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Adding More Debt

January 20, 2012 by  

Raising the debt ceiling… again. Barack Obama has notified Congress that the debt ceiling needs to be raised by another $1.2 trillion. Don’t expect a big tussle this time, however. The increase is permitted under the Budget Control Act. Lawmakers have the ability to vote against debt increases, but they cannot actually block them.

This would shake up Congress. Representative Timothy Johnson (R-Ill.) has introduced what he’s calling the Citizen Legislators Act. The measure would limit the days Congress is in session to five per month or 60 business days per session. It would also cut the salaries of Representatives and Senators by 50 percent — as well as office allowances and committee and leadership budgets by the same percentage. Don’t expect a vote on the measure anytime soon.

Who’s afraid of Friday the 13th? If you suffer from paraskevidekatriaphobics (a fear of Friday the 13th), this is going to be a bad year for you. In addition to the one we suffered a week ago, there will be two more this year: in April and June. Three Friday the 13ths happen every few years. But this year, for the first time since 1984, the three Friday the 13ths are exactly 13 weeks apart.

They must think we’re stupid. Did you see the cover of the current Newsweek magazine? It shows a photo of a very pensive President Barack Obama accompanied by the question: “Why are Obama’s critics so dumb?” I couldn’t bring myself to buy the rag, but you can find my colleague Ben Crystal’s analysis of the piece here.

–Chip Wood

Chip Wood

is the geopolitical editor of PersonalLiberty.com. He is the founder of Soundview Publications, in Atlanta, where he was also the host of an award-winning radio talk show for many years. He was the publisher of several bestselling books, including Crisis Investing by Doug Casey, None Dare Call It Conspiracy by Gary Allen and Larry Abraham and The War on Gold by Anthony Sutton. Chip is well known on the investment conference circuit where he has served as Master of Ceremonies for FreedomFest, The New Orleans Investment Conference, Sovereign Society, and The Atlanta Investment Conference.

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  • simian pete

    Hey Chip ! I can answer that question Newsweek queried !

    The reason why President Obama’s critics are DUMB because they think/feel the Constitution is still the law of the land ! It’s not the law of the land anymore ! Anything Goes !! HA HA !!!

  • s c

    Somebody get me a translator. I demand to talk to the monkey at Newsweak that implied that America has a prez who knows how to be pensive. If he was pensive, he wouldn’t find so many DUMB things to do. If he was pensive, he wouldn’t find so many ways to keep America enslaved with debt that the American PEOPLE didn’t create.
    I want to talk to that half-assed monkey, and I want that overpaid, retarded monkey FIRED. Any monkey that works at Newsweak for peanuts and bananas had better know what he’s talking about.
    I don’t see how any monkey can be trusted to put together an accurate news story, when everybody knows that only an ape has enough brainpower to create a magazine headline. What’s with those retards at Newsweak? Outsource those devolved, Darwinian social engineers – NOW.

    • simian pete

      It wasn’t this simian ! But if I did work for NewsWeek I sure would know where I got my bread and butter ! That sure would be some sweet paycheck !!!

  • http://charter howe

    I did not realize until last week that Congress including the so-called conservatives voted to allow the spender-in-chief to get his taxpayer paid for, 1.2 billion debt ceiling money. Obama gets to rip off taxpayers once again, but now its the GOP that allowed this to happen when they caved in Aug 2011. There are too damn many lawyers running around loose in the House and the Senate. Lets round them up and incarcerate them at GITMO for the rest of their pathetic lives.

  • don

    can you imagine what we’ll have if we have 4 more years of obunhole. probly about a 22 trillion dollar debt. whats going to happen when the interest cant be paid because its too much. they’d taked 75% of our paychecks without a proble. welcome to total poverty if nothing changes. the world will end up third world all escept for opurn 1% who now have all the money. nwo.

  • Ted Crawford

    This is a factor of the Republicans belief that the public had bought the idiocy of Obama and Reids media hype that they were obstructing everything for purely partisan reasons!
    Perhaps, if we can survive it, this will soon display for all, save the mindless zealots, the complete idiocy of Obamas economic policy!

  • Michael

    The elected Republicans now sequestered in Washington D.C. are no more of an impediment to Obama than his dog Bo might be. They are truly the lap dogs of this administration and should all be flushed out of office this coming November.

    • cawmun cents

      Instead they will be put in office.
      Not one thing will change.
      UNLESS RON PAUL IS ELECTED!
      Then,just maybe we’ll get some form of reform.
      Otherwise,dont count on it.
      -CC.

  • ranger hall

    Even if Elected, WHAT is he going to DO.. NOTHING, Only thing he can do is CONFORM to the Powers to BE. Or he could be Dead. ONLY POWER THE PRESIDENT REALLY HAS IS IF HE HAS THE AMERICAN PEOPLE BEHIND HIM.. j KENNEDY, r KENNEDY, AND kING HAD THIS, but LOOK AT WHAT HAPPENED TO THEM.

  • ranger hall

    cAN ANYONE TELL ME WHY OUR cHIEF OF THE mILITARY IS MAKING A TRIP TO iSRAEL….?

  • Winston Smith

    The budget explained in down-to-earth English.
    Here’s the numbers from the Fed:
    ☹ US Tax Revenue… $2,170,000,000,000
    ☹ Fed Budget……….….$3,820,000,000,000
    ☹ New debit……………$1,650,000,000,000
    ☹ National Debit…..$14,271,000,000,000
    ☹ Recent Budget cut……$38,500,000,000

    Remove 8 zeroes and pretend it’s a household budget
    ☹ Annual income………..….$21,700
    ☹ Annual expenses………..$38,200
    ☹ Recent new debt………..$16,500
    ☹ Current credit debit.$142,710
    ☹ New cuts in spending…..….$385

    Now, our ‘brilliant’ financial advisor says we can solve all our financial problems by taking out another loan for $12,000?

    • Warrior

      Priceless!

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