US

Stocks Tumble as S&P Downgrades U.S. Debt Outlook to ‘Negative’

NEW YORK (AP) — Standard & Poor‘s Ratings Service cut its outlook Monday on the United States’ sovereign debt, saying there is a one in three chance it will downgrade the rating on the debt in the next two years.

The agency lowered the long-term outlook to “Negative” from “Stable.”

It reaffirmed its investment-grade credit ratings on the U.S. long- and short-term debt itself, but said the ratings are at risk from the country’s growing deficit.

S&P said the U.S. has a high-income, diversified and flexible economy that has helped it to encourage growth while containing inflation.

But the country’s ballooning deficit could offset those positives over the next two years.

The agency noted that the deficit grew to 11 per cent of gross domestic income in 2009. That is much higher than the average of two per cent to five per cent in the previous six years.

Stocks plunged after the rating agency lowered its outlook The Dow Jones industrial average fell more than 200 points in early-morning trading.

S&P said it has little confidence that the White House and Congress will agree on a deficit-reduction plan before the fall 2012 elections. By that time, the measures won’t go into effect until the fiscal year 2014.

“We see the path to agreement as challenging because the gap between the parties remains wide,” said Standard & Poor’s credit analyst Nikola G. Swann.

Mary Miller, assistant secretary for financial markets, said S&P “underestimates the ability of America’s leaders to come together to address the difficult fiscal challenges facing the nation.”

President Barack Obama and Congress are working on ways to reduce budget deficits over the long term, she said.

The fight over the deficit and next year‘s budget is threatening the government’s ability to borrow. Analysts say S&P is warning the two parties not to play politics with the debt ceiling.

Treasury Secretary Timothy Geithner said Sunday that Republican leaders have privately assured the Obama administration that Congress will raise the government‘s borrowing limit in time to avoid an unprecedented default on the nation’s debt.

But a top Republican quickly pushed back and said there was no guarantee the GOP would agree to increase the $14.3 trillion debt ceiling without further controls on federal spending.

Geithner has said that the government will hit its current limit no later than May 16. But Geithner said it will be able to avoid an unprecedented default on the national debt through various accounting maneuvers for possibly another two months.

Comments (93)

1 2
  • Dahart
    Posted on April 18, 2011 at 12:22pm

    WORLD
    WORLD BANK HEAD RAISES FOOD PRICES ALARM: ‘ONE SHOCK AWAY FROM A FULL-GROWN CRISIS’

    “And here is your next crisis!”

    Report Post » Dahart  
  • high school drop out
    Posted on April 18, 2011 at 12:20pm

    Whoo Boy! Lets see how the “lamestream media” handles this one (Ignore or B.S.)…My moneys on B.S

    Report Post »  
  • Ole Country Doctor
    Posted on April 18, 2011 at 12:18pm

    Please: Isn‘t this the same Standard and Poor’s that gave the Derivative bond markets “Two Thumbs Up!” ?

    Report Post » Ole Country Doctor  
  • Stopit
    Posted on April 18, 2011 at 12:16pm

    1st its the end of March, then the middle of July, now May 16th…got a real handle on this!

    Report Post »  
  • batteredtaxpayer
    Posted on April 18, 2011 at 12:14pm

    Lets eliminate taxes for a year. If they don‘t have it they can’t spend it. No pork,no foreign aid,bring all troops home(put em on the border)and don’t print money. Congress..are you listening to Wall Street? Lets get off the can and do something. Obama isn’t going to do it!

    Report Post »  
    • Eblaze44
      Posted on April 18, 2011 at 6:35pm

      You are definitely drinking the kookaid. They don’t have it now – it would make no difference if no one paid their taxes – they do like all the other Americans, swipe that credit card, especially since theirs has no limit on it.

      Report Post » Eblaze44  
  • Two Party Scam
    Posted on April 18, 2011 at 12:14pm

    Traitor Obamas ‘Managed Collapse’ of Capitalism continues.

    How many wheelbarrows of money do you think Communist Russia and China have given him and his red union cronies so far?

    Report Post » Two Party Scam  
  • TSUNAMI-22
    Posted on April 18, 2011 at 12:14pm

    Soon, even the hardest core liberal will become a devout conservative. It’s just a matter of time and self-preservation.

    You’ll see.

    Report Post »  
  • OkiePatriot
    Posted on April 18, 2011 at 12:05pm

    They want to collapse our financial system and it looks like they are almost there!

    Report Post »  
  • starman70
    Posted on April 18, 2011 at 11:58am

    Timmy, the TAX CHEAT, what else can you expect.

    Report Post »  
  • dcwu
    Posted on April 18, 2011 at 11:56am

    Hamilton is crapping.
    Impeach Obama.

    Report Post »  
  • Psychosis
    Posted on April 18, 2011 at 11:21am

    Geithner has said that the government will hit its current limit no later than May 16. But Geithner said it will be able to avoid an unprecedented default on the national debt through various accounting maneuvers for possibly another two months

    LIAR LIAR LIAR LIAR

    THERE IS NO REASON NOT RAISING THE DEBT CEILING WOULD CAUSE A DEFAULT

    MONTHLY REVENUE………….220 BILLION ( APPROX.)
    MONTHLY DEBT PAYMENT IS 68 BILLION

    PAY THE DEBT FIRST, AND YOU WONT DEFAULT REALLY IS IT THAT HARD TO TELL THE TRUTH????????

    Report Post » Psychosis  
    • Mikee T
      Posted on April 18, 2011 at 11:50am

      @Psychosis…………well….you forgot how many of these scumbags are on the Fed dole (payroll) bro…..it’s disgusting how many Fed agencies we have with HUGE budgets (payrolls)…….it’s like, when you get out of schook kids, get a gov. job or else ? Private sector ? Can’t compete with the greatest employer on earth…..Federal and State governments of the U.S. What an atrocity, what a sham, how UNAMERICAN, what theivery and last but not least ? No Shame at all…they are arrogant about it all……Biggest abusers ? Can’t even figure that one out there are SO MANY at the local, state and Federal government levels……Our forefathers certainly are turning over in their graves in seeing that the Government is the only really good employer left besides the corrupt unions …..sad…

      Report Post »  
  • Freedom1984
    Posted on April 18, 2011 at 11:14am

    BO trying to help cut costs and increase savings.

    PLEASE.

    Number one he would have to be able to do two things at a time.
    Number two he is looking for America to crumble.

    Report Post » Freedom1984  
    • starman70
      Posted on April 18, 2011 at 1:28pm

      While BO jets around the world at taxpayer expense apologizing for America being the GREATEST country in the world, He is destroying America from within. His desire is to reduce Americans to living in shanties and grass huts and to make every American subservient to the Federal Government.

      The Senate and the House of Representatives over the past 40 years are complicit in this plan. The plan was secretly developed after the Viet Nam war and has slowly but constantly been applied. Unfortunately, the American People have been unaware of this creeping distruction until it is almost too late. We need Senators and Congressmen with the guts to make the hard decisions and to stop listening to the freeloaders. Will it happen?

      Report Post »  
  • cntrlfrk
    Posted on April 18, 2011 at 11:11am

    I can’t wait for my 401k to disappear so the government can create a new and exciting program, lump it in with Social Security, and take over yet another portion of my life.

    I thank God every day I was raised on a farm and am resourceful enough to live off the grid if need be.

    Sometimes I wonder if my children would be better off learning to do the same rather than get a college education and become productive members of society so that the government can take it away and ration it to others.

    Oh, well. I will teach them (have taught them) and they can make up their own minds.

    .

    Report Post » cntrlfrk  
    • Stoic one
      Posted on April 18, 2011 at 12:03pm

      Nancy & Harry have already said that it was obvious Americans could not manage their own money and that the FED GOVT should gain control these funds , then “give” us a 3% return on our money.

      Report Post » Stoic one  
  • GSP Guy
    Posted on April 18, 2011 at 11:04am

    This SP announcement sounds like Obamma told them he needed leverage in the debt cieling debate. Make it seem the world will come to an end is all we hear.
    Spending is the issue- but i fear will cave with nothing to show for it. Repubs need to get on the right side of the blame g ame. Liberals need to be exposed relentlessly. We do not seem to do a good job at bieng ruthless. Shame.

    Report Post »  
    • Rainmom
      Posted on April 18, 2011 at 11:49am

      I agree but it seems most media is corrupted and doesn’t want to bring the truth to the people. Corruption needs to be stopped at every turn. I feel for people who do not have the hope that the work of their own hands can change their fate. I feel for the graced people who do know it who can’t find jobs. Our leaders have cozied the media that tow the party lines and blind the people for their greater good.

      Report Post » Rainmom  
    • showmerancher
      Posted on April 18, 2011 at 11:55am

      I can see where some folks would see it that way, but if you look closely, S&P’s warning relates to our inability to deal with the deficit rather than the debt. That’s saying that if we had our annual deficit under control, more borrowing could be tolerated. That then, is saying that the $38.5 Billion Smoke and Mirrors budget (that only had $350 million in real deficit reduction) is woefully inadequate, and does not signal a reasonable will to actually resolve our fiscal problems.

      As such, it really does not help the Obama argument for raising the Debt Ceiling and dealing with the deficit problem later (”this time for sure, yada, yada, yada”), it only hurts it. What I believe S&P is essentially saying is that America had better demonstrate some fiscal responsibility (REAL cuts), BEFORE it simply goes forward and borrows trillions more.

      That’s my take anyway.

      Report Post »  
    • Rainmom
      Posted on April 18, 2011 at 12:45pm

      I think your arguments are just, SHOWMERANCHER , but will Washington listen. Historically, they haven’t been. Let’s hope this time the message gets thru and scares our leaders into leading. I am tired of being the one scared because the dollar I earn today might only have 1/2 its value tomorrow. I think the alarming part of this story is that the S&P has not mentioned this slide before while Moody’s has been hinting. This is a trend I want to turn around but it won’t happen without a strong commitment toward reducing future spending.

      Report Post » Rainmom  
    • brado9505
      Posted on April 18, 2011 at 1:49pm

      Agree, we MUST be ruthless!

      Report Post »  
  • Rainmom
    Posted on April 18, 2011 at 11:02am

    What a mess! I a tired and sick of people saying,” How did we get here?” We lived beyond our means paying for high ideals on a credit card. Wealth and comfort are the rewards of WORK. Yes, we should help the needy but smoke and mirrors is not fiscal policy. A government can’t feed anyone but we can feed eachother. We can take care of eachother without a government getting in the middle. I wonder how long before the insulation burns and reality scorches our policy makers enough to listen and do the right thing.

    Report Post » Rainmom  
    • ChiefGeorge
      Posted on April 18, 2011 at 11:35am

      This is what 30 years of creating a false sense of equality looks like. I always thought something was not right but shrugged it off in my 20′s, then my 30, then my 40′s I began to see something ugly and then I was told that anyone and everyone can get a loan for a house which I knew could not be and would not work because those who have nothing to lose can afford to lose everything and bring down the entire house on all of our heads. This happened with housing and credit cards.

      Run up the debt and run away. Who cares! There is no jail time for this kind of behaviour. Since the past 30 + years we moved away from the old standard of hardwork and perserverance will get you ahead, but too many people wanted to short circuit and short cut this basic tenant of who we are as Americans and don’t want to believe it is what got us here. Everyone I knew when I was growing up expected hardwork and dedication before they would hand me the keys to the gates for my own future progress. Now the keys get handed to people right out of the gates. Its no wonder we are in the condition we are. Its nobodys responsibility but everyones at the same time. You can’t build a nation and maintain it without personal responsibility, discipline, hardwork, honesty and integrity. Many other things factor in to this equasion but these are a few basics.

      Report Post » ChiefGeorge  
    • FansLogonDOTcom
      Posted on April 18, 2011 at 12:45pm

      @ChiefGeorge… Amen. Well said.

      Report Post » FansLogonDOTcom  
  • Sinista MACE
    Posted on April 18, 2011 at 11:02am

    They‘re so blessed that YHWH doesn’t condone murder.

    I think the sheeple portion of Americans would be taken aback by the homicidal ideation that some American Patriots are currently having.

    Report Post » V-MAN MACE  
  • Texas woman56
    Posted on April 18, 2011 at 11:00am

    How about if we just stop sending money to other countries?

    Report Post »  
  • Sinista MACE
    Posted on April 18, 2011 at 10:59am

    Timothy “Federal Reserve Infiltratee” Geithner needs to be forcibly removed from our Treasury.

    Report Post » V-MAN MACE  
  • Sinista MACE
    Posted on April 18, 2011 at 10:57am

    Oh, don’t worry, Obama will make you take an “Internet ID” so they can track your every blog post, financial transaction, medical history, etc.

    Welcome to the Police State, starring Satan’s son, Barack Hussein Obama, with a special appearance by the Mark of the Beast.

    Satan will create financial security for everyone!

    Report Post » V-MAN MACE  
    • Mikee T
      Posted on April 18, 2011 at 11:43am

      @SINISTA…….I live in NJ……….it’s been the microcosm of a Federal Police State for many many moons now……I have finally decided to leave… SOON……. Looking for an area of the country where there is the most individual sovereignty and limited (if any at all) government……..maybe then I can find a decent gig as well (Need to be in a big union here in NJ or, of course, WORK FOR GOV.)…if you aren’t in a big union here or work for some level of government….You are @ucked in NJ….

      Report Post »  
  • powhatan
    Posted on April 18, 2011 at 10:57am

    As always..Glenn is correct.

    Report Post » powhatan  
  • roncor
    Posted on April 18, 2011 at 10:56am

    “He who walks with the wise grows wise, but a companion of fools suffers harm.” (Proverbs 13, 20)

    Obama has surrounded himself with fools, and he, and all the rest of us, is suffering for it. There are no really knowledgeable people in the White House circle. They are inexperienced amateurs pretending to know how to govern. God help us!

    Report Post »  
    • Snowleopard {gallery of cat folks}
      Posted on April 18, 2011 at 11:25am

      Most of America recognizes them as the fools they are; unfortunatly the only thing they of this one administration are good at are the coming destruction of America as we know of it, unless we can gain the aid of the Almighty in restoring and saving the country from a final nightmare at hand.

      Report Post » Snowleopard {gallery of cat folks}  
    • GSP Guy
      Posted on April 18, 2011 at 2:46pm

      I wish it was just incompatence- it is a plan, and they are doing a pretty good job;

      Report Post »  
  • Hisemiester
    Posted on April 18, 2011 at 10:55am

    Not surprising, we all knew it was coming. I would hope there is no raising the debt ceiling. It should instead, be lowered. The repubs in the house could stop raising the ceiling if they had any cahones.

    Report Post »  
    • CatB
      Posted on April 18, 2011 at 12:06pm

      “Cahones” seem to be in SHORT SUPPLY in WASHINGTON especially among R “leadership” .. I use that term LOSELY!

      Report Post »  
  • MOTHERSMITH
    Posted on April 18, 2011 at 10:55am

    It has begun!! Hold on folks, it’s going to be a bumpy ride!!!

    Cain/West 2012

    Report Post » MOTHERSMITH  
  • Sam Brown
    Posted on April 18, 2011 at 10:54am

    Not sure my math is right but if we paid the debt back at the rate of $1 a second it would take us over 443,000 years. If they added no intrest LOL

    Sammy

    Report Post »  
  • TRONINTHEMORNING
    Posted on April 18, 2011 at 10:50am

    I never take Timmy seriously.

    Report Post »  
    • Revere1
      Posted on April 18, 2011 at 10:52am

      So much for all the liberals saying Obama was saving the economy. Obama couldn’t save himself from a wet paper bag. http://www.battlefield315.com/2011/02/barack-obama-explained.html

      Report Post » Revere1  
    • Snowleopard {gallery of cat folks}
      Posted on April 18, 2011 at 11:03am

      Well, this was predicted awhile back by Glenn and many others; as the administration wants to cause a crisis or many crisis at once, it is not unexpected they will do absolutely nothing to save the nation they seek to transform to a nightmare of their utopian dreams.

      As of this time, Dow Jones down almost 2%, not a lot I understand, yet let’s keep a prayer to the guy upstairs for the survival and restoration of our nation. We need HIM more than ever now.

      Report Post » Snowleopard {gallery of cat folks}  
    • ronmorgen
      Posted on April 18, 2011 at 11:18am

      @ Ironmaan, “There’s still time..buy gold.”
      Gold took a sharp rise also to a record price of $1492. So better hurry.

      ronmorgen  
    • FansLogonDOTcom
      Posted on April 18, 2011 at 11:23am

      The dumb-a*s RINOs strike again. They should write a book called “How To Lose Every Negotiation”.

      – Treasury Secretary Timothy Geithner said Sunday that Republican leaders have privately assured the Obama administration that Congress will raise the government‘s borrowing limit in time to avoid an unprecedented default on the nation’s debt.

      (After hearing the news…) “Well then, let me get back to the destruction.. er, I mean “fundamental transformation” of the USA!” said Pres. Obummer.

      Report Post » FansLogonDOTcom  
    • ozchambers
      Posted on April 18, 2011 at 11:27am

      If you havent started yet, PREPARE!!

      Report Post » ozchambers  
    • cessna152
      Posted on April 18, 2011 at 11:27am

      Snowleopard,

      I must apologize that 4 years ago my wife and I prayed that this country would seek and know God… well, I guess “be careful what you wish for” comes to mind. However, our prayer now is “the scales will fall from the eyes of those who do not see…”

      I now realize that things will get FAR worse over the next year… far worse if we want all to see.

      Report Post » cessna152  
    • TonyDarrington
      Posted on April 18, 2011 at 11:30am

      It‘s Bush’s fault. Bush created bigger problems than Obama could deal with. We need to double down and spend 2 trillion more to fix this debt crisis! There’s no time to debate, S&P is going to downgrade our debt if we don’t spend more money RIGHT NOW! Damn Bush for making us spend so much money to get out of the debt crisis he created!

      Report Post » TonyDarrington  
    • etecs
      Posted on April 18, 2011 at 11:38am

      May I ask why this took S & P so long to finally see? Moodys has been hinting that the US needed to get their finances in order or face a downgrade for quite so time now. But surprisingly, S & P has been mute until now.

      The Dollar Crash is coming….. and sooner than we would like to think……..

      Time for major cuts NOW…….. Bring every US soldier home… Get out of Germany, Korea, Japan, Iraq, Italy, Afghanistan, and everywhere else we’ve set up a tent around this world….

      We build on our defenses here…. We deport every illegal alien in this country now.. Mexican, Arab, and any other foreign citizen who is here illegally or over-stayed their visa permit.

      We cut back on all entitlements…. Dramatically downsize all government agencies. Do away with IRS….. Flat tax….. Warren Buffets of the world running your mouths about not being taxed enough, ok……….. how’s 70% on your gross….

      Barry, since you‘re complaining you’re not paying your fair share, we should have special revenue agents to make sure each one of you “share-the-wealth” freaks will feel the pain…

      Gee…….. I’m rambling on….. and I’m just getting warmed up…… Sorry for the rant people…

      Report Post » etecs  
    • Snowleopard {gallery of cat folks}
      Posted on April 18, 2011 at 11:40am

      @Cessna152:

      Never apologize for praying to the Almighty for a good thing. Four years ago most of us were asking Him for the same thing, to save the nation. I feel at the time we were entering a time of judgment for us to get ready for the testing and shaking to come.

      Most likely the time ahead will be rough and be like a storm never seen before within living memory of the nation; maybe even the world, yet God is shown to make 11:59 hour and minute miracles come about.

      It will be up to the faith of His People calling to Him, in total reliance and dependance on His mercy and grace. Right now we stand, for the awakening is at hand, and the final fight of this time for the light and the dark are here and now.

      Never apologize for wanting to have hope, and good tidings. For the nation IS changing, and we need to work and ask in that work for the guidance of Him who is above us all; to do it as HE wishes and will have it happen.

      Keep in the faith and never despair.

      For the greater the trial, the greater the ordeals, the greater the goodness and light awaits beyond when the trial is past.

      Report Post » Snowleopard {gallery of cat folks}  
    • Jhn'1
      Posted on April 18, 2011 at 11:44am

      Most people think the government gets value when the Fed runs the printing press.

      They don’t
      The Fed does.

      What happens is the $ value is deflated, and the Fed now sells money to the government, and loans them the money to buy the dollars the Fed prints or digitizes, plus interest.

      Report Post »  
    • unsalvageable.org
      Posted on April 18, 2011 at 11:56am

      Exodous 14:14 “The Lord will fight for you, you need just be still”

      We all have an issue with letting Him take over. When things get bad our human nature has us trying to take control. While I have just as big a problem obeying this as most (probably even bigger), I also know that when the ends comes, our side wins!

      Keep praying, keep the hope alive, but above all else keep your faith in God.

      Report Post »  
    • TSUNAMI-22
      Posted on April 18, 2011 at 12:01pm

      @ Ironman

      You can’t shoot Gold.

      What would you rather barter with, 1 pound of Gold or 75,000 rounds of 5.56 NATO ?

      Report Post »  
    • CatB
      Posted on April 18, 2011 at 12:03pm

      I hear Obama is “upset” at this “news” …. I guess not that it is TRUE but that they DARED say what everyone with a brain knows … his plan to destroy the U.S. is working.

      Report Post »  
    • GhostOfJefferson
      Posted on April 18, 2011 at 12:10pm

      My 20 heirloom tomato plants that I started from seed a few weeks ago are looking wonderful and should provide hundreds and hundreds of pounds of produce to can come autumn. The rest of the garden, heirloom of course, is going to be fantastic, assuming that we don’t get hit by a tornado.

      It‘s times like when I read these kinds of reports that I think about my garden and how I’ve taken the time over the years learning about and more importantly *practicing* canning, preserving, dehydrating and organic gardening. It helps to live in central Ohio, where you can grow an acre of crops by simply spitting twice in a field when driving by it.

      Report Post » GhostOfJefferson  
    • Clydie_Clyde
      Posted on April 18, 2011 at 12:45pm

      snowleopard, besides posting here and the coloring gig, what do you do all day?

      Report Post »  
    • Leadthemtothelight
      Posted on April 18, 2011 at 12:51pm

      IMPRESSIVE! Take a bow uber libs and dems,You wanted to throw this country into the toilet and hit the flush….and here you go. Our government is broken. The idiots in Washington will never be affected by the crisis coming. Hell half of the legislation they write they are exempt from. We have allowed this to happen on our watch. Conservatism in america is a bad word. There are too many people now living off the government. We are lost. Start looking for a new country.

      Report Post » Leadthemtothelight  
    • abc
      Posted on April 18, 2011 at 1:33pm

      The ratings agencies missed the housing bubble and failed to avert crisis. Now we are to trust them on this? I’m not so sure.

      We definitely need to address the deficit issue in the medium and long term, but before we do anything crazy, take a look at Britain, where austerity measures have caused the country’s economy to slow versus the rest of Europe. Even with the Pound weakening against the Euro, the economy is markedly slowing down. Conservatives like Nial Ferguson have been extremely wrong on this issue, and other conservatives ought to stop listening to him.

      We need about another 1-2 years before we really pinch the middle class. In the meantime, we should be raising taxes on the wealthy, since that extra income is not going into consumption nor capital expenditures (to expand production and employment) currently, but could help allay fears about the US budget woes. The US ought to avoid the UK’s mistakes while showing progress on addressing its own bigger fiscal problems.

      Report Post »  
    • TexasCommonSense
      Posted on April 18, 2011 at 2:33pm

      This must be the change part of “Hope and Change”.

      Report Post » TexasCommonSense  
    • BSdetector
      Posted on April 18, 2011 at 3:07pm

      It’s ok guys, the recession ended last year. Remember that? The recovery summer that made everything better?

      Report Post » BSdetector  
    • docvet
      Posted on April 18, 2011 at 3:20pm

      There are those who will say anything to get the debt ceiling raised. The Secret Service is preparing to do its job while there is dancing in the streets by the libs. that is until the libs find out that their dollar is now worth a penny, just like the conservatives dollar. Hope somebody takes a picture of that moment and records the “but, but, but, this wasn’t supposed to happen to me, just everybody else”.

      Report Post »  
    • NuffSaid
      Posted on April 18, 2011 at 5:36pm

      Where are the Headlines of yesteryear?

      Stock’s Tumble Obama Bumbles, Boehner Fumbles and Reid Mumbles

      Report Post »  
    • Cork
      Posted on April 18, 2011 at 6:24pm

      I wonder what Timmy is doing about us already above the debt ceiling:

      http://www.zerohedge.com/article/total-us-debt-now-officially-above-ceiling

      Report Post » Cork  
    • Cemoto78
      Posted on April 18, 2011 at 10:49pm

      Washington D.C. keeps playing these games and sooner or later there is a price to pay. They call it politics, I call it childish games. They do not have the countries best interest at heart only their own and the “party”.

      Report Post » Cemoto78  
    • thepatriotdave
      Posted on April 18, 2011 at 11:48pm

      This issue is serious. So far, it goes beyond all other bad news that can blamed on Obama.

      I almost puked when I heard the reaction from the White House today. It was obvious from the statement they put out that they were NOT expecting this. Now all the numbers geeks are going to have to re-do some numbers because we will have to pay more interest on the money we have borrowed. 2012 cannot come fast enough!

      Why Col. Allen West Should be President
      http://www.AmericasTeaPartyNews.com

      Report Post » thepatriotdave  
    • Virgil
      Posted on April 19, 2011 at 1:57pm

      Why can’t they raise the debt limit just enough to service the debt, to avoid “default” while still starving the beast? Am I missing something here?

      Report Post »  
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