THE DOWNGRADE OF
AMERICA ON THE PRESIDENT’S WATCH IS “AN IGNOMINIOUS LEGACY FOR OBAMA”
“Then
A Rating Agency Lowered The U.S. Credit Rating For The First Time, An
Ignominious Legacy For Obama.” (George E. Condon Jr., “What A Week: Afghan
Deaths, S&P, And Debt Limit Debate Challenge Obama,” National Journal, 8/6/11)
“The Downgrade, Hours After Markets
Closed On Friday, Is A First For The United States Since It Was Granted An
AAA Rating In 1917.” (Paul Wiseman, “US Downgrade Raises
Anxiety, If Not Interest Rates,” The
Associated Press, 8/6/11)
President Obama “Is Now Firmly Part Of
The Landscape That S&P Trashed.”
“But as he prepares to head out of town on Aug. 15, the bad news keeps piling
up: new fears of a double-dip recession, a jumpy stock market and then
Standard & Poor’s downgrade on Friday of the nation’s triple-A credit
rating for the first time in history. S&P blamed Washington’s
dysfunctional political culture for its move. Knocking Washington gridlock is
a favorite topic of Obama’s as well, but he is now firmly part of the
landscape that S&P trashed.” (Carrie Budoff Brown and
Glenn Thrush, “Obama’s Bus Trip Could Hit Speedbumps,” Politico,
8/7/11)
Obama’s Downgrade Could “Push Interest
Rates Higher And Further Unsettle The Economy.” “[T]he credit rating agency Standard
& Poor's downgraded the United States' AAA credit rating for the first
time in history, a move that could push interest rates higher and further
unsettle the economy.” (Julie Pace, “Obama Pushes His Proposals For
Job Growth,” The
Associated Press, 8/06/11)
THE PRESIDENT SAID “LEADERS
ARE GOING TO LEAD” BUT AT EVERY CHANCE OBAMA AND THE DEMOCRATS HAVE
PUNTED ON FISCAL RESPONSIBILITY
President Obama: “Call Me Naïve, But My
Expectation Is That Leaders Are Going To Lead.” (President
Barack Obama, The
President’s News Conference, Washington, D.C., 6/29/11)
LAST YEAR: “[W]ith Congressional Democrats Due To
Face Voters In November, Obama Punted The [Deficit] Problem To The Bipartisan
Panel…” “[W]ith
congressional Democrats due to face voters in November, Obama punted the
problem to the bipartisan panel, formally known as the National Commission on
Fiscal Responsibility and Reform, and ordered it to deliver a solution by
Dec. 1, well after the fall elections.” (Lori Montgomery, “GOP
Leaders Agree To Panel On Federal Deficit,” The
Washington Post, 2/19/10)
FEBRUARY BUDGET: The Christian Science Monitor: “Contrary To The Advice Of Obama's
Fiscal Commission, His Budget Map Punts Entitlement Reform To Future
Negotiations As Far As Two Years Out.” (Gail Russell Chaddock,
“Why The Budget Deficit Is So Hard For Congress To Shrink,” The
Christian Science Monitor, 2/22/11)
· Given
The Chance To Show Leadership With His Budget, Obama "Chose Instead To
Duck" Behind "The Sort Of Budgetary Gimmicks He Once Derided.” (Editorial,
"President Obama's Budget Kicks The Hard Choices Further Down The
Road," The
Washington Post, 2/15/11)
APRIL BUDGET SPEECH: “[Obama’s] Recent Budget Speech At
George Washington University Was A Telling Model Of Evasion, Contradiction
And Deception.” (Robert Samuelson, Op-Ed, “Obama Abdicates On
The Budget,” The
Washington Post, 4/24/11)
· Congressional Budget Office Director Douglas Elmendorf: “We don’t estimate speeches.” (Committee
On The Budget, U.S. House Hearing,, 6/23/11)
DEBT CEILING: Chicago Sun Times: Obama “Punted And Failed The Test Of
Leadership. Now, He’s Trying To Assume That Mantle.” “He could have started the discussion
on the deficit last winter instead of waiting until this summer and a looming
Aug. 2 deadline on raising the debt ceiling. But he punted and failed the
test of leadership. Now, he’s trying to assume that mantle.” (Steve
Huntley, “Obama Fires Blank On Economy,” Chicago
Sun-Times, 7/12/11)
AS DEMOCRATS DODGED THE ISSUE, OBAMA BECAME
“THE UNDISPUTED DEBT KING OF THE LAST FIVE PRESIDENTS”
Politifact: Barack Obama Is “The Undisputed Debt
King Of The Last Five Presidents.”
“So by this measurement -- potentially a more important one -- Obama is the
undisputed debt king of the last five presidents, rather than the guy who
added a piddling amount to the debt, as Pelosi’s chart suggested.”
(“Nancy Pelosi Post Questionable Chart On Debt Accumulation By Barack Obama,
Predecessors,” Politifact,
5/19/11)
Since President Obama Took Office, The
National Debt Has Increased By $3.9 Trillion (Up 37%). (Department
Of The Treasury, "The Debt To The Penny And Who Holds It," TreasuryDirect.gov,
Accessed 8/7/11)
In February, Obama Proposed A $3.73 Trillion
Budget, Which Will Result In $46 Trillion In Spending Over Ten Years And
Deficits Totaling $9.5 Trillion. (“Fiscal Year 2012 Budget Of
The U.S. Government," Office
Of Management And Budget, 2/14/11; “An Analysis Of The President’s
Budgetary Proposals For Fiscal Year 2012,” Congressional
Budget Office, April 2011)
·
In
2021, Obama’s Budget Will Drive Our Total Debt To $26.3 Trillion, Equaling
107 Percent Of GDP. (“Fiscal
Year 2012 Budget Of The U.S. Government," Office Of Management
And Budget,
2/14/11)
By Next Election Obama Will Have Added
“$22,500 In New Debt For Every Man, Woman And Child In The Nation — Enough To
Pay For A New Toyota Corolla For Each Of Them.” “By the time the next election rolls
around, the government will have taken on almost $7 trillion in debt under
Obama. It’s hard to explain away a number so big. Republicans will find
clever ways to make that number more digestible, including handy stats such
as reducing that amount to $22,500 in new debt for every man, woman and child
in the nation — enough to pay for a new Toyota Corolla for each of them.” (Jim
VandeHei and Mike Allen, “President Obama’s Big Drags,” Politico,
8/4/11)www.gop.com
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