Michelle Supports Raising the Debt Ceiling

Obama Dodges ??? on His Past Stance on Raising Debt Ceiling as Being “Unpatriotic”

Discussions about a Platinum Coin to Cover Our Debt… How Come No One Is Reporting that it is “Impossible”

So they want Timmy Geithner to “mint” a trillion dollar platinum coin, and deposit it at the Federal Reserve, thus eliminating the “Debt Ceiling” debates facing the President in a few weeks.

Kind of bizarre, given the facts on PLATINUM:

So you want a trillion dollar platinum coin? Ok: here are some facts:

• Platinum has traditionally been the most valuable precious metal for one simple reason: it is rare.
• It is so rare, that all the platinum ever mined could fit into a 25 cubic foot box.
• The weight of that box comes out to just over 16 tons: this is how much platinum has been mined since the start of time.
• A coin valued at $1 trillion and made out of platinum would, at today’s price of $1557/ounce, weigh in at 642.3 million ounces.
• 642.3 million ounces is also roughly 18 thousand tons, or about 1100 times more than all the platinum mined.

SEE Graph @ ZeroHedge: http://www.zerohedge.com/news/2013-01-04/putting-trillion-dollars-platinum-perspective

GOP Has Debt Ceiling Issue as Their Bargaining Tool in Fiscal Cliff Talks

WASHINGTON (AP) — The political fight that took the nation to the verge of defaulting on its debts last year is back, overshadowed by “fiscal cliff” disputes but with consequences far graver than looming tax hikes and steep spending cuts.

The government is on track to hit its $16.4 trillion borrowing limit later this month. And while the Treasury can keep the government functioning through early next year, President Barack Obama is bluntly insisting that any deal on the fiscal cliff include an end to brinkmanship on the debt ceiling.

Obama is demanding tax rate hikes on the rich, using the prospect of a worse alternative and the momentum of his re-election as leverage. But the debt ceiling gives Republicans a powerful weapon to extract further deficit reduction too, contributing to the current stalemate.

Both sides have warned that plunging off the fiscal cliff — letting income taxes increase for all and kicking in deep cuts in defense and other programs — could rattle the fragile economic recovery.

But failure to raise the borrowing cap would leave the government unable to pay its debts. That would roil the stock market, result in a likely downgrade in the nation’s credit rating, increase interest rates and threaten another financial crisis. Last year’s fight prompted Standard & Poor’s to reduce the AAA rating for government bonds.

That risk gives Republicans the weight to counter Obama in fiscal cliff talks and demand that the president agree to greater spending reductions or savings from programs such as Medicare, Medicaid and even Social Security.

Full article: http://news.yahoo.com/debt-limit-gives-gop-leverage-obama-demands-fix-080146020–finance.html

The GOP needs to be strong and firm on its stance with regard to revenues and for spending cuts. If we don’t get serious NOW regarding REAL reform to the tax code and to entitlements,then When?

Obama and the Debt Ceiling

CEO Tells Obama that She Is Not “Co-Signing” His Agenda With More Taxes

UPDATE: Wall Street Closes 9th Straight Day of Losses, Down 512 Points

Largest drop since December 2008.

Longest straight days of losses since February 1978.

Dow falls. Nasdaq fall. 11% decline in last 10 sessions.

Even GOLD and SILVER dropped.

Jobs report due out tomorrow……….no good spin!

Unemployment to remain @ 9.2%

http://finance.yahoo.com/blogs/breakout/fear-street-inside-stock-sell-off-204130841.html

The Hill: Obama Was Asked to “Leave the Room” so “Real” Negotiations Could Be Done

Leadership.
Congressional leaders were forced to ask President Wonderful and his aides to leave the White House meeting so that they could get something done.
The Hill reported:

GOP aides and lawmakers, speaking on background, portrayed Boehner as the calm negotiator who repeatedly exasperated President Obama.

Boehner last month asked the networks to televise his response to Obama’s address to the nation, a request which infuriated the White House, Republican sources said.

On July 23, they claim, the White House called Minority Leader Nancy Pelosi (D-Calif.), telling her not to participate on a call with Boehner, Senate Majority Leader Harry Reid (D-Nev.) and Senate Minority Leader Mitch McConnell (R-Ky.). Pelosi informed Reid, who declined to participate, and the call was canceled, the Republican sources said. (A Pelosi spokesman could not be reached for comment.)

Later that day, the four leaders met with Obama at the White House. At one point, GOP officials said, the Democratic and Republican leaders asked Obama and his aides to leave the room to let them negotiate.

A tentative deal was subsequently struck, but Obama privately threatened to veto it, the sources said.

http://www.thegatewaypundit.com/2011/08/confirmed-at-white-house-meeting-gop-and-dem-leaders-asked-president-wonderful-his-aides-to-leave-room-so-they-could-negotiate/

Can’t We Elect Rubio Today!!??

Rep. Paul Ryan: “Let’s Pass a Bill to Cover the Moon in Yogurt”

Introducing to the debt crisis lexicon what is perhaps its catchiest potential meme yet, Rep. Ryan explained that much of the “spending” cuts proposed were counting money not yet necessary to spend. Many of the assumptions, Rep. Ryan explained, in the proposed cuts were, to him, complete fiction:

We assume we’re going to be fighting this war for 10 more years, with over 100,000 troops in Afghanistan and oh, gosh, wait, we’re going to withdraw our troops in 2014. $1 trillion in savings. I’ve got a better idea. Let’s pass a bill to cover the moon with yogurt that will cost $5 trillion today. and then let’s pass a bill the next day to cancel that bill. We could save $5 trillion. Wait, I’ve got a better idea. Our debt is $14 trillion. Let’s come up with a new plan to spend $14 trillion, then rescind it the next day and let’s save $14 trillion. This stuff is fiscal fantasy. You can’t make this stuff up, Mr. Speaker. 

The video is better than reading it: http://www.mediaite.com/tv/rep-paul-ryans-response-to-defense-cuts-lets-pass-a-bill-to-cover-the-moon-with-yogurt/