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You have to wonder if there is any LEADERSHIP in our government whatsoever. Harry Reid overrules the POTUS on trade, Boehner tells the ranks not to fight a battle they cannot win on the debt ceiling, and Obama blames all of his troubles on Fox News.

From The Week:

Just days away from the deadline to extend the nation’s borrowing limit, Speaker John Boehner (R-Ohio) told House Republicans in a private meeting not to fight it, according to Roll Call.

Said Boehner: “There’s no sense picking a fight we can’t win.”

Despite calls from House Budget Chairman Paul Ryan (R-Wisc.) to insist on concessions from President Obama, Boehner knows it’s not possible without risking default on the nation’s debt.

Treasury Secretary Jacob Lew set a deadline of Friday to pass a bill. He said that otherwise he would need to take “extraordinary measures” to stretch out the current borrowing authority until the end of the month.

The problem now for Boehner is that, like with so many other issues, Republicans do not have a majority to coalesce around any one plan. They’re a bitterly divided party. They’ve held two rounds of private talks as a party but came up empty both times.

For the full article: http://theweek.com/article/index/255967/boehner-throws-in-the-towel-on-the-debt-limit

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During the shutdown, 85 percent of government stayed open despite the hoopla  reported in the media. Government is now 100 percent open. Debt-ceiling  deadlines have been averted, but the real problem remains: a $17 trillion debt  and a president who continues to pile on new debt at a rate  of $1 million a minute.

The government  shutdown  occurred because Senate Majority Leader Harry  Reid allows the Senate to lurch from deadline  to deadline without passing a single appropriations bill. Had he done his job  and passed each of the 12 appropriations bills, the government could have stayed  open.

Opening government has not resolved  the big picture — a debt  problem so large that it dwarfs all deadlines and threatens the very fabric of  the nation. What remains is an unsustainable debt, precisely the problem that  motivated me to run for office.

There was never any reason to shut down government. If both sides were  willing to compromise, we could have found amicable solutions to these severe  problems. But let the record state clearly, no significant spending restraint  was accomplished because President Obama  steadfastly refused to negotiate. Let us also remember his promise that he will  negotiate as long as the compromises are outside of any budgetary deadlines.

Read more: http://www.washingtontimes.com/news/2013/oct/18/paul-another-shutdown-stickup/#ixzz2i56T7tx2 Follow us: @washtimes on Twitter

What are your thoughts on the government shutdown, debt limit ceiling, and ObamaCare implementation fiasco? How can anyone in DC claim any form of “victory”, and at what cost to the taxpayers?

 

obama debt ceiling

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

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?

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%

Traders work on the floor of the New York Stock Exchange on Thursday, Aug. 4, 2011 in New York. Stocks are plunging in another broad sell-off as investors grow concerned about an economic slowdown in the U.S. and Europe.(AP Photo/Jin Lee)

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