Michele Bachmann says Obama using "scare tactics" on debt ceiling
UPDATED 8:56 a.m.
White House hopeful Michele Bachmann on Tuesday accused President Obama of using scare tactics to convince Congress to raise the statutory limit on how much money the United States can borrow to keep the government running.
"I think these are scare tactics by the Obama administration," the Minnesota Republican Representative said in an interview on CBS' "The Early Show," referring to assertions that financial markets would be face turmoil if Congress does not raise the $14.3 trillion debt ceiling by August 2.
"Until I see a legitimate, serious reduction in spending, I can't give my vote" to raise the debt ceiling, Bachmann said, adding "we will be right back at it again a year and a half from now in a worse position than we are today."
Bachmann noted that the debt ceiling would have to be increased by about $2.4 trillion to last through the end of next year.
She backed a controversial proposal from Sen. Pat Toomey, (R-Pa.) to give bondholders, including China, first dibs on the payments from the U.S. Treasury.
"The interest on the debt can easily be paid for and that would mean that we wouldn't default," she said.
Toomey's proposal is popular among the conservative Tea Party wing of the Republican party, but has not been endorsed by the Republican leadership on Capitol Hill.
The Obama administration has warned against Toomey's proposal, as has Federal Reserve Board Chairman Ben Bernanke.
Earlier this month, Bernanke, who served as a top White House adviser to President George W. Bush before becoming Fed chief, said such a prioritization move would cause unnecessary concerns in the financial markets and would only buy a short amount of time.
"While debt-related payments might be met in this scenario, the fact that many other government payments would be delayed could still create serious concerns about the safety of Treasury securities among financial market participants," Bernanke said in a speech earlier this month.
Despite Bachmann's backing, the pay China first proposal is not expected to even garner a vote, much less become law.
Mr. Obama and Vice President Joe Biden met with both Senate Republican Leader Mitch McConnell and Senate Majority Leader Harry Reid at the White House on Monday to hammer out a deal.
Outwardly, little progress was made.
White House spokesman Jay Carney told reporters "compromise and an agreement will depend on each side being willing to accept some tough choices."
Bachmann is riding a wave of publicity after faring much better than expected in an Iowa Poll and officially launching her bid for the White House on Monday. In the poll released Saturday night by The Des Moines Register, Bachmann finished just behind former Massachusetts Governor Mitt Romney, garnering 22 percent of the vote compared to Romney's 23 percent.
This is an issue that all parties and all interests are culpable. We need long-term solutions to exit us from the current financial straits, and the outcomes associated with proposed solutions should reflect the greatest good for the long term well-being of this nation (both current and future generations).
Regarding solutions, a balance is needed. I suspect most of the elderly would sacrifice for their children and grandchildren's well being, putting some third rail issues as viable options. I would expect corporate interests would extend beyond pure P&L issues, recognizing the importance of a U.S. government that meets its fiduciary responsibilities and not resist changes to special tax breaks or closure of loop-holes.
In the end, we will have to collectively decide what we want from our Federal government. Regardless the party in the White House setting the agenda or Congress enacting budget authorities, they represent the desires of the people who elected them. It comes back to all of us to be responsible in our demands--and putting responsible people in power to meet them.
It would help if CBS and other national news sources did more for real dialog than creating and selling stories. The fourth estate has gone tabloid and has become part of our national problem.
I propose at least one demand we should expect from all parties and institutions within the Federal Government: the relentless pursuit to identify means to improve government programs and reduce cost. It's a natural part of commercial enterprises in competitive industries. It is an unnatural part of government--but one we should demand.
Don't just give us a bill to cover rising health care costs. Start leveraging cost reductions health institutions are finding and implementing, from use of standardized protocols to adoption of manufacturing practices to improve cost, quality and delivery.
Time we all did our part to put the right solutions in place and look beyond self-interests.
It is curious that since she is running for President largely on the premise that she could better manage the economy she demonstrates such a clear lack of knowledge of how the economy works and the devastating impact this would have on everything from interest and mortgage rates, car loans, our federal government interest obligations.....the consequences are sweeping and yes Michelle, scary as hell. The fact that we are even entertaining the possibility is making us the laughing stock of the world...but Republicans seem to take a perverse pleasure in doing that.
As if the Republican party/tp people have never used scare tactics!
Gee, let's see, there were death panels, and slashing ss/medicare to balance the budget, oh, and yes, telling the president they would not extend unemployment benefits unless he left their rich buddie's tax shelfters alone! Bachmann's party is like the "pot calling the kettle black"!!!
She is as much a phoney and liar as her buddy, Palin!
Didn't President Obama tell the American People that the unemployment rate would be at 8% by now.Where's all the benefits of the 1 trillion dollar stimulus.I'ts your economy now, Mr. President,not George Bushes
Dont worry if you say goverment is in debt i say to who. Goverment actually in debt to its self an probley has 100 trillion assets to back it up. Hey if they say their broke people be more willing to give up their benfits like social security ,medicare an be willing to take tax increases like on their home an school taxs. People need to wake up realize what appears to be happening isnt always true or actualing happening. We live in time of deception thats being used to control the wealth
I find it amazing the opinions here, has anyone, read the Founding Fathers' Charters of Liberty and Freedom? Is anyone familiar with Thomas Paine? Joseph Story? The actual factual history of our country?
As far as the name calling and mud slinging it is what it is. Either you can debate facts and truth or your resort to name calling and sling mud to take the focus off the subject like the Progressive Liberals who can not debate on substance. How in the world can they convince people to give up their liberty and freedoms for a Marxist world? Impossible so they are disingenuous with their answers, like comrade Nancy Pelosi, Bernie Sanders, Harry Reid, and their like minded comrades in Congress.
It was really interesting to read an article on the First Lady when asked aren't you worried about your children being under the microscope? Of being attacked by the media?
She answered why no, the media has been very kind and generous to our family and have actually protected their privacy like we have asked of them.
Interesting to note, so has Michelle Bachmann, she has asked that of the media and George Stephanopoulos went on record this morning stating to Bachmann Finally one-one final question. I think one of the most impressive things that people find in your background is the fact that you and your husband have helped raise 23 foster children and I know you want to shield them but are they prepared and are you prepared for the loss of privacy that comes with the president campaign? And is that something you are concerned about for them?
Funny how conservatives children are attacked by the media but the progressive liberals get the complete opposite treatment. Interesting how the media use to be the watchdogs but now they have allowed Marxists to take over the executive branch and legislative branches of our government. Go check out the background of Jarrett, Power, Sunstein, former green czar Van Jones, and all in the administration... WHY isn't the media raising the alarm on that? Communists and Marxists are embedded in California, Illinois, large Unions. Just go web search it while you still have that freedom, oh and look up George Soros, UN Agenda 21, ICLEI, carbon credits, chicago carbon credits while you are at it.
Do yourself a favor and actually read the U.S. Constitution, it is really written in plain language and just 60 pages unlike the massive bills passed by Pelosi and Reid since 2007, wow isn't that when we started having crisis after crisis? Didn't they start the tradition of not passing a budget in Congress? We have not had one passed for over 790 days and Harry Reid says one will NOT be passed AGAIN this year... weird.
You don't have a clue. Bush's children were given their privacy except when they didn't want it. You are just making up things. The conservatives are much more interested in controlling our private lives than the liberals ever will be. No one has said anythng about Bachmann's family, except her husband who seems to be taking a lot of money from Medicaid. you don't back up anything you say, you just tell people to read the constitution. Do you have a point?
Bachmann is trying to use reverse phycology and is as skillfull as an elephant on a highwire.. at best a weggie looking to get tigher than the body can allow
Wow, here we go with the mud slinging and name calling again.
Betcha' could not even hold your own on a truthful debate on the U.S. Constitution. At least she has a moral compass and stands on principles and values like our Founding Fathers. You probably could not hold your own debating on the truth and the facts that have been going on for the last decade.
@USA_is_back I have no idea what you are talking about. I guess the 16 year old wanted to debate Pelosi and Reid on the US Constitution and because of their schedule, they declined also. Read your post it is pointless.
New presidential mandate all federal employees be converted to the social security fund and NO exceptions. that would get congress attention to the fund more than any other mandate they could be issued. ( a guy can dream cant he... pay back is heck for the folk that think the rest of us are less than them in social value.)
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Regarding solutions, a balance is needed. I suspect most of the elderly would sacrifice for their children and grandchildren's well being, putting some third rail issues as viable options. I would expect corporate interests would extend beyond pure P&L issues, recognizing the importance of a U.S. government that meets its fiduciary responsibilities and not resist changes to special tax breaks or closure of loop-holes.
In the end, we will have to collectively decide what we want from our Federal government. Regardless the party in the White House setting the agenda or Congress enacting budget authorities, they represent the desires of the people who elected them. It comes back to all of us to be responsible in our demands--and putting responsible people in power to meet them.
It would help if CBS and other national news sources did more for real dialog than creating and selling stories. The fourth estate has gone tabloid and has become part of our national problem.
I propose at least one demand we should expect from all parties and institutions within the Federal Government: the relentless pursuit to identify means to improve government programs and reduce cost. It's a natural part of commercial enterprises in competitive industries. It is an unnatural part of government--but one we should demand.
Don't just give us a bill to cover rising health care costs. Start leveraging cost reductions health institutions are finding and implementing, from use of standardized protocols to adoption of manufacturing practices to improve cost, quality and delivery.
Time we all did our part to put the right solutions in place and look beyond self-interests.
Gee, let's see, there were death panels, and slashing ss/medicare to balance the budget, oh, and yes, telling the president they would not extend unemployment benefits unless he left their rich buddie's tax shelfters alone!
Bachmann's party is like the "pot calling the kettle black"!!!
She is as much a phoney and liar as her buddy, Palin!
As far as the name calling and mud slinging it is what it is. Either you can debate facts and truth or your resort to name calling and sling mud to take the focus off the subject like the Progressive Liberals who can not debate on substance. How in the world can they convince people to give up their liberty and freedoms for a Marxist world? Impossible so they are disingenuous with their answers, like comrade Nancy Pelosi, Bernie Sanders, Harry Reid, and their like minded comrades in Congress.
It was really interesting to read an article on the First Lady when asked aren't you worried about your children being under the microscope? Of being attacked by the media?
She answered why no, the media has been very kind and generous to our family and have actually protected their privacy like we have asked of them.
Interesting to note, so has Michelle Bachmann, she has asked that of the media and George Stephanopoulos went on record this morning stating to Bachmann Finally one-one final question. I think one of the most impressive things that people find in your background is the fact that you and your husband have helped raise 23 foster children and I know you want to shield them but are they prepared and are you prepared for the loss of privacy that comes with the president campaign? And is that something you are concerned about for them?
Funny how conservatives children are attacked by the media but the progressive liberals get the complete opposite treatment. Interesting how the media use to be the watchdogs but now they have allowed Marxists to take over the executive branch and legislative branches of our government. Go check out the background of Jarrett, Power, Sunstein, former green czar Van Jones, and all in the administration... WHY isn't the media raising the alarm on that? Communists and Marxists are embedded in California, Illinois, large Unions. Just go web search it while you still have that freedom, oh and look up George Soros, UN Agenda 21, ICLEI, carbon credits, chicago carbon credits while you are at it.
Do yourself a favor and actually read the U.S. Constitution, it is really written in plain language and just 60 pages unlike the massive bills passed by Pelosi and Reid since 2007, wow isn't that when we started having crisis after crisis? Didn't they start the tradition of not passing a budget in Congress? We have not had one passed for over 790 days and Harry Reid says one will NOT be passed AGAIN this year... weird.
you don't back up anything you say, you just tell people to read the constitution. Do you have a point?
Betcha' could not even hold your own on a truthful debate on the U.S. Constitution. At least she has a moral compass and stands on principles and values like our Founding Fathers. You probably could not hold your own debating on the truth and the facts that have been going on for the last decade.