BUDGET DEAL A WASTE OF TIME...FALSE PROMISES, FALSE PREMISES..AS USUAL NOTHING WAS DONE BY CLUELESS POLITICIANS !

President Barack Obama announced on Sunday that Republican and Democratic leaders had agreed on a last-ditch deal to raise the U.S. borrowing limit and avoid a catastrophic default, and he urged lawmakers to "do the right thing" and approve the agreement.

This clueless president, who is driving the nation to bankruptcy which with this deal is a SURE THING, continues to lie about every aspect of this bogus program. His con-conspirators in the process are all the Republican and Democratic senators and representatives who will vote in favor of this worthless boondoggle of a financial rescue plan.

By definition, our nation has become insolvent...unable to pay its debts as they mature. This is not a fantasy or illusion as the Democrats state, but it is a FACT, an undeniable fact.

Our nation is committed to unmanageable debt that continues to accumulate at the rate of $4 billion DAILY...that is the amount that is being borrowed by the treasury every day to carry on its out of control operations. This is an amount that is not sustainable for the country, with no end predicted in the near future.

This "compromise" deal does absolutely nothing to stop the continuing growth of government spending, and worse yet we are now on a 10 year plan of wild spending.

This fantasy deal is just that, a fantasy, that will do nothing to improve the lives or finances of the citizens now or in the future. In fact, the plan assures the continued erosion of the value of the US dollar, and now solidly so for the next 10 years!

Worse yet, is is quite likely that the financial situation will deteriorate significantly as other ominous government mandates start to kick in over the next few years...such as Obama Care mandates and other mandates that stifle business growth.

We will be facing future crises such as this sooner..much sooner than is predicted. Just wait and see, and then it will be much more critical.

Here is a summary of the crazy deal, based on documents provided by both parties, as well as interviews with lawmakers and aides:

* The deal would allow President Barack Obama to raise the debt ceiling in three steps. Congress would get a chance to register its disapproval on two of these, but would not be able to block them unless it musters a two-thirds vote in both the House and the Senate -- an unlikely prospect.

* It envisions spending cuts of roughly $2.4 trillion over 10 years, which Congress would approve in two steps -- an initial $917 billion when the deal passes Congress and another $1.5 trillion by the end of the year.

* The first group of spending cuts would apply to the discretionary programs that Congress approves annually, covering everything from the military to food inspection.

* Those programs would be capped each year for 10 years. The caps would be relatively modest at first to avoid stifling the shaky economy -- spending for the fiscal year that begins October 1 would be only $6 billion below the current level of $1.049 trillion. The caps would have a greater impact in later years, when it is hoped that the economy will have recovered.

* Some $350 billion of the $917 billion total would come from defense and other security programs which now account for more than half of all discretionary spending. Republicans are resisting this idea and it is one of the few areas of dispute left.

* Automatic across-the-board spending cuts would kick in if Congress does not observe the caps in coming years.

* A 12-member congressional committee, made up equally of Republicans and Democrats from each chamber, would be tasked with finding a further $1.5 trillion in budget savings.

* That committee could find savings from an overhaul of the tax code and restructuring benefit programs like Medicare -- the politically risky decisions that lawmakers have not been able to agree on so far.

* The committee would have to complete its work by November 23. Congress would have an up-or-down vote, with no modifications, on the committee's recommendations by December 23.

* If the committee cannot agree on at least $1.2 trillion in savings, or Congress rejects its findings, automatic spending cuts totaling that amount would kick in starting in 2013.

* Those cuts would fall equally on domestic and military programs. Medicare would face automatic cuts as well, but Social Security, Medicaid, federal employee pay, and benefits for veterans and the poor would be exempt.

* The plan also calls for both the House and the Senate to vote on a balanced budget amendment to the Constitution by the end of the year. It is not likely to receive the two-thirds vote in each chamber needed for passage, but its inclusion will make it easier for conservatives to back the overall deal.