Ladies and gentlemen, a couple of sound bites from Nancy Pelosi. The Democrats are, right in front of our eyes, losing — openly now — their sanity. If you don’t accept that, if you think they already have lost their sanity, what they’re doing is admitting it. We have two bites. This is on Capital Hill, Nancy Pelosi’s press conference to talk about the budget and the sequester. Folks, do you realize the sequester features no budget cuts?

All it does is reduce the rate of growth. It’s all baseline budgeting. There’s no difference in this round of so-called cuts and any other. There is no real cut from a zero baseline. This is simply a reduction in the rate of scheduled growth. Spending in defense and Medicare is not gonna go up as much, as fast because of the sequester. But this is causing panic — irrational, insane panic. We have two Pelosi sound bites from a presser today. Here’s the first…

PELOSI: The Republicans are poised to shut down government. (bangs podium) The Republicans are poised to let the sequestration go forward, which is… “Sequestration,” you know what that word means? What that word means to American people is unemployment, no jobs, take us to recession. It’s not quite an, uh, exact Latin translation.

PRESS: (snickering)

PELOSI: But that’s what it means.

RUSH: All right. Now in the past we’ve played these sound bites, and we would laugh ourselves silly, and at the same time we’d say, “Nobody is gonna believe this,” and that’s where we’ve been wrong. A majority of people who vote believe this. That’s what we’re gonna have to come to grips with. A majority of people who vote who hear this are gonna believe this, that the Republicans are gonna cause unemployment. There will be no jobs! Republicans are causing this with sequestration. We’re gonna go back into a recession. The truth is we haven’t ever come out of it. But no jobs, unemployment?

She wasn’t through. She was just getting warmed up.

PELOSI: (whispering) The Republican Party in the Congress is dominated by anti-government idea-logs (sic), and they will forever, forever want to reduce taxes on special interest[s], make cuts in the ed-u-ca-tion of our children and the care of our seniors and the rest, because they do not believe in government. So shrink the tax revenue and make serious… uh, the cuts that undermine our economic growth, that undermine the ed-u-ca-tion of our children, undermine the creation of jobs. But that’s who they are — and bless their hearts, they act upon their beliefs, and that’s what they believe — and that’s what this fight is about.

RUSH: So the Republicans…? There aren’t any taxes involved in the sequestration. But that doesn’t matter, because the Republicans are gonna shrink tax revenue, and they’re gonna make cuts that undermine economic growth, because economic growth can only happen from the government. A majority of people believe this, folks. A majority of people believe that prosperity comes from government. So Republicans are gonna cut government? That’s cutting prosperity, and they’re gonna take us to recession. We’re gonna lose jobs. And, you know what? They want to! Because the only people who aren’t gonna be hurt by this are the rich. They’ve already got theirs, and Republicans are going to exempt the rich from the recession and the economic disaster that the sequester will cause.

It’s insane, but people believe it.

BREAK TRANSCRIPT

RUSH: Folks, the only thing Pelosi forgot to mention — and I think it’s because the press conference she had occurred before the asteroid got close. Since the asteroid missed and did not hit the world, the Republicans are gonna have use sequestration to destroy it. I want to make this prediction to you: There will be no sequester. I know, a lot of you are sitting out there hoping like hell that it happens, because you want to see some spending cuts.

Even though there really aren’t any, you want to see some. You want to see the Democrats go absolutely bat excrement. You want to see it! Well, I’m here to predict to you that there will not be sequestration, that a last-minute deal will be struck so as to avert children starving, or the Pentagon shutting down or whatever the panic, crisis, theory the Democrats use. The Republicans will cave and there will not be a sequester. Isn’t that the way this stuff usually happens? So that’s my prediction.

But here’s the truth about it in terms of numbers. Now, the Democrats are telling us that with sequester, the Pentagon will have to shut down, that there will be no border control — which they ought to like! The Democrats ought to actually like no Border Patrol. I mean, a flood of illegal immigrants can just come in and nobody can stop ’em. But they say that the Pentagon will shut down, no Border Patrol, and they say there will be no embassy security.

So there will be dozens more Benghazi-type attacks. “What difference does that make?” Now, all of this is gonna happen because of a 2.2% reduction in spending. However, the 2.2% reduction in spending is offset by the baseline budgeting, scheduled budget increases. Pentagon spending and Medicare spending are slated to go up in the eight to 10% range. So a 2.2% cut means the Pentagon may grow by 6% or 8%, and Medicare by 6% or 8%, instead of eight to 10%. There will no be real cuts. There won’t be any.

All of this panic, all of this is just over nothing, literally nothing.