Posted on 08/01/2011 7:15:38 AM PDT by silentknight
9:36am | Selling it to the caucuses.
House Republicans will meet at 12:30pm and Democrats at noon to discuss the debt deal.
Senate Republicans will meet at 10am, and Democrats at 11am to do the same.
Vice President Joe Biden will attend both Democratic meetings.
Read more: http://www.businessinsider.com/live-coverage-the-debt-deal-endgame-2011-8#ixzz1TmleXMAj
(Excerpt) Read more at businessinsider.com ...
8:52am | Democratic Whip Steny Hoyer on Bloomberg.
Republicans going to have to offer a “very substantial number of votes... well over a majority of their people” to get it passed.
8:21am | Disapproval.
The bill uses the McConnell “disapproval” method to raise the debt limit — where President Obama will be able to raise the debt limit as long as Congress does not oppose it by a two-thirds vote.
7:48am | What’s in the debt deal:
Drops $6.5 billion Senate plan to auction off certain TV frequencies to wireless/mobile phone companies.
Also cuts Senate plan to reallocate “D Block” frequencies for a new national first responder network.
Elimination of $11 billion in direct cuts to farmers from the Senate plan.
Eliminates subsidized federal Stafford loans for graduate and professional school students.
Increases Pell grants for college students.
Does not include any language to solve the partial shutdown at the FAA.
Read more: http://www.businessinsider.com/live-coverage-the-debt-deal-endgame-2011-8#ixzz1TmmBehPz
7:46am | Sen. McCain says on CBS he’ll vote for deal, although “I will probably have to swallow hard.”
choke on it
Debt deal takes us even closer to a bigger recession
http://www.businessinsider.com/the-debt-deal-takes-us-even-closer-to-the-brink-of-recession-2011-8
“U.S. consumer confidence as measured by the Conference Board is now 59.5. Chart 1 puts that in the context of its long term levels. Going back to 1970, every time the index has been below the present level, with the exception of the rebound from Q3 2009 until present (i.e. when the Fed was expanding its balance sheet), the economy has been in recession. The second chart overlays the University of Michigan consumer confidence index against the main conference board data. If we took the level implied by the Michigan data then we would be at a level comparable to the 1974 low and worse than either the 1980, 82 or 1992 lows. The only period worse would be the Q1 2009 low.”
“Purchasing managers data worldwide has been poor. Britain’s fell to 49.1, Ireland’s 48.2, Spain 45.6, Taiwan 46.1 and Australia an incredibly weak 43.4. Even the Chinese HSBC survey which differentiates itself from the government survey with its inclusion of SME’s is now below 50 at 49.3. Last month after the US ISM data I highlighted chart 3 showing the differential between the ISM index and the ISM forward looking index of new orders minus inventories, which is now back to levels associated with previous recessions or massive monetary stimulus in 1984 (a 175bpt rate cut in 1 meeting followed by 2 * 50 bpt rate cuts in the subsequent month) to avoid a recession. For the moment the US has just ended QE2, Europe is tightening and as yet China is unable to start stimulating although it probably could move quickly if there was a deflationary pulse.”
McCain says he will have to swallow hard
I guess the rest of us will have to bend over just as hard
Don't forget to sharpen your pencils and defrage your computer before you go Joe.
More surprising, the debt deal actually cuts almost nothing now—it just promises future cuts that may or may not materialize.
There are very few specific cuts in the deal — and the $1 trillion in immediate cuts are almost entirely constituted of caps on future spending. And those caps are not required to be honored by future congresses.
The “real” spending cuts to current programs will come out of a bipartisan committee of Representatives and Senators, which is charged with finding an additional $1.5 trillion in savings from the federal deficit.
Read more: http://www.businessinsider.com/truth-about-debt-deal-2011-8#ixzz1TmoDv1WK
“Eliminates subsidized federal Stafford loans for graduate and professional school students.”
On the bright side, this will cause heads to explode in academia, which isn’t bad.
That otta' put the old fart out of action for a good 3 days.
I read another quote from Allen West. He’s supporting this bill as he did the last.
What happened to this guy? Looks like Debbie “what’s her name” Shultz chopped off his balls. Cripes
Exactly. The future stuff is meaningless. It will be completely ignored.
It’s one big shell game.
“7:46am | Sen. McCain says on CBS he’ll vote for deal, although “I will probably have to swallow hard.”
I loathe that man. Won’t he EVER give it up and retire and go away forever? Sigh.
This new super committee does not even represent the % of conservatives in the house
It is a 50/50 split. And one politician said there is very little concern about a split vote.
Really? lol You don’t see any chance that half the members would want one thing and half the members would want another?
Where is this in the Constitution that a super committee of this sort can be created?
McCain needs to be voted off the island. Among several others.
If McLame is voting for it, you know it is spending more and cutting nothing and you know that every socialist will be pleased as punch with it.
According to Kal Denninger of the Market Ticker, it assumes the Bush tax cuts and the Obama FICA tax holiday expire... Thanks Republicans... http://market-ticker.org/akcs-www?post=191135&findnew#new
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