few technical points worth raising. The headline is incorrect. Egan is the first NRSO (ones that kind of count) to downgrade the debt as Dagong, a Chinese rating agency (however, no one really cares about them and they wouldn't be politically motivated would the) already did last November (they do make a fair number of good points).
Similar to Dagong, while I like Egan's efforts, the market doesn't even know who they are. The only ones that matter are Mooody's / S&P, followed by Fitch, and maybe DBRS, but only a little.
Mimi| 7.24.11 @ 11:38AM
Listened this morning....Timmy is still mouthing the threat to senior Soc.Sec checks after repeated questioning by Chris Wallace on FOX. Pitiful!!!
Some are complaining....no compromise ,,(The American Way) by Republicans. Someone NEEDS to tell these folks ....You can't COMPROMISE with those that are destroying the country by run away SPENDING ! They AT ONCE need to be Halted in their goals to destroy!
That is what this is all about this conflict...The DOWNRIGHT IMMORALITY....when it comes to right and wrong there can be NO COMPROMISE!!
Wayne | 7.24.11 @ 1:29PM
The strategy of Obama is to tag the GOP with our economic problems. He sees a crises as an opportunity to grab even more power. It is this presidential power grab that the GOP need to stop. It is far more dangerous than not increasing the debt limit.
Oldefarte| 7.24.11 @ 4:22PM
I'm with you in spirit, but it must be remembered that IF the financial/economic consequences of a shutdown/default occur, it will mean national/worldwide devastation. Morons voting for Democrat historically caused this to happen, and it can't be solved overnight. The only true solution rest with defeating of Ds next year!!!
Mimi| 7.24.11 @ 7:46PM
O.F.... We will defeat them next year , but in the meantime who wants to give them 2 more trillion. It will take the new President that much more time to repair all this Democrat over-spending. If Obama signed a " pay as you go agreement"....all would be well. That would not be realistic looking at our experience with this President.
Occam's Tool| 7.25.11 @ 1:33AM
Give the Democrats nothing, and take from them their power in 2012!
Randy Owen| 7.24.11 @ 11:59PM
As usual the blinders were on. Debt is also controlled by taking more money in , therefore the Republican refusal to close loopholes or tax the rich is as much to blame. If both sides could change and work together we would be so much better off.
wodiej| 7.25.11 @ 7:25AM
So you don't think the wealthy are taxed? 85% of tax revenue comes from the wealthiest Americans. That is willful ignorance to not know that. 47% of Americans PAY NO FEDERAL INCOME TAX. Let's cut out all the tax deductions including the favorite WELFARE EARNED INCOME CREDIT. If EVERYONE PAID THEIR FAIR SHARE, THERE WOULD BE NO DEFICIT!!
Gary Anderson | 7.25.11 @ 1:24AM
The crack addicts are the banks who will benefit with the ability to make ponzi loans, thanks to massive tax cuts for the rich. You watch, there will be another bubble but maybe mainstreet will be ready for the crack banks and their toxic loans.
Remember Bachus of Alabama who said that the government exists to serve the banks?
wodiej| 7.25.11 @ 7:22AM
And Wells Fargo just got fined $85 million dollars for selling sub prime mortgages and financing high interest loans when lower interest was available. I'm sure that fine will barely make a dent in their massive profits, ill gotten as they have been.
wodiej| 7.25.11 @ 7:21AM
It is pointless for people to use the argument that Republicans did it too. It's so juvenile and provides no solution. At least Boehner stopped crying long enough to stand firm and hope he does not cave on Aug. 2nd.