Posted on 07/30/2011 8:38:07 AM PDT by silentknight
10:56am | Good Saturday morning.
The House and Senate will convene at 1pm today. The House will likely go out of session after a vote on the Reid plan to raise the debt limit, while the Senate will stick around until 1 am Sunday to vote to end debate on the plan.
Read more: http://www.businessinsider.com/live-coverage-congressional-debt-ceiling-showdown-2011-7#ixzz1TbPkr4wi
(Excerpt) Read more at businessinsider.com ...
Fiddling as the debt ceiling falls in
No matter how dramatic the politics around the debt ceiling become, it’s just theater. The reality is that government is out of control, tax revenues must rise and spending must fall.
Government spending, according to the Bureau of Economic Analysis, has risen to 37% of gross domestic product from 27% in 1960. According to projections used by the bureau, that would rise to 50% by 2038. Obviously, that is not going to happen, but apparently that is the path we are on.
As for taxes, the Tax Foundation reported that from 1986 through 2009 (the most recent year for which data are available), the share of federal income tax paid by the top 5% of income earners rose from 43% to 59%, while those who paid zero income tax or were net recipients of income from the government rose from 18.5% to 51%.
http://money.msn.com/investing/fiddling-as-the-debt-ceiling-falls-in-fleckenstein.aspx
Dey been whipped.
Scary
Large as “cuts” of $2.9 trillion might appear, in fact they’re minuscule compared to Washington’s embedded (“baseline”) plan to spend $45.8 trillion over the coming decade (2011-2021), as recently forecasted by the independent Congressional Budget Office (CBO). In the past decade (2001-2010) Washington spent $28.3 trillion, so “baseline” outlays in 2011-2012 would entail a decadal increase of 62%. That’s not the biggest spending boom in U.S. history, but neither would it be anything close to “austerity,” as many critics claim.
Even the most “radical” GOP plan, to “cut” $9 trillion, would boost federal outlays by 30% in the coming decade versus outlays in the past decade, while the most modest GOP plan, to cut a mere $2 trillion, would boost outlays by 55%. Yet Democrats lambaste GOP plans as “Draconian,” prone to trigger a “depression.”
http://blogs.forbes.com/richardsalsman/2011/07/29/washingtons-budget-cuts-would-boost-spending-50/
http://thomas.loc.gov/cgi-bin/bdquery/z?d112:H.R.1297:
I found this link on Michelle's House web site.
This should be the bill and it looks like it never made it out of committee in the house. Michelle Bachmann was one of the co-sponsors. Boehner never helped to get this bill out of committee and passed.
H.R.1297
Latest Title: Ensuring Pay for Our Military Act of 2011
SUMMARY AS OF:
3/31/2011—Introduced.
Ensuring Pay for Our Military Act of 2011 - Requires the Secretary of the Treasury, during a federal funding gap impacting the Armed Forces, to transfer to the Secretary of Defense (DOD), and the Secretary of Homeland Security (DHS) in the case of the Coast Guard, amounts necessary to continue to provide pay and allowances to members of the Armed Forces, including the reserves, who perform active service during the funding gap.
Prohibits any such transfer after December 31, 2011.
No vote?
They are bereft of honor.
Pelosi backs dictatorship?
This woman is referred as “The Honorable...” or “The Gentlewoman....” ?
didn’t the House already crush this Reid bill?
10:07pm | Reid speaking now.
“There are negotiations going on at the White House now”
Reid postpones cloture vote until 1 pm Sunday
Reid says there is “still a distance to go before any arrangement can be completed”
Reid says he wants to give both sides room to negotiate a deal to raise the debt limit.
10:02pm | McConnell-Biden talking today.
They have spoken at least four times today — and are rumored to be trying to work out a deal based off the Boehner plan.
The New York Times reports that it may include mandatory cuts to entitlement spending if Congress can’t agree to lower the deficit in a second vote later this year.
10:14pm | The Senate adjourned for the night.
Will return at noon on Sunday, with a vote on the Reid bill at 1pm.
Boehner plan ain’t great... but nuthin’ is.
I like that they’ll have to deal w/ more cuts before the election. I like that a lot. It’s one of the characteristics of CCB that I did not like - CCB gave the whole increase at once ... thereby eliminating the spending discussions until after the election.
Boehner plan isn’t bad in that regard.
http://thomas.loc.gov/cgi-bin/bdquery/z?d112:H.R.1297:
H.R.1297
Latest Title: Ensuring Pay for Our Military Act of 2011
It looks like it stalled in committee. Now, he goes on television and says the military pay is in jeopardy. If it needed changes, there had been plenty of time to get those changes in the bill, since it was introduced on 3/31/2011.
I bet Obama is loving the pain he is causing watching our servicemen and women - senior citizens and others worrying about getting their checks.
I can just see him and his smug-a*$ little smile watching the drama play out - right before his birthday and a deal signed and sealed for his birthday.
Amazing arrogance.
10:14pm | Down to the wire.
Negotiations are continuing between the White House and congressional Republicans tonight to negotiate a last-ditch deal to raise the debt limit.
A big sticking point are the “triggers” on the “Super Committee” that will push bipartisan deficit cuts later this year under both the Boehner and Reid plans.
“H.R.1297
Latest Title: Ensuring Pay for Our Military Act of 2011
It looks like it stalled in committee. Now, he goes on television and says the military pay is in jeopardy. If it needed changes, there had been plenty of time to get those changes in the bill, since it was introduced on 3/31/2011.”
These men have no honor and believe in nothing but themselves. They are American waiyang Congressmen.
I thought the 2008 drama was incredible. This is just pure political BS to the 10th power. Shameful.
10:42pm | The possible deal?
ABC News’ Jon Karl reports that the deal being considered in the White House is as follows:
Debt ceiling increase of up to $2.8 trillion [Enough to last through the beginning of 2013]
[Immediate] Spending cuts of roughly $1 trillion
Special committee to recommend cuts of $1.8 trillion (or whatever it takes to add up to the total of the debt ceiling increase)
Committee must make recommendations before Thanksgiving recess
If Congress does not approve those cuts by late December, automatic across-the-board cuts go into effect, including cuts to Defense and Medicare
This represents a compromise between the Boehner and Reid plans — with a single debt limit increase through, but “triggers” to incentivize a debt deal.
This is by no means finalized, and Senators will meet with the White House tonight to iron out a deal.
The Senate would then take it up, before bringing it to the House, where Democrats and Republicans would be required to join together in a bipartisan vote to raise the debt limit — likely with just hours left until the deadline.
Chicago style shakedown. He is a thug.
Just imagine that all of the numbers being thrown around are assuming we see some economic growth of the coming years. They are assuming we end the wars. They are assuming there won’t be additional major wars in the Middle East (or elsewhere). They are assuming that Europe won’t fall apart (which appears possible if not likely). They are assuming that IRAN won’t LAUNCH a war - a major war.
They are assuming no huge disasters. No major terrorist attacks on our soil.
Think about the last 5-10 years.
How do you think this is going to play out?
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