Thursday, July 14, 2011

The Shape of the Debt Extension Scam Takes Form

Charlie Gasparino thumbs:
republican staffer outlines poss debt-ceil deal: reps agree $1.5 trill cuts w/bb amend; dems no taxes as long as cuts stay @$1.5 trll;
Translation: $1.5 trillion in phony cuts accompanied by a promise to balance the budget at some future date.

Result: The debt-fueled debt spending continues and interest rates will start to climb on Treasury securities---and never stop.

If you have a mortgage, lock in rates now.

1 comment:

  1. "The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better." Indeed!

    That was Barack Obama in 2006, before voting against raising the debt ceiling. Hypocrisy. Utter hypocrisy.