Obama lied again last night. We're not defaulting
Posted: Tue Jul 26, 2011 6:39 pm
Obama to Banks: We're Not Defaulting
One question the mainstream media does not ask the Obama administration is if the debt ceiling is not raised, why would we have to default? Thus proving once again that they are in bed with Obama and the Democrats. Plenty of money comes in to service the debt and to do lots of other things in addition. For Obama, it would be suicide to default because he doesn't have to. He has to signal the banks now before the economy tumbles on the irrational fear he created by lying about default.
He's between a rock and a hard place now, all of his own making. People know he's only telling half the story and that if we continue for only a few years, Obama we be responsible for the majority of the national debt. If the House Republicans stand firm, they can force Obama to balance the budget like they did during the Clinton Administration and that will likely require the removal of certain unnecessary and burdensome entitlement programs such as Obamacare, the date of passage of which marks the sudden dip in jobs recovery as companies tightened their belts for greater health care costs due to that legislation.
While officials from the Obama Administration raised their rhetoric over the weekend about the possibility of a debt default if the debt ceiling isn't raised, they privately have been telling top executives at major U.S. banks that such an event won’t happen, FOX Business has learned.
In a series of phone calls, administration officials have told bankers that the administration will not allow a default to happen even if the debt cap isn't raised by the August 2 date Treasury Secretary Tim Geithner says the government will run out of money to pay all its bills, including obligations to bond holders. Geithner made the rounds on the Sunday talk shows saying a default is imminent if the debt ceiling isn't raised, and President Obama issued a similar warning during a Friday press conference after budget negotiations with House Republicans broke down.
One question the mainstream media does not ask the Obama administration is if the debt ceiling is not raised, why would we have to default? Thus proving once again that they are in bed with Obama and the Democrats. Plenty of money comes in to service the debt and to do lots of other things in addition. For Obama, it would be suicide to default because he doesn't have to. He has to signal the banks now before the economy tumbles on the irrational fear he created by lying about default.
He's between a rock and a hard place now, all of his own making. People know he's only telling half the story and that if we continue for only a few years, Obama we be responsible for the majority of the national debt. If the House Republicans stand firm, they can force Obama to balance the budget like they did during the Clinton Administration and that will likely require the removal of certain unnecessary and burdensome entitlement programs such as Obamacare, the date of passage of which marks the sudden dip in jobs recovery as companies tightened their belts for greater health care costs due to that legislation.