Posted on 07/30/2011 8:21:33 PM PDT by Beaten Valve
ABC News has learned that Republicans and the White House have struck a tenative deal to raise the debt ceiling before the Aug. 2 deadline.
It's not done yet, but here is the framework of the tentative deal they have worked out, according to a source familiar with the negotiations:
(Excerpt) Read more at blogs.abcnews.com ...
Plus a vote on the BBA. Yes it’ll fail but it puts everyone on the record and people will still be pissed come election time over it.
Considering the reps only hold 1/3rd of the government, this isn’t that bad of a deal. I do wish they would have held for a limit so Obama would have to go through this during mid-2012.
Let’s see the details but if this is true, Boehner and the TEA-party related reps did well.
You’re right.
CCB would have raised the debt ceiling #2.4 TRILLION. Why would anyone want to do it in stages?
Maybe it won't pass the first time or the second but we need to have the conversation out there.
If the Republicans had wanted a balanced budget they had it right in front of them. All they had to do was nothing. Don't raise the debt ceiling.
So, the rest of the charade impresses me not at all.
I agree with you. We don’t control the Senate OR the White House (yet :-), but we got Reid and BHO to give up quite a lot considering what they first demanded.
And when it comes to the BBA concession, they will rue the day.
I don’t know why they don’t increase the % of salaries that can have social security deducted up from the 90% level of about $108,000. I’ll bet a lot of those Wall Street guys who were making salaries with commissions of $600,000 a year in the housing bubble days wish that they had that money socked away in their SS fund now that they are unemployed.
"To isolate the real root of the U.S. fiscal problem, one need only tally the growth rates of key figures since 1950, starting with the biggest increase and ending with the smallest: federal spending (+88 times), interest on the national debt (+74 times), the federal debt (+55 times), federal tax revenues (+54 times), nominal GDP (+49 times), inflation (+8 times), and population (+1.4 times). Was it really necessary that federal outlays increase 88 times since 1950, equivalent to 63 times population growth, 10 times the inflation rate, and 2 times the economy’s growth rate? Was it conducive to our prosperity? No. Was it moral? I think not."
So, . . when do we confront this?
It better be soon, Art. You can only undermine foundations so far before the building collapses.
‘Pick your poison.’
I pick elections. Do what you want with violence and murder.
Great link.
Are you really that bereft of arguments that you have to stoop to such silly straw men?
Wrong.. not only are there tax increases but cuts will be spread out over 10 years...in other words there won't be any spending cuts.
Here, according to Democratic and Republican sources, are the key elements:
•A debt ceiling increase of up to $2.1 to $2.4 trillion (depending on the size of the spending cuts agreed to in the final deal). •They have now agreed to spending cuts of roughly $1.2 trillion over 10 years.
•The formation of a special Congressional committee to recommend further deficit reduction of up to $1.6 trillion (whatever it takes to add up to the total of the debt ceiling increase). This deficit reduction could take the form of spending cuts, tax increases or both .
•The special committee must make recommendations by late November (before Congress' Thanksgiving recess).
•If Congress does not approve those cuts by December 23, automatic across-the-board cuts go into effect, including cuts to Defense and Medicare. This "trigger" is designed to force action on the deficit reduction committee's recommendations by making the alternative painful to both Democrats and Republicans. •A vote, in both the House and Senate, on a balanced budget amendment.
Great post! As good an explanation of the problem to our idiot liberal family members, friends, and neighbors as any I have seen.
The one thing we didn’t get was for it to be a short-term deal, with BHO having to come back again in Dec. or Jan. and go through this all again. My guess is Boehner had to trade that to get the very important BBA vote (in a timely manner, too!) concession.
I think time will prove that we got the better end of this trade. Before this year, most folks paid no attention to raising the debt ceiling anyway. But this BBA issue can become a Big F***ing Deal, as Plugs Biden would say.
Not to worry, there’ll be LOTS to vilify BHO for between now and Nov. ‘12.
This is a *tentative* framework. It better be VERY tentative because they have left open the possibilitr for raising taxes here, but they relegated it to a committee, This is a poison pill and needs to be addressed before anything comes out as an actual bill. The thing is, if they remove the possibility for raisng taxes, will the dems and the white hut still go for it?
The rest of it doesn’t look EVIL, but there IS enough crap and crap agencies in the federal government that SHOULD be completely eliminated or at least defunded that NO debt ceiling increase is necessary...and that should be a priority for the next election if we take the senate and the whitehouse.
I would take this, ugly as it is, for NOW. but when primary time and election time rolls around, this better be on the agenda to be altered beyond belief.
Political power is distributed either through elections, as in the US, or by violence. as under Stalin and Mao Tse Tung. The choice is between effectively participating in the electoral process, surrendering to the enemy, or engaging in violence. You have openly opposed effective participation in the electoral process in this thread, and for years on FR. You have criticized me and others for being concerned with gaining votes. Better fighting for votes than fighting with guns and bombs. Those are the only alternatives.
‘This deficit reduction could take the form of spending cuts, tax increases or both’
My understanding of the proposal is that the part of your quote after ‘spending cuts’ is not part of the agreement. If your quote is correct, it would change my position, and also would mean large numbers of defectors in the House GOP. I guess we need to read the bill.
THIS election is the most important election I will have participated in in my lifetime. I am not calling for a war, but we ARE in a nonshooting war right here right now. We MUST win this election because our country cannot take another year, let alone four years of this. They will not give up power so easily. I believe they are fully capable and fully prepared to do violence, and we had better be ready for it.
Pure bunkum. You’re really desperate, aren’t you.
Amen. Very well said.
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