NYT headline: "House Passes Deal to Avert Debt Crisis". The cure to the debt crisis? MORE DEBT!

This isn't unique to the New York Times of course, but is emblematic of how the establishment media is carrying water for Obama and Democrats (via memeorandum): House Passes Deal to Avert Debt Crisis. The headline is a contradiction in terms on several levels. For one, the debt crisis was not averted, it was made far worse. Congress authorized Obama to blow another $12.4 trillion, the largest debt ceiling increase in our history. It will barely get us past 2012 at the insane spending level Obama put us in. And the deficit that stands at more than $14.4 trillion will be about $17 trillion in the blink of an eye. It will not create any real jobs in the private sector and in fact will hurt job creation.

On an even more basic level though, how can one avert a debt crisis by adding more debt? Isn't that like an alcoholic averting an alcoholic crisis by buying a crate of vodka with someone else's money? How's that going to help exactly? Largely unsaid in the debt ceiling fiasco is that all the plans to rein in spending only theoretically reduce the deficit, not the debt. They are only promising to overspend by less. The debt will grow every single year by boatloads of our grandkids' money. The debt will not be reduced by one single red cent. At least Ron Paul gets it: Video of Ron Paul "How Do You Solve The Debt Problem By Raising The Debt?"

UPDATE: From American Thinker: We The Stupid

I stand here in abject stupefaction.  The so-called “right” or “Tea Party” in this republic is being so thoroughly rolled and defeated that I am struggling to come up with an adequate violent submission metaphor that does not involve prison rape . . .

Should ask a Democrat for the adequate violent metaphor. They have proven themselves exceedingly efficient at that.

Video of Rep Hank Johnson (D-Ga.): "Tea Partiers" have enacted a "plan to dismantle the American government" and in the process, the country has lost its "moral compass" and we will capsize into the sea as a result

Instead of growing at 8% a year, the federal government will only grow at a clip of 7.9%. To liberals, that's equivalent to "dismantling" the government:

Pardon me for turning a deaf ear when I hear these liberals sanctimoniously invoke the "moral compass" while simultaneously supporting the ripping apart of babies in the womb and the rationing of healthcare to the elderly via ObamaCare. Half a bubble off plumb would be an improvement for Johnson. He was a full bubble off, at least, when he claimed that the island of Guam will tip over and literally capsize into the ocean because of overpopulation (at the 1:16 mark of this video):

Krugman: "We Shouldn't Even Be Talking About Spending Cuts At All". George Will: Hey Let's Have A 'Krugman Election': 'Resolved - Government Is Too Frugal. Let's Vote'

Krugman is out of his mind saying this after all the money Obama has spent with the result being a higher unemployment rate, a loss of at least 3 million jobs, a stagnant economy and a buttload of debt as a result:

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George Will had this great albeit short response to the insanity:

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Also from Krugman via memeorandum: The President Surrenders

A deal to raise the federal debt ceiling is in the works. If it goes through, many commentators will declare that disaster was avoided. But they will be wrong.

For the deal itself, given the available information, is a disaster, and not just for President Obama and his party. It will damage an already depressed economy; it will probably make America’s long-run deficit problem worse, not better; and most important, by demonstrating that raw extortion works and carries no political cost, it will take America a long way down the road to banana-republic status. 

Aren't countries like Zimbabwe in banana republic territory because their currency is so devalued that it is almost worthless? Aren't we on that path with the unsustainable debt? More from Reason Hit & Run, Weasel Zippers, The Other McCain and The TrogloPundit

UPDATE: WARNING: Do not show this chart to a liberal (unless wearing headgear to protect you from a cranium exploding into high-velocity brain-shrapnel)

Since the Democrats took control of Congress in 2007, they have jammed through the most fiscally irresponsible spending programs in world history (I won't use the word "budget", because they've refused to propose a budget for roughly 822 days).

In short, Democrats never propose less spending than Republicans -- unless we're talking about defense. And now, after four years of Democrat-controlled spending, the federal government is forced to borrow 40 cents for every dollar it spends.

And that, my friends, is bound to end badly since the hard left Democrat Party and the RINOs appear ready to turn the spending on auto-pilot -- right into the tarmac.

Video: Dick Durbin Tries To Deflect Question On Why Dems Dodged Debt Ceiling In December 2010 When They Had Full Control

In December 2010 Democrats controlled the US House, the US Senate, and the executive branch. There was no one single thing stopping them from increasing the debt ceiling. But they didn't do it because they know how unpopular it is across the political spectrum to admit that you don't have your fiscal house in order. So they punted and just kept spending and spending. Which is why we are where we are, and why Durbin was where he was yesterday - fumbling around for an answer like a doofus when confronted with hard facts:

Video of Charles Krauthammer: This Is A Victory For The Tea Party

I didn't agree at first, but he has a point with this: "The winner is the tea party. They have changed the debate in the country. I think they ought to do what George Aiken advocated in the worst of days of the Vietnam war, declare victory and go home. There will be another fight, a year from now. Obama is losing it. And I think that's where the big payoff will be and that's when the country will decide what everyone wants to do about debt and also about the size of government."

So have a setback in this battle but possibly and perhaps probably win the war. Also from Krathammer: Obama Will Lose Defending This Economy

"The tea party originally was to bring up -- created by the stimulus, Obamacare and opposition to the huge expansion of government and debt and what we're talking about today. Monopolizing all this discussion is debt and all in of itself is a victory. We are now in the debt era. It will now be central to all political debates. They've gotten quite a lot, a trillion dollars of cuts today. I'm also unhappy about the defense cuts.

"But look, you cannot govern out of one House if given the terrible economic numbers that came out on Friday. The President has to defend this economy next year he loses. The Republicans would have to run the worst campaign in history and not win. And then with control of the White House and the Senate and the House, you can make the changes you want."

Michele Bachmann: Debt Limit Deal Means 'We Embrace Being Greece'

Piling on more debt to supposedly solve the debt crisis is like giving an alcoholic a case of vodka to cure his or her addiction. I'm convinced that neither party has a clue what balancing a checkbook means of the federal level. Only a minority of one party - the tea party - knows what needs doing but are deluged with Washingtonians.

Republican 2012 presidential hopeful Rep. Michele Bachmann (R-Minn.) said the debt limit agreement reached by the White House and congressional leaders is "like saying we embrace being Greece."

Related: The Laura Ingraham Show: Rep. Michele Bachmann slams debt compromise

Video: The Debt, Not The Debt Ceiling, Is The Real Problem

I have asked this question many times on this blog, but if the debt ceiling gets increased every time it's hit, what's the point? Is it even a ceiling at that point? Sen John Barrasso made this speech on the Senate floor to address the debt ceiling negotiations and the Senate's failure to adopt a budget in 822 days (yes 822 Earth days!):

Raising the debt ceiling will simply lead to more debt any way you slice it. Speaking of the debt ceiling: Senate Republican Whip Jon Kyl Delivers Weekly GOP Address On Debt Ceiling Debate

Plus from Rep Graves: Compromise Is Whats' Led Us To the Mess We're In

Graves was tea party approved. Which reminds me: Washington's Big Spenders Vilify Tea Party For Urging Fiscal Discipline

Video of CNBCs Jim Cramer: Obama Caused Fear And Panic, Not The Media

Jim Cramer on "Meet the Press": "We were all hopeful in Wall Street and in Main Street that the president would come out and say a few things which had compromise. He came out and panicked the heck out of us. He talked about the higher interest rates for mortgages, he talked to spiking credit cards, he talked about how hard it's going to be to get a student loan. It took us all aback because we felt that he'd be a compromise leader. Instead, he created tremendous fear. Tremendous fear means uncertainty. Uncertainty means no spending. Uncertainty means no spending by businesses. It means no hiring. It was a setback. He caused the panic, not the media."

Almost like the whole crisis was manufactured.

Video of Dem Rep Emanuel Cleaver: Debt Ceiling Deal A "Satan Sandwich"

"I am concerned about this because we don't know the details. And until we see the details, we're going to be extremely non-committed but on the surface it looks like a Satan sandwich," Rep. Emanuel Cleaver (D-Missouri)

Funny that they could pass cap and trade in 2009 without anyone having read the bill. ObamaCare too. But a bill without tax increase? Well that's just plain evil:

UPDATE: It's a Deal: Obama, Congress Will Avert Default

It doesn't avert default unless that's what Obama wanted Geithner to do, but anyway.

UPDATE #2: Greta Interviews Sessions As Late-Hour Deficit Reduction Deal Is Announced

 

UPDATE #3: Via memeorandum: Durbin: Debt Deal Will Be The Death Of Keynesian Economics. WE CAN ONLY HOPE!

The Republicans are killing Keynesian economics with their attempt to cut spending as the economy rebounds from a recession, Senate Majority Whip Dick Durbin (D-Ill.) said in a floor speech on Sunday.

"I would say ... that symbolically, that agreement is moving us to the point where we are having the final interment of John Maynard Keynes," he said, referring to the British economist. "He normally died in 1946 but it appears we are going to put him to his final rest with this agreement."

Keynes argued that aggregate demand was not always enough to spur full employment and that outside structures, such as governments, could influence the economy to create jobs and regulate business cycles. His thinking influenced later New Deal spending by President Franklin Delano Roosevelt.

Which extended the Great Depression many years by th eway. How little Democrats have learned since then...

Video of CNN anchor Don Lemon to Sen Rand Paul: I hope you’re happy with yourself, Mr. Tea Party

Must be that 'new tone' in political discourse they've been talking about:

Via Hot Air

Video of Rand Paul "I'd Rather Be A Hobbit Than A Troll"

This an update on a post only 3 days old: McCain of Mordor: Tea Partiers Have Bad 'Hobbit' Of Not Raising Debt Ceiling. Who's side is McCain on anyway? Rand Paul has something to say back to McLame:

So does Dana (via Instapundit): Alexis Garcia interviews Dana Loesch.

More from Paul: Rand Paul: Obama Manufactured this Crisis

Video: CNN Reports on GOP Lawmakers’ Personal Debt, Ignore Democrat Tax Cheats

To liberals, maxing out the credit card and not being able to unilaterally increase the debt limit is personal. So munch so that the politics of personal destruction get put on steroids:

No mention that we have a tax cheat running the Treasury (Turbotax Tim). Or Charles Rangel and his tax problems. Or, ...oh never mind...

Report: Obama, GOP reach tentative deal that only benefits Democrats

If the GOP goes along with this, they shouldn't even field a candidate in November 2012. The debt ceiling will be extended through all of 2012, which means they are agreeing that the absurd $14.3 trillion debt will be an even more absurd $17 trillion. SEVENTEEN TRILLION DOLLARS! So for Democrats, what's not to like? From ABC News, some details:

Here, according to Democratic and Republican sources, are the key elements:

• A debt ceiling increase of up to $2.1 to $2.4 trillion (depending on the size of the spending cuts agreed to in the final deal).

Just to repeat myself, by the time Obama is re-elected if this goes through, the debt will be at $17 trillion. Solving the debt crisis by adding more debt is STUPID!

• They have now agreed to spending cuts of roughly $1.2 trillion over 10 years.

These are not real cuts. I bet, but cuts to the anticipated growth of the federal government. It's like my opining that I plan on getting a 10% raise next year, knowing that I will only get 3%, and then turning around and calling it a 7% cut. THERE ARE NO CUTS!

• The formation of a special Congressional committee to recommend further deficit reduction of up to $1.6 trillion (whatever it takes to add up to the total of the debt ceiling increase).  This deficit reduction could take the form of spending cuts, tax increases or both.
• The special committee must make recommendations by late November (before Congress' Thanksgiving recess).
• If Congress does not approve those cuts by December 23, automatic across-the-board cuts go into effect, including cuts to Defense and Medicare. This "trigger" is designed to force action on the deficit reduction committee's recommendations by making the alternative painful to both Democrats and Republicans.
• A vote, in both the House and Senate, on a balanced budget amendment.

Democrats won't like the fact that Medicare could be exposed to automatic cuts, but the size of the Medicare cuts is limited and they are designed to be taken from Medicare providers, not beneficiaries.

As if crushing the providers will have no effect on beneficiaries r something. Funny how Democrats want to cut funding for the only legitimate function of government - protection - to fund illegitimate ones, no? If the GOP goes along with the above nonesense, they deserve to not only lose in 2012, but the party as a whole. It will be time for a new party.

Video of Barney Frank: If Moody’s Downgrades US Economy, JUST IGNORE THEM!

Next time you're speeding and you see red and blue lights behind you, ignore them! When you are faced with that April 15 deadline for filing your tax return and you have too much on your plate, just ignore it. Too stressed out to pay that mortgage today? Just ignore it! When the authorities pay you a visit, just tell them that Barney Frank told you to do it: Barney Frank: If Moody’s Downgrades US Economy, Just Ignore Them

Rep. Barney Frank of Fannie Mae-Freddie Mac fame told Neil Cavuto this morning that if Moody’s downgrades the US debt, “We just don’t pay much attention to them… Don’t sell.” He then went on to blame the ratings agencies for ignoring the mortgage crisis… that he helped create.

The video:

Democrats are in full attack mode on credit agencies if you can believe that. From just a couple of days ago: Dennis Kucinich: Kill The Messenger! Downgrade The Credit Agencies! Flunk Me, FLUNK YOU!

Yeah - that'll help the overspending.

Video: Sen Marco Rubio (R-FL) vs. John Kerry (D-MA) on the debt crisis

It's worth the 14 minutes to watch the whole thing:

Via Allahpundit

Farce! Harry Reid Filibusters HIS OWN BILL!

You simply cannot make this up! From The Washington Times via memeorandum: Democrats enforce filibuster against their own debt bill

Senate Republicans want a 60-vote threshold for a debt-limit bill to pass the chamber, but it's actually Democrats who are enforcing the filibuster on their own legislation, insisting on delaying a vote until 1 a.m. Sunday morning.

Republicans offered to let the vote happen Friday night, just minutes after the chamber voted to halt a House Republican bill. All sides expect Democrats' bill will fail too, and the GOP said senators might as well kill both at the same time so that negotiations could move on to a compromise.

"We would be happy to have that vote tonight," Sen. Mitch McConnell, Republicans' leader, offered.

But Senate Majority Leader Harry Reid objected, even though the vote would occur on his own bill. He instead said the chamber would have to run out the full procedural clock, which means a vote in the early hours Sunday morning.

The Reid objection: Democrat Farce in Senate: Reid Filibusters Own Bill

An utter farce!

Great News: Apple Has More Cash On Hand Than The U.S. Government. “That’s because Apple collects more money than it spends, while the U.S. government does not”

Just another reason to starve the beast by not increasing the debt ceiling. Via memeorandum: U.S. balance now less than Apple cash

Steve Jobs is now more liquid than Uncle Sam.

While it’s highly unlikely that President Barack Obama is looking to ask the founder and chief executive of Apple Inc. for a loan, it became a fact as of Thursday afternoon — the world’s largest technology company now has more cash on hand than the most powerful democracy on Earth has spending room.

And from Business Insider via Instapundit: Apple Has More Cash On Hand Than The U.S. Government

According to the latest daily statement from the U.S. Treasury, the government had an operating cash balance of $73.8 billion at the end of the day yesterday.

Apple's last earnings report (PDF here) showed that the company had $76.2 billion in cash and marketable securities at the end of June.

In other words, the world's largest tech company has more cash than the world's largest sovereign government.

That's because Apple collects more money than it spends, while the U.S. government does not.

Ain't that the truth though. Thus, once again, we see that the government doesn't have a revenue problem, it has a spending one, and raising the debt ceiling is tantamount to giving a drug addict crystal meth to help them get off drugs. From Slate via Insty: Two simple graphs, updated daily, that show exactly how screwed the federal government’s finances really are.

 

Note in the first graph that the debt increase is almost completely linear, with no concavity downward to show that it will end anytime soon if the debt ceiling is increased. Deficit spending is thievery. Which brings me to this: Rush Limbaugh - More Voter Than Ever Are Convinced That Congressmen Are Crooks

That's because they are!

Video of Ron Paul "How Do You Solve The Debt Problem By Raising The Debt?"

Largely unsaid in the debt ceiling fiasco is that all the plans to rein in spending only theoretically reduce the deficit, not the debt. They are only promising to overspend by less. The debt will grow every single year by boatloads of our grandkids' money. The debt will not be reduced by one single red cent. At least Ron Paul gets it:

More Paul: Ron Paul "Nobody Wants To Admit The Real Problem & That Is We're Bankrupt!" 

UPDATE: One Trillion Over Ten Years That's A Hundred Billion Year And We Spend A Hundred Billion A Month 

Video: Rep. Paul Ryan Destroys Reid Bill Proposal in Blistering Speech; ‘Let’s Cover the Moon with Yogurt!’

Until they actually pass something, Reid and teh Senate don't actually have a bill, but anyway:

Darned right! Even putting that aside, Reid proposes reducing the deficit, not the debt. That's like you or me maxing out our credit cards and then promising that in return for a higher credit limit, we will still overspend every month but by a little less than we used to. How the heck is that helping anything? At teh end of the day, you still have more debt!

The 'New Civility' (Cont'd): Liberal Pundit Margaret Carlson: GOP ‘Strapped Explosives to the Capitol’

The result of that new civility/new tone liberals insisted conservatives stick by after the Giffords shooting in January:

Good for Krathammer to backslap her for the violent rhetoric. HT: BreitbartTV