President Obama, fearing losing reelection more than default, threatens to veto any last-minute debt package from Congress unless it extends the nation’s borrowing limit beyond the 2012 elections.President Obama, the post-racial "light-bringer" president who's going to cause the seas to recede and the earth to heal. All the people who bought that garbage are certainly shown for the rubes they are.
Treasury Secretary Timothy Geithner told ABC’s “This Week” that Obama demands that any agreement to increase the debt ceiling extend beyond the 2012 elections.
Obama’s chief of staff, Bill Daley, confirmed the veto threat. Daley was asked on NBC’s “Meet the Press” if Obama would veto a plan that doesn’t extend the limit into 2013. Daley answered, “Yes.”
So a stubborn president Obama is willing to veto what by all accounts is the going to be the only viable option to meet his administration’s August 2 deadline for avoiding default so he doesn’t have to debate the issue during his reelection campaign.
Sunday, July 24, 2011
The Debt Showdown
It'll be interesting to see how this situation has developed by the time I return from my hiatus:
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On another site I did the math for what Obama wants. He's been offered a short term six month solution in order to have time to completely review and reconcile any problems. But Obama came back at the last minute demanding an eighteen month plan. If you do the math starting now, that takes whoever is president right up to the State of the Union address in 2013. Strange coincidence isn't it?
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