The Ultimate Fiscal Cliff Cheat Sheet Infographic

Tyler Durden's picture

The Fiscal Cliff is the name given for the 2013 increase of Federal Government taxes and budget cuts. The Bush-era tax cuts expire and the 2013 "Budget Control Act" kicks in, among other budget cuts & new taxes. The Fiscal Cliff is set to reduce the 2013 US Government budget deficit by roughly half; will remove $607 Billion from economy (GDP), resulting in 4% drop, pushing it back into recession; it can NOT be avoided. It must happen to fix the budget deficit; any delay must be paid for later; it will NOT reduce the US debt, only slow down the growth. The Fiscal Cliff's (new taxes and budget cuts) size and impact are visualized below in physical $100 bills.

 

 

New Taxes...

Beginning 2013, Americans are to pay more in taxes.

Bush era tax cuts, FICA 2% payroll tax cuts & other tax provisions will expire, Obamacare taxes will show up - this amounts for $400 Billion in new taxes.

Each truck holds $2 Billion, each line is 1.36 miles (7217 feet), for a total truck line length of 2.73 miles, worth $400 Billion.

This is how it could look if taxes were paid physically, instead of electronically.

$222.7 Billion Bonus: Corporate Tax Subsidies

While the taxes are increasing significantly on American citizens, the largest corporations have enjoyed corporate tax loop-holes.

280 of America's largest companies got $222.7 Billion in tax-breaks between 2008-10, while all of them remained profitable.

67 of the 207 companies' paid effective three-year tax rate of less than 10 percent-- far from the 35% corporate tax code.

 

Budget Cuts...

The Fiscal Cliff will cut $207 Billion out of Government budget: $65 Billion in cuts will come from "Automatic Sequestration", a fancy name for automatic spending cuts that are the consequence of the "Super Committee" failing to come up with a plan to cut $1.5 Trillion over 10 years, which they had to do in order to avoid the "Automatic Sequestration".

The sequestrations cuts will be divided equally between Defense and Non-Defense spending.

$26 Billion in cuts will come from the Unemployment Benefit Extension expiring.

$11 Billion in cuts will come from reduction in Medicare Payment Rates.

$105 Billion will come from other spending reductions.

 

Source: Demonocracy

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
imbrbing's picture

Ann Barnhardt? Is that you!? :)

Has anyone seen here latest 8 part series on "the economy is going to implode".

Its worth a once over at least.

ebworthen's picture

Fuck the fiscal cliff.

Hang the bankers.

End the FED.

Let GM and Chrysler and AIG fail.

20% down on a house, originating bank holds the loan, and if you can't afford it the bank loses.

No privatized gains/socialized losses.

Sound Money.

Restore the Rule of Law.

Put Jon Corzine in an orange jump suit and make him bust rocks.

If not, then fly the Jolly Roger at the Whitehouse and Congress and the Supreme Court and a Red Light at every God-Damned parasitic whore house on Wall Street.

Yen Cross's picture

 Amen Brother/  You to johngaltfla/   

  The complete denial of what is the single largest problem in fiscal responsibility, for 2 generations is beyond laughable!

Big Ben's picture

The House should just pass a bill which kicks the can (keeps existing taxes and spending) until 2015. Obama and/or the Senate will certainly reject this because they really want to go over the cliff. So Obama and/or the Senate will get the blame for sending us over the fiscal cliff.

The Republicans signed a bad deal last year with $400B revenue increases vs. only $200B spending cuts. But their position is weaker now and they are not going to be able to do any better at this late date. So we are going to go over the cliff. The best the Repubs can do is to make sure that Dems get the blame for it.

Actually, if you just change your perspective and look at US Treasury sales as taxation rather than borrowing, then the budget is already balanced. US Treasuries will never be repaid, so they really are a tax. And since I personally don't own any USTs and never intend to, that is a very painless form of taxation (at least for me).

Oldwood's picture

Blame will be assigned by the media. There is no defeat of the liberal agenda because the media won't allow it. Regardless of what happens, the conservatives are defeated. If they compromise, they caved and look weak and uncommitted to their beliefs. If they stand and fight they will be blamed for whatever happens, real or imagined. Now that so many are dependent on government, it is all the easier to convince them of Obama's benevolence, and the bigger the lie or fraud, the harder it is to refute. Obama and his minions can do virtually anything and will not be held to account or even asked to comment or respond. He is above everything and anyone who thinks they can use politics or any other machinations to defeat him is delusional. It is over. They have won. Anything we do now is simply an argument over the wording of a surrender, in hopes we can make it feel more like a compromise. All we have left is a little bit of dignity and in that spirit conservatives of congress should vote "present" on any bill they can't defeat. If they are hoping some amnesty from the left, some saving of face they will find themselves their bitches. Nixon compromised on liberal policies and they ate him alive, Bush 1 caved on tax increases and they beat him to death with his no new taxes pledge in his contest with Clinton. When conservatives sent a budget to Clinton that reduced spending, he refused to sign it and subsequently shut the government down. The Conservatives were blamed and Clinton got the credit for reduced spending. Compromise is the destruction of all conservatives principles. Conservatism is what is and progress is what is to come, for better or worse. The left has no overriding template. There is no indication that their demand for more will ever end. Every liberal policy that has been adopted has been surpassed by each new term of office. Anyone with half a brain knows that there is only one ultimate outcome for the left and that is full blown totalitarian communism, whether they realize it or not.

BraveSirRobin's picture

Agree. The Republicans should agree to everything Obama wants (except power to unilaterally increase debt limit while giving him all the debt increases he desires), and let him own the results, for good or bad.

 

I am Jobe's picture

Dump congress and whore house and things will be fine.

JR's picture

America is operating under an economic dictatorship.  Dictators, of course, don’t take over an economy to manage it; they take it over to steal from it, to gut it completely.

The election of Obama just put our foot to the accelerator as the economy veers faster and faster toward the proverbial wall.

Economic dictatorship in America, which has led to political dictatorship, now is heading into totalitarian government where, finally, everyone will belong to the State.

The money boys have used race hatred to destroy America’s middle class strength - built upon a foundation of responsibility, morality and charity – undermining it with an influx of low-information takers to vote in banker-controlled totalitarian socialism, in order to justify plunder by the state. By opening the borders to the Third World, the U.S. Hispanic population in 2050 is projected to reach 130 million – a controlling minority majority.

As for America’s future, consider this "largest, fastest-growing  minority," as outlined by Pat Buchanan:

QUOTE:

Let us consider only native-born Hispanics, U.S. citizens.

According to Steve Camarota of the Center for Immigration Studies, which analyzed Census Bureau statistics from 2012:

More than one in five Hispanic citizens lives in poverty.

One in four Hispanic-American men 25 to 55 is out of work.

– More than half of all Hispanic women 25-55 are unmarried.

Half of all Hispanic households with children are headed by an unmarried woman, and 55 percent depend on welfare programs.

These numbers do not improve with time, as they did with the Irish, Italian, Polish, Jewish and German immigrants who poured into the United States between 1890 and 1920. Third-generation Hispanics do worse than second-generation Hispanics in all the above categories.

This is a huge community being sucked into the morass of a mammoth welfare state. Consider a typical Hispanic household with children.

It is headed by an unmarried women who receives food stamps and public housing or rent supplements to feed and house her children.

Her kids are educated free from Head Start to K-12 and fed by school breakfast and lunch programs. Should they graduate high school, Pell Grants and student loans are there for college.

For cash, mom gets welfare checks. If she takes a job, she will receive an earned income tax credit to supplement her income. If she loses her job, she can get 99 weeks of unemployment checks.

For health care, there is Medicaid and Obamacare. And like 45 percent of all Hispanic households, she has no federal income tax liability.

Why should this woman vote for a party that will cut taxes she does not pay, but reduce benefits she does receive?\

http://www.humanevents.com/2012/11/20/pat-buchanan-mitt-wasnt-all-wrong-about-gifts/

This is America’s economic future. This is America’s fiscal cliff.

10mm's picture

Im not Hispanic,I am Half Italian Half American Indian,Im from the Woppa Ho Tribe.Hey how are ya Hey How are Ya. 

GCT's picture

And JR  72% of single women voted for the Big O!  What I find even more funny is most men do not get it as most government programs are designed for single unwed mothers.  Go try to get on these programs boys and you will get tossed out on your ears.

Yen Cross's picture

 Katrina and Sandy victims should not be messed with!  They know the real deal!  There is a big storm a brewing, when those people decend on Washinton!

10mm's picture

They couldn't decend on their own ass.Cry baby NE losers love to expect "GOVT to the Rescue'.

Yen Cross's picture

 You could be right/  People have appetites.  Must feed the soul!

LFMayor's picture

must feed on souls. Noted!

dbTX's picture

Before long you're talking about some real money.

DosZap's picture

This will surprise no one here I am sure.

I heard a nitwit(yes a Progressive one), bemoaning the fact that NO one should be able to have generators if all should not have alternative power in an energency............yes, you read it correctly.( this was said in light of Sandy).

This is what we have become, a nation where everyone is the exactly same, except for the elite.

Afterall, it's not FAIR!,we must make it fair.....................in light of this mindset we are being brought into, then ALL should get the VERY best of everything, or where we are really going, the least amount to subsist, and then only of you are a producer.

Catullus's picture

So are they annual numbers? I'm tired of the $220bn over three years garbage.

Look, they take in 2. Spend 3. Owe 16. And have promised 120. Adding or subtracting .07 or .1 a year is not going to make a difference. And GDP is 16. So .2 or .3 does not a cascade the country into a depression.

It'll be ok. They're already withholding all the tax money anyway. It's just a matter of how much they refund back to you early 2014.

exartizo's picture

I'm not really sure why anyone here is surprised.

The subversion by Fiat Printers has been taking place since Nixon.

10mm's picture

Looks good.i fuckin love it.

10mm's picture

Fear not Fear not.I just tapped into "Drudge".The latest headline is about some white dude,I think he's white,loaded up with tatoos.Bread and Circus Motherfuckers.

Bear's picture

and after hours:

"The administration is funding a $100,000 study of pregnant and "at-risk" 14-17-year-old girls on probation in Houston, Texas, to determine ways to help them choose safer lifestyles and avoid pregnancy, including better "condom negotiation" tactics"

Yen Cross's picture

 Explain that to your 14 year old Daughter that is "normal"! A young lady with values, and a Brain! ( she has 2 parents)

  IMAGINE THAT!

smiler03's picture

Texas should take a leaf out of Californias book and succeed in reducing unwanted teen pregnancies.

 

All Texas teaches children is "abstain until you're married", which is of course all that the Government mandates. If Texas thought a little harder and actually taught children where babies come from then they (the teenagers) might actually produce less of them.

caustixoid's picture

I keep looking around for Tyler's Friday Humor.  This is it right?   The government junkie gonna do only half-a-line today-- 'then I'm gonna get my shit together(sniff)'.  Oh, okay, I get it.

BraveSirRobin's picture

Hard to find ammo anywhere. Shelves are empty. The few stores that have inventory are limiting buys. Even internet sellers show lots of "out of stock" tags on their sites. Particular shortages appear in 223/5.56 NATO. I wonder why that is?

10mm's picture

My FFL contact tells me 7.62x39 rounds,esp brass due to reloaders,is being bought up and even steel case being snatched up.Hard to even get a AK like it was.Here we are at the moment.Glad i bought yrs ago.The new gold.

toomanyfakeconservatives's picture

You guys can't be serious. The following deals are still on the shelf at my local WalMarts:

 

.223 Remington - 35 cents/round (brass), 25 cents/round (steel)

.44 Magnum - 70 cents/round (brass)

12gauge buck or slug - 80 cents/round

.22lr - 3.6 cents/round

 

I'm the asshole visiting several times a day to snatch up the bulk packs when they hit the shelves.

septimus's picture

This video makes a few great points about the fiscal cliff, and it's quite funny too: http://www.youtube.com/watch?v=ntNWcxKm71g

toomanyfakeconservatives's picture

These visualizations are the best thing since sliced bread. They even make it easy for the internet-instant gratification generation to understand the monumental nature of the monetary fraud being perpetrated by our fearless leaders against the people.

Floodmaster's picture

These graphics are meaningless, debt-per-capita give you a much better picture.

dizzyfingers's picture
http://www.bls.gov/news.release/empsit.t15.htm  HOUSEHOLD DATA Table A-15. Alternative measures of labor underutilization

 

The U.S. Economy By The Numbers: 70 Facts That Barack Obama Does Not Want You To See By Michael, on June 7th, 2012  http://theeconomiccollapseblog.com/archives/the-u-s-economy-by-the-numbers-70-facts-that-barack-obama-does-not-want-you-to-see

Why is the economy going to collapse? Have you ever been asked that question? If so, what did you say? 

Sometimes it is difficult to communicate dozens of complicated economic and financial concepts in a package that the average person on the street can easily digest. It can be very frustrating to know that something is true but not be able to explain it clearly to someone else. 

Hopefully many of you out there will find the list below useful. It is a list of 70 numbers that show why we are headed for a national economic nightmare. 

So why does the title of the article single out Barack Obama? Well, it is because right now he is the biggest cheerleader for the economy. He is attempting to convince all of us that everything is just fine and that the economy is heading in a positive direction. Well, the truth is that everything is not fine and things are about to get a whole lot worse. Certainly others should share in the blame as well. Congress has been steering the economy in the wrong direction for decades, the "too big to fail" banks have turned Wall Street into a pyramid of risk, leverage and debt, and the Federal Reserve has more power over the financial system than anyone else does. 

Our economy has been in decline for quite a while now, and soon we are going to smash directly into an economic brick wall. Unfortunately, a lot of Americans are in denial about this. A lot of people out there doubt that an economic collapse is coming.

 Well, if you know someone that believes that the U.S. economy is going to be "just fine", just show them the list below.

 The following are 70 facts that Barack Obama does not want you to see....

 $3.59 - When Barack Obama entered the White House, the average price of a gallon of gasoline was $1.85. Today, it is $3.59.

 22 - It is hard to believe, but today the poverty rate for children living in the United States is a whopping 22 percent.

 23 - According to U.S. Representative Betty Sutton, an average of 23 manufacturing facilities permanently shut down in the United States every single day during 2010.

 30 - Back in 2007, about 10 percent of all unemployed Americans had been out of work for 52 weeks or longer. Today, that number is above 30 percent.

 32 - The amount of money that the federal government gives directly to Americans has increased by 32 percent since Barack Obama entered the White House.

 35 - U.S. housing prices are now down a total of 35 percent from the peak of the housing bubble.

 40 - The official U.S. unemployment rate has been above 8 percent for 40 months in a row.

 42 - According to one survey, 42 percent of all American workers are currently living paycheck to paycheck.

48 - Shockingly, at this point 48 percent of all Americans are either considered to be "low income" or are living in poverty.

49 - Today, an astounding 49.1 percent of all Americans live in a home where at least one person receives benefits from the government.

53 - Last year, an astounding 53 percent of all U.S. college graduates under the age of 25 were either unemployed or underemployed.

60 - According to a recent Gallup poll, only 60 percent of all Americans say that they have enough money to live comfortably.

61 - At this point the Federal Reserve is essentially monetizing much of the U.S. national debt. For example, the Federal Reserve bought up approximately 61 percent of all government debt issued by the U.S. Treasury Department during 2011.

63 - One recent survey found that 63 percent of all Americans believe that the U.S. economic model is broken.

71 - Today, 71 percent of all small business owners believe that the U.S. economy is still in a recession.

80 - Americans buy 80 percent of the pain pills sold on the entire globe each year.

81 - Credit card debt among Americans in the 25 to 34 year old age bracket has risen by 81 percent since 1989.

85 - 85 percent of all artificial Christmas trees are made in China.

86 - According to one survey, 86 percent of Americans workers in their sixties say that they will continue working past their 65th birthday.

90 - In the United States today, the wealthiest one percent of all Americans have a greater net worth than the bottom 90 percent combined.

93 - The United States now ranks 93rd in the world in income inequality.

95 - The middle class continues to shrink - 95 percent of the jobs lost during the last recession were middle class jobs.

107 - Each year, the average American must work 107 days just to make enough money to pay local, state and federal taxes.

350 - The average CEO now makes approximately 350 times as much as the average American worker makes.

400 - According to Forbes, the 400 wealthiest Americans have more wealth than the bottom 150 million Americans combined.

$500 - In some areas of Detroit, Michigan you can buy a three bedroom home for just $500.

627 - In 2010, China produced 627 million metric tons of steel. The United States only produced 80 million metric tons of steel.

877 - 20,000 workers recently applied for just 877 jobs at a Hyundai plant in Montgomery, Alabama.

900 - Auto parts exports from China to the United States have increased by more than 900 percent since the year 2000.

$1580 - When Barack Obama first took office, an ounce of gold was going for about $850. Today an ounce of gold costs more than $1580 an ounce.

1700 - Consumer debt in America has risen by a whopping 1700% since 1971.

2016 - It is being projected that the Chinese economy will be larger than the U.S. economy by the year 2016.

$4155 - The average American household spent a staggering $4,155 on gasoline during 2011.

$4300 - The amount by which real median household income has declined since Barack Obama entered the White House.

$6000 - If you can believe it, the median price of a home in Detroit is now just $6000.

$10,000 - According to the Employee Benefit Research Institute, 46 percent of all American workers have less than $10,000 saved for retirement, and 29 percent of all American workers have less than $1,000 saved for retirement.

49,000 - In 2011, our trade deficit with China was more than 49,000 times larger than it was back in 1985.

50,000 - The United States has lost an average of approximately 50,000 manufacturing jobs a month since China joined the World Trade Organization in 2001.

56,000 - The United States has lost more than 56,000 manufacturing facilities since 2001.

$85,000 - According to the New York Times, a Jeep Grand Cherokee that costs $27,490 in the United States costs about $85,000 in China thanks to all the tariffs.

$175,587 - The Obama administration spent $175,587 to find out if cocaine causes Japanese quail to engage in sexually risky behavior.

$328,404 - Over the next 75 years, Medicare is facing unfunded liabilities of more than 38 trillion dollars. That comes to $328,404 for each and every household in the United States.

$361,330 - This is what the average banker in New York City made in 2010.

440,00 - If the federal government began right at this moment to repay the U.S. national debt at a rate of one dollar per second, it would take over 440,000 years to totally pay it off.

500,000 - According to the Economic Policy Institute, America is losing half a million jobs to China every single year.

2,000,000 - Family farms are being systematically wiped out of existence in the United States. According to the U.S. Department of Agriculture, the number of farms in the United States has fallen from about 6.8 million in 1935 to only about 2 million today.

$2,000,000 - At this point, the U.S. national debt is rising by more than 2 million dollars every single minute.

2,600,000 - In 2010, 2.6 million more Americans fell into poverty. That was the largest increase that we have seen since the U.S. government began keeping statistics on this back in 1959.

5,400,000 - When Barack Obama first took office there were 2.7 million long-term unemployed Americans. Today there are twice as many.

16,000,000 - It is being projected that Obamacare will add 16 million more Americans to the Medicaid rolls.

$20,000,000 - The amount of money the U.S. government was spending to create a version of Sesame Street for children in Pakistan.

25,000,000 - Today, approximately 25 million American adults are living with their parents.

40,000,000 - According to Professor Alan Blinder of Princeton University, 40 million more U.S. jobs could be sent offshore over the next two decades if current trends continue.

46,405,204 - The number of Americans currently on food stamps. When Barack Obama first entered the White House there were only 32 million Americans on food stamps.

88,000,000 - Today there are more than 88 million working age Americans that are not employed and that are not looking for employment. That is an all-time record high.

100,000,000 - Overall, there are more than 100 million working age Americans that do not currently have jobs.

$150,000,000 - This is approximately the amount of money that the Obama administration and the U.S. Congress are stealing from future generations of Americans every single hour.

$2,000,000,000 - The amount of money that JP Morgan has admitted that it will lose from derivatives trades gone bad. Many analysts are convinced that the real number will actually end up being much higher.

$147,000,000,000 - In the U.S., medical costs related to obesity are estimated to be approximately 147 billion dollars a year.

295,500,000,000 - Our trade deficit with China in 2011 was $295.5 billion. That was the largest trade deficit that one country has had with another country in the history of the planet.

$359,100,000,000 - During the first quarter of 2012, U.S. public debt rose by 359.1 billion dollars. U.S. GDP only rose by 142.4 billion dollars.

$454,000,000,000 - During fiscal 2011, the U.S. government spent over 454 billion dollars just on interest on the national debt.

$1,000,000,000,000 - The total amount of student loan debt in the United States recently surpassed the one trillion dollar mark.

$1,170,000,000,000 - China now holds approximately 1.17 trillion dollars of U.S. government debt. Yet the U.S. government continues to send them millions of dollars in foreign aid every year.

$1,600,000,000,000 - The amount that has been added to the U.S. national debt since the Republicans took control of the U.S. House of Representatives. This is more than the first 97 Congresses added to the national debt combined.

$5,000,000,000,000 - The U.S. national debt has risen by more than 5 trillion dollars since the day that Barack Obama first took office. In a little more than 3 years Obama has added more to the national debt than the first 41 presidents combined.

$5,000,000,000,000 - What the real U.S. budget deficit in 2011 would have been if the federal government had used generally accepted accounting principles.

$11,440,000,000,000 - The total amount of consumer debt in the United States.

$15,734,596,578,458.59 - The U.S. national debt as of June 7, 2012.

$200,000,000,000,000 - Today, the 9 largest banks in the United States have a total of more than 200 trillion dollars of exposure to derivatives. When the derivatives market completely collapses there won't be enough money in the entire world to fix it.

 

geno-econ's picture

Cowardly not to mention fiscal situation most State and Municipal governments are facing with Federal subsidies and giveaways  such as homeland security and educational grants declining and unemployment benefits coming to an end. Local income and property taxes will obviously go up dramatically further stiffling growth and job creation.  Winding down a 30 year credit/fiscal leverage amounting to 120% of GDP will be painfull.  Throw in derivatives exposure as well as a few more Bubbles already mentioned and your talking about complete confidence destruction in our entire world economy -----not just another business cycle.  We need a new model quickly with no Gailbreths, --Keynsians or Marx's in sight-----just more MBA's ready to offer leveraged Ponzi schemes.

Rusty Diggins's picture

Dizzy, dont run around confusing the situation with facts.

FreeNewEnergy's picture

I hate to break it to everyone, but when the magnetic poles reverse on December 21, the fiscal cliff will flip over and, presto change-o, we will have a monetary waterfall. Bernanke will get the credit for this miracle of financial/geological wizardry, naturally.

Did everyone forget about the Mayan calendar?

Come on, guys and gals, even John Boehner is counting on this. Why do you think there's no deal? They're all waiting for the 21st of December, and yes, sir, it's a Friday!

Good times for all!

Marley's picture

The expirery of the Bush give away isn't new taxes.  It returns taxes to the Greeks that live in this country.  Grow up, or move to one of those fanciful countries preppers explore for relief from reality.

brettd's picture

Stop the drama.

Let it go sequester.

In 6 months, we'll adapt and set a new course.

kadoka's picture

Just occured to me.  Obama doesn't want a deal to avoid the fiscal cliff.  If there is no agreement, he gets what he wants.  Higher taxes all around.  He can then negotiate to give back the tax cuts to who he wants to have them.  But he will have his higher taxes on the "rich" and can veto any bill including tax cuts for the "rich".  He is going to let this go and try his best to put the blame on the Repubs and win all around.  He gets all he wants with no agreement from Congress.  He wins by default (excuse the pun)

 

 

polo007's picture

A Senate Republican aide tells Breitbart News, “It’s clear that the White House is becoming increasingly comfortable with the cliff dive. They’re just not engaged. They’re less engaged than they were two weeks ago.”

http://www.breitbart.com/Big-Government/2012/11/29/Exclusive-Source-Obama-ready-fiscal-cliff?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+BreitbartFeed+%28Breitbart+Feed%29

polo007's picture

Sen. John Cornyn (R-Texas), who will soon be the second-ranking Republican in the Senate, on Friday panned a proposal by the White House that would allow President Obama to raise the debt ceiling without congressional approval.

Cornyn was referring to a plan Treasury Secretary Tim Geithner presented to Speaker John Boehner (R-Ohio) on Thursday that was meant to avoid the "fiscal cliff" of tax increases and spending cuts.

The plan, which sparked strong Republican criticism, included a provision allowing the White House to raise the debt ceiling without the consent of Congress.

"Well, it's outrageous," Cornyn said on Fox News.

"It's like saying we maxed out our credit card so I'm going to get a new credit card with no limit so I can keep spending. There needs to be some accountability here and, so far, we're spending 42 cents out of every dollar in Washington and that's borrowed money. And that's money that our kids and grandkids are gonna have to pay back."

http://thehill.com/blogs/blog-briefing-room/news/270373-cornyn-obama-crazy-to-claim-unilateral-debt-ceiling-power