Americans’ debt has now reached more than $14 trillion and is reaching the maximum that by law must stop all of over-budgeting revenues or raise (y)our debt even higher. Our National debt for “each taxpayer” now exceeds $129,000 and President Obama and Capitol Hill Democrats continue their demands to spend even more of (y)our taxpayers’ money.
Unemployment still remains around 9% with inflation escalating while reaching an intensified dangerous level. It appears President Obama and Capitol Hill Democrats only offer to an economic recovery is to spend even more whereas placing our financial system into serious default.
The GOP House majority is attempting to stop the out-of-control spending to restore fiscal sanity to save our nation; however, President Obama and Capitol Hill Democrats refuse to cooperate. At this time, their effort is only to continue the spending and raise additional taxes.
In completing the 2011 fiscal budget on H.R.1 earlier this year, Rep. Edward Markey (D-MA-7) offered H.AMDT.119 to add “Royalty taxes” on oil companies drilling for more oil and gasoline. This Amendment was “defeated” http://clerk.house.gov/evs/2011/roll109.xml with a final vote of 174-Yes; 251-NO; with 8-Not Voting. President Barack Obama and Capitol Hill Democrats continue to orchestrate their Never Under Taxed (NUT) Party philosophy as they discredit the TEA (Taxed Enough Already) Party as ‘not credible’ on the issues.
Now Capitol Hill Democrats are saying the GOP was voting to support ”Big Oil” when, in fact, the Republicans were voting to encourage the oil companies to maintain gasoline and oil prices. Additional “Royalty taxes” would even further increase gasoline prices as additional taxes and would be passed on to the consumers at the pumps; thereby, further damaging our weakened economy.
As current gasoline prices at the pump are approximately $3.86/gallon, oil companies are making approximately $.02/gal. http://www.dailymarkets.com/economy/2011/04/27/gasoline-taxes-vs-exxon-profit-per-gallon/. ‘Big Oil” continues to be denied to drill for new oil and gas by President Obama, his EPA, and Capitol Hill Democrats. President Obama and his EPA issued its “first permit” to American companies in deep waters of the Gulf of Mexico in this May. Obama denies for more oil drilling in ANWR? Obama denies for more oil drilling in the Bakken foundation in N. Dakota and Montana? America now has more known oil reserves than the entire Middle East; however, President Obama, his EPA, and Capitol Hill Democrats deny American companies from retracting the oil. More lower oil and gasoline prices for consumers could greatly improve our economy.
In March of this year, Obama and his administration loaned Brazil $2 billion http://www.nola.com/politics/index.ssf/2011/03/sen_david_vitters_challenges_l.html for drilling in the same American requested deep waters.
In April, 2011, President Obama’s Federal US Export-Import Bank approved loaning $2.84 billion to Columbia http://www.cnsnews.com/news/article/feds-plan-284-billion-loan-oil-refinery for upgrading their oil refinery.
Increasing our National debt even further than our current levels, without “massive expenditure reductions”, may certainly place our fiscal responsibility into a questionable financial quandary. Will President Obama, his EPA, and Capitol Hill Democrats force America into bankruptcy?
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