Where did you get that idea

Your Star said:

Explain how not paying your bills is an okay thing? We've already spent this money, and with a deal that cuts spending, and raises revenue in a practical fashion will get us out of this problem. No need to burn the whole thing down, we have to take a calm measured approach, an approach that isn't very sexy, but one that works.

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Why cant the congress people see that?

X Factor said:

Quick quiz. Who said this?

“The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. It is a sign that the U.S. Government can't pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies. … Increasing America's debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.”

Musta been Paul Ryan, right?

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Didnt obama say that?

Basher said:

i hear raising taxs wont be good for us

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I 'hear' that as well. But I suspect watching the debt continue to climb to the point where we face a finanical collapse will be worse. Its not about fair...its about dealing with the problem. Massive cuts...the poor are going to have to pay their fair share. Significant tax increases...the wealthy are going to have to pay MORE than their fair share. Major modifications to the fed and business climate to bring back industry. Its not going to be fixed by party sloganeering and appeals to interest groups.

Basher said:

Why cant the congress people see that?

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In part because the post is wrong. This is not all money we have spent already. Much of it is money the government wants to continue spending. Such as continueing the wars in Iraq, Afghanistan and Libya. We are under no financial obligation to continue that.

Your Star said:

He was the president of the screen actors guild, and a spokesman for General Electric, if you don't know who I'm talking about, your not a Republican :2razz:

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ronald ragan?

cpwill said:

when you do that, you raise effective rates.

consider, for example, a low-income working family on one income with three kids. take away their EITC and Child-Tax-Credit, and you have just significantly increased the burden of government on them.

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better the burden be on them then me

DashingAmerican said:

So your birthday is going to ruin the country? That's IT something has to be done about this!

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i think they talking about the debt cieling dead line

earthworm said:

They live in ignorance and fear.
Much like sheep... but for them, its natural..but not for man.

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who is grover?

Ockham said:

Nothing is burning down. This is just the same as it if was a persons family and home. No bank in the world will lend to a bad credit risk (with the U.S. currently is), so the family in this case has to pick and choose which creditors will be paid and which ones will not. Of those that will not, a discussion on future payments and negotiations on a lower payment or extended time frame of those payments possibly with a higher interest rate. See... Obama voted against the debt ceiling and now he's leading the charge to raise it. What doesn't make sense is his position - he seemed to have flip-flopped, however I agree with his position when he was in the Senate. It's irresponsible for us to continue to raise the debt ceiling. We need to keep it where it is, pay our bills and negotiate the others ... the thought that some cataclysm will occur Aug 2nd is fiction.

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why cant we just go bankrup?

1Perry said:

In part because the post is wrong. This is not all money we have spent already. Much of it is money the government wants to continue spending. Such as continueing the wars in Iraq, Afghanistan and Libya. We are under no financial obligation to continue that.

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arent we giving to much away to israel? 15 milion dollars a day.

Basher said:

arent we giving to much away to israel? 15 milion dollars a day.

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Yet another thing that should be reviewed and places where massive cuts must be made.

Here is an example of why I do not trust the numbers and claims out of D.C.

On Sunday, Senate Majority Whip Dick Durbin (D-Ill.) said he had six words of warning for House Speaker John Boehner (R-Ohio): “If you break it, you own it.”


Durbin to GOP: 'You break it, you own it

Basher said:

you rather sacrafice your grandkids future/

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The one does not necessarily lead to the other. We raised the debt ceiling repeatedly before Clinton reduced the deficit by huge amounts.

Redress said:

The one does not necessarily lead to the other. We raised the debt ceiling repeatedly before Clinton reduced the deficit by huge amounts.

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One Clinton Didnt reduce the Deficit, NEwt gingrich and Congress did. Two, Obama does not have the leadership or class to bargain honestly so this is a non-starter. he will continue to play politcs till its a done deal and then he will attempt to blame the Republicans whiich will fail and he will drop 15-20 points in his approval ratings. Just my guess. We will see.

Bigkat80 said:

One Clinton Didnt reduce the Deficit, NEwt gingrich and Congress did. Two, Obama does not have the leadership or class to bargain honestly so this is a non-starter. he will continue to play politcs till its a done deal and then he will attempt to blame the Republicans whiich will fail and he will drop 15-20 points in his approval ratings. Just my guess. We will see.

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Ummm...yeah. Your failed knowledge of history is amusing. Your lack of knowledge of current polling on the budget dispute moreso. Your total blind partisanship is more sad than amusing.

Redress said:

Ummm...yeah. Your failed knowledge of history is amusing. Your lack of knowledge of current polling on the budget dispute moreso. Your total blind partisanship is more sad than amusing.

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Partisanship like arguing Bill Clinton singlehandedly reduced the deficit? As far as polling goes, there's a new poll out there that says that 67% of Americans oppose raising the debt ceiling.

X Factor said:

Partisanship like arguing Bill Clinton singlehandedly reduced the deficit? As far as polling goes, there's a new poll out there that says that 67% of Americans oppose raising the debt ceiling.

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Clinton made the one decision that directly lead to the deficit reduction, and he made it before republicans where even in congress. Learn your history.

Redress said:

The one does not necessarily lead to the other. We raised the debt ceiling repeatedly before Clinton reduced the deficit by huge amounts.

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Correct and raised it after clinton

Today is another example of why I dismiss the sky is falling threats. All weekend we heard how the Asian markets were going to react in a very negative manner if no deal was reached this weekend. It wsa then argued that the U.S. market would follow.

We didn't get a deal and mostly a shrug out of the markets.

1Perry said:

Today is another example of why I dismiss the sky is falling threats. All weekend we heard how the Asian markets were going to react in a very negative manner if no deal was reached this weekend. It wsa then argued that the U.S. market would follow.

We didn't get a deal and mostly a shrug out of the markets.

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Umm 60 pt drop in the dow.....


News Headlines It may get worse as it gets closer

lpast said:

Umm 60 pt drop in the dow.....

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Happens many days. Nothing out of the ordinary happened. It started out over 100 points down and then started wiping that out. The Asian markets that were going to have such a negative reaction fell less than 3%. Again, something that happens on a normal day.

Basher said:

why cant we just go bankrup?

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That's a good question - and it's not entirely clear if the Federal Government could go bankrupt. There are different types of bankruptcy... I guess theoretically speaking it's possible to default, restructure and negotiate the payment options. For example, it could be selling off resources to the debtors, signing treatis options which would provide more future growth to the debtors or it may be that Europe or other investors and money holders through the IMF would pay off the U.S. debt while the restructuring occurs. It's never happened before - so my guess is we would not want such a thing to happen due to the various global implications in the stock and bond markets which would basically take down much of the world economy. Most likely, the debt would remain unpaid while internally over years - cuts would need to occur or higher taxes would have to offset the imbalance of debt owed by the government.

Needless to say, this would occur amid riots, burnings, political and social strife and general ugliness. Heads would roll and Washington and the government as we know it would probably change over a few decades while things calmed down and structure / law and order were restored.

I couldn't really say anything on the poll since I don't believe Aug 2nd is meaningless. But from listening to talk radio and sticking my nose in a couple of places, what I see is that a combination of immense quantities of cuts and tax reform would occur, and we would receive some kind of additional tax that supposedly would do something, I'm not sure what but I think it's some kind of long term alleviation for the debt. As far as I am concerned, though, if we hit the debt ceiling I'm getting out. Not because it would necessarily be catastrophic to our economy but because it would be so bloody stupid. It's so dang easy to implement the basic economic reform to our country necessary to avoid this crisis altogether that I find it extremely disturbing that we would simply let the default moment come. Now, I personally think we're going to raise the ceiling, most likely via the McConnell plan though I certainly could be wrong about what plan we're going to wind up using. But regardless, it really just needles me we're pulling it so close. Why can't Obama and Boehner alike realize that this isn't college anymore...turning in the term paper at 11:59 pm on the night it's due may have be acceptable back then, but nowadays they have a lot more responsibility on their shoulders. I'm not saying that years ago they should have gotten the problem fixed (although I do think they should have). I'm just saying that it's been staring at us in the faiths now for months. We could so easily have initiated sweeping reform and restructuring back in February, and had a clean bill of health towards a fresh world staring at us tomorrow. The problem is the American public won't accept economic reality- that in order to pay back the Chinese the government actually needs money. The conservatives want to cut the taxes, crippling the government's income, and the liberals want to spend all the money they get from tax hikes as soon as they get it, and they're both wrong. The only way to do this is increase the governments flow of money into the system and get used to the idea that we don't get to see our hard-earned money coming out the other side...that's the result of our electing idiots for the past 2 decades, and now the headsman has arrived and we can't do sh*t to avoid payment. That's a part of life, just as much as taxes and death. What you buy, you eventually have to pay for. Class is starting, America. I hope we're sitting comfortably, because this is gonna be one hell of a lesson.

BDBoop said:

You haven't been following the story, have you? Otherwise, you'd know that Obama offered so much, he scared his own party. They still said no. They're playing chicken all by their lonesome.

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I thought Obama said "no" he would veto any bill that did not contain increased revenue. You can't have it both ways saying its one sides fault and not the other. It comes down to no leadership and no understanding by both sides. I'll say again, why in the heck should the taxpayers give WO a greater percentage of our paychecks when they fail to spend the tax funds they do recieve wisely. Also because of all the infighting WO is giving up aprox. $250million/week in airline ticket revenue becuase they failed to renew part of the FAA.

How about if everyone of us contact our reps and say if they don't get the debt ceiling passed in time, we will do everything we can to get them out of office. Recall comes to mind. By the way this goes for Obama also.

There are various tricks that the Treasury and Fed could pull to deal with the debt after we reach the limit. It would still be painful, and lawmakers would have to make a deal soon afterward or we would be in real trouble. However, we're not a week away from Armageddon.