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Thread: As Debt Limit Reached, Agreement Still Far Off .

  1. #181
    Professor

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    Re: As Debt Limit Reached, Agreement Still Far Off .

    Quote Originally Posted by donsutherland1 View Post
    debt ceiling negotiations may be focused on a smaller increase aimed at avoiding a possible 8/2 default, but sufficient only until about February 2012.
    Raising the National debt to cover the deficit is all automatic. Congress has nothing to do with it. The extra capital is provided by the Fed Reserve, has been that way for over seventy years. This year certain Senators is trying to make political points with it and seem to be succeeding.

    I can't believe other Senators are that disconnected.


    ricksfolly

  2. #182
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    Re: As Debt Limit Reached, Agreement Still Far Off .

    yesterday:

    The budget proposal released by the White House back in February didn’t win a single vote in the Senate on Wednesday— the final tally was 0-97. Senate Republicans pushed for the vote as a counterpoint to the defeat of Rep. Paul Ryan’s budget plan.

    POLITICO’s David Rogers reports: “The vote on the president’s plan turned into a rout, with neither Republicans nor Democrats voting in favor of taking it up. At one level, the 97-0 vote showed how out-of-date the February requests can seem after so much has changed in the spending debate already this year. But for Democrats, it also proved a convenient way to mask their substantial internal differences over how to proceed” on addressing the government’s fiscal problems.
    Unanimous rejection | POLITICO 44

    leadership, anyone?

  3. #183
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    Re: As Debt Limit Reached, Agreement Still Far Off .

    Quote Originally Posted by The Prof View Post
    yesterday:



    Unanimous rejection | POLITICO 44

    leadership, anyone?
    Yet clearly they took to the TV to continue to praise Obama's plan that they just voted against, and bash Ryan's plan.....They really think that the American people are stupid.

    j-mac
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  4. #184
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    Re: As Debt Limit Reached, Agreement Still Far Off .

    In its warning about not reaching a timely debt ceiling agreement, Moody's stated that it believes that an agreement with a lack of credible fiscal consolidation approach is the most likely outcome. Moody's declared:

    Moody's had previously indicated that its stable outlook on the Aaa rating was based on the assumption that meaningful progress would be made within the next eighteen months in adopting measures to reverse the country's upward debt trajectory. The debt limit negotiations represent a real near-term opportunity for agreement on a plan for fiscal consolidation. If this current opportunity passes, Moody's believes that the likelihood of anything significant being accomplished before the next presidential election is reduced, in part because the two parties each hopes to capture both a congressional majority and the presidency in the 2012 election, after which the winning party could achieve its own agenda. Therefore, failure to reach an agreement as part of the current negotiations would increase the likelihood of a negative outlook in the near term, because the upward debt trajectory would still be in place. At present, this appears the most likely outcome, in Moody's opinion.

    Moody's also described a credible debt reduction agreement as follows, "Such reduction would imply stabilization within a few years and ultimately a decline in the government's debt ratios, including the ratio of debt to GDP."

    Moody's Updates on Rating Implications of US Debt Limit, Long-Term Budget Negotiations

  5. #185
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    Re: As Debt Limit Reached, Agreement Still Far Off .

    yup.

    that better be one doozy of a bill.

  6. #186
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    Re: As Debt Limit Reached, Agreement Still Far Off .

    From Bloomberg.com:

    President Barack Obama and Republicans are narrowing the debate on a deficit-cutting plan to a reduction of $1 trillion to $2 trillion, though whether that would settle the issue through the 2012 presidential election remains in doubt, according to budget and debt experts...

    The backbone of a debt deal includes discretionary spending cuts, which the Bipartisan Policy Center in Washington estimates could total $600 billion over 10 years, including spending on foreign aid. Cutting so-called mandatory spending outside of health care, such as agricultural subsidies, could save an additional $100 billion over 10 years, according to estimates by the center, a policy research group founded by former Senate majority leaders from both parties.
    Obama, Republicans Focus on Narrower Deal on U.S. Debt as Deadline Nears - Bloomberg

  7. #187
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    Re: As Debt Limit Reached, Agreement Still Far Off .

    Quote Originally Posted by donsutherland1 View Post
    The numbers in the article represent little more than a rounding error. If this is the best the republicans can do then they will show it was not worth voting them in during 2010.

  8. #188
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    Re: As Debt Limit Reached, Agreement Still Far Off .

    any lifting of the ceiling that is not high enough and long enough to get the president and the party in power thru clean until november, 2012, is to be avoided, from their perspective, at just about any cost

    fyi

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