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I think our best hope here is that conservative members of the business community, who do understand how our economy works, are going to turn on the Tea Bags.
This is basically a high-stakes political gamble. The radical GOP are betting that if they can pass one or two bills with massive cuts then they can back away and say, "Hey, we passed them, it's up to the liberals to sign them." And then the Democrats are put in a position of either signing a bill that is loaded with economically devastating cuts or a possible default. The political risk is that if the debate gets closer to the deadline then the Democrats will be blamed for not passing *a* bill to the president, with the public completely ignoring the fact that the bill that was sent to them was going to be devastating. It's essentially putting the Democrats in the position of passing a terrible bill or risking an even worse fate with default.
The Democrats have been prepared to make major cuts -- Boehner and the Tea Party know that. They just don't care. They want the rich to keep their tax cuts on the backs of the poor. In fact, they signed a pledge to some big wig tea party politico not to raise taxes. It's the California "Hell no we won't compromise" strategy, and we all see how well that worked out. It's now up to the Democrats to decide whether to roll over or fight back. But they risk getting blamed for it, because the public is too busy watching reality tv to care.
What Republican set the drop dead date of August 2? I thought it was Tim Geithner who did that trick so Obama could threaten old people with the SS failure. If Dems set that date then they backed Dirty Harry into the corner he is one and August 2 is his problem but set by the President and his non-tax paying Secretary.
Hell, Dirty Harry didn't even have a bill completed yet this morning. No wonder he is filibustering it before it is finished. Gotta keep the old hindend covered, you know.
If either house were following rules they would be writing all their bills in committee and each committee is controlled by the majority party. Now if the committee sent that one to the floor for debate and vote as the rules call for they could have passed it. Surely you see that your argument is just the reverse of the truth and I guess that is because the Dems and their supporters in the media told the story that way. I never did see any of that done in the committee phase and that is in violation of rules in both houses.
It is not an argument, it is what happened to the plan. To get to to Congress they needed super-majority vote, but the Republicans made sure that was never going to happen, and it did not make it to congress.
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That $4 trillion you are talking about wasn't enough to satisfy the raters of our debt since it would only allow for $400 billion per year and that just isn't enough.
The credit raters don't care about how much we cut. They are only concerned about our ability (or will) to meet our obligations, and the new GOP "don't pay your bills" principle may already have done enough to force us to lose the AAA rating, and it will send the interest rates through the roof. The nice thing about that is that higher interest rates will bring investments, and the bad thing is that it will put small business in bankruptcy and individuals out of reach of getting a mortgage.
What Republican set the drop dead date of August 2? I thought it was Tim Geithner who did that trick so Obama could threaten old people with the SS failure. If Dems set that date then they backed Dirty Harry into the corner he is one and August 2 is his problem but set by the President and his non-tax paying Secretary.
Hell, Dirty Harry didn't even have a bill completed yet this morning. No wonder he is filibustering it before it is finished. Gotta keep the old hindend covered, you know.
Here is what they think will happen in Aug 2 and going forward
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How the math might work: The Bipartisan Policy Center estimates that Treasury will be short by about $134 billion for the month of August.
That cash deficit will build steadily throughout the month.
So, on Aug. 3, for instance, the center estimates that Treasury will take in $12 billion in revenue and have to pay out $32 billion, creating a $20 billion cash deficit. Among the biggest bills due that day: $23 billion for Social Security payments, $2.2 billion for Medicare and Medicaid payments, and $1.8 billion due to defense vendors.
On Aug. 4, the group estimates that the cash deficit will increase to $26 billion, with only $4 billion in revenue coming in, compared to $10 billion in bills, the largest of which would be for Medicaid and Medicare.
Come Aug. 5, the cash deficit grows another $5 billion to $31 billion.
By Aug. 15, the Bipartisan Policy Center estimates that the running cash deficit will hit $74 billion. That day the Treasury will take in an estimated $22 billion in revenue and have to pay out roughly $41 billion. The biggest bill that day is a $30 billion interest payment. Debt ceiling deadlock: Who will get paid? - Jul. 28, 2011
It is not an argument, it is what happened to the plan. To get to to Congress they needed super-majority vote, but the Republicans made sure that was never going to happen, and it did not make it to congress.
The credit raters don't care about how much we cut. They are only concerned about our ability (or will) to meet our obligations, and the new GOP "don't pay your bills" principle may already have done enough to force us to lose the AAA rating, and it will send the interest rates through the roof. The nice thing about that is that higher interest rates will bring investments, and the bad thing is that it will put small business in bankruptcy and individuals out of reach of getting a mortgage.
Whoops, you failed again. There will be plenty of money in the till on August 2 to pay the interest on the debt for that month and each month after that. Is that meeting our obligations or not?
That bill did not follow the procedure called for in the rules of either house and that is the main reason they failed with it. They got in the habit of waiting to the last minute and then ramming things through without the rules in effect and it bit them on the butt. Blaming the Republicans for not using the rules is left handed crap.
Whoops, you failed again. There will be plenty of money in the till on August 2 to pay the interest on the debt for that month and each month after that. Is that meeting our obligations or not?
Paying interest on debt while leaving other bills unpaid is NOT meeting your obligations.
Here is what they think will happen in Aug 2 and going forward
When I opened that story and saw that picture of Timmy I nearly closed it up right then. However, I read the whole thing and didn't see anything there that would get many of we old people to vote for Obama in 2012. I don't think he should have made that threat since he didn't really know how many of us there are. Of course, many of us were not voting for him anyway so maybe he will only need a few illegals voting for him to counterbalance it all.
The bills that have to be paid will be paid and surely Dirty Harry can get something done by August 10. I wonder if he can avoid the rules enough to get it done.
I didn't even open up the video when I saw it was another one with Pelosi and Boehner in it.
Paying interest on debt while leaving other bills unpaid is NOT meeting your obligations.
Some of those bills have to be paid and some will wait. Contractors and the like won't back off because they got paid late once. Come on and stop supporting all the Democrat crap.
When I opened that story and saw that picture of Timmy I nearly closed it up right then. However, I read the whole thing and didn't see anything there that would get many of we old people to vote for Obama in 2012.
I'm glad Harry Reid finally showed some spine for once in his life. Good on him for not passing this nonsense. The Republicans are to blame if this country fails, and so are their idiotic conservative voters.
The first one got tabled so they sent another of the same. Republicans are just wasting time as usual.Yes, I have been calling and emailing them.
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The first one got tabled so they sent another of the same. Republicans are just wasting time as usual.
Yes, I have been calling and emailing them.
