The federal debt increased $54.1 billion in the eight days preceding the deal made by President Barack Obama, Senate Majority Leader Harry Reid (D.-Nev.) and House Speaker John Boehner (R.-Ohio) to cut $38.5 billion in federal spending for the remainder of fiscal year 2011, which runs through September.
The debt was $14.2101 trillion on March 30, according to the Bureau of the Public Debt, and $14.2642 on April 7.
Since the beginning of the fiscal year on Oct. 1, 2010, the national debt has increase by $653.4 billion.
But don’t worry, if we cut any more there will be Armageddon in the streets according to the Democrats.
At a news conference New York Sen. Chuck Schumer, D-N.Y., agreed, “I happen to think some of their cuts are extreme and go overboard. But every week they keep upping the ante and proposing extreme cuts.”
The next battle with consequences begins in a matter of two short weeks when the accumulated U.S. debt will be nearing it’s $14 trillion legal limit. So Congress will have to vote to raise the ceiling so Uncle Sam can borrow still more money.
The administration has said it will need to be raised between April 15 and May 31 or the U.S. could default and create a new fiscal crisis of unknowable magnitude. Fiscal hawks plan to demand strict, enforceable spending caps, triggers for across the board cuts, and austerity measures in exchange for raising the debt limit.
This short-term agreement was just a beginning. (FOX)
The Real fearmongering, hatred and vile Lies begins now.
Set your demagoguery meter to Infinity and Beyond!
Mark Steyn: Hey, it’s the weekend, and everyone’s singing the same maddeningly catchy refrain! Rebecca Black’s “Friday”? Nah, that was last week’s moronic sing-along. This week’s is even perkier! “Paul Ryan proposes to end Medicare as we know it,” sings former Clinton chief of staff John Podesta.
“It would end Medicare as we know it,” sings Sen. Max Baucus of Montana. “It’s going to end Medicare as we know it,” sings Nadeam Elshami, communications director for Nancy Pelosi. “It does end Medicare as we know it,” sings Sen. Tom Harkin of Iowa. “I drove all night to watch Paul Ryan e-e-end Me-edi-ica-a-are as we-e kno-o-o-o-o-o-o-o-o-w it,” sing all 24 semifinalists on the Celine Dion round of “American Idol.”
Sadly, Rep. Debbie Wasserman Schultz, incoming chairman of the Democratic National Committee, lost the sheet music and was forced to improvise. “This plan would literally be a deathtrap for seniors,” she ululated. Close enough!
Ending Medicare as we know it? Say it ain’t so! Medicare, we hardly knew ye!
It’s an open question whether Americans will fall for one more chorus of the same old song from Baucus, Harkin, Podesta and the other members of America’s wrinkliest boy band. But if this is the level on which the feckless patronizing spendaholics of the permanent governing class want to conduct the debate, bring it on:
Paul Ryan’s plan would “end Medicare as we know it.” The Democrats’ “plan” — business as usual — will end America as we know it.
Literally, as Wasserman Schultz would say. One way or another, Medicare as we know it is going to end. So, if you think an unsustainable 1960s welfare program is as permanent a feature as the earth and sky, you’re in for a shock. It’s just a question of whether, after the shock, what’s left looks like Japan or looks like Haiti.
My comrade Jonah Goldberg compares America’s present situation to that of a plane with one engine out belching smoke. But, if anything, he understates the crisis. Air America doesn’t need a busted engine because it’s pre-programmed to crash.
Our biggest problem is Medicare and other “entitlements.” They’re the automatic pilot of Big Government. Whoever’s in the captain’s seat makes no difference. The flight is pre-programmed to hit the iceberg, if you’ll forgive me switching mass-transit metaphors in midstream.
For some reason, Obama, Reid, Pelosi, Harkin & Co. don’t seem to mind this. If you recall the smile on the face of the “automatic pilot” in “Airplane!” as he’s being inflated, that’s pretty much the Democrats’ attitude to binge-spending as a permanent fact of life.
For a sense of Democratic insouciance to American decline, let us turn to the president himself.
The other day Barack Obama was in the oddly apt town of Fairless Hills, Pa., at what the White House billed as one of those ersatz “town hall” discussions into which republican government has degenerated. He was asked a question by a citizen of the United States. The cost of a gallon of gas has doubled on Obama’s watch, and this gentleman asked, “Is there a chance of the price being lowered again?”
As the Associated Press reported it, the president responded “laughingly.” “I know some of these big guys, they’re all still driving their big SUVs. You know, they got their big monster trucks and everything . . . If you’re complaining about the price of gas, and you’re only getting eight miles a gallon — (laughter) . . .”
That’s how the official White House transcript reported it: Laughter. Big yuks. “So, like I said, if you’re getting eight miles a gallon, you may want to think about a trade-in. You can get a great deal.”
Hey, thanks! You’ve been a great audience. I’ll be here all year. Don’t forget to tip your Democrat hat-check girl on the way out: At four bucks a gallon, it’s getting harder for volunteers to drive elderly voters from the cemetery to the polling station. Relax, I’m just jerking your crank, buddy! And it’s not four bucks per, it’s only three-ninety-eight. That’s change you can believe in!
Message: It’s your fault.
The same day as the president was doing his moribund-economy shtick, my hairdresser told me that she’d bought her midsize sedan secondhand in 2004. She’d also like to ask the president if there’s a chance of gas prices being lowered again. But he’d have the same answer: Buy a hybrid. Wait till the high-speed rail-link is built between Dead Skunk Junction and Hickburg Falls. Climb into the fishnets and the come-hither smile and hitch.
America, 2011: A man gets driven in a motorcade to sneer at a man who has to drive himself to work. A guy who has never generated a dime of wealth, never had to make payroll, never worked at any job other than his own tireless self-promotion, literally cannot comprehend that out there beyond the far fringes of the motorcade outriders are people who drive a long distance to jobs whose economic viability is greatly diminished when getting there costs twice as much as the buck-eighty-per-gallon it cost back at the dawn of the Hopeychangey Era.
So what? Your fault. Should have gone to Columbia and Harvard and become a community organizer.
Another 10 years of this, and large tracts of America will be Third World. Not Somalia-scale Third World, but certainly the more decrepit parts of Latin America. There will still be men with motorcades, but they’ll have heavier security and the compounds they shuttle between will be more heavily protected.
For them and their cronies, the guys plugged in, the guys who still know who to call to figure out a work-around through the bureaucratic sclerosis, life will be manageable, and they’ll still be wondering why you loser schlubs are forever whining about gas prices and electricity prices and food prices.
What’s about to hit America is not a “shock.” It’s not an earthquake, it’s not a tsunami, it’s what Paul Ryan calls “the most predictable crisis in the history of our country.” It has one cause: spending. The spending of the class that laughs at the class that drives to work to maintain President Obama, Sen. Reid, Sen. Baucus, Sen. Harkin and Minority Leader Pelosi’s “communications director” in their comforts and complacency.
The Democrats’ solution to the problem is to deny there is one. Unsustainable binge-spending is, as the computer wallahs say, not a bug but a feature: We’ll stimulate the economy with a stimulus grant for a Stimulus Grant-Writing Community Outreach Permit Coordinator regulated by the Federal Department of Community-Organizer Grant Applications. What’s to worry about?
I said the Democrats’ plan is to “end America as we know it,” but even that has been outsourced to others. The choice is between letting Paul Ryan end Medicare as we know it, or letting our foreign lenders determine the moment to end America as we know it.
I would not presume to know Chinese or Russian or Saudi or even European inclinations in this respect, though certain shifts in the ratio between short-term and long-term debt holdings suggest foreign governments give more thought to the implications of U.S. government spending than the U.S. government does.
But I do know their interests are not ours, and that there will come a day when Beijing and others, in the words of King Barack to his lowly subject, “may want to think about a trade-in.”
Now there’s a slogan for 2012.
I have a better one: Trade In Obama 2012! 🙂