pinko Posted July 31, 2011 Report Share Posted July 31, 2011 Gosh. And here I thought all the negativity coming out of the government and the media was the reason for everyone's 'doom and gloom' attitude. Least that's what I was told. Not surprising if the story changes now that the news is more positive. The story hasn't changed. All that has happened is that Reid has decided to delay the vote to allow for further discussion. Quote Link to comment Share on other sites More sharing options...
Guest American Woman Posted July 31, 2011 Report Share Posted July 31, 2011 The story hasn't changed. All that has happened is that Reid has decided to delay the vote to allow for further discussion. That's not the "story" I was referring to. Quote Link to comment Share on other sites More sharing options...
Oleg Bach Posted July 31, 2011 Report Share Posted July 31, 2011 The story hasn't changed. All that has happened is that Reid has decided to delay the vote to allow for further discussion. How much can these people discuss? It makes sense that a problem as complex as this needs no further disscussion ... because all the debate and chatter in the world is not going to make the fact go away that you owe money and are trying to find ways of mitigating that problem that don't exist - either borrow more or not. How hard can that be? There are no options. Quote Link to comment Share on other sites More sharing options...
pinko Posted July 31, 2011 Report Share Posted July 31, 2011 (edited) That's not the "story" I was referring to. You have suggested the news is more positive and it is in that context I challenge your assertion. By the way even if a deal is brokered there still is no assurance the House of Representatives will be brought onside. Edited July 31, 2011 by pinko Quote Link to comment Share on other sites More sharing options...
Shady Posted July 31, 2011 Report Share Posted July 31, 2011 ...only about seven consecutive continuing resolutions in lieu of a real approved budget. After losing the 2010 mid-terms, the Democrats kicked the can down the road for political purposes. But it was too late, the new Congress was seated and it now includes Tea Party members who vowed to honor their elected mandate...stop business as usual when it comes to the federal debt. I guess they have made their point. Bingo!!!! Quote Link to comment Share on other sites More sharing options...
Oleg Bach Posted July 31, 2011 Report Share Posted July 31, 2011 Bingo!!!! BC is pretty useful when it comes to the spirit of American politics. Quote Link to comment Share on other sites More sharing options...
Guest American Woman Posted July 31, 2011 Report Share Posted July 31, 2011 "We're very close," said Senate Minority Leader Mitch McConnell, the top Senate Republican who is playing a key role in the debt ceiling negotiations. White House senior adviser David Plouffe said there was general agreement on a deal that would cut the deficit in two stages. It was first time the White House had acknowledged that both sides were close to a deal. Looks as if it's likely that all the predictors of doom and gloom, accusing Congress of refusing to pay its debt, were in a tizzy unnecessarily. Lawmakers close to deal to avoid default Quote Link to comment Share on other sites More sharing options...
pinko Posted July 31, 2011 Report Share Posted July 31, 2011 The good news: There are reports of a possible debt deal. The bad news: President Obama might let the GOP have everything. As reports of a possible deal leaked out late Saturday night, it appears that Obama is meeting the Republicans—on their terms. The Daily Beast's Michael Tomasky says it is a bleak day in American history, as we could be embarking on a path of huge cuts to programs. Plus, what to watch for in the debt showdown today. Read it at The Daily Beast Yes. Your great president rolled over and gave the Republicans everything they wanted. Obama is a shitty negotiator. Quote Link to comment Share on other sites More sharing options...
Shady Posted July 31, 2011 Report Share Posted July 31, 2011 The good news: There are reports of a possible debt deal. The bad news: President Obama might let the GOP have everything. Complete nonsense. If Republicans were allowed to have everything, there'd be a balanced budget amendment to go along with this deal. Quote Link to comment Share on other sites More sharing options...
pinko Posted July 31, 2011 Report Share Posted July 31, 2011 Complete nonsense. If Republicans were allowed to have everything, there'd be a balanced budget amendment to go along with this deal. Until you see the details (assuming they are available) you won't know. Boehner still has to deal with the Tea Party element in the House so don't think that issue (balanced budget legislation) is dead just yet. Quote Link to comment Share on other sites More sharing options...
pinko Posted July 31, 2011 Report Share Posted July 31, 2011 Lots of smoke Saturday. Let’s cut right through it: In a phrase, President Obama appears to have cut a deal with the Republicans, on their terms, or about 98 percent of them. Democratic congressional leaders are trying to push back but are up against it, with Harry Reid having pushed the cloture vote on his plan back from 1 a.m. Sunday to 12 hours later as he scrambles to try to find the votes to pass his version of a compromise. Jonathan Karl of ABC News was the first to report the Obama-GOP deal as fact in this short piece that was posted at 10:39 p.m. Saturday night. If he’s right—and it smells like he is—it’s a bleak day for this presidency, and really in American history, as we’ve now embarked on a path that’s very likely to lead to huge cuts in entitlement programs, the domestic budget, and more or less everything every Democrat in Washington (except, apparently, one) wakes up to fight for every day. http://www.thedailybeast.com/articles/2011/07/31/debt-ceiling-deal-the-gop-gets-their-way.html?om_rid=NsfrMk&om_mid=_BONWI6B8chFpc8 Quote Link to comment Share on other sites More sharing options...
Shady Posted July 31, 2011 Report Share Posted July 31, 2011 Until you see the details (assuming they are available) you won't know. Well, how do you know what you're talking about when you haven't seen the details either. Quote Link to comment Share on other sites More sharing options...
pinko Posted July 31, 2011 Report Share Posted July 31, 2011 Well, how do you know what you're talking about when you haven't seen the details either. Also included in the nascent proposal would be a provision calling for a vote on a balanced budget amendment to the Constitution – an element that has become a rallying point for House conservatives. But one potential sticking point in any House vote is that the plan calls only for a vote on such an amendment, not the passage of one, something at which many conservative Republicans are likely to balk. The proposal could also encounter some opposition from House Republicans who have maintained that passage of a balanced budget amendment be a part of any deal. http://www.washingtonpost.com/blogs/2chambers/post/mcconnell-outlines-framework-of-potential-debt-deal/2011/07/31/gIQAvkgFlI_blog.html Quote Link to comment Share on other sites More sharing options...
bush_cheney2004 Posted July 31, 2011 Report Share Posted July 31, 2011 If he’s right—and it smells like he is—it’s a bleak day for this presidency, and really in American history, as we’ve now embarked on a path that’s very likely to lead to huge cuts in entitlement programs, the domestic budget, and more or less everything every Democrat in Washington (except, apparently, one) wakes up to fight for every day. LOL! Maybe you weren't so addicted to American TV back in the 90's, when the identical Democrats backed "welfare reform" (signed into law by President Clinton). Any Americans who want cradle-to-grave pampering by the government can move to Europe. Quote Link to comment Share on other sites More sharing options...
pinko Posted July 31, 2011 Report Share Posted July 31, 2011 The $5 Trillion Coin Gimmicks the government could use to resolve the debt-ceiling debacle. By Annie Lowrey Posted Friday, July 29, 2011 The countdown clock to the Debtpocalypse now stands at four days, give or take. Soon, the Treasury will start receiving bills it cannot pay, and the United States will fall delinquent on billions of dollars in promised payments to Social Security recipients, government contractors, and so on. Congress remains deadlocked. So, the chattering classes have started getting creative. If you cannot lift the debt ceiling, maybe you can vault over it. One option is coin seigniorage—aka, the "really-huge-coin workaround." The United States has a statutory limit on the amount of paper money in circulation, but no such limit on coins. The Treasury secretary has the authority to mint certain coins of any denomination, with no need for the value of the metal to equal the value of the coin. (It gets a bit technical.) But the idea is that Secretary Timothy Geithner could order the Mint to make a, say, $5 trillion coin. It could then use the coin to buy back and extinguish debt from the Fed, pushing the country back under the ceiling. Or it could deposit it, and the Fed could counteract the inflation by selling government debt. http://www.slate.com/id/2300428/ Quote Link to comment Share on other sites More sharing options...
pinko Posted July 31, 2011 Report Share Posted July 31, 2011 Kabul, Afghanistan (CNN) -- Joint Chiefs of Staff Chairman Adm. Mike Mullen said Sunday during an unannounced visit to Afghanistan that he doesn't know whether soldiers will continue to receive paychecks if an agreement over the U.S. debt ceiling cannot be reached. "I certainly hope it gets solved," Mullen told reporters. America's highest-ranking military officer said soldiers had recently asked him about the crisis, saying "here we are, halfway around the world, fighting our country's wars, and I've got to worry about a paycheck." Mullen said August 15 would be the first payday jeopardized if the United States defaults. Soldiers normally get paid in two-week increments, making the last assured payday on August 1, he said. http://www.cnn.com/2011/US/07/31/afghanistan.mullen.debt/index.html?hpt=hp_t1 Quote Link to comment Share on other sites More sharing options...
bush_cheney2004 Posted July 31, 2011 Report Share Posted July 31, 2011 President Obama is consistent if anything...once again, he will throw progressives "under the bus" to achieve a political objective. The progressive caucus is howling like a stuck pig because Obama has "caved in" yet again...continuing the trend of leaving Bush era constructs in place. Quote Link to comment Share on other sites More sharing options...
maple_leafs182 Posted August 1, 2011 Report Share Posted August 1, 2011 The US will default, it will simply default by paying its debts with cheap money Quote Link to comment Share on other sites More sharing options...
dre Posted August 1, 2011 Report Share Posted August 1, 2011 (edited) The US will default, it will simply default by paying its debts with cheap money Maybe. The US has one thing going for it though that most countries dont have. Its public debt is denominated in US dollars! So when the dollar loses value they carry less debt. For example... despite the Bush and Obama administration going on the two largest spending/borrowing sprees in the history of the human race, the US actually only owes a little bit more in terms of real wealth than it did before. If that trend goes far enough the US could settle its debt to the entire world with ship full of corn or wheat. Whats more likely though is that the falling dollar will end up helping the US economy. A weaker US dollar will eventually encourage domestic production, and reduce Americas trade defecit. It will also make its exports more attractive. If the currency collapsed to nothing today, it would be a disaster in a lot of ways... but at the end of the day you still have a nation with hundreds of millions smart and productive people. It might even be GOOD in the long term if they run the course with inflationary monetary policy and depreciate their dollar to close to nothing... reboot the system and start again. Edited August 1, 2011 by dre Quote Link to comment Share on other sites More sharing options...
Guest American Woman Posted August 1, 2011 Report Share Posted August 1, 2011 Congressional leaders reach agreement to raise the debt ceiling And with two days to spare! Quote Link to comment Share on other sites More sharing options...
bush_cheney2004 Posted August 1, 2011 Report Share Posted August 1, 2011 Sorry America haters....the "Evil Empire" lives on for another day. Hope you enjoyed the show! Quote Link to comment Share on other sites More sharing options...
Peter F Posted August 1, 2011 Report Share Posted August 1, 2011 CURSES! Quote Link to comment Share on other sites More sharing options...
pinko Posted August 1, 2011 Report Share Posted August 1, 2011 Congressional leaders reach agreement to raise the debt ceiling And with two days to spare! I realize you are anxious to have this issue resolved but until it is ratified both in the House and Senate and accepted by the President this remains outstanding. Quote Link to comment Share on other sites More sharing options...
Scotty Posted August 1, 2011 Report Share Posted August 1, 2011 Sorry America haters....the "Evil Empire" lives on for another day. Hope you enjoyed the show! For another day. But as the anarchist faction in your congress grows it's not difficult to see down the road to where your society dissolves. Further cuts to your miserly entitlements are only going to exacerbate the income disparity situation further. Your minority families scrape by on less than $6,000 a year. Half your population owns 2% of your wealth. Poverty grows while income mobility continues to shrink, and the only homes selling are those in gated communities with high walls and armed guards. Great society you're building down there. Quote Link to comment Share on other sites More sharing options...
pinko Posted August 1, 2011 Report Share Posted August 1, 2011 If the Obama/McConnell deal goes through—and it’s still sort of iffy, at least with respect to the House, where Tea Party dead-enders may find common cause with disgusted liberals to doom it—conservative governance will have made several extremely consequential strides, in both the short and long term. Here are four. First, over the long term, the deal drastically reduces domestic discretionary spending over the next 10 years. Remember, this is just 12 percent of the federal budget to begin with. Within that 12 percent, the amount of money we spend on most domestic programs is small: transportation is .85 percent of the total federal budget, education is 1.15 percent; housing and community development is 1.7 percent, as is environmental spending; and so on for all the other categories of federal spending that in people’s minds add up to the evil “gov’ment.” The notion that we’re drowning in debt and deficits because we spend too much in these areas is absurd. http://www.thedailybeast.com/articles/2011/07/31/obama-s-capitulation-on-the-debt-ceiling-marks-a-new-conservative-era.html?om_rid=NsfrMk&om_mid=_BONqgYB8chFyvL Quote Link to comment Share on other sites More sharing options...
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