President Barack Obama told CBS News today that there may not be enough money in the U.S. Treasury to cover Social Security checks after Aug. 3 if Congress does not agree to lift the legal limit on the federal debt and allow his administration to borrow more money.
....However, according to the Daily Treasury Statements published by the U.S. Treasury Department, the ongoing flow of federal tax revenue since the Treasury declared that it had hit the debt limit on May 16 has been more than sufficient to cover the combined costs of federal spending on interest payments, Medicare, Medicaid, Social Security, the Veterans Affairs department and federal workers wages and insurance benefits (including wages and insurance benefits for military personnel).
Specifically, according to the Daily Treasury Statements, as of the close of business on May 16, the federal government had taken in $1.333454 trillion in tax revenues since the beginning of fiscal 2011. By the close of business on July 7, tax revenues for fiscal 2011 had grown to $1.629630 trillion. Therefore, between May 16 and July 7 the federal government took in a total of $296.176 billion in new tax revenue.
In that same time period, total interest payments on the national debt equaled $14.632 billion.
Thus, the new tax revenue of $296.176 billion the federal government took in between May 16 and July 7 was enough to pay the federal government’s $14.632 billion in interest obligations during that period 20 times over.
Even if he tried, the Washington Examiner outlined how the GOP could take the Socialist Security fear card out of Obama's crooked hand.
In addition, showing how much of a petulant little child he is, President Thin-Skinned walked out of talks with Republicans "abruptly" today (Fox News Video at Gateway Pundit).
More at Politico:
President Barack Obama abruptly walked out of a stormy debt-limit meeting with congressional leaders Wednesday, throwing into serious doubt the already shaky negotiations, according to GOP sources
“He shoved back and said ‘I’ll see you tomorrow’ and walked out,” House Majority Leader Eric Cantor (R-Va.) told reporters in the Capitol after the meeting.
....When Cantor said the two sides were too far apart to get a deal that could pass the House by the Treasury Department’s Aug. 2 deadline — and that he would consider moving a short-term debt-limit increase alongside smaller spending cuts — Obama began to lecture him.
“Eric, don’t call my bluff,” the president said, warning Cantor that he would take his case “to the American people.” He told Cantor that no other president — not Ronald Reagan, the president said — would put up with the treatment he was getting from the House majority leader.
This fool obviously was high on cocaine during the 1980s, because he doesn't recall how mean spirited the fat drunk Tip O'Neill was to Reagan, or how Reagan was bluffed into raising taxes with the promise of spending cuts (that never happened).
Holding seniors hostage for tax increases then stomping out of the room like a spoiled child when he doesn't get his way....it's an overdone expression, but what a dick!