Bachmann Exclusive: Obama Robbing Nation of 'Golden Future'

NewsMax.com
May 26, 2011

Rep. Michele Bachmann tells Newsmax that no president has done more to “betray” Israel than Barack Obama in his call for the Jewish state to return to its 1967 borders.

The Minnesota Republican, who is considering a run for president in 2012, also asserts that the United States needs an “intervention” by ordinary Americans to stop runaway federal spending, saying it is “immoral” to spend now what future generations have yet to earn.

And Bachmann maintains that she is strongly considering a White House run because continuing Obama’s policies would deprive the nation of a “golden future.”

The story continues below the video.





Rep. Bachmann was first elected to the House in 2006 and is the founder of the House Tea Party Caucus. Her exclusive interview with Newsmax.TV is part of an upcoming profile of Bachmann and her expected candidacy that will be featured in the July edition of Newsmax magazine.
Read the entire article

Debt-Ceiling Brinksmanship: Treasury Will Hit Legal Limit When It Borrows $13.86 Billion More

Treasury Secretary Timothy Geithner addresses at a press conference at the conclusion of a G20 finance ministers’ meeting in Paris, France on February 19, 2011. (Photo: U.S. Treasury Department

Wednesday, May 04, 2011
By Terence P. Jeffrey

(CNSNews.com) - As of the close of business yesterday, the U.S. Treasury was just $13.86 billion short of hitting the legal debt limit of $14,294,000,000,000.00, according to the Daily Treasury Statement released at 4:00 pm today.

In the first two business days of May, Treasury increased the debt by $44.2 billion.

The amount the Treasury borrows fluctuates from day to day and month to month, but in the first 215 days of fiscal year 2011—which began on Oct. 1, 2010—the Treasury has increased the national debt subject to the $14.294-trillion limit by a total of $769.3 billion. That equals an average of $3.58 billion in federal borrowing per day.

At that pace, the Treasury would exhaust its remaining $13.86 billion in borrowing authority and exceed the legal debt limit in less than four days.

Over the course of April, the Treasury managed to sharply curtail its borrowing—increasing the national debt subject to the legal limit by only $18.076 billion during the month.

In a letter sent to House Speaker John Boehner (R.-Ohio) on Monday, Treasury Secretary Timothy Geithner said that the Treasury Department would start taking “extraordinary measures” to evade the debt limit this week. On Friday, Geithner said, Treasury will stop selling State and Local Government Series Treasury securities, a special type of bond the federal government sells to state and local governments.
However, according to the latest Daily Treasury Statement, the Treasury has redeemed $68.949 billion worth of these bonds this year while selling only $52.896 billion in new ones--meaning that on net the Treasury has been able to reduce the debt by $16.053 billion this year thanks to reduced demand for these bonds from state and local governments.
Read the entire article

Critics Say Fed Policies Devalue the U.S. Dollar

Foxnews.com

April 15: Federal Reserve Chairman Ben Bernanke, left, sits with Treasury Secretary Timothy Geithner before a meeting of the G-20 at the World Bank/IMF Spring Meetings 2011 in Washington.

April 27, 2011

For generations of Americans raised on the supremacy of the American Dollar and the U.S. economy, a forecast this week from the International Monetary Fund was stunning. It predicted that China's economy will surpass that of the U.S. in five years.

Industrialization and cheap labor in emerging economies, like China’s, coupled with two years of a domestic financial crisis may have weakened the U.S. economy. But some also wonder whether U.S. monetary policies have played a part too.

"One of the fundamental problems with the U.S. economy right now is the Federal Reserve thinks the answer to all our economic problems is printing money," says Stephen Moore, a senior economics writer and editorial board member at the Wall Street Journal. "We haven't created new jobs from all of this printing of money, but what we have produced is inflation in prices."

Printing money, or “quantitative easing” as Federal Reserve Chairman Ben Bernanke has termed it, increases the supply of money but critics say it can potentially lower the value of almost anything that can be purchased.

And, it can devalue the currency -- something that critics contend has already happened. For example, a dollar is worth 11 cents less today against the euro than it was last year.

Read the entire article