Obama warns against short-term deal on debt limit


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Three Republicans are known to be shorting US bonds and would financially benefit from any form of default. If the US Government used the standard form of accounting that US businesses use, instead of creative accounting, deficits would be over $5 trillion a year.

If you add in the $114 trillion in unfunded liabilities and $52 trillion in total debt (local, corporate, personal, and state debt) you get over ELEVEN TIMES GDP and RISING. Half of this is owned by foreign nations, and around 80% of new debt is being bought by the Federal Reserve.

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The U.S. government's borrowing limit does not have to be increased, U.S. government spending has to be decreased.

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"The U.S. government's borrowing limit does not have to be increased, U.S. government spending has to be decreased.'

Serrano: Not quite true, the debt DOES have to be increased at this time. This is very simple formula: Keep spending at current levels or increase slightly in the short term(2011-2012) to stimulate economy, moderate spending cuts in entitlements/budget and moderate tax increases(could be closing loopholes). Combine this with a recovering economy and increased tax revenues and you get a significant deficit reduction long term.

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The main problem is US GOV is WAY TOO BIG!! To reduce the national debt : -eliminate the welfare state altogether, the New Deal would have been more aptly named The RAW Deal. -return the power from federal to the local level as envisioned by the framers of the Constitution. -cease and desist from Imperialist Expansion/Interventionalism, stop the spending on the war machine.

Raising the debt ceiling (again and again) will only lead to a bigger fall. The Republicans are partially right, but the ENTIRE government needs to be downsized to the bare minimum. The ForeFathers would have placed many more and clearer limitations to power had they forseen the fiscal irresponsibility that has been pervasive since after the Civil War, not to mention the abuses of powers and perversions of legislature. NO NEW TAXES!!

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RoninFreeman: Yeah the Republican will save the USA... I'll poke my eyes with a fork if they do but I risk nothing because they won't. This is just for the show. Once back in power, business as usual. Wake up.

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RoninFreeman seems to believe it's been all downhill since the Civil War - that thought seems to be going around a lot lately. "What has the government done for me lately?" is the hot question of the day; but just as oxygen is not a conscious concern until it is absent, Americans may soon find out just how valuable the services they receive from the Government are as they vanish. Think China.

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A pretty good post by RoninFreeman, especially pointing out the military. America outspends China on the military by NINE TIMES. Hello everybody? You can clearly divide military spending in the world with America on one side and the other hundreds of countries on the other. Anyone not looking at that can't see the forest because there are too many trees in the way.

I only disagree about welfare. I am all for tightening it up, but I don't think its a molehill compared to other issues.

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You cannot borrow your way out of debt, like an alcoholic cannot drink himself sober.

You must stop greed, being impatient (buy now pay later) & credit. Until that happens, the US will never get out of the massive financial problems. Trying to hide/delay the problem by borrowing more money is a foolish response.

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Start selling bonds... You still have some time.

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In Japan and elsewhere people sacrifice personal desires for the betterment of society as a whole. In America people shout "ME! ME! ME! MINE! MINE! MINE! To Hell with everyone else!"

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