Latest Rumor: White House Announces $1.5 Trillion Cuts Agreement Reached

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Thu, 07/14/2011 - 13:35 | 1456710 Cassandra Syndrome
Cassandra Syndrome's picture

BTFD Bitchez

Thu, 07/14/2011 - 13:38 | 1456727 camaro68ss
camaro68ss's picture

is that 1.5 T for this year or over 10 years. theres a difference

Thu, 07/14/2011 - 13:40 | 1456746 DonnieD
DonnieD's picture

The government always uses a multiplier of 10 to make everything look better. I expect the next time around that will have to use a multiplier of 100 to have an effect.

Thu, 07/14/2011 - 13:41 | 1456754 oogs66
oogs66's picture

it will be over 10 years, but probably doesn't even start for 5 years....easy to cut stuff 5 year forward when it is only a projection anyways

Thu, 07/14/2011 - 13:46 | 1456788 DCFusor
DCFusor's picture

Yes, never believe a promise made by a politician who won't be in office by the time it's supposed to be kept.  doh!  Will Merkel still be there when it's time for Germany to finally shut those reactors down?  Nah, and by then rising prices might create a whole different attitude -- but she bought time for herself.  So simple and obvious how it works if you pay attention.

 

Same thing here, nothing to see, move along.  If anything, it's a nice way to implement Darwin on the gullibles who believe in out-year promises.  This of course isn't what they want -- they want to increase those, not kill them off, but like most schemes, this lie carries the seeds of its own destruction in it.

 

Thu, 07/14/2011 - 13:49 | 1456803 oogs66
oogs66's picture

bush always knew the tax cuts would be hard to let expire, but it helped the budget at the time.  they can't help themselves, games instead of real solutions

Thu, 07/14/2011 - 13:59 | 1456836 nope-1004
nope-1004's picture

If the US heads the way of Zimbabwe, which some think it will, then one $1.5T dollar bill can be issued in 10 years.  There..... Debt paid!

I find it hard to believe that any of this talk about Trillions in budget numbers will actually be paid back in present value dollars.  The debt either needs to be inflated away, or the RESET button hit.

 

Thu, 07/14/2011 - 15:10 | 1457170 knowless
knowless's picture

I still don't understand how the "inflate away" theory makes any sense, wouldn't the lender nations just demand an inflation adjusted number of dollars, since the inflation was essentially fraud commited through printing?

 

Thu, 07/14/2011 - 23:18 | 1458374 StychoKiller
StychoKiller's picture

Shhh!  No one's supposed to know about the Double-Secret Print Button™...

:>D

Thu, 07/14/2011 - 13:59 | 1456841 Dr. Richard Head
Dr. Richard Head's picture

In all fairness, Bush and Obama both know that buying off the big agri, financial, insurance, military, telecom, and serf industries can be expensive.  Cake for EVERYONE!!!!!!!.....except you middle-classers....your class sucks.

Thu, 07/14/2011 - 14:21 | 1456926 eureka
eureka's picture

That's right - the middle class sucks - Bernanke talks - and markets go up and down like yoyos - but who are the real yoyos ?

Could it be the middle class - for buying into it all - yoyo stocks, yoyo empire, yoyo reality?

Will the middle class ever pull the plug on the yoyo Federation?

Thu, 07/14/2011 - 14:27 | 1456954 Dr. Richard Head
Dr. Richard Head's picture

No, the middle-class will not pull the plug on their stocks and their reality.  I still talk to co-workers and neighbors I was screaming to about silver and gold back in 2008.  I show them receipts on the cost for my first purchase back in 12/9/2008 and then show them the prices today.  They say it is a fluke.

Just yesterday I spoke with a co-worker that she was just reading something about silver and its bull buying run was over.  She expected it to sit right where it was at for "quite some time". 

One cannot save all of New Orleans from a Katrina storm.  That energy would be better suited to saving oneself and one's family.

Thu, 07/14/2011 - 14:54 | 1457105 unky
unky's picture

when the shit hits the fan they will remember you and your talk about PMs. Then they will come to your home and take it from you violently...

Thu, 07/14/2011 - 15:00 | 1457139 Dr. Richard Head
Dr. Richard Head's picture

I wish them the best of luck in locating it as well.  Plus, when the shit hits the fan, I will depart from my home immediately.  Poof - we are gone.

Plus, I have a really easy grab set up for my guns.  Considering these fucktards were not motivated enough to buy, they will simply fade away into the sunset, hungry, cold, and wishing.

Thu, 07/14/2011 - 14:49 | 1457090 fallout11
fallout11's picture

I'm bullish on yoyos.

Thu, 07/14/2011 - 14:15 | 1456898 MiguelitoRaton
MiguelitoRaton's picture

Let me try to decode the deal:
1. $1.5T/10 years = $150B per year
2. BUT...it is back-end loaded so only $2B this fiscal year
3. BUT...that is against planned INCREASES to the budget, not against the current budget

So the actual result will be, INCREASES to the deficit and the debt without interruption and growing exponentially into the future until we hit a wall. Excellent work politicians!

Thu, 07/14/2011 - 16:16 | 1457351 maxcody
maxcody's picture

That is history. This is now and time to pass Cap, Cut & Balance before

total collapse. 68% of the people disagree with status que.

Thu, 07/14/2011 - 13:52 | 1456816 TaxSlave
TaxSlave's picture

Through the Looking Glass:
The Queen:

Sometimes I've believed as many as six impossible things before breakfast.

Thu, 07/14/2011 - 14:02 | 1456848 monkeyshine
monkeyshine's picture

I sure was wondering what caused the market to rally back so big so fast. 

Thu, 07/14/2011 - 13:41 | 1456750 TheTmfreak
TheTmfreak's picture

Right. Not to mention the 100 billion "cut" per year is probably accounting tricks that don't actually cut anything.

Thu, 07/14/2011 - 14:10 | 1456889 DaveyJones
DaveyJones's picture

"tricks" really is the appropriate term for prostitutes and their work

Thu, 07/14/2011 - 13:42 | 1456757 Cassandra Syndrome
Cassandra Syndrome's picture

I think 10 years. But how can they tell how much a future deficit is?

http://en.wikipedia.org/wiki/Sorites_paradox

http://en.wikipedia.org/wiki/Nirvana_fallacy

 

Thu, 07/14/2011 - 13:49 | 1456801 DCFusor
DCFusor's picture

Pure BS projection, like that one in slick Willie's adminsitration that causes his true believers to think Clinton actually had a surplus -- you see them saying on all the less intelligent forums all the time while they are blaming some bush for it all -- as if either party was not in on the scam.  Wasn't it reported here it was way back in the previous century the last time any debt was actually paid down?  Not in his administration or any other since, for sure.

 

Thu, 07/14/2011 - 13:51 | 1456808 oogs66
oogs66's picture

all a scam, and all they do is play games...bush knew the tax cuts would be difficult to let expire, but by saying they expired, made the budget look better....they need to start making some hard decisions with real solutions.

Thu, 07/14/2011 - 13:51 | 1456805 TruthInSunshine
TruthInSunshine's picture

is that 1.5 T for this year or over 10 years. theres a difference

 

 

The entire 1.5 trillion is over the next 42.7 years and comes exclusively from cuts in the school lunch program.

Thu, 07/14/2011 - 13:51 | 1456815 slaughterer
slaughterer's picture

$1.5 trillion is not enough for Moody's.  Prepare helmets for sovereign credit rating downgrade.    The US is officially on its way to insolvency and default. 

Thu, 07/14/2011 - 14:26 | 1456936 SheepDog-One
SheepDog-One's picture

Social security LOST 1.1 trillion last year.

A token 1.5 trillion 10 year fantasy 'debt all fixed' plan wont fool anyone.

Thu, 07/14/2011 - 13:58 | 1456829 cdude
cdude's picture

 

What makes God laugh?....A ten year plan.

What makes everyone laugh?....A government ten year plan.

Thu, 07/14/2011 - 14:10 | 1456885 slaughterer
slaughterer's picture

Just get Apple to sell "Uncle Sam  iPads" to save the government... Debt problem solved. 

Thu, 07/14/2011 - 13:35 | 1456713 Gubbmint Cheese
Gubbmint Cheese's picture

Kabuki theatre.. nothing more.

Thu, 07/14/2011 - 13:42 | 1456761 john39
john39's picture

agreed.  but, you have to have your head out of the matrix to understand that raising the debt ceiling was decided a long time ago.  this is all show for the sheeple, creates fear and distration... much better for control purposes...  let them go on believing that we live in a representative democracy...   more like a demoncracy.

Thu, 07/14/2011 - 13:57 | 1456834 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

More importantly the sheeple are kept in a constant state of flux which minimizes critical thought, the bane of the New World Order demons.

 

Tuco

Thu, 07/14/2011 - 14:05 | 1456863 carbonmutant
carbonmutant's picture

Looks like Harry Reid was the source of this particular piece of BS.

According to Bloomberg TV

Thu, 07/14/2011 - 13:35 | 1456714 the not so migh...
the not so mighty maximiza's picture

YHAY, we are saveed!!!!!

Thu, 07/14/2011 - 13:36 | 1456716 digitlman
digitlman's picture

Wow.  Over ten years, that won't make a dent.

Thu, 07/14/2011 - 13:37 | 1456724 oogs66
oogs66's picture

over 10 years, and starting in 5 years! 

Thu, 07/14/2011 - 13:43 | 1456759 hedgeless_horseman
hedgeless_horseman's picture

...with a corresponding 500B in stimulus payments to American families right before the elections and a 1T tax cut to help stimulate jobs.

Thu, 07/14/2011 - 14:00 | 1456830 karzai_luver
karzai_luver's picture

Obamao is too stupid-why not cut taxes by 4-5 trillion?

We would grow into a surplus no doubt.

Just hold spending where it is, we will grow out of the hole at least

that's what I hear.

Hell tax holiday for the rest of the year, go for it.

 

Thu, 07/14/2011 - 13:37 | 1456722 lolmao500
lolmao500's picture

This is gonna be fun :

http://www.bloomberg.com/news/2011-07-13/california-may-sell-notes-befor...

At least 7,000 top-rated municipal credits would have their ratings cut if the U.S. government loses its Aaa grade, Moody’s Investors Service said.

Thu, 07/14/2011 - 13:38 | 1456730 Ying-Yang
Ying-Yang's picture

Here is what Marc Faber says about the debt debate - It is mind boggling that people would consider buying 10-year U.S. Treasurys with yields trading at around 3 percent, said Marc Faber.

http://www.cnbc.com/id/43736837 

Thu, 07/14/2011 - 13:45 | 1456782 sbenard
sbenard's picture

Reminds me of a song, "Fools Rush In"!

Thu, 07/14/2011 - 15:25 | 1457209 tbone654
tbone654's picture

And -- "Fools are kind of blind" -- song = write this down, performed by George Strait

Thu, 07/14/2011 - 13:38 | 1456733 hamurobby
hamurobby's picture

It will be a decrease in the increases planned for the next twenty years, if at all. There is noooo way they can cut spending and not collapse their system.

Thu, 07/14/2011 - 13:40 | 1456734 docj
docj's picture

So the Teleprompter is reduced to wishcasting at this point.

Pathetic.

Thu, 07/14/2011 - 13:39 | 1456735 YesWeKahn
YesWeKahn's picture

Why bothering cutting anything, nobody cares!

Thu, 07/14/2011 - 13:39 | 1456736 Hugh_Jorgan
Hugh_Jorgan's picture

The gloves WILL come of on this one. I wonder if Boehner and crew have any skeletons that no one but Nancy and Harry know about?

Thu, 07/14/2011 - 13:39 | 1456737 newstreet
newstreet's picture

Carthago delenda est.

Thu, 07/14/2011 - 15:08 | 1457163 Catullus
Catullus's picture

America est omnia in tres partes.

E. Semper ubi sub ubi

Thu, 07/14/2011 - 13:40 | 1456738 TruthInSunshine
TruthInSunshine's picture
  • 1:35 p.m. est:  White House announces debt ceiling deal has been reached with Boehner, Cantor and Ghost of Ludwig von Mises.
  • 2:59 p.m. est:  Boehner denies any debt ceiling deal has been agreed upon. Neither Cantor nor ghost of Ludwig von Mises comment.
  • 3:59 p.m. est:  Boehner denies he earlier denied debt ceiling deal had either been agreed upon or disagreed upon. Neither Cantor nor ghost of Ludwig von Mises comment.
  • 4:01 p.m. est:  White House denies that they previously claimed that debt ceiling deal has been reached with Boehner, Cantor and Ghost of Ludwig von Mises.
Thu, 07/14/2011 - 13:43 | 1456768 Agent P
Agent P's picture
  • 9:30 a.m. est. (T+1): Wash, rinse, repeat.
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