Archive for the 'Debt crisis' Category


AT LARGE snares advance presidential debt address text

Due to a bureaucratic quirk, the Federal Aviation Administration, which is now closed down due to Congressional inaction on its charter, managed the shredding machines at the White House. With the shredding machines out of service, AT LARGE was able to go through the White House trash cans as they waited for pick up on Pennsylvania Avenue. Below is the text of President Obama’s address scheduled for delivery at 8:00 PM EST on August 1.

My fellow Americans,

Tonight I ask you to take a look back at recent history.  When my predecessor took office, the national debt was under control. During his tenure – aided by a Republican-controlled Congress for most of his two terms – President Bush elected to fight two unfunded wars and sign an unfunded prescription drug program for seniors.  He also established what we now call a ‘balanced approach’ to increasing debt:  Cutting taxes and increasing spending.

Then came the recession and President Bush joined with responsible, even courageous  members of congress from both parties to stop the recession from becoming a depression, maybe even taking down the world economy. Wise move, but that cost money as well.

That left us looking at a dog’s breakfast when I took office: Spiraling debt and the need to spend even more to get the economy going again, to get Americans back to work.  But from the day I took the presidential oath, some in the ‘loyal opposition’ decided that making me a one-term president was more important that making America work again. 

Some – certainly not all, but too many — in the opposition  stood in the way of every move we made to jumpstart and supercharge the recovery, some out of principle, some out of fear the Tea Party Mad Hatters in their own party would add them to roles of the unemployed if they did the right thing for the country.

To keep it short and simple, these Republicans screwed up the economy, did their best to stop any and everything anyone proposed to fix the economy and now want you to put them in charge again so they can screw it up even worse!

Which brings us to today:

Last night, the House of Representatives adjourned without passing a debt limit extension, all because they could not tolerate a balanced program of cost cutting and revenue increases.

Today, the secretary of the treasury informed me that unless immediate action is taken, the government could not pay – to name only a few – salaries to our military men and women in harm’s way, stipends for hungry kids and social security checks senior citizens, all of whom depend on a Contract With America a for a good part of their daily bread. 

Worse yet if that is possible, without action America will be thrown into default, unable to repay interest to the people who loaned us the money to fight the unfunded wars and battle the recession, a move that would have catastrophic effects on today’s and tomorrow’s economy and job markets.

In spite of the reasonable voices of leaders on both sides of the aisle, it seems like some members of congress want to destroy the United States in order to save it!

Not on my watch!

After the horrible events of 9/11, then-President Bush stated that Article II of the Constitution provides the president with “all necessary authority” to preserve and protect the United States from enemies, both foreign and domestic.  To tell you the truth, I didn’t like that argument much back then, but now that I’ve walked a few miles in the president’s shoes, well, he has a point.

And in this case, the constitution is a lot more specific about the issue at hand.

Section 4 of the 14th Amendment states unambiguously:

“The validity of the public debt of the United States, authorized by law… shall not be questioned.”  

In other words, the constitution clearly demands that the military salaries, social security payments and debt payments, all authorized by law, MUST be paid in full and on time.

Therefore, pursuant to the powers vested in me as president by Article II and the 14th Amendment of the Constitution and in keeping with the oath I took to preserve and protect the constitution of the United States from all enemies, both foreign and domestic, I have issued a presidential finding that the debt limit is constitutionally invalid and ordered the secretary of the treasury take whatever steps necessary to insure the validity of the public debt, to keep the checks and debt payments flowing.

This action will prevent this unprecedented disaster from harming, perhaps irrevocably, the United States of America.

I have no desire to provoke a constitutional crisis.  Indeed, if those in Congress who have blocked every reasonable and prudent compromise had been mindful of their constitutional obligations, none of this would have been necessary.

This decision will not be popular with those who would destroy America in order to save it.  Some even say that the House of Representative will inevitably pass a resolution of impeachment.

Well, you did not elect me president of this great nation to preside over the bankruptcy of our government.  And I did not swear a sacred oath to preserve and protect the United States with my fingers crossed.

So the bills will be paid. 

And if — instead of complying with our constitution and passing legislation to pay our nation’s most solemn debts — the U. S. House of Representatives would rather pass an impeachment resolution, well BRING IT ON!

God bless all of you and God bless the United States of America!

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Jared Cameron

It is better to smoke a single candle that to curse the darkness