Last night, speaking in a tone reminiscent of Rev. Jim Bakker of the old PTL Club,( which in both cases stands for Pass The Loot) President Barack Hussein Obama, in a hastily-called televised speech, spoke concerning the impasse in the Debt Ceiling negotiations.

However, he neglected to mention that he’s the one causing the impasse.

Desperately seeking to grab back the reins of leadership in this situation from House Speaker John Boehner, Obama spoke 7 times about a “balanced approach” and brought up the word “compromise” 6 times in his 15 minute sermon, apparently taken from the Book of First Babylonians.

Last night’s oratorial flourish by the president was nothing more than a hastily-contrived, last-minute plea for tax increases to be included in any bi-partisan plan that may be constructed at the ninth hour.

Of course, Obama attacked those wascally wepublicans, predicting that they would be “sparking a deep economic crisis” if the GOP doesn’t roll over and play dead, like good little pets:

The American people may have voted for divided government, but they didn’t vote for a dysfunctional government. So I’m asking you all to make your voice heard. If you want a balanced approach to reducing the deficit, let your Member of Congress know. If you believe we can solve this problem through compromise, send that message.

The president’s Jim Bakker impression came in response to direct negotiations among Congressional Leaders, which kept him out of the loop. Those negotiations broke off, producing two different plans: one by the House Republicans‘ which would increase the debt ceiling by $1 trillion, cut discretionary spending by $1.2 trillion and arrange a committee to propose up to $1.8 trillion in future deficit reduction; and the other by the Senate Democrats’, designed to raise the debt limit by $2.7 trillion, accompanied by an equal amount of reductions in future spending.

After the president spoke, House Speaker John Boehner replied in his own address, where he said that Obama himself is the chief roadblock in the negotiations:

You see, there is no stalemate in Congress. The House has passed a bill to raise the debt limit with bipartisan support. And this week, while the Senate is struggling to pass a bill filled with phony accounting and Washington gimmicks, we will pass another bill – one that was developed with the support of the bipartisan leadership of the U.S. Senate.

According to Boehner, the bill will also pass the Senate and make its way to the president’s desk, where Obama will be faced with actually having to back up his promise of vetoing the GOP’s proposal.

Boehner said last night:

If the president signs it, the ‘crisis’ atmosphere he has created will simply disappear. The debt limit will be raised. Spending will be cut by more than one trillion dollars, and a serious, bipartisan committee of the Congress will begin the hard but necessary work of dealing with the tough challenges our nation faces.

According to the Speaker of the House, the GOP’s message to Mr. Obama’s calls for continued spending and debt has been “Not so fast.”

The Leadership in Washington (especially Obama and his minions) are in panic mode, trying to get a deal brokered by the Aug. 2 deadline, which is when, according to Treasury Secretary Turbo Tax Tim Geithner,the government will reach its $14.29 trillion borrowing limit. According to Geithner and the rest of the Administration, if that glass ceiling is broken, the government would have to default on some of the government’s promises.

Last night, the budding television evengelist, and part-time President of the United States, Barack Hussein Obama (mm mmm mmmm), told the American public that he wouldn’t bore us “with the details of every plan or proposal.” Then, he went on to claim that while both political parties share the same broad goals, those mean ol’ Republicans are blocking progress by defending lower taxes and spending cuts.

This is bi-partisanship?

If the president, like Jim Bakker himself, along with his late wife Tammy Faye Bakker, always wanted, does not succeed in getting his wish to further empty out Americans’ pocket books, Obama stated that he would support the Debt Ceiling Plan of House Majority Leader, and noted Obama Sycophant, Dinghy Harry Reid.

Adding to the confusion regarding the Debt Ceiling Crisis, is the following report from bloomberg.com:

According to the  chief economist at Wells Fargo Securities LLC, John Silvia, the U.S. government would be able to avoid defaulting for at least a month after the Aug. 2 deadline:

The Federal Reserve and the Treasury can work together to generate enough cash probably for the next two or three months to avoid any kind of automatic default on the Treasury debt.  There’s a way of getting around this issue for at least another month or two.

Also, additional tax revenue that has come in, might give the Treasury until Aug. 10 before it runs out of cash, per a report in Barclays Capital last week.

New York-based Barclays analysts, including Ajay Rajadhyaksha, said:

Tax-receipt inflows from July 14 to date have been considerably stronger than we were expecting.

Per the report, incoming tax revenue over the five-day period from July 14 was about $14 billion higher than Barclays had foreseen, and outlays were about $1 billion less.

So,  what’s the rush, Mr. President?  Ramadan or vay-cay?