Brilliant! Same Day CBO Says Country Headed For A Debt-Induced Implosion, Dem Leaders Call For More Stimulus Spending…
Could they be any more out of touch?
WASHINGTON, June 22 (Reuters) — Democratic leaders called on Wednesday for additional spending to boost the sluggish U.S. economy, setting up a fresh hurdle for bipartisan efforts in Washington to head off a government debt default this summer.
Democrats’ demand for new stimulus spending is at odds with the work of negotiators, led by Vice President Joe Biden, who are trying to find trillions of dollars in savings as part of a deal that would allow Congress to sign off on new government borrowing before the U.S. runs out of money to pay its bills.
Those talks, which resumed on Wednesday, have largely focused on spending cuts over the next 10 years. Senate Democrats want the deal to include more money for highway construction, a payroll tax cut and clean-energy subsidies to bring down the 9.1 percent unemployment rate.
“Get the recovery right before you get in this deficit-cutting mode,” Assistant Senate Democratic Leader Dick Durbin told reporters. “Get people back to work. Let’s start moving in that direction.”
From earlier today:
(National Journal) — Increasing federal debt will be a growing burden on government action, crowding out lawmakers’ ability to adopt tax and spending priorities in good times and reducing flexibility during recessions, all while making a fiscal crisis more likely and hindering long-term growth, the nonpartisan Congressional Budget Office said Wednesday.
In the annual Long-Term Budget Outlook, the legislature’s budget scorekeepers said that the ratio of debt to GDP this year will be 69 percent, 7 percentage points higher than last year. In 2021, the CBO predicts debt will reach 76 percent of GDP, but under a more dire — and more likely — scenario, the public debt will be 101 percent of GDP 10 years from now, well into the economic danger zone of 90 percent or more.
Last year, that worst-case scenario predicted a debt-to-GDP ratio of 87 percent in 2020, demonstrating that the public debt picture has worsened considerably, in part due to a bipartisan tax deal last year that reduced expected revenue.
Related:
CBO: Obama’s Failed Stimulus Bill Almost Doubled U.S. Debt
Posted by ZIP on Wednesday, June 22, 2011, at 5:59 pm | 
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The slow motion train wreck is worse. Both parties are worthless. Let’s just get this party started. START PRINTING the MONEY! Bring it! QE3, QE4…QE ME and just keep QE-ing ’till ya can’t QE no more.
The debt ceiling hike is coming and the bastards in DC are not going to stop spending.
We. Are. So. Screwed.
This is worst than pulling teeth…. this insane idea of borrowing more money to stimulate the economy is only something you can do when you dont have to balance the checkbook and you’re playing with people’s money and livelihood..and you live in la-la land without reality.
These elected, corrupt politicians ARE the cause of the problem we find ourselves in.
I just want a big bowl of whatever they are smoking. It has to be good!
Its pedal to the medal, Full stream ahead down the path of destruction.
Our government is addicted to power and spending. Time for rehabilitation.
All spending bills originate in the house……..Republicans control the house. The Dems can try as they might, but they can’t get a spending bill out of the house without Republican approval.
And if the Republicans are stupid enough to let it happen, then they better hold on to their fannies, because it’s going to be a rough ride.
They only want to ‘Greece’ the wheels of ‘Progress’.
.
Who gets the highway construction and clean energy jobs? UNIONS! I am beyond tired of this administration charging taxpayers to give union members a job. What about the private sector?
We don’t need another stimulus. Let us drill for oil, produce coal and get rid of all these government regulations and the private sector will improve the economy.
America, hug ur kids tonite, they will face conflagration of debt and a standard of living not seen since development of our nation…
ur name will be mud in the history books barry…i f we can afford books from china.
Insanity: Doing the same thing and expecting a different outcome. Congress and Oturd caused this mess now they want to spent more $$$$ on there failures. This could be a man made disaster of monumental apportion. I don’t have much faith in the Repubs in congress to do the right thing, and not raise the dedt ceiling.
We Are So Screwed. Indeed
Sure looks like they are trying to destroy the economy and bankrupt the nation to me.
Clear incurable insanity.
texray says:
June 22, 2011 at 9:01 pm
The state of the economy really isn’t Obama’s fault, nor Bush’s for that matter. It’s people like Alan Greenspan and Ben Bernanake, Them and their buddies are the real criminals, but most people are too busy playing left versus right to notice or really care.
Perhaps we need a Million Man (and Woman) March on Washington, DC………….a Million Armed…………
These assholes don’t get it. They spent 800 billion on a stimulus. It didn’t do squat. They then spent the same amount for the past 2 years and it didn’t do squat either. What do we have to show for it? Crack phones for welfare queens!