Obama bids to rebrand his presidency

“Now, the final critical step in winning the future is to make sure we are not buried under the mountain of debt. We have to confront the fact that our government spends more than it takes in. That is not sustainable. I’m proposing that starting this year we freeze annual domestic spending for the next 5 years. This would reduce the deficit by more than 400 billion dollars over the next decade,” he said. "

I think the Yankees are such a spoilt bunch too used to living the good life on credit that they otherwise couldn't afford on their own steam ..... if Obama really dare to do what he is now saying, by the end of those 5 years, he himself will most likely end up on the dole

“……. I’m proposing that starting this year we freeze annual domestic spending for the next 5 years. This would reduce the deficit by more than 400 billion dollars over the next decade,” he said.”

Let’s say the US debt is like a bucket full of water and Obama’s proposal, if it’s approved, is like taking an eye dropper then filling it full of water from the bucket and then trying to measure the remaining contents to see if there is any difference.
If the US was to slash all of its budgets by 60% over the next 25 to 30 years then they will have the debt under control. This is only window dressing.

The New York Times mr Obama has just reported that powerful lawmakers in Congress are working behind the scenes to help states to get out from under massive debts — including obligations to pay pensions — simply by declaring BANKRUPTCY.
Even Newt Gingrich, a possible Republican presidential candidate in 2012, endorsed the idea. He says that he hopes .
"House Republicans are going to move a bill in the first month or so of their tenure to create a venue for state bankruptcy".

So the plan is to change the law to let them go bankrupt. In a bankruptcy, the states could:
Renege on contractual promises to pensioners,Screw unsecured creditors,and
default on principal and interest payments to bond holders.

US is bankrupt Mr Obama.See below

http://reason.com/blog/2010/12/16/america-now-too-bankrupt-even

“Now, the final critical step in winning the future is to make sure we are not buried under the mountain of debt. We have to confront the fact that our government spends more than it takes in. That is not sustainable. I’m proposing that starting this year we freeze annual domestic spending for the next 5 years. This would reduce the deficit by more than 400 billion dollars over the next decade,” he said. "

I think the Yankees are such a spoilt bunch too used to living the good life on credit that they otherwise couldn't afford on their own steam ..... if Obama really dare to do what he is now saying, by the end of those 5 years, he himself will most likely end up on the dole

“……. I’m proposing that starting this year we freeze annual domestic spending for the next 5 years. This would reduce the deficit by more than 400 billion dollars over the next decade,” he said.”

Let’s say the US debt is like a bucket full of water and Obama’s proposal, if it’s approved, is like taking an eye dropper then filling it full of water from the bucket and then trying to measure the remaining contents to see if there is any difference.
If the US was to slash all of its budgets by 60% over the next 25 to 30 years then they will have the debt under control. This is only window dressing.

The New York Times mr Obama has just reported that powerful lawmakers in Congress are working behind the scenes to help states to get out from under massive debts — including obligations to pay pensions — simply by declaring BANKRUPTCY.
Even Newt Gingrich, a possible Republican presidential candidate in 2012, endorsed the idea. He says that he hopes .
"House Republicans are going to move a bill in the first month or so of their tenure to create a venue for state bankruptcy".

So the plan is to change the law to let them go bankrupt. In a bankruptcy, the states could:
Renege on contractual promises to pensioners,Screw unsecured creditors,and
default on principal and interest payments to bond holders.

US is bankrupt Mr Obama.See below

http://reason.com/blog/2010/12/16/america-now-too-bankrupt-even