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Obama Uses Veto For Only Fifth Time, Rejecting Defense Authorization Bill
President Obama on Thursday vetoed a 2 billion defense policy bill, rejecting a broadly supported measure that sets funding for salaries and equipment, and intensifying his struggle with the Republican-led Congress over federal spending.
Mr. Obama has wielded the veto only four other times since taking office in 2009, and his fifth one Thursday signaled his determination to use the defense bill as a bargaining chip to push Republicans to abandon strict spending limits on and domestic programs enacted in the 2011 Budget Control Act.
In an Oval Office ceremony choreographed for the news media, Mr. Obama signed his veto message, saying that while the legislation had a number of positive attributes, it fell “woefully short” in key areas that Congress had an obligation to address. The issue has made a broader budget agreement impossible, raising the prospect of another government shutdown in December if the president and Republicans fail to strike an agreement. “Add in what Homeland Security, Veterans Affairs, and the Energy departments spend on defense and total US spending will reach 1 billion in fiscal 2011, exceeding that of all other nations combined,” according to Todd Harrison, senior fellow for Defense Budget Studies at the Center for Strategic and Budgetary Assessments.  “Over the century that followed, the U.S. has gone from being the biggest creditor in the world to its biggest debtor,” financial analyst Simon Black wrote. “Decades of expanding government programs, waste, endless and costly , etc. have racked up such an enormous pile of debt that it has become almost impossible to pay it down.” leader leadership u.s. usa “united states” safe safety funding funds finance support equipment protection bill budget savings “savings account” future retirement “cyber security” secure 2015 2016 money cash wealthy debt loan bank banking vote election republican democrat modern tech technology “21st century” program “save money” training prepare law news media entertainment “elite nwo agenda” recruitment people “u.s. citizenship” gerald celente trends in the news coast to coast am bilderberg illuminati george soros new world order 3rd term obama hillary clinton bush donald trump alex jones infowars max keiser
Debt ratios have reached extreme levels across all major regions of the global economy, leaving the financial system acutely vulnerable to monetary tightening by the US Federal Reserve, the world’s top financial watchdog has warned.
The Bank for International Settlements said the wild market ructions of recent weeks and capital outflows from China are warning signs that the massive build-up in credit is coming back to haunt, compounded by worries that policymakers may be struggling to control events.
“We are not seeing isolated tremors, but the release of pressure that has gradually accumulated over the years along major fault lines,” said Claudio Borio, the bank’s chief economist.
The Swiss-based BIS said total debt ratios are now significantly higher than they were at the peak of the last credit cycle in 2007, just before the onset of global financial crisis.