The U.S. government is headed for a crisis if the debt ceiling isn’t raised by August 2.

What’s the debt ceiling, and why is everyone in Washington talking about it?

It is the legal limit on borrowing by the federal government. Before 1917, Congress had to approve borrowing each time it came up. In order to allow for more flexibility as the nation entered World War I, lawmakers agreed to give the federal government blanket approval for most types of borrowing — as long as the total was less than an established limit. [ MORE DETAILS (1) ] [ MORE DETAILS (2) ]

Instead of negotiating in good faith as has always been the case (debt ceiling was raised seven times under Bush) — Republicans predictably have opted to hold a gun to the president’s head.

Obama on the other hand is a hostage of Wall St. financial terrorists, says Max Keiser, a financial journalist based in Paris.

The president is between a rock and a hard place — Republican yokels who hate the idea of a black man in the White House on one side and the filthy rich (The Real Owners of America) who will not share their ill-gotten wealth with anybody else, on the other.

In between are Republican politicians — who are mere “Yo-Yos” — owned by wall street, lock, stock and barrel — but are answerable to the illiterate, racist yokels in the extreme right-wing of the ReTHUGliLOON party.

“The ‘NIGGER‘ must be defeated in 2012″ — is the GOP’s war cry!

Political satirist Jon Stewart sums the Republican situation best:

“It’s not, ‘Let’s all chip in a buy a keg for the party,’ it’s ‘Buy me a keg or I’ll burn your fucking house down.’” “The Republican insistence on making the debt ceiling their give as opposed to increased tax revenues is like a doctor who believes strictly in magic consulting with a patient.”

‘Debt Ceiling‘ Political Terrorism: What Are Shyster Republicans Afraid Of?

Default Lines: Republicans Treat Tax Cuts Like a Religion and ‘Will Not Sin’

Debt Limit: Ed Shultz Aks President Obama To Let Evil Mitch McConnell ‘Twist in The Wind’ (Part 1)

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The Lies and Mis-Representations on ‘Debt Ceiling’
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Fox’s Palin Advises GOP On Debt Talks: “Now Is Not The Time To Retreat – It’s the Time To Reload“

“Bony Ass” Ann Coulter Invokes Hitler To Defend Paul Ryan’s Controversial Budget Plan

While Accusing Obama Of Fearmongering On Debt, Anti-Immigrant Bigot Lou Dobbs Warns That Pushing Through A Deal Will “Screw Up The Markets“

Fox’s Napolitano Demands That Boehner “Tell The President Not A Penny More”

Mr. Syphilis Sean Hannity Cites Myth That The Stimulus Failed To Bash Obama Over Debt Negotiations

Right-Wing Media Downplay Default Risks By Accusing Obama Of “Threatening” Social Security Benefits

Fox Continues Ignoring Economists To Downplay Debt Ceiling Consequences

Huffington Post: Senate Majority Leader Harry Reid (D-Nev.) said Thursday that Democrats are giving up on trying to break a Republican filibuster of a bill to reauthorize several expired domestic aid programs, including extended unemployment benefits.

“We’re going to move to the small business jobs bill,” said Reid when asked what would happen if the vote to move forward with the “tax extenders” bill fails, as it is expected to do on Thursday afternoon. “We can’t pass it until we get some Republicans… It’s up to them.” [ READ MORE ]

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Visit msnbc.com for breaking news, world news, and news about the economy

Visit msnbc.com for breaking news, world news, and news about the economy

Republicans Expose True Colors in BP Embrace

Visit msnbc.com for breaking news, world news, and news about the economy

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CNN: President Obama on Tuesday outlined an ambitious agenda that requires “significant resources,” even as he aims to halve the deficit by the end of his first term.

In his first speech to a joint session of Congress, Obama said it’s time to act boldly not just to revive the economy, but “to build a new foundation for lasting prosperity.”

“While the cost of action will be great, I can assure you that the cost of inaction will be far greater,” he said. Read full article »

Full Speech:

Republican Rebuttal – Delivered By Gov. Bobby Jindal:

Comedians Analyze Obama’s Speech

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Sixty seven percent of Republicans just helped reject the bailout plan by a vote of 228-205. And, wall street is responding accordingly — the markets are tanking.

The situation is so bad that GAY Democrat Barnett “Barney” Frank, offered to be “uncharacteristically nice” to those Republicans who voted against the bailout — because they didn’t like the “partisan speech” by the speaker of the house — Nancy Pelosi.

One of these despicable ReTHUGlicans, representative Darrell Issa, said he was “resolute” in his opposition to the measure because it would betray party principles and amount to “a coffin on top of Ronald Reagan’s coffin.”

Yes …that long dead Ronald Reagan — the SERIAL LYING REPUBLICAN GOD, who still tickles GOP politician’s up the ass!

Just in case you are wondering, here are Ronald Reagan’s (the president of “sunny optimism“) Top 10 Greatest Achievements.

Even the “erratic and confused” John McCain, who just moments before the vote pre-maturely pro-claimed a vote success (due to his hard work) — while at the same time blaming Obama for inaction, must be stunned!

After “suspending” his campaign to provide “leadership” in Washington during this financial crisis — McSAME’s erratic politicking has failed once more, and Obama looks a lot more presidential.

What a shame!

It is the same Republicans who stymied the immigration bill last year, led by racist NAZI radio/TV talk show hosts, syphilitic maggots like Lou Dobbs, Rush Limbaugh, Sean “Mahoney” O’Hannity and a host of others, who incited an avalanche of “Working Class Whites” to “SPAM” congressional phone lines with NATIVIST rage, scaring the bejesus out of their elected officials.

Almost instantly, stocks plunged in wall street and the Dow lost nearly 600 points. It came in stunning defiance of President Bush and Congressional leaders of both parties, who said the bailout was needed to prevent a widespread financial collapse…..[MORE]