Thread: GOP PREDICTS DOOMSDAY IF OBAMA BUDGET PASSED

GOP predicts doomsday if Obama budget passed

By PHILIP ELLIOTT | Sunday, March 22, 2009 4:45 PM PDT



In this March 16, 2009 file photo, Treasury Secretary Timothy Geithner makes remarks to small business owners, community lenders and members of Congress in the East Room of the White House in Washington. Geithner is putting the finishing touches on a plan to get toxic assets off the books of the country's struggling banks, according to administration and industry officials. The plan could be announced as soon as Monday

WASHINGTON - Congressional Republicans on Sunday predicted a doomsday scenario of crushing debt and eventual federal bankruptcy if President Barack Obama's massive spending blueprint wins passage.

But a White House adviser dismissed the negative assessments, saying she is "incredibly confident" that the president's policies will "do the job" for the economy.

In a TV interview, Obama himself laughed when discussing the dire state of parts of the economy _ and ascribed his laughter to "gallows humor."

White House Council of Economic Advisers chairwoman Christina Romer insisted that the nation's flailing economy will be rebounding by 2010.

Administration officials _ and the president himself _ have taken a cheerier tone despite economic indicators that are anything but positive.

"I have every expectation, as do private forecasters, that we will bottom out this year and actually be growing again by the end of the year," Romer said.

The president, in an interview that aired Sunday on CBS News' "60 Minutes," talked about the need to spend taxpayer money to save financial firms and the auto industry.

"I just want to say that the only thing less popular than putting money into banks is putting money into the auto industry," Obama said with a laugh.

Interviewer Steve Kroft asked how that laughter might be perceived, given the economy's troubles.

"There's got to be a little gallows humor to get you through the day," Obama said. "If you had said to us a year ago that the least of my problems would be Iraq, which is still a pretty serious problem, I don't think anybody would have believed it."

Republicans say Obama's budget is no laughing matter.

Senate Republicans warned of deficits that could climb to $20 trillion in coming years and a weakened dollar if Obama and his Democratic allies get their proposed $3.6 trillion budget plan passed.

"The practical implications of this is bankruptcy for the United States," said Sen. Judd Gregg, R-N.H. "There's no other way around it. If we maintain the proposals which are in this budget over the 10-year period that this budget covers, this country will go bankrupt. People will not buy our debt; our dollar will become devalued."

Sen. Susan Collins, a Maine Republican who sided with Obama on his $787 billion economic stimulus plan, said she couldn't support the White House plan this time.

"It would double the public debt in 5 years, triple it in 10 years. ... That is not sustainable. It poses a threat to the basic health of our economy," Collins said.

Sen. Richard Shelby of Alabama, the top Republican on the banking committee, said Obama would have to scale back his budget, given a Congressional Budget Office report Friday that the president's budget would produce $9.3 trillion in deficits over the next decade _ more than four times the deficits of Republican George W. Bush's presidency.

Shelby predicted that number could reach $20 trillion in coming years as Obama guides the country to "the fast road to financial destruction."

North Dakota Democrat Kent Conrad, chairman of the Senate budget committee, acknowledged, "We cannot have debt pile on top of debt." He added: "In the short term, yes, we have got to have added deficits and debt to give lift to this economy, but longer term, we have got to pivot."

The CBO predicted a deficit of $2.3 trillion worse than what the administration projected. Romer downplayed those numbers.

"There is a question whether CBO is right. So we know that forecasts _ both of what the economy is going to do and of what the budget deficits are going to do _ are highly uncertain," she said.

Asked the level of her confidence in an improving economy, Romer was concise: "Incredibly confident. ... We absolutely think that they are going to do the job for the American economy."

Vice President Joe Biden's economic adviser said the administration was open to negotiate with lawmakers. "We don't expect these folks to sign on the dotted line," Jared Bernstein said.

However, he added, "What we do expect and what we are going to stand very firm on, because this president, this vice president have made this clear, that there are these priorities that brought them to the dance here: energy reform, health care reform, education, all done in the context of a budget that cuts the deficit in half over our first term."

Bernstein and Conrad spoke on ABC's "This Week." Romer spoke on "Fox News Sunday" and CNN's "Face the Nation." Shelby spoke on "Fox News Sunday." Gregg appeared on CNN's "State of the Union."

A service of the Associated Press(AP)

NORTH COUNTY TIMES

White House Council of Economic Advisers chairwoman Christina Romer insisted that the nation's flailing economy will be rebounding by 2010.


this country is being leed off a cliff by the current administration of Incompetant Crack Heads

and for the George Bush Lovers this man was just as Incompetant. They New in 2005 this crisis was starting to bloom and all they did was increased the Federal debt

we are facing an L shaped depression which means __________ everything I am reading an indicators are pointing to an 8 - 10 year time span before we recognize noticable growth and we are only a year into it

dont expect a U shape recession or even a V shape recession... we are long past that possibility ... you are looking at a full fledged Depression with all the massive debt thrown on the Tax Payers back

George Bush Robbed the Treasury and gave it to the RICH

Barrak Obama is Robbing the Treasury and is giving it to the POOR and ILLEGAL ALIENS while you Middle class Americans watch your wealth destroyed; 11 Trillion since this Financial crash started and that doesnt Include 10.2 Trillion of new Debt

Reagen gave you Trickle Down Economics and this President is giving you Trickle Up Poverty

Welcome to To the Broke A _ _ States of America where corruption reins supreme and normal people are the ones that pay the cost of failed policys.

You can also point the finger at Clinton and the Democratic party that started this "everyone should own a home program" ... they started this crap and it morphed into "All should own a half a million dollar home even if they are a Janitor that doesnt speak English with a NINJA Loan"

By the way... where is the 3.3 Trillion that came up Missing from the Pentagon during the Clinton ERA .. you have been BAMBOOZELED time and time again America

it's time to get off the "I'll Gladly Pay You Tomorrow for a Hamberger Today Program"

We The People Stimulus Package


http://www.youtube.com/watch?v=jeYscnFpEyA&feat

Originally Posted by Skip

We The People Stimulus Package


http://www.youtube.com/watch?v=jeYscnFpEyA&feat

Excellent! Thank you for posting this video. I have voted five stars and added it to my FAVORITES!

W

China is the biggest holder of U.S. government debt and has invested an estimated 70% of its $2 trillion stockpile of foreign exchange reserves, the world's largest, in dollar assets.

"We have lent a massive amount of capital to the United States, and of course we are concerned about the security of our assets. To speak truthfully, I do indeed have some worries.

"I would like, through you, to once again request America to maintain their creditworthiness, keep their promise and guarantee the safety of Chinese assets," Wen said.

WHY are the REALLY rich like Gregg saying the same thing as the chinese?
Ivested tooo much in slave labor factory or too many Chinese stocks?

Simple Print and spend makes it harder for Chinese to manipulate there curency and stay at the 8 to 1 the feel is best for there TRADE.

If our dollar Falls in value it makes our products easyer to sell and imports more costly and in real terms reduces the external debt by the percent of change.....HMMM that is bad?

This is how American politics works!


Three contractors are bidding to fix a broken fence at the White House. One is from Chicago, another is from Tennessee, and the third is from Minnesota.

All three go with a White House official to examine the fence. The Minnesota contractor takes out a tape measure and does some measuring, then works some figures with a pencil. "Well," he says, "I figure the job will run about $900: $400 for materials, $400 for my crew and $100 profit for me."

The Tennessee contractor also does some measuring and figuring, then says, "I can do this job for $700: $300 for materials, $300 for my crew and $100 profit for me."

The Chicago contractor doesn't measure or figure, but leans over to the White House official and whispers, "$2,700."

The official, incredulous, says, "You didn't even measure like the other guys! How did you come up with such a high figure?"

The Chicago contractor whispers back, "$1000 for me, $1000 for you, and we hire the guy from Tennessee to fix the fence."

"Done!" replies the government official.

And that, my friends, is how the new stimulus plan will work.

Originally Posted by Skip

We The People Stimulus Package


http://www.youtube.com/watch?v=jeYscnFpEyA&feat

Rember We never fail you as a member of the Armed forces you can count on me.....

LOVE the video

FOR those of you who find REMber as a spelling mistake you should read the entire sentance and understand the irony.

Notice how this article tries to make the GOP look like the bad guy? Don't shoot the messenger. The Goverment Accounting Office has warned against it too.

Sen. Susan Collins, a Maine Republican who sided with Obama on his $787 billion economic stimulus plan, said she couldn't support the White House plan this time.

Looks like one of the Sellouts got the message. You never should have voted for cloture the last time Collins. I hope Specter and Snowe are as worred about their political careers as you are.

Obama signed it.
He has two choices to Veto or sign and he signed it.

Any good lawyer will tell you, never sign anything you don't read, understand and agree with. It's easier to defend why you didn't sign something than it is to defend why you signed it and the burdern of proof is on you. Mr. Obama Harvard Law Degree should know this.

Dixie