Zerohedge – While Obama may or may not be on the way to winning his reelection, courtesy of a GOP field that is, to say the least, limited, and where the only worthy candidate is more ostracized by the right than even anyone on the left, the bottom line is that whoever wins the presidency, it will matter precisely didley squat. As the US debt clock shows, fast forwarding 4 years, or to February 2016, when the next presidential race will be in its final stretch, America will have $24.1 trillion in debt, about $9 trillion more than it does, now on $17.4 trillion in GDP, for a gross debt to GDP ratio of 138.9% (and Apple’s $1 trillion market cap will account for 150% of the Nasdaq… just as IBM is 125% of the DJIA).
Furthermore the Democrats Failure To Pass Budget Is Illegal
Two top Democrats in Congress say the legislature doesn’t really need to pass a budget. Excuse us, but passing a budget isn’t optional; it’s required by law. Is this the future of rule under the Democrats? House Minority Whip Steny Hoyer is tired of passing budgets as the law demands. He thinks Congress can just keep spending money without any sort of budget...Actually, “the fact is,” Congress is required under the Congressional Budget and Impoundment Control Act of 1974 to pass a spending plan and then have it scored by the Congressional Budget Office and signed by the president. Read on at: http://news.investors.com/ArticlePrint/600854/201202101833/democrats-refusal-to-pass-budget-is-illegal.aspx
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