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posted by King Minos in Money / Career

Raising the Debt Limit ..

January 14, 2013

“They will not collect a ransom in exchange for not crashing the American economy,” Mr. Obama said during his final news conference of his first term in office. “The full faith and credit of the United States of America is not a bargaining chip.”

http://www.nytimes.com/2013/01/15/us/politics/obama-to-press-house-gop-o...

Another "win" for the President on the way?! I'd guess so, because in the end, the Republican leadership in the House and Senate will NOT wish to be responsible for a government shutdown nor an actual U.S. default on its Treasury Bill obligations.

Of course, the U.S. might get a debt downgrade, anyway, because investors look at the big picture and might notice a divided government in the U.S. Actually, they'd be correct on that one! But, alas, the Republicans nor the Democrats really wish to limit spending; the GOP ALREADY proved this during Reagan's term when they could not reach agreement on substantial cuts;

Generally, the reason was, the sitting GOP Congressmen did not wish to cut pork or critically important federal spending projects in their own districts! Surprise!

The "trick" for a fiscally conservative member of Congress is to "act" like you wish to see spending cut; talk about it, campaign on it, but NEVER actually do it! (Why shouldn't the PBO White House simply announce it is giving the GOP free-rein to recommend spending cuts? In an otherwise bitter political drama, such a move could add great levity and humor! Oh, no he didn't!) Laughing out loud

What ransom, other than spending cuts, might the would-be Republican fiscal champions demand? Ha, ha, ha! Maybe they'd like a ride on the Presidential helicopter, or a pic with the newly elected PBO 2.0 !?

So ... it is more of the same, and business as usual; some future economic volcano could push the U.S. and global economy back into recession or even depression. BUT it will not likely be Republican cowboys fighting for what is "right."

Then who fights for fiscal stewardship, and an honest USD?

He-he! If you owe the bank $100, then that is your problem; if you owe ... Cool

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