Posted on 07/25/2011 10:11:01 AM PDT by kristinn
Rush Limbaugh said Speaker of the House John Boehner phoned him this morning around 10:30 to brief him on the latest news about his negotiations with Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell to raise the nation's debt ceiling.
Limbaugh told about the conversation on his nationally syndicated radio program. Boehner said there is a two-tier plan in the works. Step one would cut $1.1 trillion in spending with a $1 trillion increase in the debt that would get the government to April 2012 with no tax increases.
The next tier would be recommended cuts by a joint House-Senate committee made by twelve members, six from each chamber with three each appointed by each leader, Boehner, Reid, McConnell and House Minority Leader Nancy Pelosi.
Limbaugh said that McConnell is now on the same page as Boehner.
IMF urges swift lifting of US debt limit
AFP - Veronica Smith - 30 minutes ago
WASHINGTON — The International Monetary Fund on Monday warned the United States to lift its debt ceiling swiftly for the sake of the US and global economy. ...
IIRC, the CBO estimated two years ago that our current deficit would be half of what it is - 800 B instead of 1,600 B.
If they can err by 800 billion in TWO years, what chance is there that a 1,000 B estimate over TEN years will be right? I’d call it...ZERO!
“...the future fix will involve the rate at which entitlements grow. If the growth rate is brought down over time...”
I know you mean well. To put it bluntly, we don’t have time.
If we do not substantially cut the budget NOW and freeze the debt ceiling, but instead raise the debt ceiling while putting off budget cuts to the future, our bond ratings will go in the toilet and the dollar as global reserve currency is rescinded.
Our economy crashes big time.
This is what BHO2 wants so he can establish a Marxist government in the ruins of what once was the U.S.A.
The Republicans in the House of Representatives are our last stand at the Alamo.
Which poll is that?
We’re borrowing about 4 billion a day. A trillion in cuts means we’d, what, stop borrowing for 250 days? Even if we did that, we wouldn’t be cutting into the principle.
Yes, this Boehner fight is as much about changing the mentality and the old Dem MO of doing things as anything else.
I know you mean well. To put it bluntly, we don’t have time.
If we do not substantially cut the budget NOW and freeze the debt ceiling, but instead raise the debt ceiling while putting off budget cuts to the future, our bond ratings will go in the toilet and the dollar as global reserve currency is rescinded.
Our economy crashes big time.
This is what BHO2 wants so he can establish a Marxist government in the ruins of what once was the U.S.A.
The Republicans in the House of Representatives are our last stand at the Alamo.
The IMF wants more US taxpayer money to throw down various international rat holes.
You're not taking into account that the downgrades will come before April. Our debt-servicng capability is teetering on a catastrophic edge, and a downgrade will drive that piece of the pie to an intolerable level. Without draconian spending cuts, simple math will be the judge, jury, and executioner of our way of life.
“There will be plenty of immediate cuts and then any more increases will be dependent on more cuts. Still just rumors. Should know by like 3:00 for sure.”
If this is true that's a WIN. First time ever increases are dependent are cuts!!!!
BIG Thank you to Bohner and the House Republicans!!!!
“Nonsense. Boehner’s gotten exactly what he wanted. Cuts equal to the debt ceiling with NO tax hikes.”
It would have to be $1.299 trillion (not $1.1 trillion) for the cut to be equal to a $1.0 trillion debt ceiling increase.
U.S. ten year Treasury note is, 2.99% interest per year. For every $1 trillion borrowed a total of $299 billion in interest is owed.
IMF Says US Budget Requires 33% Spending Cut & 35% Tax Increase
See post #166.
It seems we have been disappointed so many times we can't see a win when it occurs.
Taxes are not being raised.
The focus is on cutting spending.
obama is being shown for what he is, a worthless spoiled child.
The House Pubs are emerging as THE FORCE on Capitol Hill.
We aren't getting everything, but just as the landings on Normandy didn't end WWII it was a very successful start.
True...one thing this deal does is keep the discussion going which is a great thing and much to Obama's dismay because it helps us in Nov '12. And of course elections in our favor is what wins us not only battles but the war.
It’s remarkable that no one ever asks for the definition of “fair” share.
How much is enough.
Instead of attacking Boehner and the House, see this as a motivator to send Obama and Senate Dems to the unemployment line in 2012.
Looks like Harry is trying desperately to save the Medicare issue for the Dems for '12, but he's relying on a CBO scoring of the wars to be able to do that. Interesting.
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