White House warns of debt 'Armageddon'

[IDemo]

Source: AFP

WASHINGTON — The White House warned Republicans on Monday that failing to raise the $14.29 trillion US debt limit would spark "Armageddon-like" consequences for the slowly recovering US economy.

As a new political showdown looms over the economy following a defused budget row last week, aides also said that President Barack Obama now realized his vote as a senator against raising the debt ceiling in 2006 was a mistake.

"The consequences ... of failure to raise the debt ceiling would be Armageddon-like in terms of the economy," said White House spokesman Jay Carney.

Congress must raise the US debt limit, or the maximum amount the Treasury is allowed to borrow, by May 16 or see the United States default on interest payments of its debt.

Read more: http://www.google.com/hostednews/afp/article/ALeqM5jhu5V1hUkpzQjjwFIM8eJcUiY9CQ?docId=CNG.740d17ecc56dea7e86ae6c9aaa0aed5e.531

[daa]

1. Wow, tough talk, I wonder if he means it? nt

[Iliyah]

6. Wait to when he

brings up taxes on the people who make 250,000 and up. All shit is going to hit the fan from the tea brats, since they believe in no taxes but only for the commoners y'know shared sacrifice.

[Bandit]

21. What he means is we must give in to Republican blackmail

. He knows and we all know republicans will not back down on this. They know Obama is weak. They know they can easily roll him, so why in the world should they back down. Republicans have set the stage with a lot of help from Obama for gutting everything they hate in our government. There is no way they can lose. Obama signaled surrender months ago. Democrats will go along with whatever Obama wants and pat themselves on the back for not losing more..

[florida08]

2. why does he say things like this?

Does he not remember what Senator Obama said?? Good grief

http://www.cnsnews.com/news/article/white-house-defends-obama-s-senate-vote

[KoKo]

10. When Henry Paulson ran to Congress saying American Banks would Fail...Give Me the Money!

It worked for him and the Wall Street Banksters. Obviously the White House learned from that. Now they want to make sure that we have another "Catastrophe/Armageddon" to get Congress to vote against the American People's interests once again.

BTW...it started with Bush and "Saddam has Aluminum Tubes, Bioweapons of Mass Destruction, he killed his own people, he will kill Americans with Nukes!"

We invaded Iraq.

Let's blame Bush for starting this Doomsday Scenario and Paulson for continuing it...and now our new President carries the torch to light Congress's Hair on Fire. It's very sad. And, it's morally wrong to scare people over and over to get what they want.

[florida08]

24. we can't wait till the smoking gun is a mushroom cloud

yes I remember..then he made jokes about it at fund raiser. I believe American's chains have been yanked too many times and their tolerance of such tactics is tiring, at least mine are.

[Javaman]

25. I think we can agree that politicians say a lot of things to get elected. nt

[think]

3. don't the Republicans know we are at war

and you don't tie the hands of the president in times of war...

Oh wait. That only counts when the president is a Republican.....

[Billy Burnett]

4. New populist GOP platform: "We bring you bread lines and soup kitchens. Again."

[Auntie Bush]

5. Not raising the debt limit will slow down the recovery.....

Well isn't that just what the RePigs want? No recovery...no Obama.
What an easy way to sabotage the economy and Obama too. Two birds with one stone!

[goobergoober01]

7. COMBINATION OF COURSE... the right action is....

yes raise the limit... no real choice there, we have spent ourselves to that level where we need to borrow to eat and we need to eat to progress...

we cannot cut R&D (schools) Basic Medical etc... and do in fact need money to invest into the country (infrastructure...)

BUT AT THE SAME TIME there is nothing wrong with realizing that we either collect more (taxes on the only people who have anything left to tax, the wealthy) OR spend less (and where to make those cuts--- most people are tied to what we already bought...NOT entitlements: INSURANCES... such as medicare medicade social security unemployment... we PAY for those through our taxes)....
the military.... (do we really need 52 more exciting ways to kill something?)

Obama was WRONG to vote against it as a senator... but the PARTY POLITICS is refuse the other party the money necessary to be successful...
AND SO WE LAUGH AT THE OTHER GUY IN OUR BOAT.... BECAUSE THERE IS A GAPING HOLE IN HIS HALF OF THE BOAT

[FiveGoodMen]

8. Get us out of the wars.

[Plucketeer]

12. That's the most sensible answer, but it's as tho that option

doesn't even exist. Bring all the military back to the 50 states - NOW. But no one save for Kucinich is ardently advocating that. Our military ventures around the globe are sheer madness and folly. We're at the point of voluntarily cutting our own throats to keep our military burgeoning.

[Taverner]

9. Really? Well its time to shut down those overseas US military bases then!

[fascisthunter]

11. AND THIS is why I call BS on this Government

and the military isn't stationed around the World for US citizens but because of US business interests, which we the tax payer pays for.... on top of their ability to skirt taxation, and send jobs overseas.

[valerief]

13. Now he's talking like a fundie. nt

[Kelvin Mace]

14. And when "Armageddon" comes

Obama's finger prints will be on the murder weapon, along with the GOP.

There are four solutions to the "crisis"

1) Raise corporate taxes, and set a MINIMUM tax of 10% for ALL businesses regardless of deductions, credits or other dodges.

2) Raise the top bracket to 45%

3) Remove the cap on FICA taxes.

4) Cut ALL new defense spending, and the over all budget by 20%. Funnel the money into infrastructure projects.

And two will solve the problem.

Yes, I know, I'm dreaming.

[jmowreader]

20. Don't stop at 45 percent, go to 50

That it would bring in more money than 45 percent isn't the important thing--the important thing is, the top rate in the Economic Recovery Tax Act of 1981 (the tax cut Reagan signed in August 1981) was 50 percent.

[Heywood J]

15. "Debt Armageddon"

Sounds like he might finally be taking a tough stance against the fact the debt is $14T and maybe make an effort to pay it down.

Oh, wait. The tough stance is against the idea that the US won't be able to acquire MORE crushing debt for future generations...

[goobergoober01]

16. I'm waiting for LEGageddon.... because this is going to cost and Arm and a Leg

[colorado_ufo]

17. Armalegageddon.

Funny! Sometimes humor can be a saving grace.

[IDemo]

22. Stealin' that one

Thanks! :)

[sulphurdunn]

18. Both political parties work

for the banks. The banks won't allow a government default on all the bad debt the feds back for the banks. Obama will just use the same tired con he has used all along to cut social spending in the guise of compromise and his vaunted "bi-partisanship". That's what the banks want. That what the Republicans want. That's what the Democrats want, and that's what they'll do. They will cut and cut from crisis to crisis until the only public services left are privatized, until corporations pay no taxes, until the top marginal income tax rate is flat for all incomes and the government operates on a straight pay to play table, and you and I won't be able to play, but we'll still pay. That's the long con. Nothing you can do without torches and pitchforks will change it.

[ElsewheresDaughter]

19. President Obama voted against raising the debt ceiling when he was senator///they are gonna ask him

[hedgetrimmer]

23. Perhaps but i think NUCLEAR Armageddon is more like it!!!

[RedCloud]

26. I have the horses of the Apocalypse ready, Mr. President!

And they are hungry for chicken hawks!

[Odin2005]

27. Quit using RW framing, you fool!

[Nihil]

29. "Sorry Odin, the mask slipped but I don't think anyone else noticed!"

:evilgrin:

[defendandprotect]

28. END THE WARS -- !!! Stop the bankrupting of the Treasury -- !!