Treasury Warns of Disaster if Congress Allows Default

THESE ARE SCARE TACTICS THAT JUST WON'T WORK!!

The Treasury Department warned of catastrophe that could plunge the nation into the worst recession since the Great Depression if Congress fails to raise the debt ceiling.

“A default would be unprecedented and has the potential to be catastrophic: credit markets could freeze, the value of the dollar could plummet, and U.S. interest rates could skyrocket, potentially resulting in a financial crisis and recession that could echo the events of 2008 or worse,” the Treasury said in a press release.

“In the event of a default, the U.S. economy could be plunged into a recession worse than any seen since the Great Depression,” the department said.

Even brinkmanship without a default could cause interest rates to rise and the loss of trillions of dollars in household wealth.

“Postponing a debt ceiling increase to the very last minute is exactly what our economy does not need — a self-inflicted wound harming families and businesses,” Treasury Secretary Jacob J. Lew warned in a statement.

The Treasury also warned that the government shutdown would exacerbate the economic hit from a default.

President Barack Obama, however, has repeatedly said that he will not negotiate a deal to raise the debt ceiling, insisting that Republicans not hold the debt hostage to other demands.

Via: Roll Call

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Obamacare Is NOT Saving Americans Money

Friday, the Department of Health and Human Services (HHS) released a report that claims to highlight how Obamacare is working for Americans—but in reality, it actually shows how the law has fallen short of candidate Obama’s promises.

If a picture is worth a thousand words, then one chart in the report tells the tale. Figure 3 of the HHS report (below) highlights what happened when insurers requested to increase premiums by more than 10 percent—triggering a new rate review process established under Obamacare. While some of these premium increases were modified or withdrawn, nearly three in five (57.8 percent) were approved “unmodified” by regulators:

However, if Obama’s campaign promises had come true, NONE of those proposed premium increases would have occurred—because candidate Obama promised premiums would go down under his plan:

For those who have insurance now, nothing will change under the Obama plan — except that you will pay less. Obama’s plan will save a typical family up to $2,500 on premiums.

Via: The Foundry
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Why Does Obama's White House Pay Women Less?

Equity: The president touts equal pay for equal work but hasn't practiced what he preaches with the women he has employed — including a well-known staffer who complained of a hostile work environment.

It remains a mystery as to why equal pay for women was one of the questions elected by unofficial Team Obama debate coach Candy Crowley of CNN during the second presidential debate.

But it let President Obama launch into breathtaking hypocrisy regarding the Lilly Ledbetter Fair Pay Act.

Lilly Ledbetter, which in Crowley's view ranked right up there with BenghaziGate as a pivotal issue, woke up one morning complaining that her male counterparts were getting paid more money for the same work and decided to sue for redress of this perceived grievance.

After she was told she had missed the statutory deadline, her case made it to the Supreme Court, which said too bad, but you missed the deadline.

So Congress passed the Fair Pay Act, which does more for lawyers than it does for women, merely extending the statute of limitations for pay-discrimination lawsuits from 180 days from the violation to 180 days after the last paycheck issued that was affected by that discrimination.

When Katherine Fenton asked Obama what he intended to do about "women making only 72% of what their male counterparts earn," the question was based on a false premise and a false statistic — one calculated by Diana Furchtgott-Roth, senior fellow at the Manhattan Institute, by comparing all male with all female workers, regardless of experience, productivity, number of hours put in or length of service.

When you factor these things in, Furchtgott-Roth says, women make about 95 cents to a man's dollar, which may explain why, since the Ledbetter Act was passed in January 2009, only 35 women have filed lawsuits under the new law.

Via: IBD

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Obama National Campaign Co-Chair Donated $10,000 to Paul Ryan

A big-time donor to President Barack Obama is also a financial supporter of Paul Ryan. Marc Benioff, a national campaign co-chair for President Obama's reelection campaign, donated $10,000 to Ryan's political action committee earlier this summer, in June, according to CNN.

Benioff has helped raise more than $500,000 for Obama's re-election effort, and even hosted a $35,800-a-plate fundraiser featuring Stevie Wonder and hip-hop artist Will.i.am.

The founder and CEO of Salesforce.com is also an Obama national campaign co-chair, a distinction awarded to select Democratic heavyweights like Rahm Emanuel, Dick Durbin and Russ Feingold.

"I'm squarely a supporter of the president, and he is absolutely the right man for the job," Benioff said Monday.

But the tech executive is also a fan of Ryan -- Mitt Romney's running mate and a rising Republican star. In June, Benioff donated $10,000 to Ryan's political action committee after meeting with the candidate, who at the time had not been named to the GOP ticket and was running for re-election in the House.

Benioff tells CNN: "The nation's fiscal difficulties must be addressed, the CEO said, and Ryan's ideas offer 'a lot of the right long-term thinking for the country.'"

Via: The Weekly Standard

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Gov. Chris Christie: No Chance I’ll Tone It Down During Keynote Address

'It's A Great Opportunity For Me Personally, It's Great Opportunity For Our State'

ASBURY PARK, N.J. (CBSNewYork) –Governor Chris Christie is on his seventh draft of his keynote address for next week’s Republican National Convention in Tampa, Fla.

“I’m not nervous, no. I’m excited. It’s a great opportunity for me personally, it’s a great opportunity for our state,” Christie said on Monday.

WCBS 880′s Peter Haskell reports

Christie told WCBS 880′s Peter Haskell that likely Republican presidential nominee Mitt Romney reached out the day before he announced his running mate.

“I called him and he told me that he had decided to go in a different direction for vice president. [He] asked me if I’d be willing to do the keynote address. I told him that I would be,” Christie told Haskell.

Romney chose Wisconsin Congressman Paul Ryan as his running mate, but Christie said there are no hard feelings.

“I think it’s about the record we’ve established here and I think Gov. Romney is an admirer of that record and I think that’s why he asked me,” Christie told Haskell.

The famously brash governor said he has no plans to tone it down for the national audience.

“I don’t think they have any expectation nor have they requested that I have a personality-ectomy between now and next Tuesday,” Christie told Haskell. “They know what they’re buying,” Christie added.

The governor said he worked on his speech while he was on vacation last week.

The keynote speech is the highest-profile spot for someone not accepting the party’s presidential or vice presidential nomination. The slot has launched many political figures including President Barack Obama, who was the keynote speaker at the Democratic National Convention in 2004. Four years later, he won the White House.

The Republican National Convention will kick off from Tampa next Monday and wraps up Thursday, Aug. 30.

How do you think Gov. Christie will do at the Republican National Convention? Do you think he’s a rising national star in the party? Please share your thoughts below…

Via: CBS New York

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U.S. Foreign Debt Hits Record $5.29 Trillion

(CNSNews.com) - The money the U.S. government owes to foreign entities rose to a record $5.2923 trillion in June, according to data released by the U.S. Treasury Wednesday afternoon.

In May, the U.S. Treasury had owed $5.2581 trillion to foreign entities. On net, in June, the U.S. government borrowed an additional $34.2 billion from foreign entities in order to fund U.S. government operations.

The U.S. government’s indebtedness to foreign interests has grown by 72.3 percent during President Barack Obama’s term in office. In January 2009, when Obama was inaugurated, the U.S. government owed $3.0717 trillion to foreign entities, according to the Treasury Department. That has increased by $2.2206 trillion—or 72.3 percent—to the record $5.2923 trillion reported for yesterday.

Entities in the People’s Republic of China remain the largest holders of U.S. government debt. Entities in Japan, however, are on track to eclipse the Chinese as the top holders of U.S. government debt.

In June, the Chinese held $1.1643 trillion in U.S. government debt, up slightly from the $1.1640 trillion in U.S. government debt the Chinese held in May. However, Chinese ownership of U.S. government debt hit an historical peaked of $1.3149 trillion in July 2011 and has been on a generally downward trend since then.

Via: CNSNews

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The Romney-Ryan Ticket: 'We Won’t Duck the Tough Issues ... We Will Lead!'

Mitt Romney announced Wisconsin Rep. Paul Ryan as his running mate Saturday, selecting the Republican Party's go-to man on budget issues in a decision that signals the campaign will make the nation's spiraling debt a centerpiece of its attacks on President Obama.

Romney made the selection official during a campaign stop Saturday morning in Norfolk, Va., before launching a four-day bus tour.  

The Republican presidential candidate called his new running mate a man of "steadiness" and "integrity." Speaking Saturday morning, Romney praised Ryan as an "intellectual leader" of the party, one who understands the toll the debt is taking on the country but is optimistic about the future.

"He doesn't demonize his opponents. He understands that honorable people can have honest differences and he appeals to the better angels of our nature," Romney said. "He's never been content to just curse the darkness. He'd rather light candles."

To the backdrop of retired battleship USS Wisconsin, an energized Ryan then riled up the crowd with a feisty speech that promoted Romney as the solution to the problems under President Obama. Ryan, met with chants of "USA, USA," gave a sweeping vision speech on free enterprise, one laced with attacks on the White House incumbent.

"No one disputes that President Obama inherited a difficult situation. And, in his first two years, with his party in complete control of Washington, he passed nearly every item on his agenda. But that didn't make things better," Ryan said. "In fact, we find ourselves in a nation facing debt, doubt and despair. ...

Via Fox Nation

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