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Obama: Congress must — and will — raise debt limit

TacticalEvilDan said:
I'm not a Democrat, but I can fill in the blanks because it's kinda obvious.

The Democrats knew the debt ceiling increase was going to pass without their help, so they voted against it so that they could claim to be more fiscally responsible than the Republicans and make a talking point out of it.

Both parties use debt ceiling increases and budget crises to play chicken with their opposition whenever possible.
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Makes you wonder about this time around. Will Republicans have to "sacrifice" some of their less-popular members in order for the bill to be passed in the House while the majority of Republicans vote against it?

I think part of the reason they are pushing for a "serious step" in budget reform before the debt limit is raised is simply so they can treat some of their votes to raise the debt limit as compromise. Whereas, in fact, raising the debt limit should not be a compromise. It is a practical necessity for the wellbeing of everyone in America.
 
TacticalEvilDan said:
The kind of inconsistency you're pointing out has been exhibited by a number of powerful politicians on both sides of the aisle.
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barack the slasher's the only one i recall saying he was "making what is a political vote as opposed to doing what was important for the country"

hope and change, anyone?
 
americans can see---one party is working its bright orange butt off trying to reform entitlements before they kill us

the other is spending and blaming, spending and blaming

leadership, anyone?
 
hope and change, huh?

does american need major budget reform?

republicans---yes

barack the slasher---no

ignore that
 
GPS_Flex said:
LINK: Obama: Congress must — and will — raise debt limit - Yahoo! News

This is almost comical considering his vote against raising the debt limit in 2006.

What has changed since then? If the debt limit hadn’t been raised in 2006 would the ramifications be any different than today? Why didn’t we hear the gloom and doom predictions of a global economic meltdown in 2006 that we hear today?


In 2006 there wasn't a single democrat who voted for raising the debt limit, unless you count Arlen Spector as a democrat. GovTrack: Senate Vote On Passage: H. J. Res. 47 [109th]: Debt Limit Increase resolution Today they are all preaching to us about how irresponsible it would be to vote against a debt limit increase.

I don’t get it. Can one of you democrats fill me in on the logic here?
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Let me put it this way, a chair is still a chair, even when there's no one sitting there.

That just nails it.
 
The Prof said:
hope and change, huh?

does american need major budget reform?

republicans---yes

barack the slasher---no

ignore that
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They pass the hot potato back and forth from cycle to cycle. A fact which I'm sure hasn't escaped your notice, but which flies in the face of the narrative you need to tell yourself.
 
ptif219 said:
To an extent but it is much worse by Obama and the dems. Obama showed this when He invited Ryan to his speech and then tried to demean him
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How is that any worse than supporting two wars, funding neither with additional revenue and keeping it off the books?
 
So it sounds like the consensus is that this is just the way politics is played and as such, it would be foolish of us to expect honesty from our elected representatives, republican or democrat.
 
I believe that the value of the US dollar will collapse within 10 years and we will enter another great depression if we don’t stop the partisan lies, name calling/bickering and start working together as Americans who want to save our great country.

Here’s the reality folks, unless we make draconian types of spending cuts, raise taxes across the board (even on the wealthy), stop the insane government regulation of everything under the sun so that we can start creating manufacturing jobs rather than service sector jobs, stop monetizing our debt and force the FED to raise interest rates, we are headed for an unprecedented depression when the interest rates on our debt go through the roof and foreign countries stop buying our debt. It could be take a year, it could take 10, but it will happen if we don’t make some serious changes to how we are doing business here in the US.

We can’t keep spending borrowed money and calling it a recovery. We must cut spending, raise taxes and create manufacturing jobs here in America again by scaling back state and federal regulations.

I know partisans from both parties (republican & democrat) are going to laugh at me and label me a loon but I’m not alone in this view. An economist who agrees with me predicted the housing market crash and our current recession but he was laughed at by conservative and liberal economists alike.


Watch the video:

 
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Spaceman_Spiff said:
If Congress doesn't want to send the economy spiraling downward into another recession, then they will pass it. The longer Congress plays games with raising the debt ceiling, the more uncomfortable they will make Wall Street and hinder economic growth.
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I find it interesting that you say putting certain restrictions on debt as a condition to increasing the debt limit a game. It seems a serious attempt to get an out of control government to avoid bankrupting the country. Think of it like a salary cap in sports. Owners protecting themselves from overspending.
 
haymarket said:
So you admit that your accusation of partisan hackery applies to both sides of the aisle?
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I sure do, and before you rant on about your newly discovered fact of partisanship running rampant; try to take this impeccable detective work to the supreme court for immediate impeachment.
 
GPS_Flex said:
I believe that the value of the US dollar will collapse within 10 years and we will enter another great depression if we don’t stop the partisan lies, name calling/bickering and start working together as Americans who want to save our great country.

Here’s the reality folks, unless we make draconian types of spending cuts, raise taxes across the board (even on the wealthy), stop the insane government regulation of everything under the sun so that we can start creating manufacturing jobs rather than service sector jobs, stop monetizing our debt and force the FED to raise interest rates, we are headed for an unprecedented depression when the interest rates on our debt go through the roof and foreign countries stop buying our debt. It could be take a year, it could take 10, but it will happen if we don’t make some serious changes to how we are doing business here in the US.

We can’t keep spending borrowed money and calling it a recovery. We must cut spending, raise taxes and create manufacturing jobs here in America again by scaling back state and federal regulations.

I know partisans from both parties (republican & democrat) are going to laugh at me and label me a loon but I’m not alone in this view. An economist who agrees with me predicted the housing market crash and our current recession but he was laughed at by conservative and liberal economists alike.


Watch the video:

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My only disagreement is that I doubt it will take 10 years for this thing to blow up. The only real question is where to put your assets. It seems that most of the developed world has the same problem. So going into Euros won't work, currently you can buy only a limited amount of yaun, that is why gold and silver have been on tear lately. Bill Gross the head of the world's largest bond fund is short treasuries for the first time, it seems china has stopped buying treasuries and Japan the second largest holder of treasuries will probably have to start repatriating funds to rebuild. So will the Fed have the nerve to go to QE3, if they do the dollar which is already being crushed will really take a beating, if they don't interest rates are likely to rise. The loss of wealth if rates rise will probably be bigger than the loses in the housing fiasco.

Interesting times.
 
washunut said:
My only disagreement is that I doubt it will take 10 years for this thing to blow up. The only real question is where to put your assets. It seems that most of the developed world has the same problem. So going into Euros won't work, currently you can buy only a limited amount of yaun, that is why gold and silver have been on tear lately. Bill Gross the head of the world's largest bond fund is short treasuries for the first time, it seems china has stopped buying treasuries and Japan the second largest holder of treasuries will probably have to start repatriating funds to rebuild. So will the Fed have the nerve to go to QE3, if they do the dollar which is already being crushed will really take a beating, if they don't interest rates are likely to rise. The loss of wealth if rates rise will probably be bigger than the loses in the housing fiasco.

Interesting times.
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I did say it could happen in a year or it could take 10 years.

As for whether the fed will go QE3: you can bank on it. The only thing keeping the American economy looking like it is gaining jobs and in a recovery is monetization of our debt. QE1 or QE2 might have worked if we had embraced the inevitable recession we are in and started cutting spending and raising taxes but our government isn’t serious about balancing the budget or paying down our debt yet, as evidenced by the joke of a battle over cutting 38 billion from the 2011 budget and the lies both parties told us about how much they actually cut. After the smoke and mirrors cleared, it turns out that we cut a whopping 300 million.

Try this on for size: The actual debt isn’t really pushing 15 trillion dollars; it’s actually more like 200 trillion dollars. You see, the government doesn’t report the real numbers to us, it reports the smallest and happiest (if that’s possible now days) numbers to us through accounting trickery. Even the so called Clinton surplus was total BS. If I ran a business and used the method the government uses to report my financial portfolio to investors, I would go to jail.
 
GPS_Flex said:
LINK: Obama: Congress must — and will — raise debt limit - Yahoo! News

This is almost comical considering his vote against raising the debt limit in 2006.

What has changed since then? If the debt limit hadn’t been raised in 2006 would the ramifications be any different than today? Why didn’t we hear the gloom and doom predictions of a global economic meltdown in 2006 that we hear today?

In 2006 there wasn't a single democrat who voted for raising the debt limit, unless you count Arlen Spector as a democrat. GovTrack: Senate Vote On Passage: H. J. Res. 47 [109th]: Debt Limit Increase resolution Today they are all preaching to us about how irresponsible it would be to vote against a debt limit increase.

I don’t get it. Can one of you democrats fill me in on the logic here?
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Obama's vote was for one reason only - To make Bush look bad, at the expense of America, and also because raising the debt ceiling did not contain ideological crap that he wanted. Obama is a whore. Soon we will find out if the Republicans are also whores.
 
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danarhea said:
Obama's vote was for one reason only - To make Bush look bad, at the expense of America, and also because raising the debt ceiling did not contain ideological crap that he wanted. Obama is a whore. Soon we will find out if the Republicans are also whores.
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We already know the republicans are whores.
 
TacticalEvilDan said:
Bush. Clinton. Carter. Nixon. I'm sure I could name a few more if I gave it more than 2 seconds thought.



There you go, changing the subject again. :lol:
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Names mean nothing without facts

Same subject you will not address
 
Spaceman_Spiff said:
If Congress doesn't want to send the economy spiraling downward into another recession, then they will pass it. The longer Congress plays games with raising the debt ceiling, the more uncomfortable they will make Wall Street and hinder economic growth.
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Raising ceiling will just give Obama a pass to spend more
 
haymarket said:
How is that any worse than supporting two wars, funding neither with additional revenue and keeping it off the books?
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It is much worse. Obama shows he does not care about the budget or the deficit
 
washunut said:
I find it interesting that you say putting certain restrictions on debt as a condition to increasing the debt limit a game. It seems a serious attempt to get an out of control government to avoid bankrupting the country. Think of it like a salary cap in sports. Owners protecting themselves from overspending.
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I should have been clearer with my comment. I am fine with Republicans using the raising of the debt ceiling as a bargaining chip, so long as their demands are reasonable.

What I don't like is when senators like Rand Paul and Jim DeMint threaten to filibuster any legislation that raises the debt ceiling. One could potentially help lead to financial stability, while the other is nothing more than political grandstanding at its worst.
 
I find it interesting that the GOP that voted to raise it back in 06 are now threatening to not raise it this time? What has changed? Oh, I know, the debt has another 4 trillion added to it.. :)

The hypocrisy works both ways. It ALWAYS does! Like death and taxes, the party in power with the "great" idea will be criticized y the party in the minority. When the minority gets to power, they will be criticized by the once party in power.. They're all lawyers (For the most part) and adversairal systems is ALL THEY KNOW, it's why lawyers don't make good politicians!


Tim-
 
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