Secret Fed Document Reveal Obama Misled Congress, Public During Debt Limit Crises


Debt Ceiling Increased Under False Premise

The report shows a wanton disregard for the nation and the economy in order to advance political objectives. It will be remembered when, as a congressman, Obama harshly criticized Republicans when the debt ceiling was increased to $6 trillion under President Bush, stating that we were mortgaging our children’s and grandchildrens future. Under Obama the debt has risen to over $19 trillion, and he has repeatedly played games to increase the limit set by Congress to pay for out-of-control programs and “goodies” to curry favor and pad the government workforce. It is beneath a president or patriot to do such damage to the country.

“These internal documents show the Obama Administration took the nation’s creditworthiness and economy hostage in a cynical attempt to create a crisis so the president could get what he wanted during negotiations over the debt ceiling,” Hensarling said in a statement to be released with the report Tuesday.

The report also revealed that the Treasury Department did not publicly divulge its plans to prioritize payments “for the express purpose of creating market uncertainty in an effort to pressure Congress to acquiesce in the administration’s ‘no negotiation’ posture on the debt ceiling.”

Wisconsin Republican Rep. Sean Duffy, the financial services panel’s oversight subcommittee chairman, said the administration “manufactured a crisis to put politics ahead of economic stability.”

The massive, 322-page report chronicles frank, behind-the-scenes discussions among Federal Reserve Board and Federal Bank of New York officials as Congress debated whether to keep existing debt limits or allow Treasury to borrow more money. The House committee and the Treasury Department have been fighting a bitter, two-year battle over Federal Reserve documents.

The report states that “Treasury apparently directed the New York Fed not to answer valid congressional oversight inquiries because Treasury knew the answers would expose the dishonesty of the administration’s public statements.”

The revelations will likely add new intensity to the long-running public debate on the proper level of federal spending as the 2016 election campaign accelerates with Monday’s Iowa presidential caucus and next week’s New Hampshire presidential primary. Obama administration officials repeatedly declared that a complete government shutdown with no partial or interim payments was the only alternative to congressional approval of an increased debt ceiling.

Obama and his administration, which promised to be the “most transparent administration ever,” has turned out to be nothing more than a Chicago style gang of thugs willing to do whatever they need to in order to get their way.

They have repeatedly ignored Congress and the limits of power established by the Constitution, and sadly, the press and ignored and encouraged that lawlessness, and the Democrat party has blindly supported it. Obama now only has ten more months to inflict as much damage on the nation as he can, and it is easy to imagine that he will do exactly that.

Source: dailycaller.com



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