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

  1. #71
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    Re: U.S. leaders strike debt deal to avoid default

    Quote Originally Posted by molten_dragon View Post
    Obama, congressional leaders strike debt deal to avoid default - latimes.com



    Seems they finally managed to come to a compromise. I still think this whole thing was mostly posturing on both sides, but I'm glad they were able to work something out.
    The leaders may have come to an agreement, but their congress hasn't approved it yet, if any group in congress opposes this deal, whether its the tea party, hard core republicans, blue dogs, hardcore democrats or a combination of all of these, we're in for some fuuuuuuuuuun days ahead.

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

    Quote Originally Posted by Befuddled_Stoner View Post
    Ah, the old Appeals to Belief & Emotion (socialism is bad!!!) mixed with the Slippery Slope (Universal Health Care => 1984 totalitarianism) and Straw Man (BS wants government to control everyone’s life) Fallacies.
    Just think about is Stoner, doesn't it feel so much better to have your life in the hands of corporations and HMO's.

    I'm just glad someones making money

  3. #73
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    Re: Obama: We have a deal

    Quote Originally Posted by Jetboogieman View Post
    BUT I WANT A FINANCIAL CRISIS!
    Financial crisis? The left in this thread and forum are claiming "country destroyed". I woulda been watching chaos on CNN. Cats and dogs living together... Sure. Bunch of drama queens. If a new season of Queer Eye and Dick Loves Jane don't start soon, we're gonna have to suffer this with every decision in congress.

    In the age of terrorism, "they're gonna make you eat dog food" has become "they're gonna completely destroy the country and we will all cease to exist". As a society, we've gone to 11. It's like if pundits are not calling each other Nazis and terrorists, they're not even trying.

    I can't wait to find out who "saved us at the last moment" like a fireman running into a burning building. That oughta be a hoot.
    Last edited by ecofarm; 08-01-11 at 08:34 AM.

  4. #74
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    Re: Obama: We have a deal

    Quote Originally Posted by Jetboogieman View Post
    BUT I WANT A FINANCIAL CRISIS!

    Dont worry, it is still here, just pushed under the carpet for now.
    PeteEU

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    Re: U.S. leaders strike debt deal to avoid default

    If that 2.4 Trillion figure includes Reid's "winding down of the wars" that were going to be wound down anyway... this feels like much ado about nothing.

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    Re: Obama: We have a deal

    Quote Originally Posted by Jetboogieman View Post
    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.
    If the process that has been followed with regards to tying deficit reduction to lifting the debt ceiling had not been followed and the debt ceiling had been raised without deficit reduction, spending would have continued and the debt ceiling would need to be lifted again and again and again. That makes no sense.

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    Re: U.S. leaders strike debt deal to avoid default

    Quote Originally Posted by Taylor View Post
    If that 2.4 Trillion figure includes Reid's "winding down of the wars" that were going to be wound down anyway... this feels like much ado about nothing.
    Oh wait...
    According to the president, the deal means an immediate cut of $1 trillion in government spending over a 10-year period accompanied by a $900 billion increase in the debt ceiling. That will be followed by the creation of the committee to come up with additional cuts worth at least $1.5 trillion. The debt ceiling will be raised by $1.5 trillion if the committee recommendations are approved by the end of the year.
    Congressional Leaders to Pitch Debt-Reduction Compromise to Caucuses - FoxNews.com

    Wow, "immediate cuts" that take 10-years to work. The committee idea is not as bad as I thought - still has to get passed by congress, and if it doesn't, $1.5 trilliion in "cuts" automatically take place. But the devil is in the details, so really need to know what's getting "cut" (i.e. increased at a slower rate).

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    Re: Obama: We have a deal

    Quote Originally Posted by Flyersfan314 View Post
    I'm surprised the Tea Party made this deal. Its not cutting much. I wonder what the political effect will be? I'm pretty sure of the economic ones.
    Did they? Don't they still have to vote?

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

    My initial thought on the agreement is that it is modest on the fiscal consolidation side (about $1 trillion in reduced spending with the rest to be determined later via a Committee or an automatic spending reductions formula). There are no mechanisms that actually target deficits (whether in absolute dollar terms or relative ones as a share of GDP), even as such mechanisms might bolster credibility. This agreement, while weak on the fiscal consolidation side, was necessary to prevent the onset of a self-inflicted crisis and it should be approved by the Congress. However, the work toward a credible fiscal consolidation program remains to be pursued in the future and probably won't commence until at least after the 2012 elections. The bottom line is that an immediate avoidable crisis was averted, but the nation remains on a fiscally unsustainable trajectory for the medium-term and beyond. The small downpayment on fiscal consolidation has not fundamentally changed that trajectory.
    Last edited by donsutherland1; 08-02-11 at 02:56 PM.

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    Re: Obama: We have a deal

    Quote Originally Posted by Taylor View Post
    Did they? Don't they still have to vote?
    Eric Cantor and the Tea Party were involved in this deal. No they didn't vote on this but they made the deal. I'm not saying they won't renege if the party leaders were sketchy with the details but all the reports I have read have said its gonna pass. Could I and they be wrong; sure.

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