Treasury to set record in bond auction next week (deficit alert...Dems at work)

Will Malven
6/19/2009

Now folks, I thought the Republican Congress was profligate in their spending, throwing tax-payer dollars out the door faster than at any time since the Johnson "Great Society" years...maybe even faster, but over the past seventeen months-and particularly over the past five months with their party's president in office, they have once again proven that Republicans are pikers when it comes to spending the tax-payer's hard earned dollars.

There is no binge spender/shopaholic who can challenge a Democrat Party unfettered by the restraining influence of an opposition president. In April the Treasury Department auctioned off $101 Billion in bonds-an all-time record. In May, not wanting to fail to equal that dubious accomplishment, the Obama Administration again managed to auction off $101 Billion...that's a fifth of a trillion dollars added to our national debt in two months people.

Now Treasury has announced that the June bond auction will be...wait for it folks...$104 Billion. That's right they are setting a new record. "But, but, but the old record is just two months old," you say. "A-ha!" I say, "Never underestimate the spending ability of the Democrat Party."

CNBC has the low-down:

Treasury to Auction $104 Billion In Debt Next Week, a Record

Reuters
18 Jun 2009 03:36 PM ET

The Treasury announced Thursday a record $104 billion worth of bond auctions for next week, part of its herculean efforts to finance a rescue of the world's largest economy.

The sales will exceed the previous record of $101 billion set in auctions that took place in the last week of April and consist of two-year, five-year and seven-year securities. That record was matched by another $101 billion week in May.

Though next week's total was broadly in line with expectations, worries about supply have weighed on the U.S. government bond market, which will see a mammoth $2 trillion worth of new debt issued this year.

Faced with record deficits and confronted by an increasingly concerned debtor China, a nation which has recently began making noise about dumping a large portion of their U.S. debt holdings, the Democrats are now talking about spending even more (non-existent) money on Hillary-Care, Part Deux...$1 Trillion more over ten years, as estimated by their own Congressional Budget Office. The actual cost will probably be double that, a whopping $2 Trillion.

Folks, we're talking about a deficit reaching a frightening 13% of our economy...that's $13 out of every $100 generated by our economy, going just to pay for the deficit. How in the heck is our economy ever going to recover with more than 1/8 of every dollar generated already spent just to finance the deficit?

Democrats are destroying this nation's economy so rapidly that one begins to believe they are doing so intentionally.

For those of you who wish to blame President Bush for this debacle, and I know there are lots of you out there, remember two things: One, the President, whether it be President Bush or President Obama cannot spend one single dollar of tax-payer money on his own. Two, Democrats have been in total control of The House of Representatives and The Senate for close to 2 1/2 years now and they are the only people in Washington who can spend money.

President Bush didn't spend the TARP money, the Democrats in Congress did. President Bush didn't give GM $Billions of money, the Democrat Congress did. President Bush didn't cause this deficit to explode, Democrats in Congress did.

If you want to blame someone for the state of our economy (and you can't bring yourself to blame yourself for your greed for government funded entitlements) then don't blame President Bush and don't blame President Obama, blame the Democrat dominated Congress...it is they who are spending us into oblivion and if it doesn't stop now we will likely be looking back at the Carter economy as a time of great prosperity.

Long Live Our American Republic!!!!

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