Guess Terence Jeffrey didn't get the word that according to Obama only 'professional politicians' understand the debt ceiling.  The revenue doesn't seem to be the problem -- it is the spending of tax dollars for new programs, bailouts, stimulus, etc. that have increased the deficit and need to borrow more money.  We have almost 2 million less jobs available AFTER the Obama stimulus then before which is not a shock.

Now that Obama has declared he is a 'professional politician' his lack of caring about how much his new programs have costs makes sense.  In his mind, it is someone else's problem not his.  Just who is running the White House?  How many people are ready to bail out on Obama?  Could be an interesting summer and fall.

Default? Under Obama, Tax Revenues Have Exceeded Combined Costs of Interest, Entitlements and Federal Wages 

Friday, July 08, 2011 By Terence P. Jeffrey

(CNSNews.com) - Federal tax revenues have exceeded federal interest payments on the national debt by more than 10-fold during the presidency of Barack Obama, according to the daily accounting statements published by the U.S. Treasury Department. 

There is no way the U.S. government would need to default on its interest payments on the federal debt if the debt limit were not increased and the government allowed to borrow more money than it already has. 

Also, with the current revenue stream, the federal government can afford to pay entitlement and veterans benefits and wages and insurance payments for federal workers--without having to borrow new money. 

Specifically, during the Obama presidency, total interest on the federal debt has equaled $426.988 billion while total federal tax revenues have equaled $5.009005 trillion—or 10.8 times what was needed to simply pay the interest that the federal government owes on the money it has already borrowed. 

Additionally, the $5.009005 trillion in tax revenue that the federal government has taken in since Obama was inaugurated on Jan. 20, 2009 has been more than ample to pay the combined $4.517179 trillion the federal government has spent on interest, plus Medicare, Medicaid, Social Security, Veterans Affairs, federal workers salaries and insurance payments for federal workers. 

In fact, since Obama has been president, after the government paid the interest on the debt, plus Medicare, Medicaid, Social Security, Veterans Affairs, and federal workers’ salaries and insurance, it still had $491.826 billion in tax revenue left to spend on discretionary items. 

In fact, the government has increased the total national debt by $3.716145 trillion since Obama has been president (from $10.626877 trillion on Jan. 20, 2009 to $14.343022 trillion on July 6, 2011) because all federal spending--above and beyond interest payments, entitlement payments and federal workers' wages--has outstripped federal revenue by that much while Obama has been president. 

This pattern of federal tax revenues bringing in more than the federal government has to pay out for interest, plus Medicare, Medicaid, Social Security, Veterans Affairs, and federal workers’ salaries and insurance has persisted through the current fiscal year, which began on Oct. 1, 2010 and will end on Sept. 30, 2011. 

Thus far in fiscal 2011, according to the Daily Treasury Statement for July 6, federal tax revenues have been $1.622312 trillion while the combined expenditures for interest, plus Medicare, Medicaid, Social Security, Veterans Affairs and federal workers’ salaries and insurance have been 1.467127 trillion. That has left $155.185 billion in additional tax revenue to spend on other things. 

Payments to defense vendors—as opposed to salaries for military personnel—are the single biggest non-entitlement expenditure on the Daily Treasury Statement. Thus far this fiscal year, these payments have equaled $298.221 billion. So, maintaining the current level of payments to defense venders on top of paying the interest on the debt and Medicare, Medicaid, Social Security, Veterans Affairs, and federal workers’ salaries and insurance, would in fact put the government in the red for the year—and force new borrowing. 

But it also a fact that the government could pay for the interest on the debt, plus Medicare, Medicaid, Social Security, Veterans Affairs and federal workers salaries and insurance out of the current level of federal tax revenues without having to borrow new money. 

However, in a press availability yesterday after meeting with congressional leaders to discuss a deal to raise the debt limit, President Obama suggested that the federal government would “default” on “its obligations” if the debt ceiling was not raised by Aug. 2. 

“Everybody reconfirmed the importance of completing our work and raising the debt limit ceiling so that the full faith and credit of the United States of America is not impaired,” Obama said.
“[E]verybody acknowledged that we have to get this done before the hard deadline of August 2nd, to make sure that America does not default for the first time on its obligations,” he said. 

The numbers and calculations published in this article were derived from the revenue and spending levels reported in the U.S. Treasury Department’s Daily Treasury Reports for Jan. 20, 2009, which was the day Obama was inaugurated; Sept. 30, 2009, the last day of fiscal 2009; Sept. 30, 2010, the last day of fiscal 2010; and July 6, 2011.  

Source:  CNSNews.com

Obama's Reset Budget Speech

The internet is filled today with articles about Obama's speech where he is supposed to lay out plans to cut more and address entitlements. Is Obama going to throw Harry Reid under the bus by tackling Social Security or Medicare/Medicaid? Is Obama going to bring a pair of first grader scissors to cut his budget?   He already submitted a budget for FY12 which continued the overspending but now he wants to start over.  Maybe sports teams should ask for a redo of the game if they don't like the score.

Pushing the reset button is all for a political show which he thinks will gain him support. Obama doesn't seem to have a clue that the majority of Americans already have him pegged as a follower not a leader. This is just another example of that with him following Paul Ryan's lead after Ryan's budget was so well received. Obama cannot stand being upstaged on the budget especially by a Republican. By sending his political hack to discuss the budget instead of the OMB Director, it is sending signals this is all politics.

Is this how the Obama Administration is going to react from now on as he just opened his reelection campaign? Sending out the political hacks instead of the experts to discuss issues? Americans are going to get even more sick and tired of Obama in campaign mode when so much negative is happening like the price of gas going up 20 cents or more a week which is driving up the price of groceries and other goods. I forgot we are supposed to be patient about the cost of gas according to Obama who doesn't think twice of flying Marine I to hop on Air Force I for a quick trip to a state where he is on the ground for an hour or two and then back to DC.  Yet Obama wants us to be patient when we have to use gas for going to work, the grocery, the doctor, etc.  Totally offended by his rhetoric on oil and gas as he has tried to tank the industry here in the United States in favor of foreign drilling, e.g. Brazil where he sent our tax dollars to do off shore drilling which is pretty much shut down by the Obama Administration in the Gulf. 

To announce his campaign so early is ludicrous and shows he has no intention of governing but instead campaigning for his agenda if he has figured out what that is today -- could change tomorrow.  Obama has zero respect for the American people as he wants us all to do without while he continues to have his lavish White House parties for his friends every week or fly to South America for spring break.  Most of us would have a hard time buying an airline ticket now with the prices skyrocketing due to the price of jet fuel.  Wonder if he is aware that AF 1 and Marine 1 both use fuel -- maybe he thinks they wave a magic wand and their fuel appears instead of it being paid for by tax dollars.

Obama's foray into Libya is a perfect example of lack of leadership -- on the same day we could be bombing the rebels and the Ghadafi forces as noted by former Secretary of State John Bolton. This is beyond bizarre as both groups have been threatened by NATO bombing. Why are we in Libya at all?

Sending the political hacks to do the interviews is a continuation of his 2008 campaign.  Looks to us like he has been in campaign mode this whole.  The latest of why he plays golf to get out of the White House was one of the more sickening stories out of the Obama media.  Why didn't they ask him why he ran for President if he wanted his privacy. 

In fact he still wants his privacy when it comes to his records.  What is he hiding?  What is on the birth certificate?  Why not release the records for Columbia or is he afraid we will see he took money as a foreign student to attend Columbia?  We want honesty and release of all records and as American citizens we have a right to know if he was eligible to run for President or was it a scam?  We can handle it but not sure the Democrats who know the truth can.  What would that do to all the bills he has signed including Obamacare if he was ruled ineligible to be President.  The Constitution is clear, Obama is not clear on anything to do with his records.  Why spend over $2M to put a phony birth certificate on line?

Now we have Obama wanting a do-over budget. Enough to make you want to shout "stop the insanity!"  But then the Obama press corps is in full protect Obama mode to get him reelected.  The Obama media hasn't learned a thing from what the American people are saying or they would ask for transparency with the Obama records and his Administration.  They wanted it from John McCain but not from Obama.  Why?  Do some of them know the truth?  If they did and it comes out he is President because of fraud, then they need to be fired retroactively to when they started doing the cover-up for Obama.

The Obama media couldn't even report that the budget deal reached was for FY 11 which began 1 October 2010 and should have been passed by September 30, 2010, when the Democrats had complete control of Congress and the White House.  They couldn't be bothered with the budget so they allowed this budget with continuing resolutions to go into 2011 still not passed and still no real budget as it was deemed past without hearings or votes on the various parts.  It took Congo Paul Ryan and his Budget Committee to write the budget for FY 11 after they took control of the House in January 2011.  Dereliction of duty is what it is from Obama and the Democrats but the Obama media continues to cover for anyone with a (D) behind their name.   If it was Republicans that had done the same thing, the media would have tarred and feathered them sometime ago.  Media bias is alive and well in favor of Obama. 
Can just imagine how the Obama media are going to oooooh and aaaaaah over the do-over budget of Obama with their 'he is so smart.'  Makes me ill to even type that.  I am taking bets the media will make us all sick with their praise of Obama and his budget reset.

Posted at 09:00 AM ET, 04/11/2011
Obama’s do-over budgetBy Jennifer Rubin

President Obama introduced a budget that was widely panned. It didn’t touch entitlements, froze discretionary spending at inflated levels and threw in a $1.5 trillion tax hike. Then Rep. Paul Ryan (R-Wis.) rolled out his budget, which was widely praised. It addressed Medicare and Medicaid, froze discretionary spending at pre-Obama levels and proposed pro-growth tax reform. Following Obama’s shellacking by House Speaker John Boehner (R-Ohio), Obama is now going to try it again. His political adviser David Plouffe announced on the Sunday damage-control tour of four Sunday talk shows that the president would be rolling his long-term vision for addressing our debt problems (how appropriate that it was the political hack and not the OMB director, the Treasury secretary or any other serious economic adviser making the announcement). This is, not to mince words, pathetic.

As Bill Kristol put it on “Fox News Sunday,”Obama’s 2012 budget “had increases in spending, domestic discretionary spending, and no reform of entitlements. Now he’s going to have to reform his proposal this week, as David Plouffe said. That’s a very big moment for a president to do that, three, four months into his third year of the presidency. And he is now — Paul Ryan is leading and Barack Obama is following.”

Sounding more presidential every day, Ryan put out a written statement:

I’m encouraged to see House Republicans’ leadership advance a budget debate the American people deserve. The President, having already put forward an irresponsible budget, has failed to lead on fixing our fiscal problems. But if he does choose to follow with serious proposals that address the drivers of our debt and the anchors holding back our economy, the door is open.

The President and his party’s leaders will hopefully set aside the political rhetoric we’ve come to expect, and get serious about saving our health and retirement security programs. We need a clean break from the politics of the past. Leaders from both sides of the aisle will need to work together to put the budget on the path to balance and the economy on the path to prosperity.

Excerpt: Read More at the Washington Post

Cong Paul Ryan sounds much more Presidential than Obama -- sincerely wish he would consider running and choose a VP with executive experience. His grasp of the economy is second to none along with his ideas how to obtain financial security for this Country. He would certainly have my full support.