Posted on 07/22/2011 3:12:29 PM PDT by STARWISE
This should be interesting.
I have been in many many negotiations, and I do believe that the most powerful force is the use of time. The one feeling the pinch of time the most is at a disadvantage, if they allow themselves to be pressured by it. I believe Boehner should not attend a meeting, and publicly demand that Obama put forth a plan, and challenge him on national television to the whole country.
He needs to take no further action until that happens.
That means also letter the US go into default if need be. It is time to stop this momentum and move it the other way.
If the republicans lose the election, so be it, but they will not.
Hit him again, Boehner! He’s on the ropes.
He’s about to forget that he’s been wearing a mask so that most people don’t recognize what he really is.
Thank You Tea Party!!! Looks like, maybe, the Republicans finally grew a pair.
Boehner should send an college intern in his stead for the 11pm meeting 0baMao demanded he be present at. Maybe video conference in from a tropical beach somewhere, wearing a lei and holding a coconut drink with an umbrella.
Wow. That’s about as close to a presidential meltdown I’ve seen since “the people want to know that their president isn’t a crook” and “I did not have sex with that woman.”
He blames Republicans and the voters who elected them, but says “I will not engage in finger pointing or blame.”
I was hoping when he got so revved up and theatrical,
he would lay a huge egg and screw up real bad, as he’s been known to do when off the TOTUS.
Damn, something we finally agree on. I don’t know how the press paints this as anything less than a mini-breakdown.
http://nrinstitute.org/lmotw/2011/05/19/debt-limit-impasse-is-not-the-end-of-the-world/
Debt limit impasse is not the end of the world
This past Friday, Treasury Secretary Tim Geithner sent a letter to Sen. Michael Bennett (D-CO), claiming that “failure to raise the debt limit” would force the United States to default on its “legal obligations” thus inflicting “catastrophic, far reaching damage on our Nation’s economy.” None of this true.
This Monday, Geithner sent another letter to Congress, this time informing them that the Treasury Department had in fact reached the debt limit. The world did not end. In fact, the interest rate on Treasury notes fell that day.
So why is the market failing to implode as Geithner predicted? Well, for starters, he may have cried wolf one too many times. In his first letter to Congress in January of this year, Geithner warned of “catastrophic” consequences if the debt ceiling was not raised by March 31st. That date came and went without event.
Then on March 1st, Geithner warned that financial Armageddon would not occur until April 15th. On April 4th he moved the date back to May 16th. And then on May 2nd Geithner said there were “extraordinary measures” he could take as Treasury Secretary that would push the default date all the way back to August 2nd. The markets, and Congress, have detected a pattern of behavior here.
The reality is, as the Government Accountability Office has certified, Geithner has complete authority over how to prioritize federal government payments. And the U.S.’s expected tax revenue (approximately $2.2 trillion) far exceeds our expected $200 billion in interest payments on the debt. That also leaves plenty of cash to pay the troops, send Social Security checks, and pay providers for Medicare services. The only reason the U.S. would ever default on its debt, or miss a Social Security check, would be because Geithner chose to do so.
The debt ceiling has already been raised three times during Obama’s first two years in office. In February 2009, Obama asked for and received a $789 billion debt limit hike to help pay for his stimulus plan. In December 2009, Congress passed a stand alone $290 billion debt ceiling increase and in February 2010, the Democrats in Congress hiked the limit another $1.4 trillion to today’s $14.3 trillion max.
As former-George Soros fund manager Stanley Druckenmiller told The Wall Street Journal, the real danger may just be another debt limit hike without any real controls on future spending: “My guess is that the bond market would rally as long as it believed the ultimate outcome was going to be genuine entitlement reform—that we wouldn’t even have to find out about a meltdown because it wouldn’t happen. And I have some history on my side here.”
He does. Three times over the last thirty Congress has failed to raise the debt limit after the Treasury Department alerted them that their borrowing authority had been reached: 1985, 1995, and 2002. The longest stretch occurred during the 1995-1996 showdown when the debt limit was reached in November 1995 but Congress did not raise the limit until March 29, 1996. At no point during any of those episodes did markets lose faith in the U.S.’s ability to pay its bills. And out of the 1995-1996 impasse came spending cuts, balanced budgets, and a booming economy.
Sounds like the opposite of the end of the world to us.
Obama has summoned the Congressional leaders to the White House at 11am tomorrow.
Doesn’t a “summons” sound like someone who is in trouble with the law, and is being “summoned to a court”?
Bad word to use today! Obama has very little leverage over the Congressional leaders, and insulting them is not going to help.
Confirmed by FNC and CNN. We await the truth ...
Buy your airline tickets now boys and girls...
Stalemate in Congress could be boon for travelers
Air travelers could save on taxes if Congress can’t settle partisan fight over aviation bill
http://finance.yahoo.com/news/Stalemate-in-Congress-could-apf-2974115037.html?x=0
DALLAS (AP) — Gridlock in Congress could be a boon for airline consumers this weekend.
Several federal air travel taxes were set to expire Friday night if Congress failed to pass legislation to keep the Federal Aviation Administration operating.
I agree, and that person should be told to simply tell Obama that he is there to receive Obama’s written proposal for the House to look over. He should bring him a copy of the bill passed by the house recently. Then he should leave.
Boehner should have a news conference five minutes late telling the public that Obama refused to produce a plan.
..cutting $4 for every $1 taxed is bad....but spending $4 for every $1 taken in while pushing the debt to $14T was grand, huh BO?
The repub's need to hold their ground, this clowns ego is going to expose him...even to the blind.
Wall Street fraud that lead to economic collapse were 90% DEMOCRAT contributing greed-meister, ponzi scheme building, speculator/manipulator, "NEVER LET A CRISIS GO TO WASTE" evil parasites under the cloak of caring for "the children" and the elderly.
Hear that Soros puppet? Tax your puppet-master(s)first you shyster Alinsky commie fraud.
They need to keep it up. I want a total and complete meltdown.
The SOB is desperate because he needs more slush fund bucks to pay off people to get re-elected.
I want him to lose it on TV so we can watch. LOL
We will simply demand his removal.
THIS THING IS KILLIN’ ME!
If ACORN doesn’t get their money he is toast.
Good, I hope CSPAN has it on line.
OMG...Reid can’t go on a vacation after he told the Senate to go home, LOL. He has been summoned by the whiner in chief. Maybe Odumbo will give him a beer.
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