Senate Roll Call Vote 28/1/10
Today Senate Democrats in an act of outrageous financial irresponsibility voted in unison to increase the government's borrowing authority to $14.3 Trillions.That is $45,000 per American. All 60 Democrats voted in favour. All 40 Republicans voted against. Scott Brown (Republican) has yet to take his seat. The House of Representatives will vote on the legislation next week. President Barack Obama will then sign the measure into law. Any President serious about controlling the deficit would veto this measure. Total debt ceiling increases under Obama and Democrat Congress in ONE YEAR amount to $3 trillion.
The US economy cannot recover fully without tackling the deficit.Investors may demand higher interest rates on U.S. debt if Obama and the Democrat controlled Congress do not cut the budget deficit. Failure to alter course on the deficit will result in a tripling government's interest payments over the coming decade.
In 2009 Obama quadrupled the deficit. In 2010 he will at least triple the deficit bequeathed by Bush. 2011 and 2012 will see further huge deficits. This is the road to ruin. Obama has decided against any action on the deficit problem in 2010. Of course he has one eye on the Mid Term elections. In 2011 the measures proposed by Obama if implemented would see a 3% reduction in an astronomical deficit. The reality is that Reid ,Pelosi, Obama believe in huge spending that the TAXPAYER CANNOT AFFORD.
By 2011 Obama will be on the run in to the 2012 Presidential Election so no worthwhile measures will be taken to tackle the deficit problem. This has major implications for the value of the dollar and may trigger an explosion in inflation.