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Thread: Senate approves debt-ceiling increase

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    Senate approves debt-ceiling increase

    Senate passes debt-limit bill - The Washington Post

    The Senate passed a landmark plan to raise the federal debt limit and reduce government spending Tuesday, ending a partisan stalemate that threatened to plunge the nation into default and destabilize the world economy.

    The measure was approved by a vote of 74 to 26. It now goes to President Obama to be signed into law, giving the government the money to pay its bills ahead of a midnight deadline.
    Thank Gawd.
    Nobody who wins a war indulges in a bifurcated definition of victory. War is a political act; victory and defeat have meaning only in political terms. A country incapable of achieving its political objectives at an acceptable cost is losing the war, regardless of battlefield events.

    Bifurcating victory (e.g. winning militarily, losing politically) is a useful salve for defeated armies. The "stab in the back" narrative helped take the sting out of failure for German generals after WWI and their American counterparts after Vietnam.

    All the same, it's nonsense. To paraphrase Vince Lombardi, show me a political loser, and I'll show you a loser.
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    Re: Senate approves debt-ceiling increase

    Quote Originally Posted by StillBallin75 View Post
    It could have been better, but at least we got something done from those who would rather harm the country than listen to reason.

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    Re: Senate approves debt-ceiling increase

    Quote Originally Posted by megaprogman View Post
    It could have been better, but at least we got something done from those who would rather harm the country than listen to reason.
    Your avatar is harming my eyes and you should listen to reason and put a hot chick up there.
    Nobody who wins a war indulges in a bifurcated definition of victory. War is a political act; victory and defeat have meaning only in political terms. A country incapable of achieving its political objectives at an acceptable cost is losing the war, regardless of battlefield events.

    Bifurcating victory (e.g. winning militarily, losing politically) is a useful salve for defeated armies. The "stab in the back" narrative helped take the sting out of failure for German generals after WWI and their American counterparts after Vietnam.

    All the same, it's nonsense. To paraphrase Vince Lombardi, show me a political loser, and I'll show you a loser.
    - Colonel Paul Yingling

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    Re: Senate approves debt-ceiling increase

    Quote Originally Posted by StillBallin75 View Post
    Your avatar is harming my eyes and you should listen to reason and put a hot chick up there.
    I am too busy drinking some sort of incredibly tasty yet spicy pepper sauce that came with my chinese dumplings for lunch.

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    Re: Senate approves debt-ceiling increase

    Well cant say i am a fan of this agreement at all.
    But hey at least we didnt default...


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    Re: Senate approves debt-ceiling increase

    The Senate's approval of the debt ceiling legislation is a welcome development. With the President expected to sign it into law, the nation will have averted a wholly self-inflicted crisis. Nonetheless, the dysfunctional political environment that was exposed during the debate will likely have lasting implications. The elevated political risk is one factor that could be used to argue for a credit rating downgrade.

    It is also important to note that the agreement was largely a debt ceiling increase with only a modest downpayment on fiscal consolidation. The major drivers of the nation's long-term imbalances and the Tax Code have yet to be addressed. As per the CBO's analysis (see Table 3 at the end of the report), almost 57% of the savings would depend on legislative provisions that have yet to be worked out. There is no supermajority provision that makes it difficult for Congress to waive the trigger mechanism in the legislation. Moreover, the legislation did not take the more ambitious approach of actually setting deficit targets. Finally, it should be noted that the outcomes could vary significantly depending on macroeconomic growth and interest rates. Slower growth/higher interest rates could significantly erode the projected savings.

    In sum, 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. For now, 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.

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    Quote Originally Posted by TheDemSocialist View Post
    Well cant say i am a fan of this agreement at all.
    But hey at least we didnt default...
    Yay, they've gone and reorganized the deck chairs on the titanic, so we can just ignore the fact that the ship is still sinking.

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    Re: Senate approves debt-ceiling increase

    The Titanic just avoided the iceberg. We have a little time to worry about the others.

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    Quote Originally Posted by AdamT View Post
    The Titanic just avoided the iceberg. We have a little time to worry about the others.
    Haha... Don't be delusional. The titanic hit the iceberg in 2008.

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    Re: Senate approves debt-ceiling increase

    Quote Originally Posted by BmanMcfly View Post
    Haha... Don't be delusional. The titanic hit the iceberg in 2008.
    No, we set this course around 1980 or so.
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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