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Economists: Failure to raise debt limit could lead to recession

1Perry said:
Go back and look. I noted where we may have to quit bombing Libya, Afghanistan and Iraq. We may have to actually get serious in addressing fraud. We might have to quit paying prison head shrinks $850,000 a year. We would have to make some serious decisions on what we are going to fund and what we aren't. We can continue making payments on our loans.
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Sure, but then we wouldn't default. I just said that if we default it's bad news. We should really cut so that we don't have to do that, but do you think that amount of cuts is really going to happen with like one week left?
1Perry said:
The deadline has moved 3-4 times.
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Has it? I know it's moved from early August to late July, but that's not too much of a change and it's backwards too. Unless you're talking about cutting in order to avoid default which is what I would support.
 
CarlF said:
Then why does the treasurer tell us we have till the 22nd? You'd think he'd have accounted for all those revenue sources when he gave us that deadline?
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Because that is how Democrats and Statists operate.........no sane public would support giving The Most Expensive President in History another dime........

.......scaring the hell out of the public is how Democrats try and pass all their hair brain agenda.........
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Catawba said:
I am just as concerned about the governments domestic obligations to our own people and the economy.
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Well the Ponzi schemes are just about up..........

Let Congress cut spending the honorable way, vote to cut wasteful spending in all programs including the military, and stop the 30 year practice of giving tax breaks to people just because they are rich, regardless of whether they contribute to the US economy or not.
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We cant tax our way out........and Democrats cant bring themselves to cut even a cowboy poetry contest......

And don't forget that most of that 14 trillion dollar debt was added under Republican Administrations. :sun
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Spending originates in the house........

800px-US_Federal_Debt_as_Percent_of_GDP_by_House_Majority_Party_281940_to_200929.png


.....and the Democrat Party is responsible for the programs and departments that consume over 70% of the budget.........and Democrats still want MORE GOVERNMENT.
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Badmutha said:
Because that is how Democrats and Statists operate.........no sane public would support giving The Most Expensive President in History another dime........

.......scaring the hell out of the public is how Democrats try and pass all their hair brain agenda.........
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What the hell is that supposed to mean.. The treasurer has said we can keep going until the 22nd without defaulting or cutting anything, can you explain to me how this is not true with facts and information and not vague rhetoric..
 
CarlF said:
What the hell is that supposed to mean.. The treasurer has said we can keep going until the 22nd without defaulting or cutting anything, can you explain to me how this is not true with facts and information and not vague rhetoric..
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It means we still have enough monthly revenues to cover the necessities........

.....but the Obama smorgasboard of out of control spending will have to come to an end.
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Badmutha said:
It means we still have enough monthly revenues to cover the necessities........

.....but the Obama smorgasboard of out of control spending will have to come to an end.
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Okay so you're just talking about cuts, right? If we cut we won't have to default. I just took that as a given..
 
CarlF said:
What the hell is that supposed to mean.. The treasurer has said we can keep going until the 22nd without defaulting or cutting anything, can you explain to me how this is not true with facts and information and not vague rhetoric..
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Well, so. Now I understand how come Boehner isn't blinking. He's actually delusional. He wasn't back in January, but he is now.
 
CarlF said:
Okay so you're just talking about cuts, right? If we cut we won't have to default. I just took that as a given..
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Which is the cold hard truth.......

But considering Democrats cant bring themselves to cut even a Cowboy Poetry Contest, that theyhave never made a significant spending cut in US History, and are adding more government programs and more government spending every chance they get.........

........default remains possible.....
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Catawba said:
I am just as concerned about the governments domestic obligations to our own people and the economy. Let Congress cut spending the honorable way, vote to cut wasteful spending in all programs including the military, and stop the 30 year practice of giving tax breaks to people just because they are rich, regardless of whether they contribute to the US economy or not.

And don't forget that most of that 14 trillion dollar debt was added under Republican Administrations. :sun
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Yep... Why is it that debt to GDP consistently goes up under Republican administrations and down during Democratic administrations? Could it be that tax and spend is far more sound than tax cut and spend?
 

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BDBoop said:
Well, so. Now I understand how come Boehner isn't blinking. He's actually delusional. He wasn't back in January, but he is now.
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I don't know, is it more delusional to think we can keep getting in debt past 100 percent of GDP or force a halt where we already are. I'd say if the republicans want to be practical about it, they better not cause a default otherwise people will never elect them again. They have to get the democrats to cut more than token sums like 100 billion a year, but who knows if that's possible. Maybe we're truly screwed.
Badmutha said:
Which is the cold hard truth.......
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I know, this is just a misunderstanding then. I thought you were trying to say that we could not default while also not raising the ceiling and not take any other action either.

upsideguy said:
Yep... Why is it that debt to GDP consistently goes up under Republican administrations and down during Democratic administrations? Could it be that tax and spend is far more sound than tax cut and spend?
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Did you forget about the legislative branch? They're the ones who have the most power over spending in the first place. Also, that graph doesn't even show Obama.
 
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CarlF said:
I don't know, is it more delusional to think we can keep getting in debt past 100 percent of GDP or force a halt where we already are. I'd say if the republicans want to be practical about it, they better not cause a default otherwise people will never elect them again. They have to get the democrats to cut more than token sums like 100 billion a year, but who knows if that's possible. Maybe we're truly screwed.

I know, this is just a misunderstanding then. I thought you were trying to say that we could not default while also not raising the ceiling and not take any other action either.
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Balance takes balance. That means not just cuts, not just tax hikes. And yes, of course I believe it can be done. Everybody has to be willing to compromise, though. Everybody has to take hits they don't want to take, for the greater good.
 
By the way, what has the latest offer been that the democrats given the republicans? Last I heard I thought it was 1 trillion over ten years, I feel like I've somehow missed something because I read an editorial the other day claiming that democrats had offered trillions in cuts or something.
 
CarlF said:
By the way, what has the latest offer been that the democrats given the republicans? Last I heard I thought it was 1 trillion over ten years, I feel like I've somehow missed something because I read an editorial the other day claiming that democrats had offered trillions in cuts or something.
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Just type "debt ceiling" in news.google.com and start reading. There are signs that the Republicans are starting to realize they may be ****ing up.
 
BDBoop said:
Well, so. Now I understand how come Boehner isn't blinking. He's actually delusional. He wasn't back in January, but he is now.
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Jeezy said:
Letters signed by economists? Oh...you mean like THIS one?

Economists: Raising the Debt Limit Without Significant Spending Cuts Threatens Jobs | Speaker of the House John Boehner | speaker.gov

Gee! I guess both sides have signed letters, thus rendering this entire thread pointless.
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Boehner canceled himself out as well.
 
Badmutha said:
.....but the Obama smorgasboard of out of control spending will have to come to an end.
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I thought you said the spending originated from the House, not the president? Who's in control of the House?
 
BDBoop said:
Boehner canceled himself out as well.
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Not at all.

He's warning against a default, not against maintaining the debt ceiling.

Besides, if you REALLY want to play that game, Obama cancelled himself out too.
 
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upsideguy said:
Yep... Why is it that debt to GDP consistently goes up under Republican administrations and down during Democratic administrations? Could it be that tax and spend is far more sound than tax cut and spend?
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You would think a failed 30 year track record for the trickle down economics would have convinced everyone by now, but the GOP just throws another coat of paint on it and almost half the country seems taken with the new shiny promises.
 
Catawba said:
You would think a failed 30 year track record for the trickle down economics would have convinced everyone by now, but the GOP just throws another coat of paint on it and almost half the country seems taken with the new shiny promises.
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So the impoverished aren't any better off than they were 30 years ago?
 
Lachean said:
So the impoverished aren't any better off than they were 30 years ago?
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So this is pretty much your ideal economy huh? The impoverished are still impoverished, just a whole lot more of the middle class now swell their ranks thanks to the 30 year experiment with trickle down economics.
 
BDBoop said:
Just type "debt ceiling" in news.google.com and start reading. There are signs that the Republicans are starting to realize they may be ****ing up.
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There's way too many articles on it for that to help. I just want to know how much the democrats have offered to cut, does anyone know?
 
Jeezy said:
Not at all.

He's warning against a default, not against maintaining the debt ceiling.

Besides, if you REALLY want to play that game, Obama cancelled himself out too.
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I really do. Whatcha got?
 
CarlF said:
There's way too many articles on it for that to help. I just want to know how much the democrats have offered to cut, does anyone know?
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I remember reading that the Democrats proposed cutting $50 billion in subsidies to the oil companies that are making record profits, and the GOP voted it down. The Health care Reform saves half a trillion dollars. The Democrats have also proposed ending our wars in Afghanistan and Iraq. That will save us billions monthly!

How much has the GOP offered in discontinued tax cuts for the wealthy?
 
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