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Thread: Breaking: Agreement has been reached on raising the debt limit....

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    Re: Obama: We have a deal

    Quote Originally Posted by TurtleDude View Post
    Color me cynical. So the debt ceiling got raised, which is good and had to happen.

    But let's wait and see if any spending actually gets cut other than smoke and mirrors "cost avoidance" imaginary accounting. Am not encouraged....




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    Re: Obama: We have a deal

    Quote Originally Posted by TurtleDude View Post
    that is the place where there should be compromise

    the GOP compromises by cutting some military spending
    the Dems compromise by cutting social spending

    in other words both sides give up areas where they buy votes

    raising taxes has no relevance. anyone who supports raising taxes BEFORE the government can prove it can cut has way too much faith those clowns in DC

    I think its interesting that the new board being created is put to this test. If they fail to come up with a solution, both Medicare and Pentagon spending get cut, as well as an across the board cut. I think I read that at least half would come from the Pentagon (starting in 2013).
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    Re: Obama: We have a deal

    Quote Originally Posted by Cole View Post
    Color me cynical. So the debt ceiling got raised, which is good and had to happen.

    But let's wait and see if any spending actually gets cut other than smoke and mirrors "cost avoidance" imaginary accounting. Am not encouraged....




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    3 Trillion Dollars over 10 years will not be enough to break the lines of Mordor.

    Its a weak deal, but its a start.

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    Re: Obama: We have a deal

    Quote Originally Posted by Jetboogieman View Post
    Revenue I think is still something which needs to be addressed.

    I'm proposing selling yellowstone national park to McDonalds.

    Introducing the new McGrizzly, only at McDonalds.

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    Re: Obama: We have a deal

    Quote Originally Posted by Cole View Post
    Color me cynical. So the debt ceiling got raised, which is good and had to happen.

    But let's wait and see if any spending actually gets cut other than smoke and mirrors "cost avoidance" imaginary accounting. Am not encouraged....




    .

    This is what I read from the new york times article: http://www.nytimes.com/2011/08/01/us...agewanted=2&hp
    Under the plan as described by officials briefed on its outline, the debt limit would be increased by $900 billion in the first installment, subject to a Congressional vote of disapproval that President Obama would be able to veto. To prevent a default, $400 billion would be added immediately.

    A second increase of $1.2 trillion to $1.5 trillion would be available subject to a second vote of disapproval by Congress. At the same time, a new joint Congressional committee would be created to find a like amount of cuts.

    If the evenly divided committee failed to agree on a plan, Congress would either have to approve a balanced budget agreement or accept an across-the-board cut in spending in line with the committee’s goal, with 50 percent of the savings coming from the Pentagon beginning in 2013. Medicare would also sustain cuts, though the reductions would be capped.
    So we immediately avoid default and Obama can basically raise it 500 billion more without congressional approval. However, if the new board can't agree on cuts, automatic cuts would take place or a balanced budget agreement (I guess they mean the amendment?) would have to pass. Either way, before the 2012 elections, automatic cuts take place.
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    Re: Obama: We have a deal

    According to what I am hearing, this deal will still increase the debt by approximately $7 trillion over the next ten years. Cut? Only in Washington. I'll wait to make final judgment until I know more details, but this plan doesn't seem to be a beneficial plan.

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    Re: Obama: We have a deal

    Quote Originally Posted by LesGovt View Post
    According to what I am hearing, this deal will still increase the debt by approximately $7 trillion over the next ten years. Cut? Only in Washington. I'll wait to make final judgment until I know more details, but this plan doesn't seem to be a beneficial plan.
    I would argue that at this moment, the debt ceiling just needs to be raised, no argument, no contest. To avoid economic collapse anyway and to keep your credit score unaffected.

    However, I would argue that once this crisis is averted, congress needs to get to work on a more solid, and bigger plan that includes ways to cap spending and lower it. But after this, everyone will have just kicked the can down the road so I won't expect it'll be done.

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    Re: Obama: We have a deal

    Quote Originally Posted by Jetboogieman View Post
    3 Trillion Dollars over 10 years will not be enough to break the lines of Mordor.

    Its a weak deal, but its a start.
    Am waiting for the details before making any judgements. When it comes to budgets and weaselly gimmicks these congress pricks are ninjas. Am guessing that when they get through writing up this bill they are not about to put themselves in a position of having to deliver bad news to constituents leading up to the elections. They are going to cover their butts.

    As noted above. We'll just have to watch the details....




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    Re: Obama: We have a deal

    Quote Originally Posted by iamitter View Post
    I think its interesting that the new board being created is put to this test. If they fail to come up with a solution, both Medicare and Pentagon spending get cut, as well as an across the board cut. I think I read that at least half would come from the Pentagon (starting in 2013).
    Indeed, and a much better way to ensure we get something done than another vote on the debt ceiling.

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    Re: Obama: We have a deal

    Moderator's Warning:
    Breaking: Agreement has been reached on raising the debt limit....Threads merged.
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