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Thread: New battle over debt limit inevitable?

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    New battle over debt limit inevitable?

    Boehner says Republicans won't allow another increase in the nation's debt limit unless it's offset by spending cuts, and no tax increases.


    "Allowing America to default on its debt would be irresponsible," he said.


    The nation's debt has nearly tripled in the past decade, and now stands at $15.6 trillion.


    Treasury Secretary Timothy Geithner has predicted the U.S. will hit its current borrowing limit of $16.4 trillion by the end of the year.

    New battle over debt limit inevitable? - CBS News

    And I give you what our political debate between the President and Romney should be. We need tax reform and spending reform quickly.
    We went from sticks and stones may break my bones but words will never hurt me to safe spaces.

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    Re: New battle over debt limit inevitable?

    This is a repeat from every other debt ceiling debate since 2009.

    Here's what'll happen:

    Option 1: It will go down to the wire and a deal will be hashed out to raise the debt ceiling by a miniscule amount with no cuts in order to "keep America running". The two sides will fight against one another before finally coming up with "cuts" that don't really go into effect for 15 years.

    Option 2: A deal will be hashed out that provides a significant increase that comes with corresponding cuts that don't go into effect for 5+ years. In the mean time, the future cuts will be all but erased by new legislation, thereby voiding their effectiveness.

    In either case, each side will blame the other, and the unbelievably successful Democrat spin machine will when the public opinion contest. Republicans will take the hit and Romney will flounder because of it.
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    Re: New battle over debt limit inevitable?

    Quote Originally Posted by tessaesque View Post
    In either case, each side will blame the other, and the unbelievably successful Democrat spin machine will when the public opinion contest. Republicans will take the hit and Romney will flounder because of it.
    Sadly there is no spin involved. The fact is that Democrats are willing to agree to spending cuts far in excess of what they think we should implement at this time, so long as they are balanced by modest revenue hikes. In contrast, Republicans will not accept any revenue hikes whatsoever. It's their way or the highway (to hell), and the highway ain't paved with good intentions.

    So it is simply FACTUAL that Democrats are being more reasonable and Republicans are holding a gun to the nation's head because they flat-out refuse to compromise.
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

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    Re: New battle over debt limit inevitable?

    All that is exactly what our problem is. Also the reason I hope we get a whole new crop of "leaders".
    We went from sticks and stones may break my bones but words will never hurt me to safe spaces.

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    Re: New battle over debt limit inevitable?

    The right needs to accept tax hikes and the left needs to accept cuts in spending. The problem is both sides want to make sure their side loses less. They are more concerned with saving face then they are bettering America.

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    Re: New battle over debt limit inevitable?

    Quote Originally Posted by TheNextEra View Post
    The right needs to accept tax hikes and the left needs to accept cuts in spending. The problem is both sides want to make sure their side loses less. They are more concerned with saving face then they are bettering America.
    The problem is that damned-near everyone on the Republican side has signed an oath not to crompromise.
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

    -- Adam Smith

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    Re: New battle over debt limit inevitable?

    Quote Originally Posted by AdamT View Post
    The problem is that damned-near everyone on the Republican side has signed an oath not to crompromise.
    Exactly. And even when a few brave Republican souls put their toe into that pool to test the waters it is always with the caveat that spending must be cut first and even when tax increases come about - we must cut on a four or five to one ration compared to tax increases.

    What ever happened to compromise meaning meeting halfway?
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    Re: New battle over debt limit inevitable?

    Quote Originally Posted by Blue_State View Post
    New battle over debt limit inevitable? - CBS News

    And I give you what our political debate between the President and Romney should be. We need tax reform and spending reform quickly.
    Depends on the elections.

    1) Obama wins, and regains the House and keeps the Senate. Senate GOP will use Senate rules to block every piece of legislation and appointment they can.. they have been doing it for 4 years, so why not continue. Of course if Dems in the Senate get 60+ seats, then stuff could in theory happen...
    2) Obama wins, GOP holds the house and Dems keep the Senate. .... same as we got now, utter gridlock and cluster****.
    3) Obama wins, GOP takes house and Senate. GOP tries to ram through massive cuts but Obama either says no, or the Dems in the Senate use GOP tactics to filibuster everything for 4 years. This will go on for 2 years, and then the House will flip back to the other side.
    4) Romeny wins, GOP holds house, but does not take Senate. Senate Dems do what the GOP has done in the last 4+ years.
    5) Romney wins, Dems take the house, GOP takes the Senate. House holds up everything to prevent the GOP hack and slash policies.
    6) Romeny wins, Dems take both house and Senate. Romney is screwed and can only veto stuff that the GOP does not manage to block in the Senate with their usual tactics.
    7) Romeny wins, GOP takes both house and senate... but not with 60+ seats.. Dems revert to GOP tactics... if the GOP does get 60+ seats.. then frankly... nothing happens either.

    I just dont see the GOP gut the American federal system on spending, since they get much of their funding from corporations that are dependent on that spending!

    Basically... you all are screwed thanks to your political system.

    Only way anything will get done.. is if either side wins absolute majority in the house and senate (60+ seats), and the White House.. and even then it is not a done deal.

    So yes, there will be another cluster**** on the debt limit, and yes everyone will be held hostage with maybe a shutdown, and both sides will blame each other.... and in the end, the deficit limit will be raised, with symbolic changes to spending.
    PeteEU

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    Re: New battle over debt limit inevitable?

    Naomi Klein in her seminal work The Shock Doctrine has been bang on since the day the book was published. I am afraid that we are on our way to serfdom. The powers that be will continue to drain the middle class via a series of manipulated and often purposely created crisis. The war on terror, the war on drugs, Wall Street are the current prime examples. It's bigger than both parties.










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    Re: New battle over debt limit inevitable?

    Quote Originally Posted by AdamT View Post
    Sadly there is no spin involved. The fact is that Democrats are willing to agree to spending cuts far in excess of what they think we should implement at this time, so long as they are balanced by modest revenue hikes.
    It doesn't matter what they are willing to agree to. They have consistently reneged on spending cuts, and thus shown themselves to be flat out liars when it comes to any deal they make regarding cuts.
    "nah i think the way cons want to turn this into a political issue is funny though" - Philly Boss

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