Debt deal reached

[RockofStrength]

Please explain why you would like to see the U.S. of America default?

She will default inevitably: these people we have running the show have dug us much too deep to fix that unless they were willing to make cuts so deep FDR would feel them in his grave. They have shown themselves to be unwilling to even cut actual spending. The longer we draw this crap out, the weaker we will be once the inevitable finally reaches out for us.

 

[BumpShadow]

Did anyone really think anything different was going to happen. No one is going to cut anything till we're in the same boat as Greece. Heck, maybe not even then. Just take the EU, and thats North America in 10 to 20 years.

 

[Noland]

Boehner was quoted earlier tonight ,pleading to the other repubs, "There is nothing in the framework of the debt deal that violates our principles".

So now it's official. Spending way more than you make, and borrowing through the nose in order to do it, doesn't violate the principles of the leader of the republican party. We knew this all along, but it's nice to see it spelled out so bluntly. Truth in advertising, and all that.

The losers in DC just agreed that it is OK to keep running up the credit cards as long as you promise to pay them years down the road, and everyone is claiming victory. We are doomed.

 

[jblomenberg16]

Just prolonging the inevitable folks. Best thing for Obama of course is it put it out past the 2012 election. He can run on a platform of "I'll cut the budget in my 2nd term" and if he loses, the Dems can blame the Republican that assumed the mess.

It is a big game of hot potato right now folks. Niether party wants to be stuck holding it when the timer goes off. Unfortunately, We The People are the ones that lose either way.

 

[Pocketman]

She will default inevitably: these people we have running the show have dug us much too deep to fix that unless they were willing to make cuts so deep FDR would feel them in his grave. They have shown themselves to be unwilling to even cut actual spending. The longer we draw this crap out, the weaker we will be once the inevitable finally reaches out for us.

My question was directed toward Hoosier9mm. There are at least two issues here, let's make sure we're all talking about the same thing. Few would disagree that spending needs to be brought under control. Many would probably also favor a balanced budget initiative. Crashing and burning the economy is a whole other issue though. Such an action would not solve the overall problem and would actually make things much worse.

BTW - This has little to do with FDR and much to do with everyone in Washington since.

 

[Johnson]

Does everyone hear that sound in the distance? It's the fat lady singing. There is no courage in our elected officials to do what must be done. None. Republican, Democrat, or Whatever.

Can somebody help me rearrange these deck chairs? I really can't hear the orchestra playing from here.

 

[.45 Dave]

As I understand it, the cuts only pretty much cover what will be spent. Isn't that like just paying the minimum on your credit card? On top of this, the more that's borrowed the higher the interest. Seems to me that we aren't even braking even, but actually losing money. Or am I just completely confused by the whole thing?

 

[RockofStrength]

"Source on the GOP call says no one on the conference call so far is opposed.

In fact I'm told that no callers on the call were opposed."


I do we believe we just got

 

[windellmc]

Please explain why you would like to see the U.S. of America default?

Even if no deal were struck by August 2nd there would be no default. There would be a defacto balanced budget but the interest on loans would get paid first. Obama has even been calling creditors telling them that according to Glenn Beck. The "Default" language has always been a scare tactic kind of like returning to 2008 spending levels (still way too high btw) would cause seniors to be starving on the street as Obama promised earlier this year when the House tried to cut the budget.

 

[dross]

What did you guys want the Republicans to hold out to get?

 

[BumpShadow]

The idea is to spend as much as possible, as fast as possible. Then not be the one who has to make the hard decisions. And then when the country is backed into a corner, say the only solution is to let them keep doing whatever they want. Funny how thats the always the answer. The more things change, the more they stay the same. Nothening will change. The status quo must be maintained. The government will see us all burn before anything changes.

 

[Bond 281]

What did you guys want the Republicans to hold out to get?

Cut, Cap, and Balance

 

[hornadylnl]

What did you guys want the Republicans to hold out to get?

A minimum of a $1.5 trillion ANNUAL budget CUT.

 

[WWIIIDefender]

Does everyone hear that sound in the distance? It's the fat lady singing. There is no courage in our elected officials to do what must be done. None. Republican, Democrat, or Whatever.

Can somebody help me rearrange these deck chairs? I really can't hear the orchestra playing from here.

Not true Ron Paul has been railing against these so called cut and spend bills. He will not vote to increase the debt ceiling.

 

[Pocketman]

Even if no deal were struck by August 2nd there would be no default. There would be a defacto balanced budget but the interest on loans would get paid first. Obama has even been calling creditors telling them that according to Glenn Beck. The "Default" language has always been a scare tactic kind of like returning to 2008 spending levels (still way too high btw) would cause seniors to be starving on the street as Obama promised earlier this year when the House tried to cut the budget.

There are a whole lot of people much more knowledgeable than you or I who say otherwise. Hopefully it is all moot for now. The House has always had the purse strings so they can start working on these issues if they are truly important to them.

Regarding Obama calling creditors, when should I expect a call?

 

[jdhaines]

Oblammer talked about the special budget committee who will work and propose something else in November. Can anyone verify if this special committee is that "super congress" with all the power I've heard people talking about? There was a link to an article on here awhile back.

 

[Kirk Freeman]

It's the best of both worlds--imaginary "savings" with real debt slavery. Great.

Breitbart.tv » Rep. Paul Ryan Destroys Reid Bill in Blistering Speech; ‘Let’s Cover the Moon with Yogurt!’

 

[jgreiner]

FTFY
Anyone that votes YES for this is not looking out for the country but just looking our for their seat in the next election!

this pretty much nails it.

 

[ATOMonkey]

There are a whole lot of people much more knowledgeable than you or I who say otherwise. Hopefully it is all moot for now. The House has always had the purse strings so they can start working on these issues if they are truly important to them.

Regarding Obama calling creditors, when should I expect a call?

You're not too big to fail. I suggest to take on more debt so that the president will take you seriously.

The treasury will continue to take in revenue through FICA and automatic withholding.

While it is true that they have a low cash position, they still maintain a cash flow.

What would likely be shut down is the military, by like 90% or more. I doubt we'd even be able to fund current operations since mandatory spending uses up almost the entire revenue stream.

I get what you're saying though.

 

[jedi]

Oblammer talked about the special budget committee who will work and propose something else in November. Can anyone verify if this special committee is that "super congress" with all the power I've heard people talking about? There was a link to an article on here awhile back.

That is correct. That "super congress" will then give it to the reg. congress and they will do YES/NO vote on it without any debate and/or allowing to change it.