“Excuse me sir? May I have another 1.9Trillon Dollars?”

Senate Democrats on Wednesday proposed allowing the federal government to borrow an additional $1.9 trillion to pay its bills, a record increase that would permit the national debt to reach $14.3 trillion.

Say waaaatttt?

Is this something you really want to do after what happened in Massachusetts on Tuesday night?

let me put this into perspective for you, less than a decade ago, $1.9 trillion would have been enough to finance the operations and programs of the federal government for an entire year. Now, it’s only enough to make sure Democrats can avoid another vote before Election Day.

Arguing over the debt limit provides a forum for Republicans to blame Democrats for rising deficits and spiraling debt, even though responsibility for the government’s financial straits can be shared by both political parties.

DID YOU HEAR THAT CONGRESS – BOTH PARTIES ARE TO BLAME.

The record increase in the so-called debt limit is required because the budget deficit has spiraled out of control in the wake of a recession that cut tax revenues, the Wall Street bailout, and increased spending by the Democratic-controlled Congress. Last year’s deficit hit a phenomenal $1.4 trillion, and the current year’s deficit promises to be as high or higher.

Congress has never failed to increase the borrowing limit. So I guess we get to wait and see if they do.

Lucky Us!

Published in: on January 21, 2010 at 8:42 am  Comments (2)  
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Citigroup, Morgan Stanley, Chase, Goldman Sachs, and Bank of America–will pay out $90 billion in bonuses.

Good for You Petey Welch!

Admist reports this week that indicate a handful of the largest firms receiving TARP funds–Citigroup, Morgan Stanley, Chase, Goldman Sachs, and Bank of America–will pay out $90 billion in bonuses.
Petey will introduce legislation that would impose a 50% tax on excessive bonuses at firms that received bailout funds….which I do like as its nice for the money to come back, however are they going to stop the fee increase that is surely going to happen for them to ‘reclaim’ money and show a profit so they can pay bonuses “fair and square”?

The “Wall Street Bonus Tax Act” would apply only to bonuses over $50,000, and would use the tax revenue to support loans to small businesses.
I like it!

He says:
“As most Americans struggle to endure a long and wrenching recession, the same Wall Street bankers who came to the American taxpayer with hat in hand are now preparing to pocket record-breaking bonuses,” said Welch. “Financial firms that received taxpayer assistance must remember that they owe their return to profitability to hardworking Americans.”

You got my vote there Mr Welch! Now lets hop eyou have the attention of Reid, Pelosi and O-man

Published in: on January 13, 2010 at 9:49 am  Comments (1)  
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Reid and Pelosi to open meetings for final discussion of health care bill…

…..hahahahaha just kidding!

Bahhumbug!

Look for House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid to try to circumvent the traditional conference committee process by which the different versions of health care reform passed by each house will be reconciled. If so, it will be the latest example of violating principles of transparency and accountability in the single-minded pursuit of legislative victory.
Ahhhhh, so many people dont know this and dont care….its a shame

Conferences involving members from both houses are messy things. They are usually conducted in public and often televised, and can produce a compromise version of the bill that leaves rank-and-file members tempted to vote against the final version. That could be perilous in the case of health care since it’s likely to pass without a vote to spare in the Senate and the House’s version passed by only five votes.

Mr. Reid and Ms. Pelosi would love to come up with a way to bash heads in private and skip any public discussion that further reveals just how incoherent and unworkable both the bills are. Luckily, there is a subterfuge readily available that wouldn’t require the House to swallow the Senate’s bill unchanged but also ducks the traditional give-and-take of the conference committee.

When Democrats took over Congress in 2007, they increasingly did not send bills through the regular conference process. “We have to defer to the bigger picture,” explained Rep. Henry Waxman of California. So the children’s health insurance bill passed by the House that year was largely dumped in favor of the Senate’s version. House Ways and Means Chairman Charles Rangel and other Democrats complained the House had been “cut off at the knees” but ultimately supported the bill. Legislation on lobbying reform and the 2007 energy bill were handled the same way — without appointing an actual conference.

Published in: on December 23, 2009 at 2:03 pm  Comments (1)  
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