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Mitch McConnell: $4T Deficit-Reduction Deal Likely Off the Table
Fox News ^ | 07/10/2011

Posted on 07/10/2011 7:12:58 AM PDT by SeekAndFind

Senate Republican Leader Mitch McConnell told Fox News that he thinks a major deficit-reduction deal cutting $4 trillion over the next decade is off the table, claiming Democrats are pushing too hard for tax increases.

"Everything they've told me and the speaker is that to get a big package would require big tax increases in the middle of the economic situation," McConnell told "Fox News Sunday." He called the prospect of tax hikes a "terrible idea." The Senate GOP leader is the latest to weigh in on the rollercoaster negotiations that are set to continue Sunday evening at the White House. That summit is taking on fresh urgency after House Speaker John Boehner announced he was lowering expectations about the size of the deficit-reduction package that can be achieved over concerns about the rift between the two parties.

Boehner announced Saturday that he wants to focus on a package more in line with what was being discussed in earlier negotiations led by Vice President Biden. Those talks centered on about $2 trillion in deficit reduction over the next decade. The White House in recent days had raised the bar to about $4 trillion, but Boehner dialed things back following a conversation with President Obama Saturday evening. McConnell backed Boehner on Sunday.

(Excerpt) Read more at foxnews.com ...


TOPICS: Culture/Society; Government; News/Current Events
KEYWORDS: budget; debt; deficit; mitchmcconnell

1 posted on 07/10/2011 7:13:05 AM PDT by SeekAndFind
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To: SeekAndFind

Would someone please explain what is going on?


2 posted on 07/10/2011 7:16:30 AM PDT by The_Media_never_lie
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To: SeekAndFind

Close a loophole = tax increase. Dems win
Put entitlements on the table = kill seniors. Dems win

I would let the dems set the table and the republicans roll back all the EPA and Banking regulations put in place since 2006.

Force the rats to say no to environmental policies killing the country.


3 posted on 07/10/2011 7:18:00 AM PDT by EQAndyBuzz (As long as the MSM covers for Obama, he will be above the law.)
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To: SeekAndFind
Last time I checked we controlled the house. Tell Obozo not a dime will be authorized, shut down the F%^KING government and lets see what is really non essential.

Mark Levin is right a bad deal is worse than no deal.

4 posted on 07/10/2011 7:18:45 AM PDT by verga (I am not an apologist, I just play one on Television)
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To: SeekAndFind

Let’s be clear here. This Congress can’t bind future Congresses or presidents to a debt reduction deal. Any talk of spending now and reducing spending later is pure hog wash. The future reduction won’t happen or future spending will be increased on new sacred cows.

The have to deal with this problem one year at a time. Write a balanced budget for THIS year!


5 posted on 07/10/2011 7:20:58 AM PDT by Gen.Blather
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To: SeekAndFind

If you can draw Mitch McConnell, aka Tippy, you can earn your way into art school.

6 posted on 07/10/2011 7:21:09 AM PDT by edpc (I disagree. Circle gets the square.)
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To: The_Media_never_lie
Would someone please explain what is going on?

The short version is this:

The republicans are folding faster than the bellows on Myron Floren's accordion.

7 posted on 07/10/2011 7:21:09 AM PDT by PalmettoMason (Blacks are not inferior, but it is racist to hold them to the same standards as everyone else.)
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To: PalmettoMason

Doesn’t sound like it to me.


8 posted on 07/10/2011 7:25:54 AM PDT by Eric in the Ozarks (Eh ?)
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To: The_Media_never_lie

It’s about how ALL politicians handle decisions...sidestep!!!
http://www.youtube.com/watch?v=rCDoBvG1HoI


9 posted on 07/10/2011 7:26:49 AM PDT by RetSignman (It's Summertime...the "Goebbles Warmers" are back from hibernation.)
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To: The_Media_never_lie

boner all cares about what wall street wants, now you little voters in flyover land set down SFU.


10 posted on 07/10/2011 7:28:28 AM PDT by org.whodat
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To: All

If this is really true...both OBoner and OMcConnell are SAD POS’s!


11 posted on 07/10/2011 7:31:05 AM PDT by harpu ( "...it's better to be hated for who you are than loved for someone you're not!")
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To: The_Media_never_lie

What is going on is that a tax increase, or a spending cut, will take money out of the economy and increase unemployment. It will immediately lower GDP.

In other words, it’s over. There Is No Answer.

They will now reduce all the goals and probably back load them. 2T over 10 years looks like 200 billion/year at first glance, but that won’t be how it is laid out. They will back load it, again with the absurd thought that “the economy will be better later and we can do the cuts then”. So they’ll propose 20 Billion in FY2012 and promise to do more later, and they won’t, or they will but lower tax revenue in the future from worse economy will make it meaningless.

It won’t matter who controls Congress or the Presidency. It’s inevitable devastation. If they endure it now, people will die. If they endure it later, more people will die.


12 posted on 07/10/2011 7:31:21 AM PDT by Owen
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To: SeekAndFind

I’m still trying to understand;

why do we have to have a debt ceiling increase and
why do we have to put cuts ten years out - everyone knows they won’t happen.


13 posted on 07/10/2011 7:33:27 AM PDT by Principled
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To: Gen.Blather
Let’s be clear here. This Congress can’t bind future Congresses or presidents to a debt reduction deal. Any talk of spending now and reducing spending later is pure hog wash. The future reduction won’t happen or future spending will be increased on new sacred cows.

They have to deal with this problem one year at a time. Write a balanced budget for THIS year!

Exactly!!! Future Congresses will not be bound by these lies!!

This 2 trillion, over 10 years, is the biggest pile of BS they've produced this month and they've been trucking the BS big time.

14 posted on 07/10/2011 7:37:34 AM PDT by CharlyFord
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To: The_Media_never_lie

Snookered, by Nazi Socialists.


15 posted on 07/10/2011 7:38:18 AM PDT by boomop1
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To: EQAndyBuzz

Why isn’t Obama being held accountable for the generous treatment of General Electric as a PR/hypocrisy point?


16 posted on 07/10/2011 7:38:45 AM PDT by Anima Mundi (If you try to fail and you succeed , what have you just done?)
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To: SeekAndFind

I say this to both McConnell & Boehner. Give Obama and the Democrat Party zilch, nothing, zero, etc., other then cuts, caps & balanced budget amendments. No taxes whatsoever, except an overhaul of the entire tax system changing to a Flat/Fair tax system, wherein every worker, company and labor union, the rich and poor from top to bottom will pay a fixed set amount with no deductions allowed. Then layoff about 600,000 IRS workers, and shutdown the USPostal Service, turning it over to FedEx, UPS, DHL, etc. Put Obama and his destroy America Democrat Party on notice this evening, that this is a concrete, unmovable, line in the sand. Doing less, listening to the MSM and spinners is past. If no deal can be reached, walk away from the table and let the government default (It won’t). Anything less, McConnell/Boehner and the Republican Party ceases to exist as a major political party, and...you two buffoons and traitors go down with it!!!


17 posted on 07/10/2011 7:40:04 AM PDT by JLAGRAYFOX
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To: SeekAndFind

It’s apparent there will be an increase of the ceiling. If it’s more than $1trillion, Obama skates through the next election without debt/defecits being an election issue. Under a trillion will take us to next spring where it will be THE issue. Will give republicans 9 months to grow some balls. Ha, sure.


18 posted on 07/10/2011 7:44:47 AM PDT by spyone (ridiculum)
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To: Gen.Blather

How is it that Pelosi and Reid could bind future Congresses to spending $1.5 billion this year on ObamaCare, before it kicks in? Can they only bind future Congresses to spend but not cut?

If this is so, we’d be much better off with no federal government. Belgium hasn’t had a national government for a year and a half and seems to be surviving just fine. Are we that much more inept to govern our states than Belgium?


19 posted on 07/10/2011 7:44:53 AM PDT by kittymyrib
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To: The_Media_never_lie

The Republican Panty (no typo) is caving.


20 posted on 07/10/2011 7:47:17 AM PDT by Absolutely Nobama (A Movement that does not move cannot call itself a Movement.)
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To: verga

Roger that! OOOOOOOOORAH!


21 posted on 07/10/2011 7:48:51 AM PDT by Absolutely Nobama (A Movement that does not move cannot call itself a Movement.)
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To: SeekAndFind
Dear Republicans of the House and Senate:

Do you want to be reelected?

Defund ... Defund ... Defund.
and when finished Defund some more
of the WORTHLESS programs and Departments.

A winning formula to stop zer0care,
and zer0's out of control spending.

Dear Republicans, do you want to be reelected?
Senate Republicans back the House Republicans,
or suffer the consequences.

22 posted on 07/10/2011 7:50:35 AM PDT by no-to-illegals (Please God, Protect and Bless Our Men and Women in Uniform with Victory. Amen.)
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To: PalmettoMason
The republicans are folding faster than the bellows on Myron Floren's accordion.

For REJECTING Obama's phony spending "cuts" which are REALLY tax increases? My fear was that Boehner would accept them. Instead he has REJECTED them.

23 posted on 07/10/2011 7:52:42 AM PDT by PJ-Comix (FREE gas via coupons is my dream)
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To: verga
Last time I checked we controlled the house.

One would never know it!!

GOP = Party of Partisanship.

DEM = Party of street fighters and manipulators of news.

I am so done with the Republican party, having changed by registration to I back in 2006.
24 posted on 07/10/2011 7:52:54 AM PDT by Cheerio (Barry Hussein Soetoro-0bama=The Complete Destruction of American Capitalism)
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To: SeekAndFind

None of this stuff is as complicated as our elected prima donnas want to make it seem.

Any one of us could, as president, simply tell both houses that we want the budget for the coming year dialed back five percent of this year’s budget. Five percent. Approve it or get out of town.

Every one of us has been in a situation at home or work where things had to be trimmed. Only in Washington do they fight about a “cut” of one or two percent in the ten or fifteen percent increase they’ve already tacitly agreed upon.

It is disgraceful.

Dennis Miller has the right idea on the debt ceiling. Let the crunch come (if there even is a crunch in the offing). Then let every department head and every damn whinging head bureaucrat come in and make his case to continue receiving funds.

As Miller points out, at least half of the clownish mandarins would be too embarrassed even to come in and explain what the hell their budgets have been going toward.

Five percent a year reductions on BASELINE for five years. Then we would begin to be able to recognize America again.


25 posted on 07/10/2011 7:53:08 AM PDT by Fightin Whitey
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To: SeekAndFind

Folks the Republicans can not do much until they take control of the Federal gov. Kicking the can down the road until 2012 is the wisest thing the GOP can do. Take whatever cuts you can get, no new taxes and rise ceiling enough to get thur 2012 election. When take the issue to the voters.


26 posted on 07/10/2011 7:55:36 AM PDT by jpsb
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To: kittymyrib

“How is it that Pelosi and Reid could bind future Congresses to spending $1.5 billion this year on ObamaCare, before it kicks in? Can they only bind future Congresses to spend but not cut?”

A spending bill creates an automatic constituency of people or institutions who will benefit. These beneficiaries hire lobbyists and make political contributions to ensure their largesse. But spending cuts create no such momentum. A cut is an orphan with nobody to look after it. The more money in a spending bill the bigger and more powerful the momentum to protect that money. It takes a HUGE commitment to undo a spending bill and a lot of personal political capital will be expended and futures damaged in the undoing. But a spending cut can be overcome by simply ignoring it. What’s the penalty for ignoring it? Nothing.


27 posted on 07/10/2011 7:58:46 AM PDT by Gen.Blather
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To: jpsb
Obama strategy was to sucker the Republicans into accepting his spending "cuts" which were really tax increases and then in 2012 he could point at the Republicans and claim they participated in the raising of unpopular taxes. Fortunately Boehner REJECTED that deal. For weeks all we heard here was the fear of the Republicans accepting tax increases. Okay, Boehner has just firmly REJECTED those tax increases and what is the reaction? "Lousy RINO!!!"

Beam me up, Scotty!

28 posted on 07/10/2011 8:00:42 AM PDT by PJ-Comix (FREE gas via coupons is my dream)
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To: edpc

Mitch always reminds me of my friendly neighborhood mortician and I suspect he uses mortician’s wax for makeup. I sure hope he and Boehner don’t make a bad deal, but I fear otherwise. Hold tight to your wallet.


29 posted on 07/10/2011 8:01:37 AM PDT by mighty atlas
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To: Principled

You’re absolutely correct. All deals should be in the same time frame. A 10-year plan is nothing more than a wimpy way to kick the can down the road, and essentially continue doing business as usual. It’s amazing the Republicans, and Boehner specifically, are dumb enough to buy into that kind of plan. To be honest with the American people, and to show some real balls, we should reflect the debt increase, the spending reductions, and the entitlement deficits, in the 2011/2012 budget. Anything else is patently dishonest. A 10-year plan is no plan at all. And, an honest budget for 2011/2012 forces Obama to make some real decisions, a concept a concept as foreign to him as his roots.


30 posted on 07/10/2011 8:02:56 AM PDT by RLM
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To: PJ-Comix
Lol, we only control the House and could lose that in 2012 if we are not careful. Who ever makes the cuts needed to restore fiscal sanity we get pummeled at the polls next election. The Marxists are demigoding this issue and with just about half the country getting a government check the demigoding will work. Fools rush in where wisemen fear to tread. Conservatives are not yet strong enough to fight this fight, take what you can get an live to fight another day. I don't see this as a cave in at all, I see the GOP playing smart for a change.

Also at some point the markets will solve our spending problems.

31 posted on 07/10/2011 8:14:49 AM PDT by jpsb
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To: The_Media_never_lie

It sounds like Joe Bite-Me countered the GOP plan with a proposal for $2 trillion in cuts and $2 trillion in new taxes

So the GOP said, OK, we’ll settle for your proposed $2 trillion in cuts.

Just no new tAXES

LOL! Bite-me is like the black sheriff in “Blazing Saddles” pointing a gun at his own head...


32 posted on 07/10/2011 8:26:38 AM PDT by silverleaf (All that is necessary for evil to succeed, is that good men do nothing)
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To: Gen.Blather

all budgets and tax reforms, and much legislation, hase impacts beyond the term of the adminstration that passes them

remember that obamacare is loaded to kick in after the 2012 elections


33 posted on 07/10/2011 8:28:31 AM PDT by silverleaf (All that is necessary for evil to succeed, is that good men do nothing)
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To: edpc

Mitch McConnell... The Gobbler.


34 posted on 07/10/2011 8:30:00 AM PDT by tennmountainman
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To: kittymyrib

works for me! We have too much duplication in Fed/state gov’ts.


35 posted on 07/10/2011 8:32:30 AM PDT by WKUHilltopper (And yet...we continue to tolerate this crap...)
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To: jpsb

Lol, we only control the House and could lose that in 2012 if we are not careful

The only that will be lost in 2012 is a bunch of RINO’s.
Conservatives are in a foul mood!


36 posted on 07/10/2011 8:34:46 AM PDT by tennmountainman
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To: tennmountainman
I sometimes don't think folks realize just how deeply in debt the USA is. Right now we borrow 43 cents out of every dollar we spend. So just what would happen if Federal Spending was reduced by 43%? It would be so bad I can not imagine it. Riots for sure, maybe even armed rebellion. Massive disruptions to food and energy distributions, massive unemployment, massive just about everything really really bad. Anyone that wants to go there is insane.
37 posted on 07/10/2011 8:49:39 AM PDT by jpsb
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To: PJ-Comix
For REJECTING Obama's phony spending "cuts" which are REALLY tax increases? My fear was that Boehner would accept them. Instead he has REJECTED them.

Thanks, I read it the same way.

All these reports are confusing, and I'm suspecting it's because they are full of half truths, but I'm not seeing the Repubs caving on anything that matters.

38 posted on 07/10/2011 9:12:26 AM PDT by Balding_Eagle
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To: SeekAndFind

“...and they punt!”

Putting off for another day.


39 posted on 07/10/2011 9:16:40 AM PDT by Vendome ("Don't take life so seriously... You'll never live through it anyway")
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To: SeekAndFind
Very important point made in the Washington Post Article on this subject, "....plan that would slice $4 trillion from projected borrowing over the next decade...."

That's CUT $4 TRILLION FROM PROJECTED BORROWING!!! That means that they are planning to keep borrowing. . . . to buy more votes!!!!

These Marxist fools have got to go!!!!

40 posted on 07/10/2011 9:39:30 AM PDT by CharlyFord (t)
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To: jpsb

“Who ever makes the cuts needed to restore fiscal sanity we get pummeled at the polls next election.”

Well, what’s the point of holding the House, then? If the GOP is going to raise the debt ceiling based on some cuts 10 years from now, which everyone knows will never happen, what’s the point of the GOP being in charge? If the Democrats were in charge, we’d get a debt ceiling increase.

Furthermore, if the GOP controls the House, Senate, and the Presidency, and they believe they’ll all be defeated next election if they cut government and put us back on sound fiscal footing, they’re not going to do it then either. Seems to me, you’re either going to do the right thing and make the cuts, and then worry about winning the next election later, or you’re just going to do what every other spineless politician has done, pass it off to the next generation to clean up the mess.


41 posted on 07/10/2011 9:42:57 AM PDT by Big E
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To: The_Media_never_lie

We no longer have a representatice form of government where legilative branch differences are worked out in committee, congressmen write the legislation themselves, votes are taken and recorded, rules and procedures followed so that the the people can understand what is going on. Instead, the executive branch has intruded on the prerogatives of the
legislative, and decisions are now taken by the “leaders” of the two Chambers in the form of “deals” with the executive.


42 posted on 07/10/2011 9:49:38 AM PDT by ngat
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To: tennmountainman

I thought he was a turtle.


43 posted on 07/10/2011 9:52:15 AM PDT by ngat
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To: CharlyFord

The press goes along with the charade by quoting those big 10-year numbers and often not even saying that they are 10-year (and unenforceable) numbers.

The GOP needs to drastically change its PR game if we’ve hopes of saving this country.


44 posted on 07/10/2011 9:54:48 AM PDT by 9YearLurker
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To: Big E
I hear you :)

The Marxists got us into this mess incrementally, "what's mine is mine what's yours is negotiable".

Demanding the GOP to solve our fiscal problem all at one time while they only control 1/3 of the federal government is not reasonable. And as a practical manner, it is not going to happen either.

I happen to be one that think the stuff will hit the fan soon, maybe even Aug2 although that seems less likely. But when the stuff does hit the fan I want the GOP hands to be clean, I would rather not give the Marxists the debt issue to bloody the GOP with. Some day soon the markets will solve the US borrow and spend problem and when that happens it will be the Marxists not the GOP that will be blamed. Then, maybe, we can restore the Republic. IMHO the GOP is playing this high stakes poker game exactly correct.

45 posted on 07/10/2011 10:00:10 AM PDT by jpsb
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To: jpsb
The Marxists are going to demagogue the GOP no matter what. So the GOP may as well fight, since the Marxists are going to blame them for everything anyway. The next election should not be the focal point as to whether or not we starting unraveling this government monster. Do the Democrats worry they're going to lose if they propose more taxes? Apparently not.

Since the GOP took the House, they have done nothing, absolutely nothing, to stop the Marxists. Have they defunded the EPA? No. Have they defunded Obamacare? No. Have they balanced the budget? No. Have the at least made a significant dent in the annual budget deficit? No. The GOP is terrified of fighting. Oooooooh if we shut down the government the world is going to end. Bull. At least then we might get some real negotiations, instead of this idiocy where we're haggling with the Marxists over billions, when we owe trillions.

For me, if the GOP punts on this debt ceiling issue, I'm done with them.

46 posted on 07/10/2011 10:11:07 AM PDT by Big E
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To: Owen
"It won’t matter who controls Congress or the Presidency. It’s inevitable devastation. If they endure it now, people will die. If they endure it later, more people will die."

This is absolutely and completely correct and accurate.

To balance the budget today would require a cut of $1.5 trillion. That's 10% of GDP...and when added to the approx $1 trillion of Fed intervention per year, fully 17% of GDP is "borrowed money"...in fact, just printed money. It has been for 3 years.

So how is THIS for a real Great Depression statistic: The Real Economy has been shrinking at a compounded rate of 15-17% per year for 3 consecutive years. At the same time the printed money has increased the cost of every commodity as that's the only place the recipients believe they can preserve ANY value.

If the balance the budget and end Fed intervention, the economy will completely collapse and the citizenry will be able to see the REAL impact of the Wall St./DC/Media mis-handling and fraud which has not only stripped them of much of what they had, but condemned their children to lifelong servitude.

I do not believe this republic would survive such a shock. Cities will burn. Politicians and Bankers will be tried and hung for their crimes.

There would be regime change in the USA.

47 posted on 07/10/2011 10:44:45 AM PDT by Mariner (War Criminal #18)
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To: Mariner

Opinions differ on cause of commodity increases, and of the problems in general, but overall, its about numbers.

Numbers transcend principle. Numbers laugh at principle.

There is no fix. Prepare for widespread death.


48 posted on 07/10/2011 10:58:24 AM PDT by Owen
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To: PJ-Comix

posted on another thread... but maybe will get answers here:

How much do we “need” to get us thru this FY [oct 1 IIRC]? Surely it can’t be more than 16% or so of our annual budget [4.6 T?]

That’s close to 750 billion. Why are we increasing more than that? Why are we considering 2 Trillion in increase?????


49 posted on 07/10/2011 3:23:11 PM PDT by Principled
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