Raising The Debt Limit

[Howey]

on a serious note... wtf is the point anymore?

I just heard Boehner say he's not satisfied with that plan...not enough cuts, and they only want it to be a year so we'll all have to go through it again before the elections. 

[Howey]

Scary shit...


http://www.nytimes.com/2011/07/24/opinion/24kristof.html?_r=1&ref=opinion

If China or Iran threatened our national credit rating and tried to drive up our interest rates, or if they sought to damage our education system, we would erupt in outrage.
 
Well, wake up to the national security threat. Only it’s not coming from abroad, but from our own domestic extremists.

We tend to think of national security narrowly as the risk of a military or terrorist attack. But national security is about protecting our people and our national strength — and the blunt truth is that the biggest threat to America’s national security this summer doesn’t come from China, Iran or any other foreign power. It comes from budget machinations, and budget maniacs, at home.

House Republicans start from a legitimate concern about rising long-term debt. Politicians are usually focused only on short-term issues, so it would be commendable to see the Tea Party wing of the Republican Party seriously focused on containing long-term debt. But on this issue, many House Republicans aren’t serious, they’re just obsessive in a destructive way.

[Howey]

I just heard Boehner say he's not satisfied with that plan...not enough cuts, and they only want it to be a year so we'll all have to go through it again before the elections. 

Yup

Note: This is from a blog, so there are those who won't consider it credible. It's also c/p'd word for word (emphasis added is mine) and placed within quotes, therefore claims of plagiarism, one would think, are moot. 

Some Republicans in Congress Once Argued Against Short-Term Solutions - They Were Right

Posted by Dan Pfeiffer on July 25, 2011 at 08:00 AM ED

Despite warnings that a short-term extension could lead to a credit downgrade and higher interest rates resulting in a tax increase on every American, Republicans in Congress continue to push for a “my way or the highway” solution that could put our credit rating at risk and leave the cloud of uncertainty over the American people.
 
In June, House Majority Leader Cantor “Was Explicit That He Wants A Single Debt Ceiling Vote For This Congress - Not A Series Of Short-Term Extensions.” Now House Republicans are arguing that we should adopt multiple short term solutions that would leave that cloud of uncertainty hanging over our economy continually for the next two years, if not longer.
 
Indeed, before they were for a short term solution, it turns out they were against it for the very same reasons President Obama believes it is the wrong approach. As recently as earlier this month, Republicans in Congress expressed concern about the impact of a short term solution.
 
Here are a few examples:
 

Rep. Cantor, 6/22/11: Cantor "Pushed Back Hard" On Notion of Short Term Debt Limit Increase. "House Majority Leader Eric Cantor pushed back hard Tuesday against Senate Republican suggestions of a scaled-back, short-term debt deal, saying it's 'crunch time' in White House budget talks and 'if we can't make the tough decisions now, why... would [we] be making those tough decisions later. I don't see how multiple votes on a debt ceiling increase can help get us to where we want to go,' the Virginia Republican told reporters. 'It is my preference that we do this thing one time.... Putting off tough decisions is not what people want in this town.'" [Politico, 6/22/11]
 
Rep. Cantor, 6/13/11: “Was Explicit That He Wants A Single Debt Ceiling Vote For This Congress - Not A Series Of Short-Term Extensions, As Some Have Suggested…’We Are Looking To Try And Achieve Real Reforms, Real Reduction In Spending, So That We Can Accomplish This And Hopefully Get To A Better Economic Outlook,’ Cantor Said.”  “Tuesday’s budget meeting is just one of three planned this week by Vice President Joe Biden. And returning from a weeklong recess, House Majority Leader Eric Cantor spoke bluntly of seeing a ‘very sick economy’ at home in Virginia and the need to address the debt issue before the financial markets ‘make this decision for us.’ ‘We feel very strongly that one of the reasons why we continue to see an ailing economy is that people have very little confidence, have very little certainty in terms of where we are headed,’ Cantor told reporters. He was explicit that he wants a single debt ceiling vote for this Congress - not a series of short-term extensions, as some have suggested. But much depends, too, he said, on the final deal between Obama and Speaker John Boehner (R-Ohio). ‘We are looking to try and achieve real reforms, real reduction in spending, so that we can accomplish this and hopefully get to a better economic outlook,’ Cantor said. ‘Because if you don’t, if you just check the box and raise the debt ceiling, I believe the markets take care of it for you. Interest rates will skyrocket, and there will be no way for us to see any return to growth anytime soon. We will have to raise taxes and the rest. No one wants that.’”  [Politico.com, 6/13/11]
 
Rep. McCarthy, 6/24/11:  "Shied Away From The Idea Of A Short-Term Solution." "McCarthy shied away from the idea of a short-term solution or a temporary debt ceiling increase in order to buy time on reaching an agreement on entitlement reforms." [The Hill, 6/24/11]
 
Rep. Camp, 6/21/11: "House Ways and Means Committee Chairman Dave Camp (R-Mich.) also shot down a short-term increase. 'It doesn’t give you certainty,' Camp said. 'Ideally you’d like to get that settled and not have it continually a hanging-over issue.'" [The Hill, 6/22/11]
 
Sen. McConnell, 6/22/11:  “[Sen.] McConnell Declined To Call For A Short-Term Increase In The Debt Ceiling When Reporters Asked Him About It Tuesday. ‘We Are Still Hoping For A Very Large Package That Will Impress The Ratings Agencies, Impress Foreign Countries And Astonish The American People…” “McConnell declined to call for a short-term increase in the debt ceiling when reporters asked him about it Tuesday. ‘We are still hoping for a very large package that will impress the ratings agencies, impress foreign countries and astonish the American people that we’re actually going to come together here and take advantage of this terrific opportunity that’s provided by the president’s request of us to raise the debt ceiling,’ McConnell said. ‘Beyond that I’m not prepared to go, because there are all kind of moving parts underneath those general principles.’  A GOP aide said McConnell’s statement over the weekend was meant to show that Republicans would not accept a bad deal in exchange for raising the debt ceiling. The aide acknowledged that it could be difficult to even pass a short-term increase in the House and emphasized that McConnell wants big cuts and a long-term deal.”  [The Hill, 6/22/11]
 
Dan Pfeiffer is White House Communications Director

[Howey]

Damn. Even those crazy Brits "get" it.

LONDON - Right-wing "nutters" in the United States Congress holding up a deal to prevent a catastrophic debt default are a greater risk to the global financial system than problems in the euro zone, a British minister said Sunday.

Business Secretary Vince Cable said "irresponsible" people who had been gleefully anticipating the collapse of the euro currency had been confounded after European leaders agreed a second rescue package for debt-stricken Greece last week.

"The irony of the situation at the moment, with markets opening tomorrow morning, is that the biggest threat to the world financial system comes from a few right-wing nutters in the American congress rather than the euro zone," he told BBC television.

[uselesslegs]

I find it very odd that business flourished and produced wealthy people, from the 50's through the end of the 90's DESPITE MUCH higher taxes all through out.  The middle class came into existence, people lived better lives than ever before and the economy was healthy, even during up and down spurts.

Now the notion that even lower taxes, with controlled spending at the expense of even more Government workers being laid off, will somehow be picked up by industry in the form of jobs, jobs, jobs and not further affect the economy...is ludicrous.  Where is the slightest hint that this is true within the last 10 plus years?

This isn't about dealing with reality, this is about a segment of society that has a particular view of the Government and it's role in our lives...and making that view a reality with blunt measures, regardless of the havoc, continued stagnation, and unnecessary further economic decline that is being ignored to do so. 


There is a problem, but that's where their attention to detail ends.  The multiple elephants in the room are being ignored for ideology.  They will suck us down a whole that will take another 20 years to get out of.

[Howey]

well huh... who would have ever thought the dems would give in..  *rollseyes*

Wait. I've read Reid's plan:

http://www.washingtonpost.com/business/economy/boehner-hints-at-a-unilateral-debt-plan-geithner-shoots-down-short-term-options/2011/07/24/gIQAR0HAXI_story.html

THAT'S EXACTLY WHAT THE REPUBLICANS WANTED TO BEGIN WITH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

And now the pubs don't want it?

Looks like someone's bluff is being called, and the end result ain't gonna be pretty for the Republican Party...


Meanwhile, worldwide market's are crashing...

http://www.huffingtonpost.com/2011/07/25/debt-ceiling-stock-market_n_908351.html

[betteroffhere]

I find it very odd that business flourished and produced wealthy people, from the 50's through the end of the 90's DESPITE MUCH higher taxes all through out.  The middle class came into existence, people lived better lives than ever before and the economy was healthy, even during up and down spurts.

Now the notion that even lower taxes, with controlled spending at the expense of even more Government workers being laid off, will somehow be picked up by industry in the form of jobs, jobs, jobs and not further affect the economy...is ludicrous.  Where is the slightest hint that this is true within the last 10 plus years?

This isn't about dealing with reality, this is about a segment of society that has a particular view of the Government and it's role in our lives...and making that view a reality with blunt measures, regardless of the havoc, continued stagnation, and unnecessary further economic decline that is being ignored to do so. 


There is a problem, but that's where their attention to detail ends.  The multiple elephants in the room are being ignored for ideology.  They will suck us down a whole that will take another 20 years to get out of.

it about a goal...who's goal i'm not sure...what the over all goal is again...i'm not sure...

but it looks as though destabilization is a strong part of it...on a world wide level...

if the nfl lockout hadn't come to an end...i was ready to predict we are being groomed for

a worldwide electro-magnetic-pulse demonstration...in an attempt to reset the world in 2012

back to the simple days...

[Howey]

Wait. I've read Reid's plan:

http://www.washingtonpost.com/business/economy/boehner-hints-at-a-unilateral-debt-plan-geithner-shoots-down-short-term-options/2011/07/24/gIQAR0HAXI_story.html

THAT'S EXACTLY WHAT THE REPUBLICANS WANTED TO BEGIN WITH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

And now the pubs don't want it?

Looks like someone's bluff is being called, and the end result ain't gonna be pretty for the Republican Party...


Meanwhile, worldwide market's are crashing...

http://www.huffingtonpost.com/2011/07/25/debt-ceiling-stock-market_n_908351.html

Cantor puts foot in big jewish mouth...

http://www.youtube.com/watch?v=qp5LYeCbiHE&feature=player_embedded

[FooFa]

The spending cuts or that debate in my view is tantamount to repairing a shingle on a roof that's collapsed. Any and all foreign aid should have been eliminated years ago as well as hundreds of programs that exist to keep institutions afloat such as the vocational rehab programs. Like the bailout that bush started actually ended up costing every tax payer and those not old enough yet to be in debt for about 168.00.

[betteroffhere]

foreign aid...a wonderful umbrella phrase...with deep meaning

which is right next to deep shit...and deep six....

i think its perfectly normal that we borrow money to loan...or

give away to other countries struggling...

its much like how i go about making or influencing friends...

i break out the check book!!!

[Howey]

foreign aid...a wonderful umbrella phrase...with deep meaning

which is right next to deep shit...and deep six....

i think its perfectly normal that we borrow money to loan...or

give away to other countries struggling...

its much like how i go about making or influencing friends...

i break out the check book!!!

You must be lurking on Shannon's FB page. 

Every country provides aid to less fortunate countries. Like everything else in life, I wouldn't say that's a bad thing, as long as it's done in moderation. It's incredible that "charity" has joined "teacher" and "first responder" as negative phrases...

NOT done in moderation was the Bush administration's borrowing money from China to fight two unnecessary wars. Never in the history of this country have the following occurred:

a. Borrowing money from another country to fight a war, and
b. Having a war not result in a booming economy...

[Howey]

How much will downgrading our credit rating cost?

http://thinkprogress.org/economy/2011/07/26/279827/u-s-downgrade-would-cost-100-billion-a-year-wiping-out-any-deficit-reduction/

The financial website Zero Hedge reports that the cost of the U.S. debt being downgraded from our current AAA rating would be a whopping $100 billion a year. That’s according to JP Morgan Chase expert Terry Belton who spoke to reporters on a conference call this morning. In short, even if the U.S. does not default, a downgrade alone “will offset any beneficial impact from any deficit reduction that will have to happen for the debt ceiling to be increased.” Belton predicted that a downgrade would cause “a permanent increase in borrowing costs,” which will make it more costly for consumers and businesses to borrow money, risking another recession.

[FooFa]

I think you already know this but the point was living within our means and not being against helping others. The foolishness going on in Washington right now is not even considering the overwhelming majority of people's wishes for the country. The people want out of wars and into jobs and infrastructure, affordable health care and to be able to grow god damn vegetables without being harassed or called a terrorist if they question anything.