Holder to our Seals "You have the right to protect our country and then BURN IN HELL!"
Where are the Republicans in facing down this horror of a power hungry Eric Holder? I guess this act of his, in giving ACORN more funds, should call for filibuster as the Democrats did to defeat the Civil Rights Bill, which passed because of Republican votes. The black people promptly forgot this – similar to the way that Hussein has treated the Jewish State of Israel since his election and the Jewish people aren’t making any objections to this farce. Are Democrats so brainwashed? Even FDR refused entry to a shipload of Jewish people fleeing Germany during the Holocaust. This country will never advance as long as so many voters have a closed mind. So many voters use their votes just to give a black person a chance and for no other reason. Do they even realize, now, what they have done?
I see where Richard Lugar was the only Republican invited to Hussein’s State party. I think it is time he resigned. I also believe, without reservation, it’s time for term limits. I think all of the states should pass such a law for their Senators and Representatives and have it put on their ballots for the citizens to decide on. It’s for sure Congress will never pass such a law. They are too busy feathering their own nests. It has gotten so you can’t believe anything they say or believe any government entity. This applies to the media as well. The truth is the first thing to go as they enter Office. Some have been in Congress for so many years, they have forgotten why they are there.
Now we have the health care bill that we are being lied to about. Reid’s using bribery to get votes for this bill. What does that say about his ethics? Mary Landrieu got her thirty pieces of silver. How many more we don’t know about are getting earmarks and bribes? Their constituents, apparently, are as crooked as they are to vote them in again. One instance of this is a Congressman from Pennsylvania who is being voted in, and in again, even though he calls the people who vote for him “rednecks” and “stupid”. He also calls our servicemen and servicewomen “killers”. His name is John Murtha, and those who vote him in are as sleazy as he is. He is a prime example of the need for term limits. Another prime example is Charles Rangel, who is one of the biggest crooks and tax-cheats in Congress and he is Chairman of the tax writing Ways and Means Committee.
The Attorney General, Eric Holder, is the BIGGEST crook in this cabal of crooks, under Hussein, and the Republicans are sitting on their hands while he brings the spoils to ACORN. Are all of the Democrats complicit in this crooked assault on American citizens? I guess it doesn’t matter that Congress said no. He brings the five terrorists to New York for trial over the objections of the American people, but with the approval of Hussein. God, take pity on the good people, the few that remain in this country, that take their citizenship seriously.
Watched some news today. Seems the only important stories are the couple who crashed one of Obama’s parties and Tiger Woods had a car accident. There was nothing about the Navy Seals and that travesty of justice. There was nothing about our troops having their hands tied and their lives placed in peril with the new rules of engagement they have to adhere to. That news was on the dreaded Fox broadcasting network. Why Hussein was so concerned about them, I don’t understand. Maybe he has forced them to change the way they are reporting the news. Hussein is more concerned about his health care bill to rip off the American people than about our servicemen and servicewomen in harms way. If Tiger and a stupid couple are what the American people are concerned with, God help this country.
I am sure those two stories are being covered on the other channels as well, interspersed with hate Sarah Palin episodes and stories about their idol Hussein.
Finally, a story of the New York Times not printing the climate warming scam emails because they are private. But printing things from this country’s intelligence department that endangers their country and its citizens is okay. I will be glad when its doors close. Why anyone still buys this rag is beyond me.
Some reading this will not like what I have to say, but I am as mad as I have ever been in my life and I need to say this. First I will say I don’t give a damn where Obama was born. I think he should be impeached; Biden, Reid, and Pelosi be declared non compos mentis; Secretary Gates be confined to a mental hospital; Joint Chief Mullen and all other military chiefs and generals be court marshalled and replaced with Sergeants. A man who was responsible for killing, burning, and dragging through the streets four American security guards and hanging them from a bridge accused three Navy Seals of causing him a fat lip and being hit in the stomach. Since he accused them, they are to be tried in a military court after being sent in to get him. This is a travesty of justice!
Rules of engagement for combat soldiers in Afghanistan changed to endanger their lives and not even Fox covering it is abominable. No soldier in any war, not Korea when I was in, World War II, Vietnam, and the Gulf War had this burden placed on them.
See attached:
The Times compiled an informal list of the new rules from interviews with U.S. forces. Among them:
• No night or surprise searches.
• Villagers have to be warned prior to searches.
• ANA or ANP must accompany U.S. units on searches.
• U.S. soldiers may not fire at the enemy unless the enemy is preparing to fire first.
• U.S. forces cannot engage the enemy if civilians are present.
• Only women can search women.
• Troops can fire at an insurgent if they catch him placing an IED but not if insurgents are walking away from an area where explosives have been laid.
What we need now, more than ever before, is a General Patton as Secretary of Defense and Andrew Jackson as President. I am an old man and I hate what has happened to my country. Bringing terrorists to this country for trial for killing 3,000 of our citizens is deplorable. We did not bring the Japanese responsible for the Bataan Death March to this country for trial. I had a friend who survived it, and I am sure those who died look down on this country with disgust for what it has become. We had the Nuremberg Trials for the hideous Germans and beasts in Germany – not HERE!
Eric Holder should be confined in Gitmo with the other terrorists. A Muslim soldier killed 13 of our military here in this country and wounded 28 and is not called a terrorist, even though he declared himself a soldier of allah and he isn’t called a terrorist. I wish all Muslims would be deported and all liberals to be treated at psychiatric hospitals. I am so sick of political correctness I could PUKE! I have always had pride in my country and our military, but no more!
Obama has been considering sending more help to Afghanistan for months, which has caused the deaths of some of our troops, with Secretary Gates and General James Jones sitting at Obama’s feet like lap dogs. This makes me sick at my stomach. Hussein (formally referred to as Obama) is going to make a speech Tuesday night saying what he proposes to do with the force needed in Afghanistan. I won’t be watching. Frankly, the mute button on my remote is about worn out from the many appearances on television by this monstrosity (Hussein). He is covered more by the media idol worshipers than any man in history. Not long ago I had a stroke. I won’t say he caused it, but I wouldn’t bet against it.
Our judicial system has become deranged and it continues. Our courts are a JOKE! Politicians are wandering aimlessly searching for ways to spend this country into bankruptcy. Andrew Jackson was the one and only of our Presidents to pay off our national debt, and it was one of his finest acts of which he was proud. It will never happen again.
One thing more… I don’t give a damn what other countries think of us and I am sick of Hussein putting this country down. He should be placed on a ship like the man without a country and forever banished from Her soil. Neither should he see anything or read anything about Her, nor speak of Her or hear anything of Her spoken by anyone as long as he lives.
I am writing this as a candidate to be abandoned and delivered to death by the Obama administration and the Democratic Congress with their health care bill. I am 77 years old, nearly 78 – I have diabetes, gout, osteoarthritis, had a heart valve replacement, bypass surgery, congestive heart failure, and just spent two months in the hospital and rehab from a stroke. Do you think they want to spend any money on me? I think not. There was a time when age was respected and revered, especially by the Asian countries where the elders ruled the roost. My value now is only to my family.
This small article is only a pin-prick to the Obama administration. I am sure they won’t miss me, so depriving me of health care will only please them. I am sure those old Senators and Representatives now in Congress, where 237 of them are millionaires, will not lack for health care to keep them alive. We need them… or do we? I think all you sickly people over 50 should start worrying.
Now, for all you women, the first shot has been fired at you by the Obama administration. Now you are encouraged to wait until 50 for a mammogram, and then only every two years. That will save you worry, they say. I say it will save them money.
See attached:
NOVEMBER 15, 2009, 10:24 P.M. ET
The Rationing Commission
Meet the unelected body that will dictate future medical decisions.
As usual, the most dangerous parts of ObamaCare aren’t receiving the scrutiny they deserve—and one of the least examined is a new commission to tell Congress how to control health spending. Democrats are quietly attempting to impose a “global budget” on Medicare, with radical implications for U.S. medicine.Like most of Europe, the various health bills stipulate that Congress will arbitrarily decide how much to spend on health care for seniors every year—and then invest an unelected board with extraordinary powers to dictate what is covered and how it will be paid for. White House budget director Peter Orszag calls this Medicare commission “critical to our fiscal future” and “one of the most potent reforms.”
AP
On that last score, he’s right. Prominent health economist Alain Enthoven has likened a global budget to “bombing from 35,000 feet, where you don’t see the faces of the people you kill.”
As envisioned by the Senate Finance Committee, the commission—all 15 members appointed by the President—would have to meet certain budget targets each year. Starting in 2015, Medicare could not grow more rapidly on a per capita basis than by a measure of inflation. After 2019, it could only grow at the same rate as GDP, plus one percentage point.
The theory is to let technocrats set Medicare payments free from political pressure, as with the military base closing commissions. But that process presented recommendations to Congress for an up-or-down vote. Here, the commission’s decisions would go into effect automatically if Congress couldn’t agree within six months on different cuts that met the same target. The board’s decisions would not be subject to ordinary notice-and-comment rule-making, or even judicial review.
Yet if the goal really is political insulation, then the Medicare Commission is off to a bad start. To avoid a senior revolt, Finance Chairman Max Baucus decided to bar his creation from reducing benefits or raising the eligibility age, which meant that it could only cut costs by tightening Medicare price controls on doctors and hospitals. Doctors and hospitals, naturally, were furious.
So the Montana Democrat bowed and carved out exemptions for such providers, along with hospices and suppliers of medical equipment. Until 2019 the commission will thus only be allowed to attack Medicare Advantage, the program that gives 10 million seniors private insurance choices, and to raise premiums for Medicare prescription drug coverage, which is run by private contractors. Notice a political pattern?
But a decade from now, such limits are off—which also happens to be roughly the time when ObamaCare’s spending explodes. The hard budget cap means there is only so much money to be divvied up for care, with no account for demographic changes, such as longer life spans, or for the increasing incidence of diabetes, heart disease and other chronic conditions.
Worse, it makes little room for medical innovations. The commission is mandated to go after “sources of excess cost growth,” meaning treatments that are too expensive or whose coverage will boost spending. If researchers find a pricey treatment for Alzheimer’s in 2020, that might be banned because it would add new costs and bust the global budget. Or it might decide that “Maybe you’re better off not having the surgery, but taking the painkiller,” as President Obama put it in June.
In other words, the Medicare commission would come to function much like the National Institute for Health and Clinical Excellence, which rations care in England. Or a similar Washington state board created in 2003 to control costs. Its handiwork isn’t pretty.
The Washington commission, called the Health Technology Assessment, is manned by 11 bureaucrats, including a chiropractor and a “naturopath” who focuses on alternative, er, remedies like herbs and massage therapy. They consider the clinical effectiveness but above all the cost of medical procedures and technologies. If they decide something isn’t worth the money, then Olympia won’t cover it for some 750,000 Medicaid patients, public employees and prisoners.
So far, the commission has banned knee arthroscopy for osteoarthritis, discography for chronic back pain, and implantable infusion pumps for pain not related to cancer. This year, it is targeting such frivolous luxuries as knee replacements, spinal cord stimulation, a specialized autism therapy and MRIs of the abdomen, pelvis or breasts for cancer. It will also rule on routine ultrasounds for pregnancy, which have a “high” efficacy but also a “high” cost.
Currently, the commission is pushing through the most restrictive payment policy in the nation for drug-eluting cardiac stents—simply because bare metal stents are cheaper, even as they result in worse outcomes. If a patient is wheeled into the operating room with chest pains in an emergency, doctors will first have to determine if he’s covered by a state plan, then the diameter of his blood vessels and his diabetic condition to decide on the appropriate stent. If they don’t, Washington will not reimburse them for “inappropriate care.”
If Democrats impose such a commission nationwide, it would constitute a radical change in U.S. health care. The reason that physician discretion—not Washington’s cost-minded judgments—is at the core of medicine is that usually there are no “right” answers. The data from large clinical trials produce generic conclusions that rarely apply to individual patients, who have vastly different biologies, response rates to treatments, and often multiple conditions. A breakthrough drug like Herceptin, which is designed for a certain genetic subset of breast-cancer patients, might well be ruled out under such a standardized approach.
It’s possible this global budget could become an accounting fiction, like the automatic Medicare cuts Congress currently pretends it will impose on doctors. But health care’s fiscal pressures will be even stronger than they are today if ObamaCare passes in anything like its current form. And that is when politicians will want this remote, impersonal and unaccountable central committee to do the inevitable dirty work of denying care.
The only way to take the politics out of health care is to give individuals more power to control medical dollars. And the first step should be not to create even more government spending commitments. The core problem with government-run health care is that it doesn’t make decisions in the best interests of patients, but in the best interests of government.
Governor Sarah Palin has started her book tour allowing her entrance into the political arena. This has given purpose to the mainstream media. They didn’t hate Bush until he was elected. However, Sarah has generated hate from them because of the possibility she may run for President and they want to get started destroying her as soon as they can. I can imagine that would make Chris Matthews lose control of his kidneys. He has such trouble with his body!
E.J. Dionne Jr, of the Washington Post and Evan Thomas, of Newsweek, probably have been meeting regularly to perfect their plan to terminate the possibility of Sarah running for President. I wonder if their wives are real people with opinions of their own.
Jeffrey Immelt, the CEO of General Electric, has a vast influence with Obama because of him having his TV arms politicking for Obama – I mean NBC and MSNBC. What will happen to him when Sarah defeats Obama? I know if she was elected with a Republican majority, we would have an energy program where natural gas would be available for all our country’s needs and available even for exporting to South America. Also, there would be oil from our country available for export to other countries. Can you imagine how this would affect our balance of payments? It would also help the normal, average American citizen to have cheap energy for their auto use, electricity, and manufacturing.
We know most of the elitists live in cities and have use of private planes and airlines for their travel. They don’t have any need for commuting to work, shopping, doctors visits, children school affairs, etc.. Elitists don’t worry about these things. As you know, Obama and Al Gore want fuel for cars to be expensive to help with “global warming”, which in and of itself is a SCAM!
A few remarks I wish to make:
At one time the magazines TIME, Newsweek, and US News and World Report were read by more people than any other news journal. But this is no more. They are just failing liberal rags that hardly anyone reads and are, fortunately, on their way out.
I used to watch all three of the Law & Order programs, but a short time ago, about three or four months, they went political and lost entertainment value and I haven’t watched any of them since and never will. Anyone else for a boycott?
Just want Fox to know we don’t have to see the Fort Hood terrorist’s picture on TV over and over. He is NOT THAT PRETTY TO ME! Also have been wondering how come Obama is seen hundreds of times daily on cable news programs? Also, how come they called President Bush Mr. Bush and said “the President” when referring to him but not “President Bush”?
Have heard no one say how they are going to protect the jurors in this decision made by the Obama administration to move the terrorists trials to New York City, as in the case of the SEIU goons who told people “We know where you live!” Besides this, what person is going to want to be a juror for two to ten years? Also, who wants to be considered a peer of terrorists? The only terrorist that might reasonably have been tried here would have been the Fort Hood terrorist, Nidal Malik Hasan. The first Muslim terrorist to kill their own military companions was in Iraq, when he rolled a grenade into a shared tent. What ever happened to him?
When will the Black Panther Muslims who refused to let people vote be tried? I don’t trust this Obama Justice Department and their Muslim friends.
Eric Holder says he thought very carefully before bringing the terrorists to New York – I suppose the same way he let off the 16 FALN terrorists and Marc Rich, a well known international commodities thief. Frankly, I don’t believe a word Eric Holder says. He has been a Democratic hatchet man for years. How he was ever given the position of Attorney General is beyond me.
See attached:
How Eric Holder fixed the FALN pardons
By Michelle Malkin • January 9, 2009 10:18 AM
The Los Angeles Times, mirabile dictu, breaks from the Obamedia pack and does some digging into Attorney General nominee Eric Holder’s past history as a for the Puerto Rican FALN terrorists (hat tip – Debra).
Attorney general nominee Eric H. Holder Jr. repeatedly pushed some of his subordinates at the Clinton Justice Department to drop their opposition to a controversial 1999 grant of clemency to 16 members of two violent Puerto Rican nationalist organizations, according to interviews and documents…
…President Clinton’s decision to commute prison terms caused an uproar at the time. Holder was called before Congress to explain his role but declined to answer numerous questions from angry lawmakers demanding to know why the Justice Department had not sided with the FBI, federal prosecutors and other law enforcement officials, who were vehemently opposed to the grants.
Some religious groups and influential individuals, including President Carter, had endorsed the commutations. But Clinton’s decision outraged law enforcement officials, who had tried to contain a bombing campaign in New York, Chicago and elsewhere in the 1970s and 1980s by groups seeking independence for Puerto Rico from the United States.
New interviews and an examination of previously undisclosed documents indicate that Holder played an active role in changing the position of the Justice Department on the commutations.
Holder instructed his staff at Justice’s Office of the Pardon Attorney to effectively replace the department’s original report recommending against any commutations, which had been sent to the White House in 1996, with one that favored clemency for at least half the prisoners, according to these interviews and documents.
And after Pardon Attorney Roger Adams resisted, Holder’s chief of staff instructed him to draft a neutral “options memo” instead, Adams said.
The options memo allowed Clinton to grant the commutations without appearing to go against the Justice Department’s wishes, Adams and his predecessor, Margaret Colgate Love, said in their first public comments on the case.
“I remember this well, because it was such a big deal to consider clemency for a group of people convicted of such heinous crimes,” said Adams, the agency’s top pardon lawyer from 1997 until 2008. He said he told Holder of his “strong opposition to any clemency in several internal memos and a draft report recommending denial” and in at least one face-to-face meeting. But each time Holder wasn’t satisfied, Adams said.
The 16 members of the FALN (the Spanish acronym for Armed Forces of National Liberation) and Los Macheteros had been convicted in Chicago and Hartford variously of bank robbery, possession of explosives and participating in a seditious conspiracy. Overall, the two groups had been linked by the FBI to more than 130 bombings, several armed robberies, six slayings and hundreds of injuries.
The master politicians have done it again. I have watched the news channels and commentators. They have completely ignored the fact that during Obama’s first year, there has been an act of terrorism on American soil. I would say Obama and his Attorney General knew exactly when to break this story of the trials for the five terrorists coming from the hands of military decisions in Gitmo. The questions raised about Obama’s decision on the request of the military commander in Afghanistan have also been erased from the minds of Americans. If this isn’t a political master stroke, I don’t know what is.
The news media, even Fox, are being led around by the nose like a calf to slaughter. The new White House council, Anita Dunn’s husband, is another way of getting some underhanded things done. As politicians, the Obama administration has no equal. There have been programs put in place, like this health care bill, waiting in the wings to destroy our economy. The refusal to allow drilling on our shores and the interior, but going to solar and wind farms has been a joke – put in place for the benefit of General Electric. Their CEO is in the pocket of Obama and GE’s NBC and affiliates are a voice used for the benefit of the Obama administration. I know the Obama administration is going to have Chris Matthews’ leg bronzed.
The deficit is growing at a fantastic rate. Our balance of payments is at a disastrous rate, and our Treasury department is printing money at a phenomenal rate to help Obama along, but all it is doing is lowering the value of our dollar lower and lower. The importation of oil, which is completely unnecessary, is a large part of this. Also, the taking of a large part of that is the fact that the government took over a large portion of our auto industry and efforts made to help the labor unions survive and grow. Don’t forget, the Obama administration still has Card Check up its sleeve to have the labor unions take over the country. Who has been the person given an inordinate amount of visits to the White House – Andy Stern, the labor leader of the SEIU and helper to ACORN.
See the following:
By Bob Willis
Nov. 13 (Bloomberg) — The in the U.S. widened in September by the most in a decade, reflecting rising demand for imported oil and automobiles as the economy rebounded from the worst recession since the 1930s.
The gap grew a larger-than-anticipated 18 percent to $36.5 billion, the highest level since January, from a revised $30.8 billion in August, the Commerce Department said today in Washington. Imports surged by the most in 16 years, swamping a gain in exports.
Demand for foreign products may remain elevated in coming months as consumer and business spending improve and companies aim to prevent inventories from collapsing even more. may also rise as expanding economies in Asia and Europe and a weak dollar drive demand for American goods, giving manufacturers such as Dow Chemical Co. a lift.
“Sometimes what looks bad on the surface is actually quite good and I think that’s the case this time around,” said Sal Guatieri, a senior economist at BMO Capital Markets in Toronto. “Exports are growing strongly and imports are turning up because domestic spending has turned the corner.”
The dollar dropped after the report. One euro cost $1.4875 at 8:50 a.m. in New York, up 0.2 percent from late yesterday. The yen climbed to 89.68, up 0.8 percent. Stock-index futures pointed to a gain at the open.
Exceeds Forecasts
The trade gap was projected to widen to $31.8 billion, from an initially reported $30.7 billion in August, according to the forecast in a Bloomberg News survey of 77 economists. Deficit projections ranged from $28.6 billion to $34.1 billion.
A collapse in world trade earlier this year brought the gap down to $26.4 billion in May, its lowest level since November 1999, as imports plunged even faster than exports. As commerce begins to pick back up, global leaders agree more needs to be done to strengthen the expansion.
U.S. Treasury Secretary Timothy Geithner and other finance ministers at the Asia-Pacific Economic Cooperation forum in Singapore this week reiterated a pledge to maintain stimulus efforts “until a durable recovery in private demand is secured.”
Asia is “leading the world” back to recovery, Geithner told reporters at a joint press briefing with his APEC counterparts. President Barack Obama began a swing through Asia today as world leaders work toward a rebalancing that will make global growth more reliant on spending by Asian consumers and businesses and less dependent on their American counterparts.
Imports Jump
Imports climbed 5.8 percent, the most since March 1993, to $168.4 billion. The figures reflected a $4.1 billion increase in imported oil as the cost of a barrel of crude climbed to the highest level since October 2008 and volumes also rose.
Purchases of foreign-made autos and parts surged by $1.7 billion to $16.4 billion, due mainly to a $1.3 billion increase in imports from Canada and Mexico as North American vehicle production picked up. Imports from South Korea also climbed.
The federal “cash for clunkers” auto trade-in program, which expired in late August, generated momentum in car sales and boosted demand for parts and supplies. Automotive inventory restocking is also boosting demand for foreign-made autos and parts.
U.S. sales for South Korea-based Hyundai Motor Co. increased in September for the third month in a row, while Toyota Motor Corp. is boosting production of models such as Corollas and Camry sedans to rebuild its U.S. inventory.
Replenishing Stockpiles
“Our inventories are continuing to recover with a very good pipeline as we move into the fourth quarter,” Robert Carter, Toyota’s North America sales chief, said on a conference call last month.
Exports rose 2.9 percent to $132 billion, the most this year, propelled by sales of civilian aircraft, industrial machines and petroleum products. The dollar this month was down 12 percent from a five-year high reached in March against a trade-weighted basket of currencies from it’s biggest trading partners.
China’s economy grew 8.9 percent in the third quarter from the same period in 2008, the best performance in a year. Exports to the Asian nation were the highest since October, even as imports from China also climbed.
“The economic outlook for the rest of 2009 appears to be stabilizing, with strong growth in Asia Pacific, especially China, and other emerging geographies,” Andrew Liveris, Dow Chemical’s chief executive officer, said in an Oct. 22 statement.
Factory Pickup
Dow’s factories around the world ran at 78 percent of capacity in the third quarter, an increase of 3 percentage points, because of increased demand in developing markets, including China and Brazil, as well as relatively low North American ingredient costs that led to increased exports. The largest U.S. chemical maker yesterday said cost cuts and rising sales will boost earnings more than analysts estimate.
After eliminating the influence of prices, which are the numbers used to calculate gross domestic product, the trade deficit grew to $41.7 billion, the highest since January. The figures suggest the government may revise down their estimate for third-quarter economic growth.
The U.S. is growing again after posting its worst contraction in seven decades. The world’s largest economy expanded at a 3.5 percent annual rate in the third quarter, the best performance in two years. Economists surveyed last month forecast a 3 percent rate of growth this quarter.
To contact the reporter on this story: Bob Willis in Washington at bwillis@bloomberg.net
Obama says he is going to reduce the deficit. Then why is he wanting to increase the national debt limits? He could use the tarp funds and the unused portion of the stimulus to keep from having to raise the debt limit. The adding of $1.3 trillion boondoggle of a health care bill to take affect in four years, right after the next election, is very droll.
See this article:
By Rebecca Christie
Nov. 13 (Bloomberg) — The Obama administration is confident Congress will raise the country’s limit by year end to avert a showdown similar to the one that shuttered parts of the government in 1995, administration officials said.
The White House wants an increase of at least $1 trillion to $1.5 trillion, according to a person familiar with the deliberations between lawmakers and the administration. Record deficits are pushing the national debt closer to the $12.1 trillion statutory limit.
The administration’s request, higher than a proposed increase already passed in the House of Representatives, would get the government through the November 2010 midterm congressional elections without needing another increase. Earlier this month, Treasury officials acknowledged they’ll need more borrowing room by year-end to avoid market disruptions.
“Market participants still remain on edge, especially since many have concerns over the rising debt loads that were kicked off this year,” said , chief fixed- income rates strategist in New York at primary dealer Cantor Fitzgerald LP.
The administration officials said the White House is open to any legislative vehicle that will raise the debt limit, by any amount. Although the Obama administration has pledged to bring deficits down to “sustainable” levels in the longer term, Treasury Secretary has focused recently on the need to keep up spending on economic assistance programs until the unemployment rate, which reached a 26-year high of 10.2 percent in October, comes down.
TARP Savings
To rein in the 2010 deficit, the administration will save as much as it can from unused portions of the $700 billion Troubled Asset Relief Program, another administration official said. Treasury data show that the administration has more than $200 billion in uncommitted TARP funds.
One Treasury official said the memory of the 1995 budget standoff should be motivation to avoid another showdown. In that confrontation, then-House Speaker battled with the White House over federal budget bills, forcing President to shut the government down temporarily.
With the economy still in the early recovery stage, Congress understands the stakes and doesn’t want to fuel investor concern, the official said.
Republicans in Congress are seeking to link the debt limit to the debate over health-care spending, while Democrats prefer to keep the two issues separate. The Senate Budget Committee has proposed a commission to look into the nation’s fiscal health, which backers say should be a condition of any debt limit increase.
‘Not Right’
“We’re seeing deficits projected for the next 10 years of over a trillion dollars a year,” said Senator of New Hampshire, the ranking Republican on the Budget Committee, in congressional comments last week. “It’s not sustainable. It’s not fair, and it’s not right.”
Treasury debt-management director told bond market participants in Washington last week to expect another year of government debt sales of $1.5 trillion to $2 trillion in fiscal year 2010, which began Oct. 1, according to minutes of the meeting.
For fiscal year 2009, which ended Sept. 30, the U.S. racked up a $1.4 trillion deficit, and the Congressional Budget Office in August predicted a deficit this year of about the same size.
Treasury officials also have said they have less maneuvering room than in the past. Tactics such as tapping federal retirement funds would free up roughly $150 billion – about the same amount as the interest payments that come due on Dec. 31.
Temporary Measures
“Depending on the date that we hit the debt limit, they could last days or at most weeks,” compared with five or six months in previous debt-limit impasses, said , deputy assistant Treasury secretary for federal finance, in a press conference last week.
Forecasting a precise date for a debt-ceiling collision is difficult because the government’s cash flows are “volatile,” the Treasury said last week, adding that it would keep markets and lawmakers notified of developments. The department said it could need extra immediate cash because there’s so much uncertainty surrounding incoming taxes and outgoing spending on fiscal stimulus and financial market stabilization programs.
“Debt ceiling showdowns used to be long, drawn-out affairs,” said , chief economist at Wrightson ICAP in Jersey City, New Jersey. “Things come to a head much faster when your cash burn rate averages more than $100 billion a month.”
I think every wife, mother, father and relative of any of our soldiers killed in Afghanistan during the time Obama has stalled and wavered about sending additional troops to help those troops already there who are feeling neglected and demoralized should turn to their representative and Senator (regardless of party), as well as the news media and DEMAND an apology from Obama!