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 ...
The primary goal of the Republicans in this has been identical to Obama’s EVERY SINGLE STEP OF THE WAY.
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you and Rush are correct.
http://www.freerepublic.com/focus/news/2755346/posts
and soon it will be obvious, to the most casual observer.
and it is our children who will pay the price.
Is that even constitutional? I don't like If/Then statements regarding passage.
The RINO-Dem Coalition no doubt wins their plan but the TEA Party really wins in the end I think.
The rating agencies were in on the fix. Amazing timing to start talking downgrade in the midst of the negotiations. If they were objective, our bonds should have been downgraded many months if not years ago when it became obvious that our spending and liabilities were unsustainable and the pols had absolutely no will to reform.
Maybe the time horizon makes sense for AAA though, not sure how forward looking they rate. 1 year, 5, etc. Seems nuts though when we are peddling 30 yr bonds... One thing is certain however, our bonds will be downgraded sooner rather than later. Inevitable.
I am getting confused
Can someone tell me which coconut shell the ball is currently located on? I missed the last hand movement. /sarc
:)
I believe there is wording that indicates “except if the country is at war” somewhere which invalidates almost everything!
If this is true all obama has to do is get into a war. He just got us into one in Libya without congressional approval and congress didn’t do a darn thing about it except complain.
>> No tax increases.
Not an issue before this “debt crisis”, so it’s not like Boehner accomplished anything here.
“The Super Committee”
I’ll look for that in the Constitiution.
All for Vampire-Care timing, for the iron hand of Big D.C.
“Thou Shall Not Steal” Exodus 20:15
‘Then it’s utterly useless.’
So you would have preferred massive tax increases, no vote on a BBA, no reduction at all in proposed spending increases, which is what Obama was saying less than a week ago.
This is going to be a very hot few days or week coming.
A committee! We’re saved!!!
Well, I hope the real Tea Party "wins." But not the phony Republican astroturfed Tea Party. They overwhelmingly supported raising the debt ceiling by trillions of dollars.
The real Tea Party had better figure out how to actually vet candidates, to tell the sheep from the goats. Because last time it was mostly the goats who made it through the chute.
I have no opiniion on any of this until I see the legislation. My default position is no debt ceiling increase but that was never going to happen with this group of Republicans so my approval depends on whether they’ve made our current problems worse or not.
The one thing I want to take issue with is this obsession over a debt ceiling fight next year. Who damn well really cares. The debt isn’t going to magically disappears and that remains an issue. The #1 issue next year is JOBS. That and gas prices are all voters will be focusing on.
Yup, government-speak 101—baseline budgeting. Add the extra spending from stimulus to baseline and a $900B INCREASE is CONSIDERED A CUT BY OMB?!?!?! Can’t decide if we are in Twilight Zone, 1984, Atlas Shrugged or ALL THE ABOVE :( eh, all the above!
I agree with you that our bonds are overrated and it is a matter of time. In my opinion, the agencies would not have the guts to downgrade this coming week if this deal passes. I suspect that the agency has the ability to have different ratings based on maturity, but that it may be too confusing for the markets to digest.
I’m pessimistic myself, but so far, this is more of a “win” for us than I expected considering it looked like Boehner was in full on retreat mode earlier.
‘If what doesn’t happen?’
If the Congress doesn’t make the required 1.8 trillion in reduced spending, it can either pass the BBA OR see automatic 1.8 trillion in across the board cuts.
Oh, we will pay the price, we are right now. Commodities aren't spiking because of scarcity, but weakness of the dollar. Interest rates are being kept artificially low and inflation is being mis-calculated. It is very soon we ALL start paying the piper.
How many times have we heard this story?
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