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Breaking: Agreement has been reached on raising the debt limit....

Re: Obama: We have a deal

Was there any real doubt? If this is an example of how these two sides work then we need two new sides.
 
Re: Obama: We have a deal

Final sticking point seems to be a cut in military spending.
 
Re: Obama: We have a deal

Final sticking point seems to be a cut in military spending.

that is the place where there should be compromise

the GOP compromises by cutting some military spending
the Dems compromise by cutting social spending

in other words both sides give up areas where they buy votes

raising taxes has no relevance. anyone who supports raising taxes BEFORE the government can prove it can cut has way too much faith those clowns in DC
 
Re: Obama: We have a deal

that is the place where there should be compromise

the GOP compromises by cutting some military spending
the Dems compromise by cutting social spending

in other words both sides give up areas where they buy votes

raising taxes has no relevance. anyone who supports raising taxes BEFORE the government can prove it can cut has way too much faith those clowns in DC

A very fare comment to be sure.
 
Re: Obama: We have a deal

Final sticking point seems to be a cut in military spending.

Any program that has the word government in front of it has fat. All programs are going to have to go under the knife. No sacred cows.
Even with this we are still not out of the woods.
 
Re: Obama: We have a deal


Frustrating to watch our bureaucrats at "work." Looking at this deal initially doesn't do anything to lower the debt and in fact increases it as the baseline is the starting point with every budget and the baseline goes up every year. Right now the baseline budget is 3.7 trillion dollars, a record budget. Income is about 2.4 trillion so we have a 1.3 trillion shortfall and Congress is going to cut what from the budget? 3.4 trillion over 10 years is 340 billion per year so instead of a 1.3 trillion dollar deficit we have a 1 trillion dollar deficit so where are the cuts?

Best plan would have been to go back to 2008 spending and start the cuts there, IMO
 
Re: Obama: We have a deal

Any program that has the word government in front of it has fat. All programs are going to have to go under the knife. No sacred cows.
Even with this we are still not out of the woods.

Revenue I think is still something which needs to be addressed.

I'm proposing selling yellowstone national park to McDonalds.

Introducing the new McGrizzly, only at McDonalds.

Ba ba ba ba ba ba
 
Re: Obama: We have a deal

that is the place where there should be compromise

the GOP compromises by cutting some military spending
the Dems compromise by cutting social spending

in other words both sides give up areas where they buy votes

raising taxes has no relevance. anyone who supports raising taxes BEFORE the government can prove it can cut has way too much faith those clowns in DC

It would be more fiscally responsible to do both at the same time.
 
Re: Obama: We have a deal

that is the place where there should be compromise

the GOP compromises by cutting some military spending
the Dems compromise by cutting social spending

in other words both sides give up areas where they buy votes

raising taxes has no relevance. anyone who supports raising taxes BEFORE the government can prove it can cut has way too much faith those clowns in DC


I think its interesting that the new board being created is put to this test. If they fail to come up with a solution, both Medicare and Pentagon spending get cut, as well as an across the board cut. I think I read that at least half would come from the Pentagon (starting in 2013).
 
Re: Obama: We have a deal

Color me cynical. So the debt ceiling got raised, which is good and had to happen.

But let's wait and see if any spending actually gets cut other than smoke and mirrors "cost avoidance" imaginary accounting. Am not encouraged....




.

3 Trillion Dollars over 10 years will not be enough to break the lines of Mordor.

Its a weak deal, but its a start.
 
Re: Obama: We have a deal

Revenue I think is still something which needs to be addressed.

I'm proposing selling yellowstone national park to McDonalds.

Introducing the new McGrizzly, only at McDonalds.

Ba ba ba ba ba ba


China might be interested in Wyoming and a corridor to the Pac coast
 
Re: Obama: We have a deal

Color me cynical. So the debt ceiling got raised, which is good and had to happen.

But let's wait and see if any spending actually gets cut other than smoke and mirrors "cost avoidance" imaginary accounting. Am not encouraged....




.


This is what I read from the new york times article: http://www.nytimes.com/2011/08/01/us/politics/01FISCAL.html?pagewanted=2&hp
Under the plan as described by officials briefed on its outline, the debt limit would be increased by $900 billion in the first installment, subject to a Congressional vote of disapproval that President Obama would be able to veto. To prevent a default, $400 billion would be added immediately.

A second increase of $1.2 trillion to $1.5 trillion would be available subject to a second vote of disapproval by Congress. At the same time, a new joint Congressional committee would be created to find a like amount of cuts.

If the evenly divided committee failed to agree on a plan, Congress would either have to approve a balanced budget agreement or accept an across-the-board cut in spending in line with the committee’s goal, with 50 percent of the savings coming from the Pentagon beginning in 2013. Medicare would also sustain cuts, though the reductions would be capped.

So we immediately avoid default and Obama can basically raise it 500 billion more without congressional approval. However, if the new board can't agree on cuts, automatic cuts would take place or a balanced budget agreement (I guess they mean the amendment?) would have to pass. Either way, before the 2012 elections, automatic cuts take place.
 
Re: Obama: We have a deal

According to what I am hearing, this deal will still increase the debt by approximately $7 trillion over the next ten years. Cut? Only in Washington. I'll wait to make final judgment until I know more details, but this plan doesn't seem to be a beneficial plan.
 
Re: Obama: We have a deal

According to what I am hearing, this deal will still increase the debt by approximately $7 trillion over the next ten years. Cut? Only in Washington. I'll wait to make final judgment until I know more details, but this plan doesn't seem to be a beneficial plan.

I would argue that at this moment, the debt ceiling just needs to be raised, no argument, no contest. To avoid economic collapse anyway and to keep your credit score unaffected.

However, I would argue that once this crisis is averted, congress needs to get to work on a more solid, and bigger plan that includes ways to cap spending and lower it. But after this, everyone will have just kicked the can down the road so I won't expect it'll be done.
 
Re: Obama: We have a deal

3 Trillion Dollars over 10 years will not be enough to break the lines of Mordor.

Its a weak deal, but its a start.

Am waiting for the details before making any judgements. When it comes to budgets and weaselly gimmicks these congress pricks are ninjas. Am guessing that when they get through writing up this bill they are not about to put themselves in a position of having to deliver bad news to constituents leading up to the elections. They are going to cover their butts.

As noted above. We'll just have to watch the details....




.
 
Re: Obama: We have a deal

I think its interesting that the new board being created is put to this test. If they fail to come up with a solution, both Medicare and Pentagon spending get cut, as well as an across the board cut. I think I read that at least half would come from the Pentagon (starting in 2013).

Indeed, and a much better way to ensure we get something done than another vote on the debt ceiling.
 
Re: Obama: We have a deal

Moderator's Warning:
Threads merged.
 
I had no doubt that this would occur. I'd like to see more details, but without raising taxes at the same time as cutting spending, I believe we will still be in deep ****.
 
Re: Obama: We have a deal

I'm upset that there are no impacting tax increases happening, especially on the corporate sector. We just practically bailed out the entire corporate economy and banking sector on Wall Street, and now the public has to face austerity for it. Why doesn't big business have to face any austerity?

I'm glad the debt ceiling was raised but I don't think enough was done to really target the source of this problem.
 
Re: Obama: We have a deal

The scary thing here is that the Republicans, in particular the teabaggers, learned that as long as they have enough votes to prevent something from passing, and if they have no moral qualms and the appearance of insanity required to make such a threat appear credibile, they can get whatever they want by threatening to destroy the country. They want school prayer? We better give it to them or else they might block an emergency response to the next big hurricane. They want to ban Islam? We better give it to them or else they might block the flu vaccines for the next potential epidemic. It's disgusting. We're all being held hostage by the stupidest, meanest, element of our society.
 
Re: Obama: We have a deal

They want school prayer? We better give it to them or else they might block an emergency response to the next big hurricane.

where?

They want to ban Islam? We better give it to them or else they might block the flu vaccines for the next potential epidemic.

when?

We're all being held hostage by the stupidest, meanest, element of our society.

who?
 
Re: Obama: We have a deal

The scary thing here is that the Republicans, in particular the teabaggers, learned that as long as they have enough votes to prevent something from passing, and if they have no moral qualms and the appearance of insanity required to make such a threat appear credibile, they can get whatever they want by threatening to destroy the country. They want school prayer? We better give it to them or else they might block an emergency response to the next big hurricane. They want to ban Islam? We better give it to them or else they might block the flu vaccines for the next potential epidemic. It's disgusting. We're all being held hostage by the stupidest, meanest, element of our society.

I would respond to this posting, but I would be banned from this site if I expressed anything relevant about the sanity of the poster, so I won't say anything.
 
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