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House rejects Senate Democratic debt bill(edited)

sookster

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I read this article when I was done checking my online email:

Debt-limit deadlock; Senate kills Boehner bill - politics - Capitol Hill - msnbc.com

The article is attempting to reveal to the Americans how the process is going with regards to a comprehensive bill that would hopefully keep us from defaulting on our debt as a country. In my opinion, it does a pretty decent job at it.

I feel like my concern earlier is coming into fruition. I felt that seven days would not be enough time for both houses of Congress to accept a comprehensive bill. As Obama wanted, he wanted a bill that was a long term solution, not a short one. Problem is, there are hundreds of law makers that are doing their best to represent their districts. The whole process maybe good when a dire situation is not looming, but when there is an emergency the whole process is very inefficient.

And so I am afraid of what is going to happen on Tuesday. I feel that there is even more change now that we will default on our payments to our debt. Our bonds are going to go from AAA to AA, and China is most likely going to seek to re-consolidate their debt with a higher interest rate. No one will purchase it, because everyone in the world knows that America does not have the money. Then, per our agreement, China is going to demand America to cough up either money or assets, and well, knowing how our society works we probably won't. Considering all the deficit defense spending, I wouldn't be surprised if America said something along the lines of "Come and get it."

Of course, I am not a future teller, so this most likely won't happen. But I was express that if we were to default, not only are we facing harder economic times, but our relations with other countries are going to diminish. This will be bad for us in the far future.

Hopefully these law makers do what they are supposed to do, and make a law by August 2nd.
 
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Re: Default is looming

a short term bill might not stave off a credit downgrade.

it seems the goal is to have a second default crisis in '12 to be used as a campaign issue. given the stakes, that is highly irresponsible.
 
Re: Default is looming

Yes, the default is looming, and this "agreement" will not do anything to prevent it.

So long as the US is the defacto world currency all that will happen is that the printing presses will be running so hot they'll be smoking inflating the economy to cover debts, until the economy resembles :
- Venezuela when their economy tanked
- Weimar republic
- Zimbabwe
Or one of the hundreds of other examples of what happens when the currency of a country is over-inflated to cover costs.
 
Re: Default is looming

We are not going to default. We are not going to default. We are not going to default. We are not going to default. We are not going to default.
 
Re: Default is looming

Im about 65% sure there will be a last second deal like there always is...
 
Re: Default is looming

I hope the SS checks dont go out for at least a month...that will wake up the giant as to what the teaparty is all about...just what the country needs
 
Re: Default is looming

Im about 65% sure there will be a last second deal like there always is...
They better hurry then. A last minute deal can't be done at midnight like the government shutdown was. This takes a few days to go through the system.
 
Re: Default is looming

Yes, the default is looming, and this "agreement" will not do anything to prevent it.

So long as the US is the defacto world currency all that will happen is that the printing presses will be running so hot they'll be smoking inflating the economy to cover debts, until the economy resembles :
- Venezuela when their economy tanked
- Weimar republic
- Zimbabwe
Or one of the hundreds of other examples of what happens when the currency of a country is over-inflated to cover costs.

Obama's Legacy...
 
Re: Default is looming

Μολὼν λαβέ;1059698923 said:
Obama's Legacy...

...... You mean Bush and Reagan. They did 80% of the debt after all...
 
Re: Default is looming

a short term bill might not stave off a credit downgrade.

it seems the goal is to have a second default crisis in '12 to be used as a campaign issue. given the stakes, that is highly irresponsible.


A long term bill may not stave off a credit downgrade. One agency has already downgraded our rating and others are threatening but not on the debt ceiling alone. They are threatening to lower our rating if we do not pass a bill with at least 4+ Trillion in debt reduction.
 
Re: Default is looming

Im about 65% sure there will be a last second deal like there always is...

see, you think that... but how? Democrat leadership has to be aware that they need an economic disruption that they can at least try to pin on Republicans; or else they are sunk. They aren't going to agree to anything serious. Meanwhile, the House isn't going to agree to anything not serious - the Boehner Plan passed with barely 218 in the House; and 6 REPUBLICANS voted to kill it in the Senate, arguing that it wasn't serious enough. Reid claims that his plan is "the only game in town", but even the Senate can't pass it.

We are going past Aug 2. Just like Obama has wanted since abouuut the end of June I would say.
 
Re: Default is looming

We are not going to default. We are not going to default. We are not going to default. We are not going to default. We are not going to default.


for those with cash on hand, however, it could be a great time to buy.
 
Re: Default is looming

I hope if it comes to it, President Obama writes an Executive Order eliminating the debt ceiling. It's only use today, is to beat it over the head of the party in power.
 
Re: Default is looming

...... You mean Bush and Reagan. They did 80% of the debt after all...

It's Reagan's and Bush's fault that we're having to raise the debt ceiling, now? :rofl
 
Re: Default is looming

I hope if it comes to it, President Obama writes an Executive Order eliminating the debt ceiling. It's only use today, is to beat it over the head of the party in power.

Yeah, then we can impeach his ass and be done with it.
 
Re: Default is looming

...... You mean Bush and Reagan. They did 80% of the debt after all...

Obama would be remembered as the first President in US history presiding over a government that defaulted on its debt and lost its AAA rating. No, Obama's legacy could be leaving a financial catastrophe if the interest on the debt is not paid on Tuesday.
 
Re: Default is looming

I hope the SS checks dont go out for at least a month...that will wake up the giant as to what the teaparty is all about...just what the country needs

Oh, so you support people suffering to prove a point. No doubt you think Nazis slaughtering jews to make a point, was a valid approach.
 
Re: Default is looming

...... You mean Bush and Reagan. They did 80% of the debt after all...

You do 80% of the bull**** on this board. You're great at baiting.
 
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Re: Default is looming

I found the opening paragraphs to the article in the OP very interesting:

WASHINGTON — Senate Republican Leader Mitch McConnell said Saturday afternoon he was “confident and optimistic” that he and GOP leaders will reach an accord “in the very near future” with President Barack Obama to settle the impasse over raising the government’s borrowing limit.

“I’ve spoken with the president and the vice president within the last hour, we are now fully engaged, the speaker and I, with the one person on America, out of 307 million people, who can sign a bill into law,” McConnell said.

“We now have, I think, a level of seriousness with the right people at the table,” he told reporters. “We’re going to get a result.”

He added, “We all know that if the president decides to reach an agreement with us, the Democrats, most of them, will fall in line. He is the leader of the Democratic Party; he is the president of the United States. He needs to indicate what he will sign. And we are in those discussions now.”

Translation:

Okay, Mr. President. Both sides have stood their ground and said their piece. We know what each side wants. We see now how bad things are. Neither side wants to be the blame for the country going into total economic chaos. So, to save face, we've scuttled each other's bills as a way to say - TIME OUT! The only thing to answer know is what do you want, Mr. President? We're ready to listen and do what you ask."
 
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Re: Default is looming

A long term bill may not stave off a credit downgrade. One agency has already downgraded our rating and others are threatening but not on the debt ceiling alone. They are threatening to lower our rating if we do not pass a bill with at least 4+ Trillion in debt reduction.

Like I said, "What do you want, Mr. President?"
 
Re: Default is looming

I found the opening paragraphs to the article in the OP very interesting:



Translation:

He wants to raise taxes and employ his neat little 1099 law. We already know that.

Or, he's hoping that the economy really will take a nose dive and he can come in to save the day. Never let a crisis go to waste. Eh?
 
Re: Default is looming

Μολὼν λαβέ;1059699090 said:
Obama would be remembered as the first President in US history presiding over a government that defaulted on its debt and lost its AAA rating. No, Obama's legacy could be leaving a financial catastrophe if the interest on the debt is not paid on Tuesday.

No, Obama will be remembered as a president who bent over backwards trying to strike a deal with a party that has no interest in compromise. Hell, some of them say they won't vote to raise the debt ceiling under any circumstances. Raising the debt ceiling isn't even the president's responsibility. It's the ****ing responsibility of congress. If we go into default, Republicans will take the bulk of the blame. In fact, they already are. Just read a poll sometime.
 
Re: Default is looming

I hope if it comes to it, President Obama writes an Executive Order eliminating the debt ceiling. It's only use today, is to beat it over the head of the party in power.

gosh can you imagine? in the United States... some kind of institutional limit to the ruling parties' power?!?


that concept would have been totally foreign to the Founding Fathers, no doubt...
 
Re: Default is looming

He wants to raise taxes and employ his neat little 1099 law. We already know that.

Or, he's hoping that the economy really will take a nose dive and he can come in to save the day. Never let a crisis go to waste. Eh?

I'm sure you really do think the man is shallow, but if you've bothered to really listen to what he's said, he'd be doing pretty much what all parts of society has asked him to do.

- End both wars in Iraq and Afghanistan quickly and responsibly: He followed through on pulling combat troops from Iraq and directed non-essential support troops home from Afghanistan, and the Reid debt limit bill would have capped non-"war-related activities" in Afghanistan at $1.045 billion for next year; maximum $1.228 billion by 2021.

- Preserve Social Security and Medicare, but reduce their cost over time by eliminating fraud, waste and abuse. If you've paid attention to the news even FoxNews carried the stories of Medicare fraud that have cost the government millions each year.

- Generate revenue by eliminating tax loopholes on things major corporations either don't use or have proven they can do without due to their own ability to make big profits in the billions. We stopped subsidizing the ethonal industry recently because it has shown it can be profitable on its own. Why wouldn't we end subsidies for the oil industry who has shown long ago they can be profitable by themselves?

- Extend the debt limit out beyond 2012. Corporate American has said they need time to regain stability in the markets and rebuild confidence in the American economic system. If you claim you want to preserve the posterity of the county, why the hell wouldn't you want to do what "the free market tells you to do to maintain it?"

- Not overtax the nation. We'd certainly be doing that if we don't raise the debt limit. Then no one is exempt!

The President of the United States told America what it wanted on Monday, July 25, 2011. If Sen. McConnell truly means what he said, he'd give the President exactly what he asked for.
 
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