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Thread: Obama chides GOP on debt limit: 'We are not a deadbeat nation'

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    re: Obama chides GOP on debt limit: 'We are not a deadbeat nation'

    In a rational world, speculation about the U.S.--or at least some U.S. policy makers--deliberately choosing not to pay obligations to which the nation agreed would not be necessary. Unfortunately, when it comes to Washington, one cannot automatically assume rationality for all policy making cases. Not surprisingly, U.S. fiscal policy has remained firmly embarked on a bipartisan course of unsustainability for the long-term. Instead of a medium- and long-term fiscal consolidation program, one finds rhetoric where various political leaders each posture to claim a stronger commitment to fiscal responsibility. In terms of substance, the rhetoric is not matched by actions.

    Despite having some fifteen months to reach a fiscal consolidation package following the creation of the fiscal cliff sequester, Washington punted. As is typical, it chose the course of accommodation in renewing tax provisions, in this case making them permanent. When it came to balancing them with spending-related reforms (discretionary savings and mandatory spending reforms), they chose to punt.

    That brings us to the current situation. Now almost two weeks after the fiscal cliff legislations was adopted, not a single comprehensive fiscal consolidation proposal has been tabled. Not one. Instead, certain political leaders are talking about not raising the debt ceiling. In other words, they are refusing to pay for obligations they approved in an act of tough posturing. There is no courage in that reckless course. The courageous course would involve providing substantive legislation to reform the policies and programs driving the nation's long-term fiscal imbalances.

    Should the debt ceiling not be raised in a timely fashion and should the nation wind up having to prioritize, no matter how those who refused to raise the debt ceiling posture, they will have put the nation into partial default. They, alone, will have pushed the nation across a threshold for which risk perceptions would be altered for an extended period of time. Their act of irresponsibility would elevate the nation's risk profile, as they would have demonstrated that the nation's meeting its obligations in a timely fashion is not a binding constraint. Elevated risk would lead to an increase in interest payments above what would otherwise have been the case. As a consequence, those policy makers, far from demonstrating fiscal responsibility, would be solely responsible for increasing the present value of the nation's long-term imbalances. They would have made a deliberate and conscious choice to increase the nation's spending and through a mechanism that provides no benefits to the nation's taxpayers.

    If the Congress is serious about stabilizing and then reducing the nation's debt relative to GDP, they would have used the nearly 15 months available to them to design and implement a credible fiscal consolidation program. They didn't. They would immediately have engaged in developing a fiscal consolidation program in the nearly two weeks that followed the fiscal cliff deal. They haven't. If they wanted leverage in a responsible fashion, they would have suggested that they would deduct a significant portion (perhaps 10%-20%) from every appropriations funding request until a fiscal consolidation program were adopted. They have shown no such creativity.

    Hopefully, reason will prevail among enough of the nation's policy makers to avert a partial default. If not, those who engineered it should be held directly accountable for their damaging the nation's credit rating and the interest rate premium that follows.

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    re: Obama chides GOP on debt limit: 'We are not a deadbeat nation'

    Quote Originally Posted by TheDemSocialist View Post
    Snow can be black

    Yea when it's dirty


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    re: Obama chides GOP on debt limit: 'We are not a deadbeat nation'

    We are not a deadbeat nation...

    We are just a massively fiscally irresponsible, wreckless, governmental equivilent to a "Shopaholic" nation.

    A shop-a-holic shouldn't stop paying off their credit cards....they just shouldn't go on opening up new credit cards to purchase more and more ****.

    There are few, if any, on the right pushing for the notion of defaulting on our loans or on our mandatory spending. There are simply people saying we shouldn't borrow any more money. Most Republicans I see talking about it would then want to CUT discretionary spending to make up the difference and reform entitlement spending. I see very few Republicans saying we should make up for what we can't borrow by not issuing social security checks or not paying our debts. If the President wants to go that route, fine. If he wants to say that's one option that may have to happen, and blame the Republicans for making that option have to be considered, fine. If he's stating that such a thing is what the Republicans are pushing for, that's incorrect.

    The reality is our President and this Congress had 15 months to work out a deal to legitimately and reasonable address our woeful spending issues as they relate to the budget....and they've done nothing but push papers around and give pseudo campaign speeches on it. Now the time is come where the backs are up against the wall and they're both pointing to the other side for blame. They're all to blame because they've all drug their feet.

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    re: Obama chides GOP on debt limit: 'We are not a deadbeat nation'

    Quote Originally Posted by Fisher View Post
    I wouldn't give this WH what it wants if it does not put some skin in the game, but I am not the Speaker.
    Well, Obama has proposed about $1T in cuts over the next decade, but the GOP doesn't know how to say yes.

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    re: Obama chides GOP on debt limit: 'We are not a deadbeat nation'

    Quote Originally Posted by Zyphlin View Post
    We are not a deadbeat nation...

    We are just a massively fiscally irresponsible, wreckless, governmental equivilent to a "Shopaholic" nation.

    A shop-a-holic shouldn't stop paying off their credit cards....they just shouldn't go on opening up new credit cards to purchase more and more ****.

    There are few, if any, on the right pushing for the notion of defaulting on our loans or on our mandatory spending. There are simply people saying we shouldn't borrow any more money. Most Republicans I see talking about it would then want to CUT discretionary spending to make up the difference and reform entitlement spending. I see very few Republicans saying we should make up for what we can't borrow by not issuing social security checks or not paying our debts. If the President wants to go that route, fine. If he wants to say that's one option that may have to happen, and blame the Republicans for making that option have to be considered, fine. If he's stating that such a thing is what the Republicans are pushing for, that's incorrect.
    Congress passed the budget. Now pay for it. Tea baggers only know how to pretend to govern.

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    re: Obama chides GOP on debt limit: 'We are not a deadbeat nation'

    Quote Originally Posted by head of joaquin View Post
    Congress passed the budget. Now pay for it. Tea baggers only know how to pretend to govern.
    They did? Could you give me a link to that legislation? I was not aware that a budget had been passed for FY13.

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    re: Obama chides GOP on debt limit: 'We are not a deadbeat nation'

    Quote Originally Posted by head of joaquin View Post
    Well, Obama has proposed about $1T in cuts over the next decade, but the GOP doesn't know how to say yes.
    So basically he's offering to cut 10% of our total deficit over 10 years time. That's bollocks.
    "Hmmm...Can't decide if I want to watch "Four Houses" or give myself an Icy Hot pee hole enema..." - Blake Shelton


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    re: Obama chides GOP on debt limit: 'We are not a deadbeat nation'

    Quote Originally Posted by head of joaquin View Post
    Well, Obama has proposed about $1T in cuts over the next decade, but the GOP doesn't know how to say yes.
    And what about the cuts Republicans want to make? The Democrats just don't know how to say yes.

    /illogical partisan thinking
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    re: Obama chides GOP on debt limit: 'We are not a deadbeat nation'

    Quote Originally Posted by head of joaquin View Post
    Well, Obama has proposed about $1T in cuts over the next decade, but the GOP doesn't know how to say yes.
    A proposal, if my memory serves, that is largely backdated....meaning it relies on future presidents and congresses to actually stick to it....and it largely predicated on "savings" from something that will occur regardless of whether or not his proposal was passed, the ending of significant action in Afghanistan. Not to mention, a proposal that is akin to scooping one bucket load of water out of a sinking cruise liner.

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    re: Obama chides GOP on debt limit: 'We are not a deadbeat nation'

    Quote Originally Posted by tessaesque View Post
    So basically he's offering to cut 10% of our total deficit over 10 years time. That's bollocks.
    Not even, these are cuts in future growth. And thats according to the current baseline, which doesnt factor in NEW spending programs. It not like they are enforcing PAYGO, so we can assume spending will go up faster than the baseline. Like how the recent fiscal cliff supposedly raised taxes, but then they passed a Sandy relief bill which wipes out the new taxes already.

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