30 July 2011 0 Comments

Debt Ceiling Aug 2: No Default – President Embarrassed Pat Toomey Republicans Vindicated

August 2d  No Deal Government “shuts down”.

The World Does Not End, Bond Holders Are Paid, Social Security Checks Mailed to Grandma, Medicaid and Medicare and Active Duty Military Funded, and;

President Obama and His Media and Government Enablers  Are Exposed For Their Fraudulent, Phony Scare Tactics that would put any publicly traded company CEO in jail.

Pat Toomey Republicans Vindicated; and.

The Case for Fiscal Common Sense – Cut Cap and Balance – is made, and
Economy Improves

Has the bond market or any financial market anywhere shown any concern that there will be a default in payment of US debt? No. Because there won’t be.

President Embarrassed for Fraudulent Scare Tactics  and Pat Toomey Republicans Make the Case for Fiscal Common Sense – Cut Cap and Balance .

Has the bond market shown any concern that there will be a default in payment of US debt? No. Because there won’t be.

Karl Rove lays out the pay priorities. There will be pain but not default. And how bad is it for The Forgotten Taxpayer that billions in Farm Subsidies are not paid? Or that Ethanol Subsidies are not paid? ( Note: Even if Tax Credit ended, The Mandate for Ethanol remains as the most  the Subsidy.)

Or that endlessly useless appropriations are frozen? The President and his Main Stream Media amplifiers will be embarrassed when August 2 comes and goes and the world goes on. Will productive, job creating Taxpayer who meets a payroll notice?

I disagree with Karl Rove about political winners. The Pat Toomey Republicans will be the winners and heroes to fiscal common sense taxpayers.

“The $172 billion in revenues collected over the rest of the month can pay the $29 billion interest charges on the national debt, Social Security benefits ($49 billion), Medicaid and Medicare ($50 billion), active duty military pay ($2.9 billion), Department of Defense vendors ($31.7 billion), IRS refunds ($3.9 billion), and about a quarter of the $12.8 billion in unemployment checks due that month.

There will, however, be no cash for highway construction, no checks for federal workers or retirees, no agriculture payments, no open national parks. Interest rates are also likely to rise if U.S. debt is downgraded, adding massively to the deficit and further damaging the economy. This would be a disaster with no political winners. “

 

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