Category Archives: national debt

President Obama’s Weekly Address 7/30/11: Acting Responsibly on Behalf of the American People

WASHINGTON—In this week’s address, President Obama urged both Republicans and Democrats to take action to avoid defaulting for the first time in our nation’s history. While the two parties are not far apart in their goals, they must resolve their differences quickly so that the United States can continue paying its Social Security checks, veterans’ benefits, and contracts with thousands of American businesses. The time has come to stop endangering the Triple A bond rating of the United States, put aside partisan politics, and behave responsibly to ensure a balanced approach to reducing our nation’s deficit.

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Filed under benefit checks, compromise, Congress, debt ceiling, default, economy, higher interest rates, Medicare, national debt, President Obama, Social Security, Triple A bond rating, Verterans, weekly address

Congressman Rush Holt; "The Latest News On the Debt Ceiling"

Americans are rightly disgusted by the news from Washington. If Congress and the President fail to act within days, or maybe just hours, the United States could be in the unprecedented position of defaulting on our obligations. In essence, the President would be required by law to conduct programs – including Medicare, Social Security, and the national defense – that, by law, he could not pay for.

What would happen next? Interest rates would rise, sending shockwaves through the economy. Home loans, car loans, and student loans would become far more expensive. Businesses, already finding credit unavailable, would have a harder time meeting payroll. The dollar’s status as the world’s most trusted currency would be threatened. And our credibility in the world markets would vanish. Surely, more layoffs, lower pay, and reduced economic activity would result.

This is an unnecessary, artificial crisis. It is not the result of a natural disaster or terrorist attack. It is solely the result of Republicans in Congress holding America hostage. They are threatening a crisis unless Congress enacts their extreme, ideological agenda – an agenda that demands hundreds of billions of dollars in cuts to Medicare and Social Security, all while protecting tax loopholes for oil companies, corporate jet owners, and billionaires.

What is especially troubling is Congress has now wasted weeks in these hostage negotiations instead of doing the real, difficult work required in this economy: putting people back to work. Solving the jobs crisis would do far more to reduce our nation’s deficit than any plan now pending in Congress. In fact, the long-term deficit would improve dramatically if we simply ended the Bush tax cuts for the very wealthy and Big Oil. Removing the Bush tax cuts would do more to reduce the deficit than Speaker Boehner’s bill.

To those who insist that, by refusing to allow America to pay its bills, they can teach the nation a lesson, I ask this question: would you teach yourself a lesson by refusing to pay your credit card bill?

The moment has long since passed to end this self-induced crisis. Let’s raise the debt limit and move on to the real work of rebuilding the American economy.
Sincerely,

Rush Holt

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Filed under Congressional Republicans, Congressman Rush Holt, corporate tax breaks, debt limit, economy, Medicaid, Medicare, national debt, national defense

President Obama’s Weekly Adress 7/16/11: A Unique Opportunity to Secure our Fiscal Future

WASHINGTON – In this week’s address, President Obama called on both parties to work together to find a balanced approach to solving our nation’s deficit problem. The President emphasized the importance of compromise and shared sacrifice so that we can overcome our fiscal challenges and move our country forward. To get our fiscal house in order, we must cut spending, but we must also close tax loopholes for special interests and ask the wealthiest Americans to pay their fair share. Through cooperation and a bipartisan approach, we can get our economy on firmer ground and give our businesses the confidence they need to create more jobs across the United States.

http://www.whitehouse.gov/sites/all/modules/swftools/shared/flash_media_player/player5x2.swf

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Filed under economy, fiscal responsibility, Job creation, national debt, President Obama, shared sacrifice, spending cuts, tax loopholes, weekly address

>President Obama’s Weekly Address 7/2/11: Cutting the Deficit and Creating Jobs

>WASHINGTON- In this week’s address, President Obama spoke to the American people about reducing the nation’s deficit and creating jobs across the country. The President emphasized the need for Government to live within its means— just as families do—in order to put the nation on a fiscally sustainable path which is critical to long-term economic growth and job creation. To solve the deficit problem, Democrats and Republicans must make tough choices and look at every tax loophole and program for opportunities to save money. President Obama stressed the importance of trimming the budget while also making critical investments in education, research, and technology to spur job growth and invest in our future. As families and friends join together to celebrate Independence Day, the President reminded Americans that since our founding, we have overcome challenges by coming together to solve our nation’s problems.

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Filed under 4th of July, credit cards, cutting spending, economic growth, Indepence Day, Job creation, Medicare, national debt, President Obama, tax loopholes, weekly address

Where Do We Go from Here?

Sen. Bernie Sanders  from Vermont has an interesting essay posted on the Hill’s Congress blog today. It outlines some of the failures of the past eight years and what will be waiting for Barack Obama when he takes office on January 20th. 

Sanders also lists a few initiatives that he will be working on in the Senate come the new year, it’s good stuff:

The next few months will be a pivotal period in the history of the United States and for much of the world. The Bush Administration, perhaps the most reactionary and incompetent that our country has ever seen, is leaving office after eight disastrous years. President Barack Obama and an increased Democratic majority take power amidst the worst economic crisis since the Great Depression.

The decisions that are made early on will send an important signal as to whether Obama’s campaign of “hope” and “change” will be seriously pursued and realized, or whether the power of the Big Money interests will persist — regardless of which president is in office or which party has the majority. Will a new president and a new and more Democratic Congress finally respond to the needs of the middle class and working families of our country, or will Wall Street, insurance and drug companies, the military-industrial-complex, the oil and coal companies, big media, and the other powerful special interests continue to hold sway?

Here are just a few of the issues that President Obama, the Congress and all Americans must confront:

The middle class is continuing its steep decline with unemployment soaring, and millions of people in danger of losing their homes, savings, and health insurance. The dream of a college education is fading away for many working families as college costs go up while incomes go down. This year, as a result of the economic downturn, the bailout of Wall Street, ongoing tax breaks for the very rich and the war in Iraq, our nation will have a record-breaking deficit and a huge $10.4 trillion national debt. The United States continues to have the highest rate of childhood poverty of any major country, and the most unequal distribution of wealth and income.

As a result of Wall Street greed, recklessness, and dishonesty, our entire financial system is in danger of collapsing. The taxpayers of this country have seen trillions of their dollars placed at risk in the largest bailout in world history.

Our incredibly inefficient health care system is disintegrating. Despite spending far more per capita than any other country, 47 million Americans have no health insurance. Even more are underinsured. And we pay the highest prices in the world for prescription drugs.


Finish reading Berinie Sanders’s blog posting >>>Here

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Filed under Barack Obama, Bernie Sanders, Congress, Congress Blog, Democratic Majority, Great Depression, Healthcare, Iraq War, national debt, poverty, President Bush, The Hill, Vermont, Wall Street

>Where Do We Go from Here?

>Sen. Bernie Sanders  from Vermont has an interesting essay posted on the Hill’s Congress blog today. It outlines some of the failures of the past eight years and what will be waiting for Barack Obama when he takes office on January 20th. 

Sanders also lists a few initiatives that he will be working on in the Senate come the new year, it’s good stuff:

The next few months will be a pivotal period in the history of the United States and for much of the world. The Bush Administration, perhaps the most reactionary and incompetent that our country has ever seen, is leaving office after eight disastrous years. President Barack Obama and an increased Democratic majority take power amidst the worst economic crisis since the Great Depression.

The decisions that are made early on will send an important signal as to whether Obama’s campaign of “hope” and “change” will be seriously pursued and realized, or whether the power of the Big Money interests will persist — regardless of which president is in office or which party has the majority. Will a new president and a new and more Democratic Congress finally respond to the needs of the middle class and working families of our country, or will Wall Street, insurance and drug companies, the military-industrial-complex, the oil and coal companies, big media, and the other powerful special interests continue to hold sway?

Here are just a few of the issues that President Obama, the Congress and all Americans must confront:

The middle class is continuing its steep decline with unemployment soaring, and millions of people in danger of losing their homes, savings, and health insurance. The dream of a college education is fading away for many working families as college costs go up while incomes go down. This year, as a result of the economic downturn, the bailout of Wall Street, ongoing tax breaks for the very rich and the war in Iraq, our nation will have a record-breaking deficit and a huge $10.4 trillion national debt. The United States continues to have the highest rate of childhood poverty of any major country, and the most unequal distribution of wealth and income.

As a result of Wall Street greed, recklessness, and dishonesty, our entire financial system is in danger of collapsing. The taxpayers of this country have seen trillions of their dollars placed at risk in the largest bailout in world history.

Our incredibly inefficient health care system is disintegrating. Despite spending far more per capita than any other country, 47 million Americans have no health insurance. Even more are underinsured. And we pay the highest prices in the world for prescription drugs.


Finish reading Berinie Sanders’s blog posting >>>Here

Leave a comment

Filed under Barack Obama, Bernie Sanders, Congress, Congress Blog, Democratic Majority, Great Depression, Healthcare, Iraq War, national debt, poverty, President Bush, The Hill, Vermont, Wall Street