Just don’t ask them to stop spending. They consider this draconian and catastrophic. Now the Obama regime is going after people’s pensions to pay for their historic spending spree.
The Obama administration will begin to tap federal retiree programs to help fund operations after the government loses its ability Monday to borrow more money from the public, adding urgency to efforts in Washington to fashion a compromise over the debt.
I’m sure this isn’t going to affect those unionized federal workers.
Treasury Secretary Timothy F. Geithner has warned for months that the government would soon hit the $14.3 trillion debt ceiling — a legal limit on how much it can borrow. With the government poised to reach that limit Monday, Geithner is undertaking special measures in an effort to postpone the day when he will no longer have enough funds to pay all of the government’s bills.
Great idea. Instead of asking our feckless President to stop his spending spree, they are going to
steal redistribute the wealth of others to keep on spending.
Geithner, who has already suspended a program that helps state and local government manage their finances, will begin to borrow from retirement funds for federal workers. The measure won’t have an impact on retirees because the Treasury is legally required to reimburse the program.
Translation: The taxpayers are footing the bill.
The maneuver buys Geithner only a few months of time. If Congress does not vote by Aug. 2 to raise the debt limit, Geithner says the government is likely to default on some of its obligations, which he says would cause enormous economic harm and the suspension of government services, including the disbursal of Social Security funds.
Translation: We want to keep spending America into insolvency by scaring old people with the threat that they won’t get their social security checks.
Many congressional Republicans, however, have been skeptical that breaching the Aug. 2 deadline would be as catastrophic as Geithner suggests. What’s more, Republican leaders are insisting that Congress cut spending by as much as the Obama administration wants to raise the debt limit, without any new taxes. Obama is proposing spending cuts and tax increases to rein in the debt.
There are no cuts because Obama has increased spending to historic levels. So much for that Obama campaign promise to “cut the deficit in half by the end of my first term.”
“Everything should be on the table, except raising taxes,” House Speaker John Boehner (R-Ohio) said on CBS’s “Face the Nation.” “Because raising taxes will hurt our economy and hurt our ability to create jobs in our country.”
Those of us who pay federal income taxes would love to see the other 4747% who pay no federal income taxes pay taxes.
The Obama administration has warned that it is dangerous to make a vote on raising the debt limit contingent on other proposals. But Boehner is demanding that Congress use the debt vote as a way to bring down government spending.
Obama was against raising the debt ceiling as a Senator back in 2006. Here is his infamous stance back them as he claimed raising the debt ceiling under George W. Bush a “failure of leadership.”
“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 of 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.”
As we know, anything Obama’s says has a expiration date.