Archive for the ‘national debt’ Category

Gregg Goes From Bipartisan Symbol to Top Obama Critic

March 28, 2009

Sen. Judd Gregg, who was President Obama’s commerce secretary nominee until withdrawing his name from consideration, has emerged as the toughest critic of the president’s handling of the economy and has helped galvanize Republican opposition to Obama’s policies.

Fox News
At first, the relationship between President Obama and Sen. Judd Gregg looked like love at first sight, proof that opposites do attract.

Obama is a 47-year-old left-leaning Democrat who believes in the power of government to solve people’s problems. Gregg is a 61-year-old New Hampshire Republican who advocated limited government and made millions through business investments.

Their unlikely partnership seemed destined to transcend partisan lines and symbolize the change that Obama promised to bring to Washington.

But Gregg, who was Obama’s commerce secretary nominee until withdrawing his name from consideration, has emerged as the toughest critic of the president’s handling of the economy and has helped galvanize Republican opposition to Obama’s policies.

He warned on Monday that Obama’s $3.6 trillion budget proposal will lead to unsustainable debt levels and send the country on a fiscal path resembling that of a “banana republic.”

Gregg kept up his attacks on Obama’s budget request Saturday in the weekly Republican radio address, saying the path to prosperity is not the excessive spending proposed by the president but limited spending that holds down the growth of government, taxes and debt.

The senator said Obama’s proposals “represent an extraordinary move of our government to the left.”

He said Obama “is not trying to hide this; in fact, he is very forthright in stating that he believes that by greatly expanding the spending, the taxing and the borrowing of our government, this will lead us to prosperity.”

Like most relationships, this one began with mutual admiration, respect and trust, with flowery compliments flowing between each other.

At their first public appearance together a week-and-a-half before Valentine’s Day, Obama called Gregg “a master of reaching across the aisle to get things done. He will be an astounding addition, a trusted voice in my Cabinet and an able and competent ambassador … I can think of no finer steward for our nation’s commerce.”

In turn, Gregg praised Obama’s economic stimulus proposal to stabilize the economic slide and pull the country out of recession as an “extraordinarily bold, aggressive, effective and comprehensive plan.”

Read the rest:
http://www.foxnews.com/politics/first100d
ays/2009/03/28/gregg-goes-bipartisan-sy
mbol-obama-critic/

In his radio address Saturday, Gregg countered each of Obama’s policy principles:

— “It is the individual American who creates prosperity and good jobs, not the government.”

— “We believe that you create energy independence not by sticking Americans with a brand new national sales tax on everyone’s electric bill, but by expanding the production of American energy … while also conserving more.”

–“We also believe you improve everyone’s health care not by nationalizing the health care system and putting the government between you and your doctor, but by assuring that every American has access to quality health insurance and choices in health care.”

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National debt hits record $11 trillion

March 17, 2009

The eye-popping national debt surpassed $11 trillion Monday, the largest in U.S. history.

The new Treasury Department figures on the national debt were released as the non-partisan Congressional Budget Office is expected to project that the annual budget deficit will be higher than previously estimated by the White House’s Office of Management and Budget. The debt, which refers to the cumulative amount of money the government owes, hit $10.9 trillion on Friday.

by Manu Raju
Politico

The whopping number has major ramifications for President Barack Obama, who is trying to push through a raft of big-ticket bills on health care, energy, education and climate change — while also attempting to stabilize the swooning economy.

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http://www.politico.com/new
s/stories/0309/20139.html

Obama faces huge challenges; growing fast

December 14, 2008

President-elect Barack Obama, relatively young and inexperienced, is facing a rapidly growing list of monumental challenges as he prepares to take the reins of a nation in turmoil.

“I do not underestimate the enormity of the task that lies ahead,” Obama said after his historic election a little more than a month ago.

It was a sobering assessment at the time, but the country’s problems have only worsened since then. Now, Obama sounds dire, particularly as he talks about the economy: “We’re in an emergency.”

He spoke during a week in which Congress killed a bailout of the failing auto industry, the government reported that jobless claims spiked to their highest levels in more than a quarter-century, and the Treasury Department said the nation registered a record federal budget deficit for November.

By LIZ SIDOTI, Associated Press Writer

President-elect Barack Obama gestures during a news conference ... 
President-elect Barack Obama gestures during a news conference in Chicago, Thursday, Dec. 11, 2008. Obama, relatively young and inexperienced, is facing a rapidly growing list of monumental challenges as he prepares to take the reins of a nation in turmoil.(AP Photo/Charles Dharapak)

With woes foreign and domestic on more fronts than even Franklin Delano Roosevelt encountered when he took office in the midst of the Great Depression, Obama will be sworn in as the country’s 44th president in January.

His leadership will be tested immediately and in many ways. His performance from the outset could well set the tone for his presidency.

Not only is Obama saddled with lingering wars in Iraq and Afghanistan that he is inheriting from President George W. Bush, but he also must deal with:

-a deepening recession in the U.S. and a spreading global economic crisis.

-an automotive industry on the brink of collapse and soaring national debt.

-increasing unemployment and its ripple effects.

-the threat of terrorism amid a historic transfer of power.

At the same time, Obama may be drawn into an unfolding political scandal over Illinois Gov. Rod Blagojevich‘s alleged efforts to trade the president-elect’s former Senate seat for personal gain. The ongoing federal investigation could ensnare some of his top advisers and taint the self-styled reformer who has tried to steer clear of notorious Chicago politics.

The president-elect says he’s “absolutely confident” his aides did not try to cut deals with Blagojevich, but at the very least, the scandal is a distraction for a leader facing the magnitude of problems on Obama’s plate.

Read the rest:
http://news.yahoo.com/s/ap/20081214/ap_on_
go_pr_wh/obama_mounting_challenges