OMG! Obama Talks Debt With One Side of His Mouth, Stimulus With the Other
Quick poll: any JDA readers actually surprised to find this out?
The result in Google News reads Amid debt talks, Obama calls for stimulus while the actual article reads Obama call for stimulus may complicate debt talks. Whatever they want to call it, Reuters has the latest:
U.S. President Barack Obama called on Wednesday for new steps to spur job growth and tax hikes on the rich, hardening a stance that will likely complicate deficit reduction talks with Republicans.
Obama’s call came as the International Monetary Fund and the Treasury Department urged Washington to reach a budget deal that would pave the way for Congress to raise the United States’ $14.3 trillion borrowing limit by August 2.
Failure to increase the debt ceiling, which caps how much the United States can borrow, would likely trigger a default that could plunge the United States into a new recession and roil global financial markets, the Obama administration and economists warn.
Oh dear.
Obama then used his young daughters as an example for how Congress can get things done.
Since deficit-reduction talks collapsed last week, Republicans and Democrats have made no progress on a deal to allow Congress to extend the government’s borrowing authority.
But Obama, invoking the example of his daughters Sasha and Malia, told Congress to do its job: “They don’t wait until the night before. They’re not pulling all-nighters. They’re — they’re 13 and 10. You know, Congress can do the same thing.”
WHAT? Congress and pre-teen girls are the same thing?
Then again, this is the same man who has no idea what the Fed actually does (besides printing up his economic “recovery”). So, you know, don’t be all that surprised.
Read more at Jr. Deputy Accountant
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