US Action News

“The fact that Moody’s can make such an asinine statement shows you the truth behind that organization. And that’s why Moody’s was putting triple-A ratings on mortgage-backed securities that went to ZERO. Because that’s about how much credibility Moody’s has in the ratings world…and that’s ZERO.” – Peter Schiff

Senator Ron Johnson explains the ramifications of continuing business as usual with Lou Dobbs.

Schakowsky (D-IL) also blamed Republicans’ focus on debt reduction for the bad jobs report in June. In this radio interview she could not explain why social security checks were different from other government payment obligations.

This is Lucy and Charlie Brown and the football. And the American people say, ‘We’re not falling for that game anymore. We’re not going to let you promise spending cuts later to raise taxes now.’ “The spending cuts are in the out-years. The tax increases are going to come soon. If these tax things are so bad that Chris [Van Hollen] talks about, well the Democrats just controlled all of government eight months ago. Why in the world didn’t they get rid of them?”

Fed Chairman Ben Bernanke and Treasury Secretary Tim Geithner are trying to spook financial markets with hyperbolic warnings about a risk of default. This is blatant dishonesty and demagoguery, but Republicans are nervous that this tactic might be successful if there is a high-stakes showdown as the government’s borrowing authority runs out.

Rep Joe Walsh gets questioned about calling the president a liar and saying that Obama is in over his head in the debt ceiling debate. When is it not appropriate to point out lies and deceit at the highest levels of government? Has lying to the people become so acceptable that we care more about someone that points out the lies?

Time to wake up to the fact that this is the plan all along. Spend so much that he can force a tax increase. With Obama taxes are about ideology. To Obama taxes are for redistribution, punishment and “fairness” not revenue for the government.

How the debt ceiling is eventually resolved only changes the timing and extent of the economic collapse. In that sense, it has no bearing on the ultimate fate of the nation.

Boehner said “it’s time for the president to put his plan on the table,” and noted that Republicans are serious about seizing this moment to make “the biggest spending cuts possible” and implement reforms — like a Balanced Budget Amendment — to address our long-term debt crisis without raising taxes on job creators.

“We are not going to default, we have enough tax revenue to pay our bills. It certainly will be disruptive if we continue going on the track we’re going on right now. We have enough asserts, Social Security, Medicare trust fund to pay those benefits if necessary. It’s not ideal but we don’t need to panic and rush into a deal and the President has actually been burning the clock with these secret negotiations pushing us against a deadline so he can create this panic. We need to keep calm and if the President would work with us on some reasonable cuts, we’ll work with him on giving him an increase on the debt limit. Now is not the time to panic and do something else that is going to make our economy worse and cost us most jobs,” Sen. Jim DeMint (R-SC)