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I believe you should fault mr obama. He and his party haven't produced a budget or even a plan for the budget. All they did was castigate the republicans for the budgets they've produced. Ask yourself just where is the leadership this country needs. Mr obama hasn't provided it. Of course we were warned he wasn't qualified for the position. Perhaps you should have listened.
wanted to rep you but can't. I have to rep a few others first.
NEW YORK (CNNMoney) -- The U.S. government is just eight days away from a possible default and Greece's debt was downgraded yet again early Monday -- but you would hardly know it by looking at the stock market.
Stocks retreated but it was far from the mass sell-off many had expected.
Those who invest in stocks are very well aware of the fact that there won't be a 'default' if the US's debt ceiling isn't raised. We have the revenue to service the debt.
What WILL happen is that programs spending will be cut.Good! The government has a SPENDING problem. This will help solve it.
I believe you should fault mr obama. He and his party haven't produced a budget or even a plan for the budget. All they did was castigate the republicans for the budgets they've produced. Ask yourself just where is the leadership this country needs. Mr obama hasn't provided it. Of course we were warned he wasn't qualified for the position. Perhaps you should have listened.
Our government gets some of the cash it needs by borrowing from foreign governments and other investors. As happens when your bills come due and your current income cannot keep up, the United States now needs to borrow even more. To get the money, Congress first must approve a debt limit higher than the current one of $14.294 trillion.
This is a lot like living on a credit card and asking the bank for a higher limit, an analogy that Republicans happen to like. In an attack used in some variation against Schrader and 58 other House Democrats, the NRCC also claimed that Schrader and his fellow Democrats "went on a spending spree and now their credit card is maxed out."
But is it the fault of Schrader and House Democrats that the federal credit card has been maxed out?
Not exactly.
You might remember the tax cuts championed by congressional Republicans and former President George W. Bush, tax cuts that were extended in December for two years under Democratic President Barack Obama. While some economists say these were needed to give the economy a kick, they also meant less money came in from tax revenue.
Before the most recent extension, the Congressional Research Service said that the Bush tax cuts, with a 10-year price tag of $1 trillion, played a substantial role in the nation’s annual deficits. Some will argue that tax cuts can actually pay for themselves by stimulating economic growth, but PolitiFact has previously found that the Congressional Budget Office, the Treasury Department, the Joint Committee on Taxation and the White House’s Council of Economic Advisers say that tax cuts lead to revenues that are lower than they otherwise would have been – even if they spur some economic growth.
Last year, the Congressional Budget Office said that extending all of them permanently, as many in the GOP would like, would cost $3.3 trillion over 10 years and increase deficits.
Then there’s the recent economic downturn, which also played a role. And the nation is still engaged in wars in Iraq and Afghanistan, with billions of dollars flowing out to pay for them. These began during the Bush years and continue under Obama. Schrader wasn’t in Congress when the war started. He has voted both for and against funding since he was elected.
Despite the intensity of the recent debate, altering the debt ceiling - almost always up - has been routine practice in Washington for generations. The ceiling reflects the real world. With ongoing wars in Afghanistan and Iraq, a deep recession and less revenue as a result of tax cuts enacted under former President George W. Bush, the gap between income and expenses has widened.
If we don't get the debt ceiling raised we will have another Black Monday.
Really? Is that something you have studied and worked out? Is it based on a thought process and perhaps a financial modelling of some sort? If so, please feel free to share with us the reasoning that leads you to that conclusion. Or is it just something you heard someone say that sounds dramatic enough to repeat in the hope of causing knee jerk panicked reactions?
Really? Is that something you have studied and worked out? Is it based on a thought process and perhaps a financial modelling of some sort? If so, please feel free to share with us the reasoning that leads you to that conclusion. Or is it just something you heard someone say that sounds dramatic enough to repeat in the hope of causing knee jerk panicked reactions?
Those who invest in stocks are very well aware of the fact that there won't be a 'default' if the US's debt ceiling isn't raised. We have the revenue to service the debt.
What WILL happen is that programs spending will be cut.Good! The government has a SPENDING problem. This will help solve it.
I want to point out that one man's Spending problem is another man's sales contract and the private sector gets about 30% of its earnings from others Spending problems. So a lot of CDers yammering about government spending might get that sick feeling in the pit of their stomachs when the boss has that company meeting and lets his employees or reports know that earnings are coming up short and that some of them are going to be RIFed. Stuff like this happens when the goods or services aren't moving and one shouldn't take it personnally. Besides there are plenty of jobs out there and if you can't get one it really is a reflection on you.
I'm guessing between 10% and 15% of my portfolio maybe 20% will be POOF and my business will hit a flat spot!
Come to the table GOP... show you can negotiate not just say NO NO NO NO !
LOL
Another thread that says our president is insignificant and our democratic lead senate is useless. All the more reason to vote out as many democrats as possible, because they offer no solutions, all they know how to do it add to the debt and write thousands of pages of burdensome regulations. When's the last time businesses had to flock to Washington, and beg and plead for a waiver, like we see with 0bamaCare? 0bama and the dems are wrecking balls, vote them all out.
We have had over two and a half years with Reid and 0bama running the show, and they have not passed or signed a budget into law.
This is why we are in such a jam, no leadership, no guidance, the nation's budget has been run on autopilot since 0bama took office. All the democrats did for two years was spend, spend and spend, so blame them for no budget, and no solutions.
0bama and Reid have no plans in writing, all they have offered are rough outlines, and these cannot be scored by the CBO, or made into law within a month, much less a week. The only bipartisan solution has been the bill congress sent to the senate, it can become law as soon as the senate passed it to 0bama's desk.
I So a lot of CDers yammering about government spending
Yammering? So pointing out wasteful spending of OUR money by our government is now just yammering?
Here. Take a look at this report by OK Senator Tom Coburn, entitled "Wastebook 2010." Tell us, about which of the items pointed out should we should stop yammering?
Maybe no one should yammer about # 3, $1.8 million of taxpayer money that was handed over in 2010 (bringing the total to over $5 million since 2004) for the Neon Boneyard Park & Museum.
Perhaps the yammering about # 9 in unwarranted. After all, spending almost a million dollars to put poetry on plaques in zoos isn't wasteful.
I know, let's stop yammering about the bogus tax refunds pointed out in item #11. The prisoners filing those fraudulant tax returns are entitled to a few dollars at our expense, right?
Surely we shouldn't yammer about item # 27, the $5 million that was spent to send 3,600 FAA employees to Atlanta for a three week long party disguised as a "training conference." I mean, we have plenty of taxpayer money to pay for that, so why be money conscious and conduct training via teleconferencing or a Powerpoint Presentation?
Is there any reason to yammer about item # 34; teaching African Men How to Was their Genetalia? I mean, that only cost us $823,000, and who cares about such a piddling amount.
We should probably not yammer anymore about the $6 BILLION in ethanol subsidies given to companies like Exxon and BP, as described in item 52. It's not like ethanol is a terribly ineffecient fuel, and it's use has cause a dramatic increase in the cost of corn, and that subsidy pays these companies to do something that the Renewable Fuels Standard already requires them to do. Ohh wait, it's EXACTLY like that.
Ohh, I know! Let's stop yammering about # 56. Who cares that $338 million is wasted by the Department of Heath & Human Services because they fund programs that duplicate efforts already being paid for by other federal state & private entities?
You know, these little bits of coin start adding up to real money after a while. Perhaps what we need is MORE yammering, eh?
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