Did Obama Just Sneak A $73 Billion Bailout Through Congress?

Americans and the media were consumed with the latest developments in the presidential election.

It was the perfect time for Paul Ryan and Barack Obama to collaborate on another Big Government scheme.

With no one paying attention, Obama and Ryan worked together to ram a $73 billion bailout of Puerto Rico through the House of Representatives.

Politico reports:

In a victory for both Speaker Paul Ryan and the White House, the House of Representatives Thursday passed a bill to resolve Puerto Rico’s $73 billion debt crisis, a major step toward helping the island avoid a historic default.

 Support came from a mix of Republicans and Democrats, emblematic of the rare compromise struck between Congressional Republicans and the Obama administration. Ryan lent significant political capital to fixing Puerto Rico’s debt crisis during negotiations for government funding in December, pledging to move legislation to address it in the first quarter of the year.

 He kept his word, if not the self-imposed deadline. The bill passed by a 297-127 vote Thursday.

And now Senate Majority Leader Mitch McConnell is pledging to take up the legislation just prior to the July 4th recess, a time many Americans will be distracted by their travel plans for the upcoming holiday.

Conservatives were outraged over the bill, which they believe placed higher priority on paying unfunded pension debts than making good on the debt owed to investors.

The Hill reports:

Rep. Raul Labrador, another Freedom Caucus member, said he could only support a bill that respects debt payment priorities written into Puerto Rico’s constitution and doesn’t prioritize payments to pensioners. He cited concerns that doing so could lead to violations of state constitutions and stifle the bond market. 

 

“Whatever we do on Puerto Rico cannot affect our states and cannot affect the way that we’re going to respond to any fiscal crisis in the future for any of the states,” said Labrador, a member of the House Natural Resources Committee, which is handling the bill. “I think if we can get those two things, most conservatives can support a bill that gives the debt restructuring mechanism to the island of Puerto Rico.”

 

Freedom Caucus Chairman Jim Jordan (R-Ohio) echoed Labrador’s concerns about prioritizing pension payments over bond payments.

 

“If you move them up and treat them different, like they did in Detroit, then now it’s not one thing that happened in Detroit. It’s becoming a pattern…and my understanding is that is has implications for the entire bond market,” said Jordan, citing Detroit’s bankruptcy in 2014. “And that is a real concern.”

Conservatives are worried that Democrats will use this bill as a roadmap to pass legislation to bail-out states drowning in debt run up by public employee union pension schemes.

Forbes reports that the total unfunded pension debt in all the states adds up to over $3 trillion dollars.

And since public employee unions overwhelmingly fund Democrats’ campaigns, there is a clear incentive for the party to pay off their contributors with a bailout.

Conservatives were concerned Paul Ryan and Barack Obama established a precedent to do just that.

To cover their tracks, they held the vote with little fanfare while the media was focused on the back-and-forth between Donald Trump and Hillary Clinton.

Tell us your thoughts in the comments.

 

  • Marc E.

    The sooner this nation collapses, the sooner we can expedite our well deserved pain for decades of stupid political, and individual financial choices. Since everyone will blames everyone “else”, I guess the street riots started by BLM, along with the “Occupy” clowns, mixed with islamofascist shootings, and/or suicide bombers will keep us one big “happy” screwed up “family” led by the “ringmaster” himself(temporarily): Satan.

  • desert fox

    Ryan, the little catholic boy, is as phony in politics as he is in his religion.

  • Jerry Dixon

    The HNIC are good at deceiving the people. They both think they are above the law and no one will do any thing, I guess Ryan would not endorse Trump is cause he is working for Clinton. I guess the alter boy is going to convert to sharia islamic law. It is time to clean house of all these mouth breathers that are sucking in all the oxygen.

  • Adrian

    I had no doubt this would happen,and why not….Boehner was working with the regime,and so is Ryan……the man who called the Republican nominee a racist……he is funding the Democratic agenda…….WE MUST REMOVE ALL RINO REPUBLICANS WHEN THEY ARE UP FOR VOTE…..THEY ARE WORSE THAN DEMOCRATS….THEY HAVE SOLD US OUT.

  • Jake319

    The roads are bad, the soldiers in the military live off pay day loans, no increase in social security cost of living since 1993. The congress has done everything to make our lives difficult. Only they issue the money. All we do is make and send it to them.

    • Sharon Jeanguenat

      Social Security got a cost of living raise during either Bush’s last term, or Obama’s first term. It wasn’t much of a raise, but, better than them taking it from me!

  • OnlyCommonSensePlease

    Ryan needs to come out as a democrat like George Wills did. We all know it anyway.

  • Steamer

    Not surprising! When are these government leeches going to realized that WE are broke too! Rinos and their traitorous allies need gone and the checks and balances in government need to be restored!

  • ahufekim

    Time to remove all the RINO’s from Congress. Ryan has switched over to the Democratic Party, along with other RINO’s.

  • JiminGA

    Republicans violate contract law and constitutions/charters yet again in order to please campaign contributors. This is more reason to “burn down” the system and establish congressional term limits. Congress cast aside GM, Chrysler, and Detroit bondholders who had first claim, and is now doing it again, thereby destroying the bond market. Utterly disgusting and unlawful.

  • Shagnasty1

    What do you mean sneak it through. Paul Ryan is on board as I’m sure Mitch McConnell is too.

  • Randy822

    Heading towards 100 Trillion dollars in debt!

  • Jack Leonard

    Party doesn’t matter, this is a pure insiders move. How much more treachery are we going to tolerate?

  • Richard Bagenstose

    after puerto rico handed out millions to there politcians , now oboma and ryan hand them 80 billion more to split with the crooks

  • Richard Bagenstose

    every one over to ryans house to shower with his wife and kids , seeing how he likes all this left wing b/s , tie him up and make him watch

  • Steven B Piersma

    time for ryan to go

  • Dick

    How much longer will this continue? When will Obama, the democrats and the rinos be arrested for treason, given a fast trial and sent to GITMO? They are all criminals.

  • MARK A MUMM

    IMPEACH Ryan!!! Ryan had 15 years to do something about terrorists !!! So far all he has done is call Trump a racist ! The VOTERS have rejected Ryan’s agenda !!! sincerely, mark a mumm

  • REM1875

    Wait till they do california’s bail out and sneak it through.

    • nicholsda

      Try to sneak it thru before the election and see how fast they get the boot in Nov.

  • Thomas

    Unfortunately all of the government brainwashed children we have since the 70’s do not realize they are committing themselves to slavery for the government in the near future.When they run out of people that know how to make money on their own, and they will because people will stop when you keep stealing from them, they will have no choice to have forced labor in aptitudes they decide what you are good for. Just remember Joseph Stalin and Mao.

    • Sharon Jeanguenat

      I look for them to start getting rid of us elderly people, & the disabled, & handicapped. We’re considered a drain on them.

  • Mys77

    Why so much, how about half that much! And in the meantime our veterans get pennies and no medical care! Fu, obama!

  • This why I changed my party affiliation to non aligned. I have given them money for years. I sent them an email basically telling them to kiss my ass. Paul Lying Ryan , Bitch McDumbass and the Republicrats who follow them are Traitors who sold out to the Big money interest. I hate them worse than the Demoncrats. At least the Demoncrats don’t pretend to be our friends. People like this are SCUM.

  • Ron Hirschkind

    We have been sold down the river by both Dems and Republicans. They are all traitors and with Obozo and Hillary, go to prison.

  • Sharon Jeanguenat

    Who’s going to bail US out, when we come crashing down? Paul Ryan is a disgrace to the Republican party!

  • ReaperHD

    This is just one of the reason why they don’t want an outsider in the Oval Office.

  • gongdark

    Follow the money. Wonder how much of that money will be laundered through an offshore bank for obamas retirement fund?

  • Bob Taylor

    If you think it is bad now this could very well be the next step in the Obama Clinton take-over. As you can see it started a long time ago. they still are a bit afraid of we the people with guns but the new military law may be their answer.

    GEORGE W. MALLONE, U.S. Senator (Nevada), speaking before Congress in 1957 “I believe that if the people of this nation fully understood what Congress has done to them over the last 49 years, they would move on Washington; they would not wait for an election… It adds up to a preconceived plan to destroy the economic and social independence of the United States!”

    Now that it is legal for the military to accept illegal persons into it we are soon destined to have an Army (which includes all other branches) of non-Americans armed with the latest weapons as our protectors. Has anyone thought about them being used as the enforcers of martial law? If push comes to shove against the citizens of America whose side do you think the illegal in uniform would help?

    Just a thought to go along with this order: This act was signed and is the law for now if he wants to do it.

    Here’s what The Washington Times warned:

    “Executive Order 13603 (National Defense Resources Preparedness) states that, in case of a war or national emergency, the federal government has the authority to take over almost every aspect of American society. Food, livestock, farming equipment, manufacturing, industry, energy, transportation, hospitals, health care facilities, water resources, defense and construction – all of it could fall under the full control of Mr. Obama. The order empowers the president to dispense these vast resources as he sees fit during a national crisis.”

    That sure sounds like martial law. Everyone should read the order. He has set up a total dictatorship that can be implemented upon declaration of a national emergency. He has delegated authority to cabinet positions over every aspect of this country.

    Remember what FDR said, “In politics nothing happens by accident. If it happened, you can bet it was planned that way.”

  • phxgeo

    This is another chapter of the Paul Ryan book titled, “How I lied and betrayed real conservatives”. He has NO BASIS TO LECTURE TRUMP. He opposes Trump because he knows Trump will not tolerate his BS. Given Ryan’s track record as Speaker he is fully disqualified to hold any elected office under the label Republican except perhaps dog catcher and I do not mean to disrespect dog catchers as they are honest, hard working, do not accept pay offfs and caring all traits that Ryan lacks.

  • Steve

    Detroit paid the government back. Not the same here. Paying over every dollar, much connected to fraud and deceit. Why not pay half the interest on this for a year and watch it magically dwindle. Follow the money on this one! Where do we find this bill? tter to follow the money since back to the states. Instill a moratorium until someone with financial integrity and intelligence gets in.

  • Wcgraybill

    Another Obama rip off.

  • Dolly Granger

    .WE MUST REMOVE ALL RINO REPUBLICANS WHEN THEY ARE UP FOR VOTE…..THEY ARE WORSE THAN DEMOCRATS….THEY HAVE SOLD US OUT.

  • barbarakelly

    It is damn time we kick Ryan out of there. He is a collaborator with the enemy. He shows that he can’t be trusted on anything. Two faced liar. Just saw it –with you Adrian.!!!!

  • Tim

    They throw billions of dollars around like it’s pocket change!! That is OUR MONEY!! Look at the Bull$#it they pull, All these politicians are multi millionaires getting richer and richer while The US is 20 TRILLION DOLLARS IN DEBT!! and who is going to pay it back? WE are!! plus our children ,and our grand children while all these scumbag politicians hide their millions in offshore accounts!!


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