Cristy Li

(Politico) What does a president give to himself who doesn’t believe that we have a spending problem–the authority to raise his own credit limit and spend as much money as he wants.

White House Press Secy Jay Carney today during his daily press briefing would not rule out the possibility that the Obama Administration won’t mint a $1 Trillion coin to keep its spending spree going.

In 2011, Kurt Brouwer, Chairman of Brouwer & Janachowski a financial advisory firm in Northern California wrote in WSJ/MarketWatch that the U.S. won’t default on its debt obligations if Congress doesn’t raise the “debt limit” despite all of the hyperbole by the dinosaur media and loony liberal lefties–there is sufficient receipts for the government to continue making interest payments, it will just have to prioritize spending if the debt ceiling isn’t raised.

Related: Defaults, Debt Ceilings & the 14th Amendment –CATO

(The Hill)  Moody’s Investor Service announced today the the compromise to avoid the fiscal cliff is not enough to protect the nations credit rating from a credit downgrade.

On the 05 August, 2011 I wrote here that Standard & Poors announced that they had downgraded the U.S. credit rating for the first time in its history.

In September, Zero Hedge reported federal spending was 102.4% of GDP

We are becoming Greece.

Related: Obama Wastes No Time Getting Back to his Golf Game