Neil Munro, The Daily Caller — President Barack Obama scheduled another so-called “fiscal cliff” crisis for February by announcing late Jan. 1 he would refuse to negotiate any curbs on his use of the nation’s maxed-out credit card.“I will not have another debate with this Congress over whether or not they should pay the bills that they’ve already racked up through the laws that they passed,” he claimed during a late-night appearance on the last-minute resolution to the December 2012 fiscal cliff.
However, the GOP-led Congress wants to use its authority over the nation’s debt ceiling to pressure Obama to shrink future spending, not to repudiate existing debts.
Obama is expected to add $3.4 trillion to the national debt by 2017. In his first term, he boosted the national debt by $5.8 trillion, up to $16.4 trillion.
But on Dec. 31, his government hit the $16.4 trillion limit agreed by Congress and Obama in 2011.
[...] The debt is expected to reach almost $20 trillion by 2016 — equivalent to $80,000 for each working-age American — and then climb to almost $23 trillion by 2022.
Current tax revenues are enough to pay roughly 70 percent of federal bills, which include the interest payments on the existing debt.
Obama wants to borrow even more money — roughly $850 billion per year — to expand government and operate many additional programs.
These programs include large green-tech subsidies, massive government-run healthcare programs and expensive welfare programs for healthy, working-age people. » Read More
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