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The thing Americans need to remember is that George Bush had a Democratic House and Senate in his last years in office. Now since then in the last two years the House Democrats and Senate Democrat leaders have made this financial mess even worse. The Government all the way to the top are lying through their teeth. These leaders should be removed from office for getting our Republic in this mess in the first place. Now we have came to the edge of a downward spiral that Democrats along with our President Obama have done intentionally to bring down our system has a hole to sweep us taking away our laws we live by.
Now the metal has hit the road ratings agency Moody's has said it may cut the US AAA debt rating, citing the "rising possibility" the US will default on its debt obligations. The agency warned the likelihood the US would fail to raise its statutory debt limit in time to avert default was "low" but not "de minimis".
The US has surpassed its debt limit, but Congress and President Barack Obama remain at odds over how to raise it. DO NOT GIVE IN CUT THE SPENDING AND ROLE BACK BUDGETS TO 1980's that is just to start.
Our great Federal Reserve chief Ben Bernanke said a default would send shock-waves through our entire financial system. This man needs to be removed along with Gitner send them packing.
He said the Fed would renew stimulus efforts if the economy remained weak.
The US hit its $14.3 trillion (£8.9 trillion) debt ceiling on 16 May, but has since used spending and accounting adjustments, as well as higher-than-expected tax receipts, to continue operating. When it came to the crunch in the past, Congress regularly voted to raise the debt ceiling, giving government access to the cash it needed.
This year, however, newly empowered Republicans have demanded steep cuts in government spending in return for raising the limit. Mr Obama has proposed a package of up to $4 trillion in budget deficit reduction over the next 10 years, but Republicans have rejected that and other proposals because they call for raising additional tax revenue. Oh No, Obama and Bernanke must GO!!!!
Running from the sinking ship Obama Administration, Treasury Secretary Timothy F. Geithner, an architect of the Obama administration’s economic strategy, has told the president that he may seek as soon as this summer to resign, according to people familiar with the matter. Geithners departure would mark the loss of Obama’s longest-serving economic adviser at a time when the recovery has slowed and the unemployment rate remains stubbornly high.
We can only hope the House Of Representatives have the purse and may they slam it shut!
Save OUR REPUBLIC!!
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