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rrl308
03-22-2009, 06:58 PM
WASHINGTON Congressional Republicans on Sunday predicted a doomsday scenario of crushing debt and eventual federal bankruptcy if President Barack Obama's massive spending blueprint wins passage.

But a White House adviser dismissed the negative assessments, saying she is "incredibly confident" that the president's policies will "do the job" for the economy.

In a TV interview, Obama himself laughed when discussing the dire state of parts of the economy and ascribed his laughter to "gallows humor."

White House Council of Economic Advisers chairwoman Christina Romer insisted that the nation's flailing economy will be rebounding by 2010.

Administration officials and the president himself have taken a cheerier tone despite economic indicators that are anything but positive.

"I have every expectation, as do private forecasters, that we will bottom out this year and actually be growing again by the end of the year," Romer said.

The president, in an interview that aired Sunday on CBS News' "60 Minutes," talked about the need to spend taxpayer money to save financial firms and the auto industry.

"I just want to say that the only thing less popular than putting money into banks is putting money into the auto industry," Obama said with a laugh.

Interviewer Steve Kroft asked how that laughter might be perceived, given the economy's troubles.

"There's got to be a little gallows humor to get you through the day," Obama said. "If you had said to us a year ago that the least of my problems would be Iraq, which is still a pretty serious problem, I don't think anybody would have believed it."

Republicans say Obama's budget is no laughing matter.

Senate Republicans warned of deficits that could climb to $20 trillion in coming years and a weakened dollar if Obama and his Democratic allies get their proposed $3.6 trillion budget plan passed.

"The practical implications of this is bankruptcy for the United States," said Sen. Judd Gregg, R-N.H. "There's no other way around it. If we maintain the proposals which are in this budget over the 10-year period that this budget covers, this country will go bankrupt. People will not buy our debt; our dollar will become devalued."

Sen. Susan Collins, a Maine Republican who sided with Obama on his $787 billion economic stimulus plan, said she couldn't support the White House plan this time.

"It would double the public debt in 5 years, triple it in 10 years. ... That is not sustainable. It poses a threat to the basic health of our economy," Collins said.

Sen. Richard Shelby of Alabama, the top Republican on the banking committee, said Obama would have to scale back his budget, given a Congressional Budget Office report Friday that the president's budget would produce $9.3 trillion in deficits over the next decade more than four times the deficits of Republican George W. Bush's presidency.

Shelby predicted that number could reach $20 trillion in coming years as Obama guides the country to "the fast road to financial destruction."

North Dakota Democrat Kent Conrad, chairman of the Senate budget committee, acknowledged, "We cannot have debt pile on top of debt." He added: "In the short term, yes, we have got to have added deficits and debt to give lift to this economy, but longer term, we have got to pivot."

The CBO predicted a deficit of $2.3 trillion worse than what the administration projected. Romer downplayed those numbers.

"There is a question whether CBO is right. So we know that forecasts both of what the economy is going to do and of what the budget deficits are going to do are highly uncertain," she said.

Asked the level of her confidence in an improving economy, Romer was concise: "Incredibly confident. ... We absolutely think that they are going to do the job for the American economy."

Vice President Joe Biden's economic adviser said the administration was open to negotiate with lawmakers. "We don't expect these folks to sign on the dotted line," Jared Bernstein said.

However, he added, "What we do expect and what we are going to stand very firm on, because this president, this vice president have made this clear, that there are these priorities that brought them to the dance here: energy reform, health care reform, education, all done in the context of a budget that cuts the deficit in half over our first term."

Bernstein and Conrad spoke on ABC's "This Week." Romer spoke on "Fox News Sunday" and CNN's "Face the Nation." Shelby spoke on "Fox News Sunday." Gregg appeared on CNN's "State of the Union."

By PHILIP ELLIOTT, Associated Press Writer Philip Elliott, Associated Press Writer


http://news.yahoo.com/s/ap/20090322/ap_on_go_pr_wh/obama_economy

Direckshun
03-22-2009, 06:59 PM
This is a new conversation.

BucEyedPea
03-22-2009, 07:01 PM
WASHINGTON Congressional Republicans on Sunday predicted a doomsday scenario of crushing debt and eventual federal bankruptcy if President Barack Obama's massive spending blueprint wins passage.


Looks like a silver lining to me! :D :clap::clap:

Adept Havelock
03-22-2009, 07:07 PM
The GOP is predicting Scotland will be quarantined due to a deadly virus if the budget is passed?

banyon
03-22-2009, 07:11 PM
Looks like a silver lining to me! :D :clap::clap:

Yeah everyone knows bankrupt countries are awesome to live in! :rolleyes:

SBK
03-22-2009, 07:14 PM
How is this news?

RINGLEADER
03-22-2009, 07:16 PM
The GOP is predicting Scotland will be quarantined due to a deadly virus if the budget is passed?

Brilliant!

Though I have to admit, out of NM's movies, I liked Dog Soldiers best.

BucEyedPea
03-22-2009, 07:18 PM
Yeah everyone knows bankrupt countries are awesome to live in! :rolleyes:

'Er, no wonder you work for the govt with that kind of logic. That's the federal govt not the country. Not in the same category of thing. States will still be there. Montana has a sound money bill in the works with no opponents. Anyhow, we have nothing to lose but our chains. It's "too big to save."

Saul Good
03-22-2009, 07:26 PM
"I have every expectation, as do private forecasters, that we will bottom out this year

I have faith that Obama will bottom us out, too. Is that supposed to be helpful?

Dr. Van Halen
03-22-2009, 07:31 PM
'Er, no wonder you work for the govt with that kind of logic. That's the federal govt not the country. Not in the same category of thing. States will still be there. Montana has a sound money bill in the works with no opponents. Anyhow, we have nothing to lose but our chains. It's "too big to save."

Is your secret location in Montana?

BucEyedPea
03-22-2009, 07:34 PM
Is your secret location in Montana?

No. Georgia's up to similar activity too.

BucEyedPea
03-22-2009, 07:37 PM
Oh, and 'uh the Belgian govt went bankrupt and last I read the people were still there surviving.

banyon
03-22-2009, 07:50 PM
'Er, no wonder you work for the govt with that kind of logic. That's the federal govt not the country. Not in the same category of thing. States will still be there. Montana has a sound money bill in the works with no opponents. Anyhow, we have nothing to lose but our chains. It's "too big to save."

Oh, yeah, you nailed me! Bankrupt governments are awesome, just leave it up to a state with a budget the size of Montana's! They'll save us all111!!11

Douche Baggins
03-22-2009, 07:50 PM
The GOP is predicting Scotland will be quarantined due to a deadly virus if the budget is passed?

Too late I've already escaped.

wild1
03-22-2009, 08:05 PM
'Er, no wonder you work for the govt with that kind of logic. That's the federal govt not the country. Not in the same category of thing. States will still be there. Montana has a sound money bill in the works with no opponents. Anyhow, we have nothing to lose but our chains. It's "too big to save."

well when the civil war breaks out can i join your militia?

beavis
03-22-2009, 08:28 PM
Oh, and 'uh the Belgian govt went bankrupt and last I read the people were still there surviving.

Last I checked, our economy was slightly larger and more intergral to the World's business than Belgium's.

BucEyedPea
03-22-2009, 08:44 PM
Last I checked, our economy was slightly larger and more intergral to the World's business than Belgium's.

I wasn't talking about the economy though. I was talking about our central govt. That does not create the economy. The people in the private sector do.
If you think it does then you should worry about our Fed govt now because it's already bankrupt.

BucEyedPea
03-22-2009, 08:45 PM
well when the civil war breaks out can i join your militia?

I won't be in one.

alanm
03-22-2009, 10:12 PM
well when the civil war breaks out can i join your militia?My mountain redoubt is in Wyoming.
WOLVERINE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Ultra Peanut
03-23-2009, 12:06 AM
What a twist!

MadMax
03-23-2009, 12:34 AM
Last I checked, our economy was slightly larger and more intergral to the World's business than Belgium's.



Blah! At this point I give a shit what "monkeyboys" plans are, it's apparent he is retarded and He an Pelosi and Barney and Reid and the rest of your heroes can have their way with the apathetic morons that run this country. REVOLUTION is the answer. ENOUGH of these mealy mouth POS tax and spend losers. I mean BOTH parties. This guy makes Bush look mensa like.

Ultra Peanut
03-23-2009, 03:15 AM
Blah! At this point I give a shit what "monkeyboys" plans are, it's apparent he is retarded and He an Pelosi and Barney and Reid and the rest of your heroes can have their way with the apathetic morons that run this country. REVOLUTION is the answer. ENOUGH of these mealy mouth POS tax and spend losers. I mean BOTH parties. This guy makes Bush look mensa like."Monkey" AND "boy." Double word score!

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Dick Bull
03-23-2009, 05:58 AM
I won't be in one.

The sheer irony would be if you caught a boat to cuba.

Messier
03-23-2009, 07:17 AM
Blah! At this point I give a shit what "monkeyboys" plans are, it's apparent he is retarded and He an Pelosi and Barney and Reid and the rest of your heroes can have their way with the apathetic morons that run this country. REVOLUTION is the answer. ENOUGH of these mealy mouth POS tax and spend losers. I mean BOTH parties. This guy makes Bush look mensa like.

Do it! Start the revolution! Kill the nig.....I mean Freeeedooom!!!

Dick Bull
03-23-2009, 07:28 AM
Do it! Start the revolution! Kill the nig.....I mean Freeeedooom!!!


Please refrain from the racism.

BCD
03-23-2009, 07:30 AM
I usually vote republican, but these dipshits have no room to talk.

BCD
03-23-2009, 07:32 AM
Do it! Start the revolution! Kill the nig.....I mean Freeeedooom!!!WTF? You trying to get banned?