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By NWV News writer Jim Kouri
Posted 1:00 AM Eastern
December 13, 2009

[ dispatched a reporter to cover a press teleconference on Friday, December 11, regarding the latest federal legislation]

Democratic Majority Leader Steny Hoyer (D-MD) told reporters on Friday that the US Congress will need to condone at least $1.8 trillion in additional federal borrowing in 2010 if the government does not want to default on the dangerously high U.S. debt.

Rep. Hoyer claims that raising the U.S. debt limit would have to be in the $1.8 to $1.9 trillion range. Such an increase would permit the federal government to borrow sufficient funds in order to keep Washington, DC running through December 2010.

Democrat lawmakers are attempting to pass a stealth increase in the $12.1 trillion cap on borrowing before the end of the year and are trying to sneak through an increase large enough so that they won't have to vote again on the issue before next year's midterm elections. Their bill -- opposed by conservatives fortunate to find out about it -- would permit a total federal debt of about $14 trillion at a time when President Obama is promising to reduce the debt and deficit during his administration.

In fact, the President -- and Democrats in general -- claims that the gargantuan health care package will decrease the deficit, although conservatives have yet to see evidence of such a reduction.

"This Democrat Party-run federal government is out of control and while talking like fiscal conservatives they are heading this country into bankruptsy," claims political strategist Mike Baker.

"And why would they want to bankrupt their own nation? To rebuild it in their own Marxist-One World Government vision, that why," warns Baker.

During his Friday afternoon show, Fox News Channel's talker Glenn Beck pointed to statements made by President Obama and many of his staff and supporters who've shown their Marxist leanings usually with speeches before audiences prone towards a One World Government or a Marxist-Socialist regime.


Beck also explained that while millions of US citizens are unemployed, federal employees received pay raises in the thousands of dollars each.

To placate the party's moderate-wing, the so-called "Blue Dog" Democrats, for the unpopular debt limit, Hoyer promised to attach to the debt limit increase a "pay-as-you-go" law that will make certain new tax cuts or new government spending won't increase the deficit.

The Democrats' debt limit measure may be part of a $626 billion measure funding the Pentagon budget. Conservatives believe the reason for that is to quell complaints since most conservatives support defense and national security spending over entitlement programs that cost much more than maintaining a strong military.

"Spend and spend again policies do not work and result in only larger deficits for future generations to pay. At a time when the federal deficit has reached more than $1.4 trillion in Fiscal Year 2009 (the highest amount ever by three times) and after two months is on pace to reach even higher in 2010, it is disheartening to see the lack of immediacy of addressing the problem," states Rep. Pete Hoekstra (R-MI).

Meanwhile, the House passed a far-reaching revision of banking and financial regulations that would give government more control over Wall Street and revamp the agencies overseeing the nation's banking system. The vote was 223-202, with Democrats for the measure and Republicans opposed to it.

The legislation also calls for the regulation of some derivatives and creates a new Consumer Financial Protection Agency to regulate products such as credit cards and mortgages.This legislation has been a priority of President Barack Obama's and gives him and his minions additional power to break up big, risky companies at his discretion and help create a consumer agency to police money lenders.

While the Bush Administration and the GOP contributed to the out of control spending, it is the Obama Administration and the Democrat-controlled houses of Congress that have accelerated tax-and-spend policies.


On Friday, while Rep. Hoyer talked of trillions of dollars in US debt, a Florida bank went belly-up making it the 131st bank to close its doors permanently.

Republic Federal Bank was closed down by federal officers who told customers of the failed bank that they are protected. The Federal Deposit Insurance Corporation, or FDIC, has insured bank deposits since the Great Depression. The agency currently covers accounts up to $250,000.

And the jobs picture looks dismal as well. In spite of their failure at job creation, leading leftist luminaries are again calling on the liberal majorities in Congress and President Obama to approve billions more in government spending.

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When President Obama hosted a “jobs summit” where academics, union leaders, and select big business leaders made their pitch for government largess, the mainstream news media turned a deaf ear to what was discussed. Among the the stories they did report was: Teamsters leader James Hoffa's call for higher barriers to trade; President Obama insisting that all future aid to states go to preserving government jobs; no tax cuts; and caulkers for clunkers.

Related Information:

1- HR 4173, introduced by Barney Frank

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"This Democrat Party-run federal government is out of control and while talking like fiscal conservatives they are heading this country into bankruptsy,"