Posted on 07/29/2011 6:32:45 AM PDT by markomalley
A day after the House postponed its vote on Speaker John Boehner's Budget Control Act, Washington remains at a stalemate. Follow our live blog below for the latest developments.
9:10 a.m. The White House announces that President Obama will deliver a statement at 10:20 a.m.
9:08 a.m. Hotline's Sean Sullivan reports that 22 Republicans are still no votes. He'll be updating the whip count all day, which can be found here.
8:49 a.m. Lawmakers are reacting to last night's events, and we're collecting that reaction here.
8:03 a.m. Sen. Bernie Sanders, I-Vt., says Senate Majority Leader Harry Reid’s deficit reduction plan is bad, but Boehner’s is worse in a Wall Street Journal op-ed published today.
FOxNews:
Republicans just ended their meeting.
Per Bill Hemmer, an unnamed senior Republican said they would pass that [Boehner’s] bill today.
Comcast may have a controlling interest, but Immelt's still running the show.
Obama knocks GOP plan: “in other words it does not solve the prob & it has no chance of becoming law”
CNBC just now openly stating Repubs OWN the downgrade
Wall Street isn’t panicking...down 62. And part of the reason is the slow 2nd Qtr GDP growth.
Ed Morrissey on hotair.com has a good article on why BO would be nuts do this. It makes sense, but I don’t think BO is acting rationally at this point - he is desperate to salvage his re-election prospects & I wouldn’t put anything past him.
Have you ever heard the term "Banker's B!tch"? Do you have any idea, any clue whatsoever how our monetary system works?
Federal reserve notes (dollars) are backed by Treasuries and other AAA securities. No debt increase, no dollar expansion. No dollar expansion, no GDP increase. No economic growth, no way to pay interest charges on previous loans. Nifty, huh?
Now, how did we allow ourselves as a nation to get into such an 'interesting' predicament? (Or, to be impolite, completely beholden to London & Wall St banks?) Well, it's due to Banker B!tches advocating small, incremental steps & concessions, like yours, over the last 100 years.
What people have to realize is that this issue has been building for *generations*. It isn't the fault of FDR, LBJ, Nixon, Clinton, Bush or Hussein. Once the ball got rolling pre-WWI, we were always destined to find ourselves at this point.
Now the boil must be lanced. We are living in historic times, one where tyranny is finally going to be toppled. It isn't going to be fun, in fact, it's gonna be quite "messy". There are no guarantees the Republic will even survive.
However, there aren't any alternatives. Continuing down the path of complete addiction & dependency is always leads to death. Our great-great grandparents took the first hit(s), but we're the addicts.
Which will be the best thing to ever happen to the tea party.
CCB I is dead. Reid killed it by tabling it. The bill was never ret’d to the House so Boehner cannot send the same one up.The Senate has its arcane rules that give it power.However IMO if Boehner and the GOP are smart they will send up a C&C to the Senate and drop the BBA.That was a non starter and should never have been included, especially since an amendment requires a 2/3 vote.Send up the cut and cap as in the original and force Reid’s hand.
Especially when it comes to eating peas.....
Nope, that tag is going to stick to BO ... 'the first President to preside over a downgrade of the US AAA credit rating'.
For an answer....
The end result of raising the debt ceiling is that our debt goes up by the amount that the ceiling raises.
Moodys has said that in order to avert a downgrade, Washington must REDUCE debt by 4 trillion MINIMUM inside of 4-6 months... FOR STARTERS!
Once the nation’s credit score gets downgraded, interest rates go up for everybody, INCLUDING THE NATIONAL DEBT....
This eventually places us in a position of insolvency because interest on the debt could potentially exceed incoming revenues.
We don’t default until we are unable to pay the bills.
As long as we don’t lose our credit rating, we can pay the bills AND pay for most current budget items.
When the president says that he wants to avoid default, HE IS LYING!!!... This is what he has been after all along...
it is simply happening sooner than he wanted.
Obama was counting on this happening early in 2013 along with full implementation of Obamacare... NOT NOW.
Moodys threw a monkey wrench in Obama’s gears, and now he needs the republicans to bail him out.
Oh there’s money- enough we don’t default (our creditors). Also enough to pay for SS etc through intragov debt, I think. Reasonable people who I trust say the “problem” is paying for everyone else.
That is the nuke in the room. Freeze SS, don’t pay the military, and the GOP is done.
And Bambi will do it.
Bravo. Excellent post.
Well, spit it out.
I heard that ‘tabling’ does not technically kill the bill ... but then what do I know :-) Whatever .... Boehner needs to send something as close to CCB as he can get - I like your idea.
There is an answer to that tactic -
just show how much money is coming in next month,
and then show who it’s going to - totally frivolous and unnecessary expenditures of the federal gov’t.
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