Egan Jones, Moody’s and S&P warn of credit rating downgrade for US from AAA to AA. Now they are saying that even if we raise the debt ceiling they will no doubt downgrade us anyway.
Giving Obama another Trillion dollars and expecting him to be responsible with it it is like giving an alcoholic a 5th of Whiskey and expecting him only to take one drink on special occasions.
If we are going to lose our AAA credit rating, there is absolutely no reason to increase the debt ceiling. We would be much smarter to hold out and insist that Cap, Cut and Balance be passed by the Senate and signed by the president and then move forward cutting like crazy! No matter what Obama and the Dems tell us, the United States will not go into default! We will finally just have to sit down tighten our belts as a nation and deal with the debt… and now is better than later when it is even higher.
We borrow 42 cents of every dollar we spend and half of that is from countries like China who hate us and are actually receiving land for whole cities to be built here in the United States in exchange for some of that debt we keep running up.
Obama is responsible for half of the total national debt we owe after only 2.5 years in office. He created this debt and the responsibility is his! Wake-up America, this is not George Bush’s fault, and I’ll admit he was a spender with two wars going!
Under George W. Bush we were paying $1.6 Billion in interest per day. Under Obama, we are now paying $4.3 Billion in interest every day. It would be a fool’s folly to raise our debt by another Trillion dollars if we lose our credit rating and have to pay more for that borrowed money.
The GOP has put forth plan after plan to avoid this debt crisis and last minute debt ceiling fight and House passed Cut, Cap and Balance last week. President Obama has put forth nothing except an outline in a speech that the CBO said they couldn’t score (which he knew in advance). The Gang of Six (mixed group of Senators) put out a 5-page outline and Harry Reid finally put out a last minute plan for the Dems that is a complete ruse. One must wonder how long it will take for Americans to stop listening to the mainstream media who are just minions for the Obama administration and start using their common sense?!?
A downgrade in our country’s credit rating could have an immediate impact.
“If we go from a AAA to a AA, our interest rates will go up, they won’t explode. But, they’ll go up, which means a larger portion of our tax money will go to paying interest,” said Joe Prinzinger, Lynchburg College Economics Dept. Chair.
Tax money – dollars that you and I give to the feds – won’t be spent on us; It’ll be used solely to pay down the federal debt.
“People will wind up paying a higher percentage of their income to pay for groceries, gasoline, home and car loans and necessities,” said Prinzinger
And there definitely will be a negative impact on Wall Street.
On April 19th Timothy Geithner went on TV and said there was no way that the U.S. credit rating would be downgraded. On July 25th the president went on TV and said if there was no solution we would definitely lose our AAA credit rating. So which is it.
You might not like everything that the GOP is fighting for or even what they end up agreeing to, and you will like the sacrifices even less if they hang firm, but in this fight they were the only players! The insanity is that Obama keeps calling for a compromise on the debt crisis and for balance, yet it is he and his party that have no plans, refuse to compromise, threaten vetoes and refuse to move forward on a Balanced Budget Amendment that 75% of Americans support and is the only way that we can settle and stop future crisis and the unbridled spending of Washington. 66% support Cut, Cap and Balance which the House of Representatives passed last week, Harry Reid refused to allow the the Senate even to vote on and Obama threatened to veto before it was even passed.
If you understand Obama’s ideology and goal, this is exactly what he wants and spending us into second rate nation status is the plan! The real insanity is that most of America still doesn’t get that!
by Ask Marion
CUTS Today Can Disappear Tomorrow… With a Balanced Budget Amendment…! Originally posted at Idiots on the Left
Propa-Organists – Many in the know feel Soros will spend much of his time and money feeding the pro-Obama media, creating havoc for the 2012 election and attacking groups like the tea party, Fox News and anyone who is anti-globalism and therefore anti-Obama.
Speaker Boehner and the GOP worked again to adjust Boehner’s Plan all day today and postponed and expected early evening vote. Just heard that at 10PM ET Congress adjourned as Boehner and his team continue to work to try to avoid the AAA credit rating down-grade. Dems… as has been their pattern in these debates, offer nothing new.