If your memory is good, you will remember the firestorm that arose the last time President Barack Obama was pushing to raise the debt ceiling.
In this interview, Joe Walsh said, “We’ve got to cut up this credit card.” Tonight he will be on WTTW at 7.
The Obama-loving mainstream media was advancing the idea that Social Security and Medicare checks would not go out if the debt ceiling was not raised.
Into this pit of misinformation stepped freshman Congressman Joe Walsh from McHenry County.
He cut a YouTube piece which suggested the President was lying.
That created a firestorm.
Liberal and conservative cable television played pile-on, resulting in widespread public knowledge
He pointed out that Social Security and Medicare checks would not be sent out only If President Obama decided those were the obligations that should not be paid.
And, the mainstream media stopped reporting as fact that if the debt ceiling were no raised, Medicare and Social Security checks would not go out.
This year, the Heritage Foundation has made the same argument, albeit in less incendiary fashion.
And the main stream media continues to say repeat the lie that Joe Walsh called the President on last year.
Talk about the difference one man can make.
Leftwing Chicago NBC-TV columnist Edward McClellan wrote yesterday:
From a career standpoint, Walsh used his two years in Congress brilliantly.
He knew from the get-go he was a one-term fluke, so he set out to build his image as a Tea Party hero/martyr by making as many outrageous pronouncements as possible, defending them to liberal CNN anchors.
He was not only the best-known freshman in Congress, he was one of the best-known congressman, period, and he already has the national following necessary for a syndicated radio show [emphasis added].
And, this just in–Joe Walsh will be interviewed by lefty Carol Marin on WTTW-TV tonight at 7.
Former congressman Joe Walsh will be holding a town hall meeting with the Dekalb county Tea Party this Saturday January 19th at the Elks Lodge in Dekalb
The FB event has all the details
http://www.facebook.com/events/483111398394806/?ref=ts&fref=ts
Joe did a terrific job tonight responding to Carol Marin’s questions, especially on gun control, BO should have come to Chicago with its prohibition gun laws that result in the most murders in the country….the gangbangers have the guns and shoot other gangbangers, but also cops, the good guys can’t possess a gun in Chi town.
Out to pasture where he belongs.
I hear he’s negotiating a talk show with WIND- which sounds perfect for Deadbeat Joe.
DeKalb, eh?
Perfect place – let him talk to the corn.
The corn cares what he has to say.
I agree with your assessment- and that in itself is sad.
That his agenda was to use his term to secure a spot in secular media that he spent 2 years lambasting.
We have plenty of politicians pontificating on both sides of the aisles.
What we lack are reasonable men and women of sound mind looking for solutions and understanding the constitution was built on a compromise.
My current Congressman is no less conservative, but I don’t see him jumping up and down spinning up a room for effect.
Exactly when has that been productive?
In the he current political climate Joe Walsh’s message resonates with many eager to cut through the wish-washy political doublespeak in order to come up with real answers and “common sense solutions”.
He has demonstrated that he is a staunch believer in the Constitution and has never been afraid of speaking the truth about how compromise has weakened it almost to the point of being ineffectual.
This will be a great outlet for his voice, though only temporary I hope…….: )
A perfect example of Chicago style politics by Obama.
Debt Ceiling 101
Once a little-known aspect of the U.S. government’s fiscal management process, the debt ceiling exploded into the public consciousness following the intense debate that took place in the summer of 2011. As its name would suggest, the debt limit is simply the maximum amount that the U.S. government can borrow at any given time. Currently, the limit is set at $16.394 trillion. Each year, the government spends more than it takes in, and this gap must be funded with debt, or more specifically, bonds issued by the U.S. Treasury. By law, however, the Treasury can’t issue new debt once the country is at its borrowing limit – and this limit, or ceiling, needs to be agreed to by Congress.
The debt limit doesn’t authorize new spending; instead, it provides the funding to pay for spending commitments that Congress has already made. Since the Treasury can’t issue new debt once the limit has been reached, the government would be forced to slash spending if it exceeds the borrowing limit. The result would be a partial government “shutdown” and a debt default (or the failure to make interest and/or principal payments on time). For any developed market, and particularly for the United States – which has seen as having the safest bond market of any country in the world – a default is almost unthinkable.
While the debt-ceiling increase was eventually passed on August 2, 2011 – increasing the debt limit by $2.4 trillion following concessions by the Democrats to cut future spending –
While the compromise solved the problem in the short term, two issues resulted from the agreement.
First, the automatic spending cuts that were part of the final 2011 agreement were scheduled to go into effect on January 1, 2013. The combination of these spending cuts, together with the tax increases that were to go into effect on the same day, were dubbed the “fiscal cliff” since the combined impact of the laws would have had an enormously negative impact on the U.S. economy. Congress came to an agreement on January 1, 2013, which raised taxes modestly but delayed dealing with the spending cuts for an additional two months.
The second issue is that the United States’ debt is now growing so quickly that even the $2.4 trillion increase to the debt ceiling agreed upon in 2011 bought the U.S. government less than two years’ time. According to outgoing Treasury Secretary Timothy Geithner, the United States again hit the debt limit on December 31, 2012. Once the U.S. exceeds the debt limit, the Treasury can forestall a crisis for about one to two months via stop-gap measures. The country is currently over the limit, and will remain so until Congress votes to raise the ceiling.
If a compromise on the debt ceiling isn’t reached by the time the Treasury exhausts these stop-gap measures, it will no longer be able to issue new debt and the government won’t be able to pay all of its obligations.
I suggest the administration seek professional financial counseling –
Debt Ceiling 101
Once a little-known aspect of the U.S. government’s fiscal management process, the debt ceiling exploded into the public consciousness following the intense debate that took place in the summer of 2011. As its name would suggest, the debt limit is simply the maximum amount that the U.S. government can borrow at any given time. Currently, the limit is set at $16.394 trillion. Each year, the government spends more than it takes in, and this gap must be funded with debt, or more specifically, bonds issued by the U.S. Treasury. By law, however, the Treasury can’t issue new debt once the country is at its borrowing limit – and this limit, or ceiling, needs to be agreed to by Congress.
The debt limit doesn’t authorize new spending; instead, it provides the funding to pay for spending commitments that Congress has already made. Since the Treasury can’t issue new debt once the limit has been reached, the government would be forced to slash spending if it exceeds the borrowing limit. The result would be a partial government “shutdown” and a debt default (or the failure to make interest and/or principal payments on time). For any developed market, and particularly for the United States – which has seen as having the safest bond market of any country in the world – a default is almost unthinkable.
While the debt-ceiling increase was eventually passed on August 2, 2011 – increasing the debt limit by $2.4 trillion following concessions by the Democrats to cut future spending – where are the cuts
I suggest professional financial counseling –