Quotes of the Day
posted at 11:02 pm on February 4, 2011 by Ed Morrissey
“Beyond a certain point … the United States would be forced into a position of defaulting on its debt. And the implications of that on our financial system, our fiscal policy and our economy would be catastrophic,” he told the National Press Club.
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Let’s sum it up: As long as the government continues to pay interest on the debt, then it technically is not in default. With tax revenues expected to be $2.2 trillion, interest payments amount to roughly $300 billion—this would still leave $1.9 trillion in revenues to pay for the government’s most important priorities. For instance, lawmakers could decide to honor the promises made to people benefiting from entitlement spending, such as Social Security, Medicare, and Medicaid. In that case, even after paying for all of the entitlement spending, the Treasury would still have $300 billion left.
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“One point on my discussion list was a $4.5 billion proposal that would affect payments made to our veterans,” Bachmann said in a statement posted to her website. “That discussion point has received a lot of attention and I have decided to remove it from consideration. The problem of government spending must be solved, but not on the backs of our nation’s war heroes.”
Bachmann reiterated in her statement her opposition to raising the nation’s $14.3 trillion debt ceiling, a position that has her at odds with House GOP leaders.
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“The House Republicans should be very tough on spending, they should pass a continuing resolution which cuts spending substantially,” Gingrich said. “The House Republicans should pass a debt ceiling that has very significant budget reforms and very significant cuts in spending.”
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Blowback
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ALAN SIMPSON FOR PRESIDENT.
watch the video. only a minute long and he kicks tail. uses some salty language too.
picklesgap on February 4, 2011 at 11:06 PM
Just pay the interest. That will work. /
Electrongod on February 4, 2011 at 11:08 PM
Um, Mr Simpson, what’s a “green weenie”?
itsnotaboutme on February 4, 2011 at 11:10 PM
Do you love your Freedom……..
idesign on February 4, 2011 at 11:12 PM
Mr Simpson didn’t respond, so I looked it up:
http://en.wikipedia.org/wiki/Green_Weenie
itsnotaboutme on February 4, 2011 at 11:13 PM
You know, I really wanted to use that as the tagline to this post, but I’m not quite that punchy yet tonight.
Ed Morrissey on February 4, 2011 at 11:14 PM
I never thought I’d say it, but Alan Simpson rocks! The man has it right.
simkeith on February 4, 2011 at 11:21 PM
People are talking about the government numbers, like they are real numbers, instead of magical skittle-pooping unicorn numbers pulled out of someone’s backside to make the 0bama regime look less bad.
Be assured – the real numbers are being hidden for a reason.
Rebar on February 4, 2011 at 11:22 PM
NEWS FLASH! You don’t “pay off” debt just by paying the interest.
GarandFan on February 4, 2011 at 11:33 PM
Are we just assuming the Dems are so stupid that they’ll agree to significant spending cuts to get the debt ceiling raised or is it more likely that they’ll let or manipulate the government coming to a halt so they can use their minions in the media to blame the GOP for it and get the debt ceiling raised because the public demands it after the leftist media riles up the public.
Raising the ceiling is bad juju, forcing debt payments and cuts by keeping it where its at is a lot better.
Speakup on February 4, 2011 at 11:50 PM
The GOP needs to go revisit that bipartisan dept comission…
ninjapirate on February 4, 2011 at 11:54 PM
Recent new information found in long lost Nazi achieves produced amazing new information about Hitler’s death. According the Waffen-SS Colonel Dagobert Schröder, who “supervised” the suicide of Hitler in Berlin in 1945, he recorded his last words. “I will return, early in the 21st century, as a black Kenyan by the name of Barry Soeroto, alas Barack Hussein Obama. I will not produce my birth records, educational records or any other information in order to hide my back round from the gullible media and brain dead voters. I will dupe the mass media, which is very easy. They will be of great assistance in my takeover of America. I will attempt to complete my failed original mission on earth of destroying the Jews and Israel and to destroy America. However, I will do it not by troops, guns, bombs, tanks and aircraft but by posing as an American President and do it from within the White House. I will do it with the help of radical liberals in the Senate and House. As in the 1930s, I will dupe many of the electorate into giving me power, than I will destroy the outdated American Constitution and turn America into a socialist state like I did in Germany in the 1930s. I will have the perfect excuse, by blaming a past president for all the ills that I will bestow on America. I will have help from the mass media, just like old times back in 1930s Germany. I will have the help of radical Islam who will do my dirty work. I hope there will be advanced technology to help me make many speeches, something that will prompt me to prepare my speeches in advance and than give my speech using this technology. I will live in Chicago and get the Olympics for that city, just like I did for Berlin in 1936. I will also get the World Cup of soccer for America. I know I can never win the Nobel Peach Prize, but that’s OK, I will not deserve it. I plan to travel all over Europe and the Middle East apologizing for America. That will solidify my relations with the Muslim world of which I will be a secret member. The dumb Americans will never know. As I did in 1941, I will turn my back on England and that @#$% Winston Churchill. I will cleanse the White House of everything relating to Churchill. This will be but a small token at “getting back” at that criminal. I will fill the White House with “czars” who will answer to no one except me. Some will even be communists and you know how I hate communists. I will spend so much money that America will go broke and will have to downsize their military. I will suck up the Chinese and Russia. I will make binding treaties with Russia that will weaken America. This is good. The media will love me. America will have a great President in the early 1980’s so I will tell the media and my stupid followers that I would like to be loved like him and do things like him. They will believe anything I say. I will fill Washington DC with fools and ignore court orders. I will try to take the guns away from Americans. They would use them if they ever turn against me. I will attack health care and force everyone to use government run health, but let the unions and favored companies exempt. They than will provide me with money to run for re-election. I also plan on abolishing elections and become a dictator for life. Then dissolve the unions. They are nothing but stupid red necks. This will be so easy, but I really fear the Americans that will stand up and say enough is enough.
Heckle on February 4, 2011 at 11:54 PM
STOP SPENDING
Kini on February 4, 2011 at 11:54 PM
WOW! Alan Simpson is the man!!
Paging Mr. Obama, please pick up the RED phone, Alan Simpson is on line #1….
TN Mom on February 4, 2011 at 11:57 PM
WOW! Alan Simpson is the man!!
Paging Mr. Obama, please pick up the RED phone, Alan Simpson is on line #1….
TN Mom on February 4, 2011 at 11:57 PM
Simpson was a big part of why we are in the position we are in. He voted for those trillions.
unseen on February 5, 2011 at 12:00 AM
Oh heck, lets just make the debt ceiling $50-trillion…. As long as we have a printing press, and plenty of ink….
RBMN on February 5, 2011 at 12:02 AM
I thought it was Jeff Immelt.
viking01 on February 5, 2011 at 12:17 AM
Something to do with the ’59 Pirates if I’m not mistaken.
darwin-t on February 5, 2011 at 12:27 AM
I was mistaken
darwin-t on February 5, 2011 at 12:30 AM
It was the ’66 Pirates
darwin-t on February 5, 2011 at 12:31 AM
Ben Bernanke
We surely thank ye.
Now it’s time to split
You lying piece of sh!t.
hillbillyjim on February 5, 2011 at 12:47 AM
I denounce myself roundly.
My tone out of tune with the meme of the moment.
hillbillyjim on February 5, 2011 at 12:49 AM
Weren’t some people recently bitching about Simpson and that report because it wasn’t the perfect plan, even though those people who bithced about it have no plan???
swamp_yankee on February 5, 2011 at 12:50 AM
Obama’s News Source Is The Al Jazeera Network (Business Insider)
Nearly Nobody on February 5, 2011 at 1:46 AM
I think we just found out. ;)
lorien1973 on February 5, 2011 at 1:51 AM
I thought our “budget” was 2.5 trillion, of which 40% is borrowed. If that is true, and we spend 300 BILLION on interest to service the 14 trillion in debt, then that only leaves 1.3 trillion to run the company if we don’t raise the debt ceiling.
Since Obama increased spending SO MUCH, I think they can find a way to do this. They could just make it easy and roll it back to the 2006 FY and go from there.
Personally, I think they need to SUNSET EVERY PROGRAM and government entity and start from zero for FY 2012. They will probably find 1 trillion in waste from duplication, onerous costs of onerous regulations, etc. We can bring about 100K troops back home from areas of the world that need to defend themselves (europe), etc. There is lots of room in the budget for real cuts.
karenhasfreedom on February 5, 2011 at 2:01 AM
Cut EVERYTHING to the bone.
Get rid of the Department of education, the EPA, and every other agency that doesn’t have anything to do with government’s Constitutional duties.
Just do away with it all.
gary4205 on February 5, 2011 at 2:34 AM
With the possible exception of NASA, the military has the most cut budget in the federal government. How about this time we cut something that is not vital to the security of the country.
Slowburn on February 5, 2011 at 3:11 AM
I think it is a better use of taxpayer dollars to bring our troops home from Europe and set up new bases along our southern border and redefine their mission to defend our “shores” (rather our border). I think we have about 100K troops in places that are no longer relevant to defending the USA in 2011. So I was not suggesting we “cut” the defense budget, but refocus the defense $$ we spend on areas where we really need their help.
karenhasfreedom on February 5, 2011 at 3:17 AM
Seems to me that bad debt is a bit like getting hit in the face with a sledge. Sure, you can say its not that bad while the guy’s winding up, but once he hits you, it’s to late to do much about it.
Voyager on February 5, 2011 at 3:38 AM
Where is AllahPundit?
OmahaConservative on February 5, 2011 at 6:20 AM
According to Capt. Ed..Allah is on vacation for a couple of days..:)
Dire Straits on February 5, 2011 at 6:45 AM
OK, thanks.
OmahaConservative on February 5, 2011 at 6:51 AM
Mom would figure out how to get rid of debt.
Let’s get someone’s mom in there to clean up this mess.
OmahaConservative on February 5, 2011 at 7:11 AM
Good to see you friend!..:)
Dire Straits on February 5, 2011 at 7:29 AM
Alan is right, we have to cut those four things. However, we should not touch them until after we have cut everything else. This is because those four things are essential to our country. They are our defense and promises we’ve made to citizens. We should cut them last. It’s like the person asking for a handout who somehow has money for liquor and cigarettes. You want to help the guy out but you wonder if he’s done all he can to help himself.
Kafir on February 5, 2011 at 8:18 AM
The GOP will betray you.
McCain says a ‘much more centrist’ Obama ‘much’ easier to work with
True_King on February 5, 2011 at 8:24 AM
I don’t think that we should cut Military spending, not as the rest of the world is blowing up around us. Now, redirecting current spending, yes! Border security, yes the military can do that, they did it in 1812 and they should still be allowed to do that. We should bring our forces home if we are not going to unleash them to do what they do best. We should continue to work on air superiority, unmanned aircraft and killer laser beams. We should also dedicate spending money to send those that prefer Communism to a communist country…whether they really wish to go or not and maybe some lawyers too…
rgranger on February 5, 2011 at 8:59 AM
PC is censorship and hinders effective communications. Cut, Slash, Bun, and Murder Mr. Simpson is correct in his assessment of where to make the cuts necessary for our survival as a country.
The most ironic use of PC and such smoke and mirrors is evident how the left has changed the terms “entitlements” and “mandatory” are contradictory. Welfare is an entitlement and the left has elevated entitlements over mandatory classes such as DOD and other life saving.
MSGTAS on February 5, 2011 at 9:48 AM
Instead we have Mr. Mom-jeans.
SKYFOX on February 5, 2011 at 12:03 PM
That pic of Alan Simpson, I thought for a second was Mark Levin !
cableguy615 on February 5, 2011 at 7:50 PM