It had to happen sooner or later. Senate Majority Leader Harry Reid (D-Nevada) was finally right about something. In a speech from the Senate floor this morning regarding the ongoing debt crisis, Senator Reid declared, "I want everyone that can hear my voice to understand that time is of the essence. We are running out of time." He is 100% correct. President Barack Obama and his Congressional accomplices have less than two weeks before their threat of economic Armageddon is exposed as a lie of historic proportions.

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Few lies by politicians remain in the public consciousness for very long. But some - especially those by sitting presidents - are so offensive, so self-serving and so absolutely proven to be lies that they are unforgettable and unforgivable.

"I am not a crook." - President Richard M. Nixon

"I did not have sexual relations with that woman." - President Bill Clinton

"I cannot guarantee that those [Social Security] checks go out on August 3rd if we haven't resolved this issue." - President Barack Obama

President Obama's latest contribution to the list of presidential whoppers will quickly be included on that unforgettable and unforgivable list if House Republicans can run out the bogus clock to an imaginary default that Mr. Obama, Congressional Democrats and even some Republican lawmakers have created.

If the majority of House Republicans abandon their principles (and the voters' mandate) to significantly cut government spending before voting to raise the debt ceiling, history (and the voters) will most likely forget how it all came to pass. They will not remember that Obama & Company used lies, class warfare and fear mongering against our most vulnerable citizens to attain their political goals of higher debt, higher spending levels and higher taxes. Of course the mainstream media will help their overall cause by applauding yet another administration failure as a success; refusing to draw the obvious lines between higher debt/more government spending and the dismal economy/job market.

But with the clock ticking and those House Republicans standing firm, Senator Reid is clearly showing his fear that if August 3 dawns without a fair deal to raise our debt, the American people will see the truth and even the mainstream media won't be able to cover for the lies. While the blank check to borrow more, spend more and fail more will have been taken away, adequate tax revenue will continue to roll into government coffers to service our current debt and make essential payments (including those Social Security checks).

Yes, Senator Reid, you are running out of time.