$2.4 Trillion Increase In U.S. Debt Ceiling Passes In Congress

One Day Ahead Of Schedule, But The Benefits Are Negligible

The U.S. Congress has passed a bill raising the debt ceiling by by $2.4 trillion dollars, to avoid the nation defaulting on its many debts. The proposed spending cuts, to take place over 10 years, not to commence until 2013, are weak and insufficient to tackle the national debt. There is also the very high probability the government will spend even more money, via miscellaneous and emergency costs, that will completely derail the entire budget.

The bill is not particularly helpful to the U.S. economy, makes paltry cuts in government spending that will have no real impact on the deficit and lacks the tax increase on the rich, necessary to help financially pull America back in the black.



U.S. President Barack Obama (right) and Vice President Joe Biden (left)

The economic numbers are in for July 2011 and they do not look good. Job creation is going at a very poor pace, leaving 14,000,000 Americans unemployed. U.S. Senator Bernie Sanders insists unemployment is actually at "16 percent" not "10 percent." There was next to no growth in the U.S. manufacturing sector, which is bad, as the nation needs exports as one of several key revenue sources.

As mentioned above, another key revenue stream that is missing from the bill, is tax increases on the nation's wealthiest citizens. It's only fair, if the rich are going to live in America, they should help clean up the financial mess Wall Street's greed spree made on their behalf and that of their bulging bank accounts.

Sensible cuts to the government's budget would have made a great impact, such as closing a number of U.S. bases abroad, selling the land/buildings and equipment to the host countries, saving the nation billions in upkeep costs per year. The defense budget is too big, yet as we have seen repeatedly, terrorists can get into America if they want to and engage in evil acts that need to desist.



President Obama and members of his administration

Therefore, you may as well close many of the bases and bring the U.S. citizens back to America. It is cheaper than keeping them open, which is causing further offense in a number of places in the world. It also seems the cuts in the current bill target the poor and middle class, which is a bad idea. How did Congress get it so wrong again.

For the aforementioned reasonable reasons, the Judiciary Report is not in favor of the bill that was just passed in the U.S. Congress. Any sensible person with moderate views and a grip on reality will realize, it is not going to work and after all that wrangling and arguing it sad that this is all they came up with.

STORY SOURCE

When It Comes To Debt The Obama Administration Has The Mindset Of Gamblers

Democrats And Republicans Refuse To Budge On Debt Ceiling While Obama Threatens To Cut Social Security Next Month

Officials Officially Pronounce Obama's Stimulus A Massive Failure That Added Billions To The National Debt

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Billionaire Tells Obama To Resign Over The Economy

Barack Obama
As his poll numbers worsen, U.S. President, Barack Obama, received a dressing down two days ago from billionaire, Jim Rogers, who called for his resignation, over the poor state of the economy. Rogers stated many sound principles the Judiciary Report has as well over the past few years, but the President has not been listening, sticking to an unsafe financial course that spells sailing into disaster.
For example, last week, Rogers warned of something the Judiciary Report wrote of on December 8, 2010 - the possibility of revolt, via violence and rioting erupting in America, if the nation's financial condition continues to deteriorate (Ben Bernake Didn't See The Financial Crisis Coming).
The site wrote this before all the uprisings and riots occurred around the world this year. While the Judiciary Report is not advocating violence, if the situation reaches boiling point in America, problems of a new violent breed will ensue. Rogers stated two days ago, "The administrations failure to cut spending, and halt skyrocketing inflation, will lead to violence and rioting in America, similar to what has been taking place in Greece, and other parts of Europe."
Another point Rogers mentioned on June 26, 2011, is cutting the national budget. The Judiciary Report has written about cutting the budget for years, but Washington apparently thinks it is novel and quaint, when it isn't obscure. It's not a revolutionary concept. Nations and companies have been doing so for decades when things go financial sour.
However, Obama reiterated his position last week and is refusing to cut the swollen budget, ram packed with luxuries and non-necessities. President Obama continues to spend like a gay man at a glitter store and it just is not going to work.
On June 24. 2011, the Judiciary Report stated, "You cannot spend your way out of debt and into prosperity" (A Majority Of Americans Feel They Were Better Off Before President Obama).
A day later on June 25, 2011, President Obama stated, "We can't simply cut our way to prosperity." Paraphrased, that's the exact opposite course of action to what I wrote a day earlier (oh no he didn't!).
Hypothetically speaking, if you have $1 trillion dollars coming in as accounts receivable and you spend $1.1 trillion dollars under the tag of accounts payable, mathematics tells you, that shall leave you in debt and in the red. If you cut the budget (accounts payable), you will have a surplus. Repeat process until the money sufficiently builds up in the black, pardon the pun (hey, I'm black too, so I can write that pun).
There are American companies generating revenues and paying taxes on those profits, but said money is being squandered by the government in Washington, eroding any attempts at rebooting prosperity. This is why many articles this week have proclaimed the U.S. economy is "stalling."
As stated before, the defense budget needs massive cutting. It's not really a "defense" budget, more like a "let's start some doo doo stuff" budget. The Pentagon, DOD, CIA and FBI, use a significant amount of taxpayer money, to engage in adversarial conflicts in the world that are not necessary and completely fruitless.
Their employees have huge salaries, first class accommodations and all the perks. Many of them live like Fortune 500 CEOs - and ironically for a government job that's not bringing in any revenues. The total expenditures for these misguided adventures, costs the U.S. taxpayer billions of dollars per year that could be better used elsewhere.
Many of President Obama's green and solar initiatives, which can wait, are sucking up billions of dollars in taxpayer money and at a very inopportune time. His high-speed rail initiatives can also wait, but he has signed away billions for those projects as well. Let's not forget Obamacare, which has usurped so much taxpayer money, it would give any accountant worth their salt, a very bad case of diarrhea.
A number of people have been offering the President sound advice, but he has tuned it all out, in favor of his agenda that America currently cannot afford. However, the President must remember, at the end of the day, he will be held accountable for his actions in the history books.
STORY SOURCE
Billionaire Jim Rogers calls for Obama's resignation over economy
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Obama Gearing Up To Spend More Money

Barack Obama
Rumblings in Washington indicate, U.S. President Barack Obama, is gearing up to undertake even more unnecessary spending, despite the fact the S&P flashed him a massive warning to put the breaks on the cash spree.
The U.S. deficit is the highest it has ever been. Congressional Budget Office calculators are crashing and malfunctioning under the strain, but the President is still prepping new, frivolous spending plans and continues to funnel money to costly and unnecessary projects.
Why is it so difficult to cut the national budget and actually stop spending money on frivolities that do not promote financial health. Is it going to take a catastrophe to make the government stop such fruitless spending. The Obama Administration is behaving like a shopaholic and the U.S. Congress continues to increase its credit limit on money the nation doesn't have to blow.
As a result of the ongoing financial crisis, I see so much suffering in America everyday, as I am not out of touch like the Administration and Congress (yes, I went there). It is painfully obvious, if the government earnestly ended the wars in Afghanistan, Iraq and Libya, cutting their funding and used the money in America instead, life would be exponentially better for Americans.

Productive Americans (some with children) that lost their jobs and homes, are becoming homeless at an increased rate, yet the government sees no need to bring the money back home. How can Washington not have money to help them, but can buy thousands of tomahawk missiles for $1,000,000 each.
Some government workers paychecks are being cut and this wouldn't be so bad if it were the people earning higher salaries. No, it's the lower income government workers that are seeing their pay checks reduced and they feel it the most. If you are making $10,000 - $15,000 per year and the government reduces your pay by up to 30%, you will have significant trouble making ends meet.
The government workers that can stomach pay cuts are those making $70,000 - $100,000 per year. They won't go hungry. However, to target lower income government workers, under the guise of tightening the belt in a crisis, is a lot to ask.
Another area the government is wasting money that could be better spent elsewhere is the exorbitant budgets the FBI, CIA, DOJ and Pentagon receive. One can understand giving a decent budget to Homeland Security to protect the nation's borders, but as I see it, the FBI, CIA, DOJ and Pentagon, get up to so much mischief in the nation and the world, they are being given lavish sums to create preventable problems for everyone.
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Democrats And Republicans Fighting Over Financial Reform

U.S. President Barack Obama

Yes, they're fighting again. This time over financial reform. The Democrats and Republicans in Congress, along with U.S. President, Barack Obama, cannot agree on financial reform for America.

There is no question it is need, as the country is in financial straits, faced with soaring deficits, job losses, foreclosures and bank collapse, but a suitable and agreeable plan has not been found.

They need to find one quickly and make sure it is ram packed with budget cuts and the elimination of fruitless, taxpayer wasting programs that only benefit politicians and the rich. Anything less will not contribute to an economic recovery. And everyone can agree, America needs to get out of the current financial quagmire breaking the nation.

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Obama Touts Keeping Campaign Promises...But He Hasn't!

Obama "calls bluff" - campaign promises


Yesterday, U.S. President Barack Obama, touted his ability to keep campaign promises, now that he is in office, but as the Judiciary Report illustrated previously, that simply is not true.

U.S. President Obama and dog Bo on the White House lawn in Washington, D.C.
Courts, litigants, journalists and bloggers have noted several campaign promises President Obama has flagrantly broken, such as not awarding no-bid government contracts and the gross lack of transparency in his administration, which is contrary to what he promised the nation and the world. In short, it's the same old same old, but with a spending twist America cannot afford.
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EXTERNAL ARTICLE:
Obama Calling "Bluff" Of Those Complaining About Debt He Created
President Obama on controlling the debt: "Somehow people say, why are you doing that, I'm not sure that's good politics. I'm doing it because I said I was going to do it and I think it's the right thing to do. People should learn that lesson about me because next year when I start presenting some very difficult choices to the country, I hope some of these folks who are hollering about deficits and debt step-up because I'm calling their bluff. We'll see how much of that, how much of the political arguments that they're making right now are real and how much of it was just politics."
http://www.realclearpolitics.com
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Colin Powell Concerned About Obama Spending

Colin Powell

Former U.S. Secretary, Colin Powell, is concerned about President Barack Obama's many spending initiatives and the strain it will create on the budget and deficit.

Powell airs doubts on Obama agenda

July 3, 2009 - Colin Powell, one of President Obama's most prominent Republican supporters, expressed concern Friday that the president's ambitious blitz of costly initiatives may be enlarging the size of government and the federal debt too much.

"I'm concerned at the number of programs that are being presented, the bills associated with these programs and the additional government that will be needed to execute them," Mr. Powell said in an excerpt of an interview with CNN's John King, released by the network Friday morning.

Mr. Powell, a retired U.S. army general who rose to political prominence after a long and accomplished military career, said that health care reform and many of Mr. Obama's other initiatives are "important" to Americans.

But, he said, "one of the cautions that has to be given to the president -- and I've talked to some of his people about this -- is that you can't have so many things on the table that you can't absorb it all."

"And we can't pay for it all," said Mr. Powell, who was the first African-American to serve as secretary of state, under former President George W. Bush. He was also national security adviser to President Reagan, and was chairman of the Joint Chiefs of Staff under President George H.W. Bush from 1989 to 1993...

http://www.washingtontimes.com



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