Debt ceiling: House GOP gets lowdown on fallout

Fark. "S&P Ratings Agency to meet with House Republicans to educate them on what a downgrade means. To make sure everyone understands, they are meeting with the Republicans, because they are the only ones who don't farking get it."

S&P further warned that it wouldn't be sufficient for Congress to simply raise the debt ceiling. Lawmakers must also pass a sizeable 10-year debt-reduction deal to preserve its otherwise sterling AAA rating, S&P said.

And, the agency added, "for any agreement to be credible, we believe it would require support from leaders of both political parties."

House Republicans have stressed repeatedly they won't agree to a debt-reduction package that has any net tax increases in it, while Democrats say taxes must be part of any package.

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It's like special ed for the R side of the aisle.

LOL, dunno if I should cry or laugh....

Roger that. When Boehner walked out, I actually had to fight back tears (mostly of rage, but there's some fear here as well).

I don't know what's going to become of us, Pete.

Whoa. What the hell?!

Shortly after 6 pm EDT, Pres. Obama addressed the press, and took questions, explaining his plan to get back to the negotiating table. Somewhat incredibly, CNN followed its analysis of the press conference by holding a phone interview with Grover Norquist, who acted as spokesperson for Speaker Boehner. Norquist explained that for seven months, it has been clear that Boehner was not willing—or empowered—to accept any tax increases.

/snip

Norquist all but admitted that the entire debt ceiling negotiation process is an electoral maneuver, designed to harm the Democratic party, possibly by harming the nation, to elect more Republicans to Congress and to take control of the White House.

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CNN Makes Tax Radical Grover Norquist Spokesperson for Speaker John Boehner | CafeSentido.com

BDBoop said:

Fark. "S&P Ratings Agency to meet with House Republicans to educate them on what a downgrade means. To make sure everyone understands, they are meeting with the Republicans, because they are the only ones who don't farking get it."



It's like special ed for the R side of the aisle.

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Will they be allowed to put their campaign bumper stickers on the short bus?

Grover Norquist is one of the most dangerous men in America today.

haymarket said:

Will they be allowed to put their campaign bumper stickers on the short bus?

Grover Norquist is one of the most dangerous men in America today.

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You know .... I'm not sure. I think I'd rather the short bus be papered with the corporations that sponsored it.

1) The S&P Rating agency proved themselves liars during the mortgage fiasco and their word shouldn't be trusted.
2) Even though the rating agencies don't have credibility, they are still unfortunately correct. Our credit is at risk for being downgraded, and not without reason. The only good option is raise the debt ceiling along with a tangible reduction of the deficit.

rathi said:

1) The S&P Rating agency proved themselves liars during the mortgage fiasco and their word shouldn't be trusted.
2) Even though the rating agencies don't have credibility, they are still unfortunately correct. Our credit is at risk for being downgraded, and not without reason. The only good option is raise the debt ceiling along with a tangible reduction of the deficit.

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Getting a debt ceiling increase WITHOUT a cut into the deficit of about 3-4 trillion will still get us a downgrade. Not sure if Reid and Pelosi know or care. I actually think the President and his leaders in congress want the market to tank. They have done a good job at tagging Boehner and the republican congress for this mess.

Sad that elections seem more important than the country to a lot of these folks.

Getting a debt ceiling increase WITHOUT a cut into the deficit of about 3-4 trillion will still get us a downgrade.

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I dont think a lot of people understand that. What Obama is putting as the ceiling is around $3 trillion and I mean over a decade. But we get a downgrade anywhere south of that--whether we default or not. I dont see that much as a talking point. But it is a hard fact if S&P is to be believed.

Military spending, Social Security, Medicare, Medicaid, regulatory agencies, pork spending, and baseline budgets all need to be on the table so everyones' ox is getting gored and no one is favored because the way business is being done isn't working.

I will say again that if the lower tax brackets had any skin in the game on taxes they would be yelling for cuts as loud, if not louder than the upper brackets. But that isn't the case, maybe it should be to make citizens more responsive to the way government works or doesn't work as the case may be.

washunut said:

Getting a debt ceiling increase WITHOUT a cut into the deficit of about 3-4 trillion will still get us a downgrade. Not sure if Reid and Pelosi know or care. I actually think the President and his leaders in congress want the market to tank. They have done a good job at tagging Boehner and the republican congress for this mess.

Sad that elections seem more important than the country to a lot of these folks.

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Too funny, truly. No, Boehner and Norquist and the Tea Party and the Republicans are guilty as charged, and everybody knows it.

Cantor walked out. Guilty.

Boehner walked out. Guilty.

Norquist? WTF does he have to do with this? Yet he acts as Boehner's spokesman when Boehner walks out? Guilty.

It's ALL yours. America sees, the world sees. We all know who is going to tank big time next year at the polls. We all will remember who held America hostage in the summer of 2011. Nobody is MAKING them 'look' anything. We can see.

The possibility is more real than ever that Aug. 2 will come and go without a deal to extend the debt ceiling, unleashing potentially catastrophic economic consequences. If this comes to pass, the blame - all of it - will belong to one group: The rabidly anti-Obama Tea Partyers who make up the base of today's Republican Party.

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Read more: Debt ceiling stalemate is Tea Party's fault: GOP base refuses to compromise

Which leader do you think is most at fault for the latest breakdown in debt talks?
President Obama - 14%
House Speaker John Boehner - 38%
Senate Republican leader Mitch McConnell - 2%
House Republican leader Eric Cantor - 43%
Senate Democratic leader Harry Reid - 1%
House Democratic leader Nancy Pelosi - 0%
Other - leave your thoughts in the comments - 2%
Total Votes: 33,979
Percentages may not add up to 100% due to rounding
This is a non-scientific user poll. Results are not statistically valid and cannot be assumed to reflect the views of Washington Post users as a group or the general population.

The above poll was found here.

More Americans believe President Obama will do the right thing in handling the debt ceiling issue than they do of key Democratic and Republican congressional leaders, but it is hardly a resounding vote of confidence: 48 percent say they have a great deal or fair amount of trust in Obama on the issue while 49 percent say they don’t have much or any at all, according to a Pew Research Center/Washington Post poll conducted July 14-17

But Obama fares much better than the others, with the percentage of those have a great deal or fair amount of confidence in House Speaker John Boehner at 33 percent, followed by Senate Minority Leader Mitch McConnell at 30 percent, House Minority Leader Nancy Pelosi at 29 percent, Senate Majority Leader Harry Reid at 27 percent and House Majority Leader Eric Cantor at 26 percent.

Nancy Pelosi « Poll Watch Daily

Seem repubs did better in this poll than democratic leadership.. I never put much faith in any poll. So who's to blame, every one of our elected officials. They are about to let us all down big time. It doesn't matter what party.

The speaker, who is negotiating with Senate leaders, told colleagues they have an opportunity to cut "trillions" from the budget, but "we need (a) vehicle that can pass" in both chambers. Boehner also said, "no one is willing to default," but Republicans can "win" the debate "if we stick together."

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Boehner to GOP: Don't let Obama divide us - The Oval: Tracking the Obama presidency

With this impass Congress has failed to fully fund the FAA, "
As of Sunday, approximately 4,000 FAA employees and thousands of construction workers, engineers and planners on airport projects across the country will not be able to report for work due to the partial shutdown. ] Airports nationwide will not receive $2.5 billion in federal funding for important airport construction projects.

Read more: Time To Buy Tax-Free Airline Tickets: Now - Honolulu News Story - KITV Honolulu

"Transportation officials said Congress has extended the FAA's funding almost 20 times without controversy. Without new legislation, the government also will not collect about $200 million a week in airline taxes that normally go to the Airport and Airway Trust Fund.

FAA funding ends at midnight; almost 4,000 at FAA to be furloughed - CNN

Time To Buy Tax-Free Airline Tickets: Now - Honolulu News Story - KITV Honolulu
So Congress is giving up $200mill per week over this. and yet some want more tax revenue. Heck, they can't manage what comes in now.

Is there no sane person in WO anymore?

Enough B. We get the outrage crap already. Thats all you are posting is outrage. Post something substantive like the fact that Obama has yet to concede anything that will prevent a downgrade on the US credit rating, because as yet, he hasn't.

Both sides have been trying to move the goalposts and rightfully so, as you give up more you may want the other side to do so as well. This is a normal negotiating technique but if you do it enough your credibility becomes shot. Credibility is also part of the reason why Boehner is so leary about spending cuts down the road, they usually get shredded out of existence. Hes right to want as much as possible immediately, congressional memory is short on both sides.

New debt ceiling deal (8/2/2011)

The debt ceiling negotiation reveals one truth, that this nation is controlled by a covert dictatorship which represents the interest of a rich people group, and the so said law makers don't represent the voters any more.

1. The tax cut law was proposed and carried out by former present Bush. It is proved being a failed policy. In Bush's eight years term, the national debt raised from 6 trillian to 12 trillian. His tax cut law contributes big in debt increasing. Yet, when Obama wanted to recover the tax rate on rich people, the law makers resisted. It proves they are now working for a little group of rich people not for the majority of Americans.

2. War in Iraq and in Afghanistan is another factor to the deficit of the budget. US military expense and war expense add together almost equal to the total expense of all other countries in this world. That's an extra heavy burden of the American tax payers. The strange thing is nobody dares to speak out. No media, no politician dares to finger at it. It's another proof the US has become a covert dictatorship. In it media and politicians all are controlled by the Inside group. They no longer are the voice of people.

3. The victim of the new balance deal will be the American people. More people will lose their jobs and welfare aid in new budget. They will have less money to spend. How could economy recover in this foundation? The economy of US will continue remain in stagnation if not going worse.

4. The result of today's situation is people can't elect their own representatives. The government insiders have controlled the intelligence and the media. They select politicians of their own through rigged election. (because they control the intelligence) They justify the election result through the fake poll of the media.

which is why S&P said that Cut, Cap, and Balance or even the Paul medicare plan would have stopped the downgrade. Wait, aren't those republican ideas, hell, aren't those TEA PARTY ideas?

Those people only know ranting "cut and balanvce the budget". That's easy. How?

A board held by a protester said, "Military and war 50%, Prison 10% Education 7%". It's about the budget distribution. The media won't discuss it. Law makers dare not touch it, that's the problem. They only chop the weakest group - to cut at the field whete there is few left for cut.

Where the debt crisis come from? Here is the fact:

1. When Clinton left the White House, he left a big revenue surplus.

2. Nine months after Bush took the office, there was a 911 attack which people think the government insiders were involved. Patriot Act was passed. Civil rights is seriously damaged. His government intimidated people with "terror attack".

3. His government cheated people with a lie of "WMD". Bush activated Mid-east war. He invaded Afghanistan and Iraq.

4. He signed the "tax cut" bill which not only exhausted the surplus from Clinton but also increased national debt.

5. His Neglegence to supervise the financial institutions led to the collapse of real estate market and financial crisis.

6. Obama just takes over a mess from his predecessor. What he does is to repair the hole which made by Bush.

7. As a matter of fact, there is no foundamental difference between Demo and Republicans. They both work for one master. That's why Obama maintains two war in Mid-east - prepare for another war - war on Iran.

It's not idiot politicians. It's idiot voters. Or more likely, we are manipulated by the media and this system. It's a covert totalitarian country.

katsung47;1059773786]Where the debt crisis come from? Here is the fact:

1. When Clinton left the White House, he left a big revenue surplus.

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That is a lie, there was no surplus as the Treasury shows, again you buy what you are told without verifying the rhetoric. Public debt plus intergovt. holding deficits=total debt. Clinton took office with a 4.4 trillion debt and left it at 5.7 trillion thus no surplus.

Debt by year

Government - Historical Debt Outstanding – Annual


2

. Nine months after Bush took the office, there was a 911 attack which people think the government insiders were involved. Patriot Act was passed. Civil rights is seriously damaged. His government intimidated people with "terror attack".

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9/11 Commission disagrees with you, your point?

3. His government cheated people with a lie of "WMD". Bush activated Mid-east war. He invaded Afghanistan and Iraq.

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Want me to post the Democrat quotes regarding WMD before Bush took office? Again you buy what you are told without doing any research

4. He signed the "tax cut" bill which not only exhausted the surplus from Clinton but also increased national debt.

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Treasury says we had a revenue increase after the Bush tax cuts were fully implemented. Have you told the checkbook of the U.S. that they were wrong?

5. His Neglegence to supervise the financial institutions led to the collapse of real estate market and financial crisis.

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He had a lot of help, Barney Frank, Chris Dodd, Jaimie Gorelick, Franklin Raines, Tim Geithner, and a Democrat Controlled Congress 2007-2008.

6. Obama just takes over a mess from his predecessor. What he does is to repair the hole which made by Bush.

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2 1/2 years after taking office and after spending trillions we have a net job loss, declining labor force, 16.2% U-6 unemployment, 4 trillion added to the debt, rising misery index, and a credit rating downgrade. Obama is a liberal success story with his low approval ratings.

7. As a matter of fact, there is no foundamental difference between Demo and Republicans. They both work for one master. That's why Obama maintains two war in Mid-east - prepare for another war - war on Iran.

It's not idiot politicians. It's idiot voters. Or more likely, we are manipulated by the media and this system. It's a covert totalitarian country.

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Seems you fit into the media manipulation. I learned a long time ago to "trust but verify." You seem to trust certain sources but never verify.

Conservative said:

That is a lie, there was no surplus as the Treasury shows, again you buy what you are told without verifying the rhetoric. Public debt plus intergovt. holding deficits=total debt. Clinton took office with a 4.4 trillion debt and left it at 5.7 trillion thus no surplus.

Debt by year

Government - Historical Debt Outstanding – Annual

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Total debt did rise under Clinton. However, on a gross receipts vs gross expenditure basis, we did run budget surpluses from 1998 through 2001.

http://www.census.gov/compendia/statab/2011/tables/11s0467.pdf

This, of course, includes payroll tax receipts, which exceeded expenditures throughout the 1990's and 2000's... but is no longer the case. If you exclude social security and related items, then we never did have a real budget surplus under the Clinton years, though the deficits we did have were negligible (under $100B).. to the point that is is fair to say we had a balanced budget. The annual budget deficits during the Bush years went from zero (functionally) to $1.1T in just 8 years. Nice work, George & Dick!

upsideguy said:

Total debt did rise under Clinton. However, on a gross receipts vs gross expenditure basis, we did run budget surpluses from 1998 through 2001.

http://www.census.gov/compendia/statab/2011/tables/11s0467.pdf

This, of course, includes payroll tax receipts, which exceeded expenditures throughout the 1990's and 2000's... but is no longer the case. If you exclude social security and related items, then we never did have a real budget surplus under the Clinton years, though the deficits we did have were negligible (under $100B).. to the point that is is fair to say we had a balanced budget. The annual budget deficits during the Bush years went from zero (functionally) to $1.1T in just 8 years. Nice work, George & Dick!

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We ran a surplus in public debt because of SS funds from intergovt. holdings being used. Total debt=public debt PLUS intergovt. holding debt. As for the Bush debt, there was too much money spent during the Bush years just like there has been too much money spent every year including now where we have record deficits and spending. Obama has taken Bush spending and put it on steroids. Debt today is almost equal to our yearly GDP and that is a travisty.

Conservative said:

That is a lie, there was no surplus as the Treasury shows, again you buy what you are told without verifying the rhetoric. Public debt plus intergovt. holding deficits=total debt. Clinton took office with a 4.4 trillion debt and left it at 5.7 trillion thus no surplus.

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If there was no surplus, how did the Clinton administration actually pay down the public debt?

pbrauer said:

If there was no surplus, how did the Clinton administration actually pay down the public debt?

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by stealing from SS and replacing it with IOU's. try to keep up. Obama must like those IOU's because he continues to create much more of them.

Conservative said:

by stealing from SS and replacing it with IOU's. try to keep up. Obama must like those IOU's because he continues to create much more of them.

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Stealing? Stealing? :lamo That's one of the funniest things you've written. What was President Clinton supposed to do whit the extra revenue received, put it under his mattress in the White House? :lamo

pbrauer said:

Stealing? Stealing? :lamo That's one of the funniest things you've written. What was President Clinton supposed to do whit the extra revenue received, put it under his mattress in the White House? :lamo

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What he was supposed to do is what anyone is supposed to do with future obligations, put the money aside and have it for when they need it. I find it quite interesting that liberals like you don't understand SS but more importantly don't seem to care that your money that you "contributed" was spent on something other than SS. You don't seem to understand that total debt is the issue, public debt PLUS Intergovt. holding debt= total debt. Too bad because a lot of people like you are in positions of authority.