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Senate Republican Leader McConnell Folds On The Debt Ceiling

Tyler Durden's picture




 

Something troubling happened in D.C. today, where it seems that the Senate Republican leader basically just folded like a cheap suit in the ongoing farscial standoff on the debt ceiling (which luckily should bring the whole comedy to an end and the nation can progress with its previously scheduled ponzi collapse). In essence, as Bloomberg says, according to McConnell's proposed 3-Stage plan, "The debt-ceiling increase could occur without the companion spending cuts, McConnell said." Ironically, when we observing comparable posturing by Boehner from two days ago we said "in two weeks we get news of no tax hikes, and no deficit reduction, which will be spun by the great diversionary media machine as the great compromise, and, of course, leading to a $2.5 trillion debt ceiling hike. Win, win for everyone." It seems precisely this is on the agenda. Details on McConnell's plan to basically let the President do whatever he chooses: "Senate Republican Leader Mitch McConnell proposed a “last choice option” for increasing the U.S. debt limit in three stages in case President Barack Obama and Congress can’t agree on a deficit-reduction plan. McConnell’s plan would let the president raise the limit, while accompanying it with offsetting spending cuts, unless Congress struck down his plan with a two-thirds majority. Don Stewart, a spokesman for McConnell, said the plan would allow Obama to raise the debt limit while putting the onus on him and congressional Democrats for any failure to cut spending." Surely the president would be shaking in his boots knowing that if he were to cut spending the "onus" would be on him. Here is how the Republican justifies this betrayal: "The proposal is “not my first choice,” McConnell said, adding that he wanted to show the financial markets that the U.S. will not default on its debts. He said he continues to seek a broader deal to raise the $14.3 trillion debt limit with congressional Democrats and the White House." Funny: this is the same logic that Jean-Claude Juncker used when validating outright lying to the media, and general public. It appears there are little if any differences between politicians in Europe and the US when it comes to lies.

Some more:

The increases would come in three amounts: by $700 billion, $900 billion and $900 billion, McConnell said. They would occur over the remainder of Obama’s presidential term, in keeping with the president’s call for an increase in the debt limit that would carry through the 2012 elections.

McConnell’s proposal would need approval in both chambers to become the method used to address the debt-limit increases.

Mike Steel, a spokesman for House Speaker John Boehner, said the Ohio Republican shares McConnell’s “frustration” with the protracted debt-reduction negotiations, but didn’t say he would support the proposal.

“The speaker shares the leader’s frustration,” Steel said. “Republicans are unified in our commitment to ensuring that the debt limit is not used as leverage to saddle small businesses with increased taxes that destroy jobs.”

Senate Majority Leader Harry Reid said he is willing to consider McConnell’s proposal, which he said he didn’t fully understand.

“I’m not about to trash his proposal -- it’s something that I will look at,” he said. Reid, a Nevada Democrat, said he had only spoken briefly with McConnell about the idea.

Of course nobody will trash the proposal: it almost certainly represents what the final outcome on the debt ceiling will be: a grand compromise of muppetry, in which nothing is achieved on either spending cuts, or tax hikes, yet $2.5 trillion in additional debt is added, bringing total US 2012 debt/GDP to about 120%... or about where Italy is today. And that's not counting the $6 trillion in government-guaranteed GSE debt.

 

 

 

 

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Tue, 07/12/2011 - 16:30 | 1449296 Sudden Debt
Sudden Debt's picture

Like they where ever going to cut spending :)

 

Tue, 07/12/2011 - 16:35 | 1449318 treemagnet
treemagnet's picture

Haven't you heard, this is the new plan to solve America's obesity problem - just make food reeeeaaaaallllly expensive.

Tue, 07/12/2011 - 16:39 | 1449335 Dr. Richard Head
Dr. Richard Head's picture

Actually, if we take a page out of the government playbook Federal Government should be encouraging obese people to eat more. If we fight debt with debt, then the same  rational would make sense for fighting obesity.  Fight fat with more fat.  Mmmmmmmmmmm.

Tue, 07/12/2011 - 17:14 | 1449512 magis00
magis00's picture

THAT'S why McDonald's hired so many patty-flippers - - imagine how lengthy the lines would get with ONLY obese people in them, brandishing SNAP cards for BigMacs galore.  Got to move 'em in & move 'em out quick! Not so spacious, the "dining" areas at the MacDo...

Tue, 07/12/2011 - 17:57 | 1449639 Cheesy Bastard
Cheesy Bastard's picture

Any Repub who votes for this will have to eat his P's.  P is for primary challenge.

Tue, 07/12/2011 - 18:31 | 1449740 Dolar in a vortex
Dolar in a vortex's picture

Why do you think they call it the Stupid Party?

Tue, 07/12/2011 - 18:36 | 1449753 Cheesy Bastard
Cheesy Bastard's picture

Stupid, party of one.  Your table is ready.

Tue, 07/12/2011 - 19:05 | 1449812 Careless Whisper
Careless Whisper's picture

as usual, drinkingwithbob nails it

 

http://www.youtube.com/watch?v=gu57Al4Anps

 

 

Tue, 07/12/2011 - 21:21 | 1450130 narapoiddyslexia
narapoiddyslexia's picture

The debt limit brouhaha is a side-show. The debt limit is about past spending decisions, not the future creation of, or payment of, debt. Debating the debt limit is a way for politicians to look like they're doing something without the risk of actually doing it. Getting involved in it, or even thinking about it, serves the interests of the pols. Fuck the pols. Buy physical pm and ditch fiat wherever you can. Exchange. Barter for equivalent values. Screw the government.

Sun, 07/24/2011 - 17:50 | 1488609 AldousHuxley
AldousHuxley's picture

PMs have higher taxes as "collectables" and bartering is taxable transaction by IRS.

 

Government cannot be screwed. But you can leave it for a better one or just go ape shit and starting doing what that norweigian did to get some attention.

Tue, 07/12/2011 - 16:39 | 1449345 max2205
max2205's picture

What a fucking cock sucker this guy is

Tue, 07/12/2011 - 16:42 | 1449357 Dr. Richard Head
Dr. Richard Head's picture

Cock suckers at least provide a valuable resource to the world, while this guy simple takes resources.  I'll take a good cock sucking over the ass raping I have had from this guy, and the other guys, any day. 

Tue, 07/12/2011 - 16:56 | 1449426 Zero Govt
Zero Govt's picture

they've sorted out how to spend it: check

they've sorted out raising the debt ceiling: check

now here comes the non-existent part of this 'plan'...

who is going to buy this toxic debt: Oopps!

has Benny got enough beans: Ummm!!

who the fuck are they expecting to pay this mountain of crap back: Oh Shit!!!

The most indebted and stretched consumers and businesses in the world backed by property assets in meltdown Part.II and a public sector about to meet their maker on their debt forced to add Govt workers (cough!) to the food stamps chart already in near vertical ascent??? 

Tue, 07/12/2011 - 19:13 | 1449825 whstlblwr
whstlblwr's picture

Mountain of crap. Now looting starts, use Grand Canyon for uranium mine. This is where GOP always go to, why is pillage part of platform?

http://thehill.com/blogs/on-the-money/appropriations/171039-appropriator...

Tue, 07/12/2011 - 16:58 | 1449443 LudwigVon
LudwigVon's picture

Perhaps you should stay in and read a book?

Tue, 07/12/2011 - 21:10 | 1450102 Chuck Walla
Chuck Walla's picture

+1

Tue, 07/12/2011 - 16:53 | 1449421 Translational Lift
Translational Lift's picture

Take the fucker out and hang him from the nearest lamp post!!

Tue, 07/12/2011 - 16:59 | 1449452 Zero Govt
Zero Govt's picture

it takes 500 senators, Congressmen and 1 President to tango ...

...got plenty of roap?

Tue, 07/12/2011 - 17:17 | 1449521 Long-John-Silver
Long-John-Silver's picture

This is the reason the French invented the Guillotine.

It's fast and efficient as can be seen here.

http://www.youtube.com/watch?v=ZaVe65LWDCI

Tue, 07/12/2011 - 17:53 | 1449627 Zero Govt
Zero Govt's picture

it's right at that (French) inflection point, fattened pigs still stuffing their snouts, country up against the wall... somethings gotta 'snap' soon

Tue, 07/12/2011 - 18:07 | 1449667 Piranhanoia
Piranhanoia's picture

but zie barber is so messy. If you hang them, the flies will swarm around them and remind their friends.

Tue, 07/12/2011 - 23:54 | 1450469 FlyPaper
FlyPaper's picture

Perhaps this sentiment could be directed to individuals higher up the political pecking order?

Tue, 07/12/2011 - 18:08 | 1449673 Fukushima Sam
Fukushima Sam's picture

It won't work, they'll just eat cellulose and corn syrup shaped like something edible.

Tue, 07/12/2011 - 16:40 | 1449347 eureka
eureka's picture

Exactly! And as if US sheeple would ever notice increasing national debt - hahahahahaha hahahahahaha hahahahaha hahahahaha - they sheeple will lie headless on the gutters yapping WTF WTF WTF JUST HAPPENED.

Tue, 07/12/2011 - 17:23 | 1449518 cossack55
cossack55's picture

Still my favorite clip of all time: Bankers explained in 0:57

                                          

www.youtube.com/watch?v=4KvzuDbG-TQ

Tue, 07/12/2011 - 19:28 | 1449857 Uncle Remus
Uncle Remus's picture

Exactafuckingmundo.

McConnell, you pathetic fucking wanker.

Tue, 07/12/2011 - 21:24 | 1450137 Mad Marv
Mad Marv's picture

I always liked this one: 

http://www.youtube.com/watch?v=RAKsMnAM8vk

Sun, 07/24/2011 - 17:57 | 1488636 AldousHuxley
AldousHuxley's picture

School House Rocks - Tyrannosaurus Debt (from SchoolHouse Rock makers of How a Bill becomes a law)

 

http://www.youtube.com/watch?v=_mfMG66LtVU&feature=related

 

Pirates and Emperors (from SchoolHouse Rock makers of How a Bill becomes a law)

http://www.youtube.com/watch?v=mEO3RWnHb4E&feature=related

Tue, 07/12/2011 - 16:40 | 1449348 jus_lite_reading
jus_lite_reading's picture

A LITTLE OFF TOPIC BUT...

NEW WORTHY!!!

MONSANTO OFFICIALS HAD THEIR ASSES BEATEN IN INDIA!!

http://www.salem-news.com/articles/july122011/india-monsanto-beaten-tk.php

YAY! GO INDIA!!!

Tue, 07/12/2011 - 16:43 | 1449373 cossack55
cossack55's picture

Would have been even better news if they had thrown the Monsanto scum into the Ganges.

Tue, 07/12/2011 - 17:13 | 1449510 Bastiat
Bastiat's picture

Hey, the Ganges is sacred!

Tue, 07/12/2011 - 18:29 | 1449733 cossack55
cossack55's picture

Oops. Sorry. Just hang em.

Tue, 07/12/2011 - 18:31 | 1449739 francis_sawyer
francis_sawyer's picture

Yeah... That's why they all jump in there to wash their dicks off in it...

Wed, 07/13/2011 - 00:01 | 1450478 Rossalgondamer
Rossalgondamer's picture

Yours isn't?

Tue, 07/12/2011 - 16:46 | 1449389 eureka
eureka's picture

If US Teaparty citizens were worth half an oz of revolutionary spirit they would blow up all MonSatan offices and hang all MonSatan execs.

Tue, 07/12/2011 - 17:05 | 1449477 1100-TACTICAL-12
1100-TACTICAL-12's picture

Do you know MONSANTO ? This is a very known and most disputed company which emerged as one of the greatest pushers of genetically manipulated food. This company persues also a lot of other weird stuff.
Just calculate the name MONSANTO with help of the 6-system shown above.
Yes you got it, MONSANTO = 666.
And we will do something else with this name, a method which we will later use again.
We look at the meaning of the name (you should know that these people never do something accidentally).
You know what MONSANTO means, it means "my saint". (They often use latin or latin derived expressions to get to this number 666.) Why "my saint" ? Who is their saint ? I know who it is and you should also know by now.

http://my.opera.com/therealanodyne/blog/666-an-overview-no-ii

Sun, 07/24/2011 - 18:18 | 1488743 AldousHuxley
AldousHuxley's picture

US gave indians IT jobs.

Indians must now give up agriculture to US corporate agriculture machine like Monsanto and Cargill.

 

Indian farmers are screwed. They will need to import ingredients for curry.

Tue, 07/12/2011 - 16:43 | 1449371 macholatte
macholatte's picture

In my view the president has presented us with three choices," said Senate Minority Leader Mitch McConnell, R-Ky., referring to efforts to raise the $14.3 trillion debt ceiling. "Smoke and mirrors, tax hikes, or default."

"Republicans choose none of the above," McConnell said. "I had hoped to do good; but I refuse to do harm."

 

McConnell, Boehner blast Obama over debt talks

http://content.usatoday.com/communities/theoval/post/2011/07/mcconnell-blasts-obama-over-debt-talks/1

 

Tue, 07/12/2011 - 18:22 | 1449721 waylon153
waylon153's picture

The only thing I'm hearing is Gomer Pyle, "Sur-Prize, sur-prize, sur-prize!!!!"

Seriously folks, why stand in front of the avalanche?  Accept it and embrace it, and profit from it when the REAL redistribution comes at the end of The Great Ponzi Age.

Tue, 07/12/2011 - 18:57 | 1449798 masterinchancery
masterinchancery's picture

McConnell can play with himself all he wants.  There are not enough votes to pass his delusion.

Tue, 07/12/2011 - 22:13 | 1450277 Mr Kurtz
Mr Kurtz's picture

...or usher in any tax reform. The "repukes" caved to their donors.

Tue, 07/12/2011 - 16:31 | 1449300 rumblefish
rumblefish's picture

and so they fold...

 

Tue, 07/12/2011 - 17:30 | 1449353 hedgeless_horseman
hedgeless_horseman's picture

Of course the senate folds.  Why?  Because a nation cannot vote or donate, but a trust-funder can vote and donate.  One country's debt is many a trust-funders' principal. We must keep growing that debt principal!

In 2008, the average net worth across the Senate was $13,989,022.98.

Apart from interest payments, it is not important what the new debt is spent on (NASA, Medicare, Wars, etc.).  It is only necessary that the debt/principal continues to grow, and thus does its associated income stream, which is required by the masters. 

Who are these masters?  Those that do not produce anything, but exist solely off the effforts of the slave class. For them, the nation's debt is their wealth in a literal and real sense.  Just ask Congressman Pete Stark...

http://www.youtube.com/watch?v=UjbPZAMked0

Debt slavery will always be the winning hand, at least as long as we give the banks free rein, allow them to self-regulate, and to legally bribe our elected representatives under the guise of campaign contributions. 

Tue, 07/12/2011 - 17:35 | 1449578 CompassionateFascist
CompassionateFascist's picture

Campaign contributions? The mechanism of control is even more direct: the Pelosi's, Boner's, McConnell's and all the rest are heavily and personally invested in the debt Ponzi and all its attendant speculations. They'll keep it going to the bitter end. Only then will we have our vengeance.

Tue, 07/12/2011 - 17:38 | 1449588 Goldilocks
Goldilocks's picture

Hmmm. Perhaps certain trustees need to step aside.

YouTube - Change is on the Horizon Part 1 of 3 Dawn of the Golden Age
http://www.youtube.com/watch?v=9k4Egwc1_DM

YouTube - Change is on the Horizon Part 2 of 3 The American Federal Empire
http://www.youtube.com/watch?v=ImefSYpySwA

YouTube - Change is on the Horizon Part 3 of 3 The Farmer Claims Program
http://www.youtube.com/watch?v=gOPIgNB-hGY

Tue, 07/12/2011 - 22:22 | 1450301 Mr Kurtz
Mr Kurtz's picture

That's a big +10 and spot on hedgeless_ horseman.

Tue, 07/12/2011 - 16:31 | 1449303 Sudden Debt
Sudden Debt's picture

Debt ceiling hike IS NOT THE SAME as QE3

So markets will go up tomorrow, the penny will drop, and markets will go down again.

 

 

Tue, 07/12/2011 - 16:36 | 1449323 Dr. Richard Head
Dr. Richard Head's picture

So debt ceiling increase means more public spending, on top of Federal Reserve asset purchases resulting in more public spending in order to offset banking debt and load it onto the public's backs (aka more public spending).  This is bullish for the dollar, no? 

All we need now is to expand some more entitlements, send out some tax rebate checks to everyone in Amerika, and start a few more wars.  This way everyone is happy and the dollar is saved. 

Based on the past 11 years, this is the path that will contnue until it can't. The question I have is, when can it can't?

Tue, 07/12/2011 - 16:40 | 1449346 cossack55
cossack55's picture

THAT is the BIG question. That is the ZH Golden Fleece (wow, hidden meaning in Golden Fleece?).

Tue, 07/12/2011 - 16:45 | 1449379 Dr. Richard Head
Dr. Richard Head's picture

So many damn fuses have been lit and have run right up to the same powder keg for three years now.  It is astonishing, yet the people continue on and suicide themselves (attempted in yesterday's case) for a fucking baseball.  I'm coming unglued here.  I need to go finger my gold and silver pile to settle me down.

Tue, 07/12/2011 - 17:36 | 1449585 Translational Lift
Translational Lift's picture

people continue on and suicide themselves (attempted in yesterday's case) for a fucking baseball

All part of natural selection.....

Tue, 07/12/2011 - 18:31 | 1449737 cossack55
cossack55's picture

Darwin is being reaffirmed on an hourly basis.

Tue, 07/12/2011 - 20:23 | 1449991 Kali
Kali's picture

No, he lived.  If he died, then Darwin re-affirmed.  Unfortunately, he is still able to go forth and propogate.  : )

Tue, 07/12/2011 - 16:49 | 1449388 Sudden Debt
Sudden Debt's picture

on top of Federal Reserve asset purchases : THAT is NOT part of the deal.

They'll need to have another meeting about that one. Raising the debt ceiling is just so they can pay the bills.

This is to pay for the 1.4 trillion deficit and a little bit of the 2012 deficit. (if they go for the +2 trillion package deal)

Like I said, no QE3 just yet. Maybe after the summer.

 

 

Tue, 07/12/2011 - 16:53 | 1449427 Dr. Richard Head
Dr. Richard Head's picture

Too bad the whole Fed complex couldn't just fall into Jackson Hole, instead of rising from it like the dead to cast death to us all.

Tue, 07/12/2011 - 21:55 | 1450226 Chuck Walla
Chuck Walla's picture

That, Sir, is the $64 Trillion dollar question. When does the music stop?  My bet is 2013. TPTB will move heanen and earth to avoid anything really bad till after Nov. 2012.  Must control the variables as long as possible.

 

p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 12.0px Verdana; color: #0d311a}

“Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; but debt is the money of slaves."


~ Norm Franz

Tue, 07/12/2011 - 16:42 | 1449361 eureka
eureka's picture

Yep, markets will go up tomorrow, because banks stocks were tanking under moving averages and Rockefeller told the goons to put a gun to Mitch's temple.

Tue, 07/12/2011 - 16:33 | 1449308 King_of_simpletons
King_of_simpletons's picture

HA HA !  Yeah why spend time and energy and put on a show of midnight hour theatrics when the end result is inevitable.

Tue, 07/12/2011 - 16:33 | 1449311 nobusiness
nobusiness's picture

One tough negotiator.

 

Pitch Forks for sale - get them while supplies last.

Tue, 07/12/2011 - 16:34 | 1449312 SwingForce
SwingForce's picture

Who keeps voting for these morons?

Tue, 07/12/2011 - 16:43 | 1449363 RockyRacoon
RockyRacoon's picture

Their own constituents vote them back in.  It's everybody else's Congressdude who is a villain, presumably in another state.   Same old thing every cycle...

Tue, 07/12/2011 - 17:02 | 1449469 spartan117
spartan117's picture

So ultimately we must blame the American people?  Seems like we all want we can't afford, and refuse to accept reality.  Thus we leave it to the politicians to do the dirty work for us.

Tue, 07/12/2011 - 18:34 | 1449747 francis_sawyer
francis_sawyer's picture

Announcement of pork barrel spending program for the state of Kentucky coming in 5...4...3...2...

Tue, 07/12/2011 - 19:34 | 1449876 Uncle Remus
Uncle Remus's picture

Commonwealth actually.

Wed, 07/13/2011 - 07:51 | 1451020 fallout11
fallout11's picture

The greatest argument against democracy is a five minute conversation with the average voter. - Winston Churchill

Tue, 07/12/2011 - 17:18 | 1449526 magis00
magis00's picture

www.goooh.com

 

I would say something bout "change" but somehow that got co-opted by language nazis.  Tea Party . . . erm, hope for the future .... no .

 

Do click, though.  Dennis Miller digs on it, baby!  And so does Thomas Paine -- the modern one who wears the wig.

Tue, 07/12/2011 - 18:49 | 1449781 geoffb
geoffb's picture

Its a different moron everytime. You could fill the Congress with Ghandi, Mother Teresa, the Pope, 500+ nuns and monks and guess what? The result would be exactly the same. The system is captured.

Wed, 07/13/2011 - 07:54 | 1451030 fallout11
fallout11's picture

Very true.  The system itself reinforces itself, you cannot expect to find gemstones in a sewer, only sewage.

"One cannot solve a problem with the same type of thinking that created it in the first place." - Albert Einstein

 

Tue, 07/12/2011 - 16:34 | 1449313 Gene Parmesan
Gene Parmesan's picture

Pathetic.

Tue, 07/12/2011 - 16:34 | 1449315 cossack55
cossack55's picture

The level of disdain and disgust I hold for this nation's political class and the moronic voters who enable them has reached a plateau I never would have thought possible. 1793 baby.

Tue, 07/12/2011 - 20:57 | 1450065 RollinRavenPurple
RollinRavenPurple's picture

+1.  The Republicans have hit an all time low.  This is disgraceful.  No one is serious about any meaningful change and this is easiest most preventable disaster to avert in history.

Tue, 07/12/2011 - 16:36 | 1449317 Dreadker
Dreadker's picture

Translation:

 

"Math is hard!  You deal with it Mr. President!  And if you get the wrong answer we'll mock you!"

Tue, 07/12/2011 - 16:37 | 1449324 cossack55
cossack55's picture

"You deal with it mein fuhrer." Fixed it for ya.

Tue, 07/12/2011 - 16:36 | 1449321 Blithering ORSA
Blithering ORSA's picture

Brave Sir Mitchey, the understudy to Brave Sir Robin of Monty Python fame....

Tue, 07/12/2011 - 16:55 | 1449432 hambone
hambone's picture

...Brave sir Mitchey bravely ran away, bravely ran away, and heroically hide and cowered, heroically hide and cowered, oh brave sir Mitchey...

Tue, 07/12/2011 - 18:35 | 1449751 francis_sawyer
francis_sawyer's picture

..."when danger reared it's ugly head, he bravely turned his tail & fled"

Tue, 07/12/2011 - 16:36 | 1449322 DonnieD
DonnieD's picture

McConnell is the ultimate insider. Did anyone think he'd risk blowing up the status quo?

Tue, 07/12/2011 - 18:08 | 1449674 Bay of Pigs
Bay of Pigs's picture

I was criticized just last week for suggesting McConnell and Boehner would cave despite the Tea Party supporters around here saying otherwise.

It's over people. Accept it. Move on. Buy silver and gold.

Tue, 07/12/2011 - 18:41 | 1449764 francis_sawyer
francis_sawyer's picture

Tea Party = "buy more tea" (before the price goes up)

or, in the movie Caddyshack... "That must be the tea"

Tue, 07/12/2011 - 16:37 | 1449327 Iriestx
Iriestx's picture

Obama punked that bitch hard.

Tue, 07/12/2011 - 17:04 | 1449474 spekulatn
spekulatn's picture

Hardly.

 

"Long story short, the debt-ceiling showdown was a big gamble and this is McConnell’s way of hedging the party’s bets at the eleventh hour. Unsatisfying,but if it happens and O faces a nasty backlash for raising the ceiling, it’s a compelling argument next year for why we need a Republican president and more Republican congressmen. A serious deal on long-term sustainability simply isn’t possible with the left in control of one or more branches of government. If the GOP wants to do this, they’ll have to do it themselves. And then reap the consequences."

 

http://hotair.com/archives/2011/07/12/mcconnell-announces-fallback-plan-...

Tue, 07/12/2011 - 17:11 | 1449501 MrBoompi
MrBoompi's picture

Yeah that's all we need....a Republican president and more GOP Congressmen.

They'll show us how balancing a budget and reducing spending is SUPPOSED to be done.

Who are they fucking kidding????

Tue, 07/12/2011 - 18:13 | 1449690 chet
chet's picture

2011:  "All we need to do it cynically kick the can until the next election, then we'll finally do the hard stuff."

2009:  "All we need to do it cynically kick the can until the next election, then we'll finally do the hard stuff."

2007:  "All we need to do it cynically kick the can until the next election, then we'll finally do the hard stuff."

2005:  "All we need to do it cynically kick the can until the next election, then we'll finally do the hard stuff."

And so forth....

Tue, 07/12/2011 - 18:44 | 1449770 francis_sawyer
francis_sawyer's picture

2012: "Eat your peas... It's all that's left since my fat @assed wife has eaten all the french fries"

Tue, 07/12/2011 - 16:37 | 1449328 mark mchugh
mark mchugh's picture

Translation:

"We don't give a rat's ass what Americans think"

http://www.gallup.com/poll/147524/americans-oppose-raising-debt-ceiling....

 

Tue, 07/12/2011 - 16:45 | 1449381 RockyRacoon
RockyRacoon's picture

Not one in a hundred could tell you what not raising the debt ceiling really means.   Not even one more could tell you that it's just paying the bills already accrued.   So, a poll of the "citizens" is useless, if not an actual contrary indicator.

Tue, 07/12/2011 - 16:53 | 1449420 Sudden Debt
Sudden Debt's picture

And now that it's common knowledge that if you don't pay your morgage, you get to live in your house for a extra few years to come, the answer would kind of surprise you :)

"don't raise the debt ceiling and become a taxfree zone"

 

Tue, 07/12/2011 - 16:59 | 1449449 mark mchugh
mark mchugh's picture

I hope you're joking, Rock.

Boehner and Obama could?

Never figured you for an elitist.

Wed, 07/13/2011 - 00:51 | 1450561 RockyRacoon
RockyRacoon's picture

Elitist?!  That's a hoot.  

Tue, 07/12/2011 - 16:58 | 1449425 plocequ1
plocequ1's picture

Excellent avitar. Its great to see some respect for the true masters of cinema. 

Tue, 07/12/2011 - 17:20 | 1449531 magis00
magis00's picture

Would this be an example of irony? 

 

(shoot!)

Tue, 07/12/2011 - 16:38 | 1449330 Helena Bonham-Carter
Helena Bonham-Carter's picture

O dear account! my life is my foe's debt

 

Tue, 07/12/2011 - 16:44 | 1449349 bigwavedave
bigwavedave's picture

so fucking funny... i can see big boner crying again about his love for his country. what a crock of crocs. edit: i just saw the footage 'our backup plan is to backdown completely" or words to that effect. just priceless. next on deck is the current leading GOP presidential candidate?

Tue, 07/12/2011 - 16:47 | 1449352 LetThemEatRand
LetThemEatRand's picture

What's amazing is that ANY voter is dumb enough to think that this is different from a vote in favor of raising the debt ceiling.  I can't wait to hear this guy making the rounds in the future touting his "tough stance" and his vote against raising the debt ceiling, after which he will explain that Obama's decision to raise it ruined what was left of the economy, blah blah blah.  

Tue, 07/12/2011 - 16:42 | 1449358 Downtoolong
Downtoolong's picture

I suspect the biggest debate behind Republican doors during the last few days has not been about whether the debt ceiling will be raised, rather, who's going to take the fall for it.

 

Tue, 07/12/2011 - 16:47 | 1449399 espirit
espirit's picture

Straw Tea Baggers.

Tue, 07/12/2011 - 17:48 | 1449612 CompassionateFascist
CompassionateFascist's picture

No, the TP is < than half of the House Republicrats, < 10% of the Senate. Dems plus Rinos are the clear majority on this issue. So it's all just theatre. Fun to watch the posturing, though. One possible good outcome: Repubes split along left/right lines. Means multi-party 2012 election, looking more and more like 1860.  

Tue, 07/12/2011 - 18:46 | 1449774 francis_sawyer
francis_sawyer's picture

Bush... who else?

Tue, 07/12/2011 - 16:42 | 1449360 sumosamurai
sumosamurai's picture

Lies, Fraud, corruption. Annie get your guns.

Tue, 07/12/2011 - 16:43 | 1449362 Eagle Keeper
Eagle Keeper's picture

Time to pay our leaders a visit!

 

Could someone please post the home addresses os all our leaders? It should be public record. 

Tue, 07/12/2011 - 18:49 | 1449779 francis_sawyer
francis_sawyer's picture

Just google "Hooters" & "Scores", you'll find most of them there (except for Barney Frank, just check the local bathrooms)...

Tue, 07/12/2011 - 16:43 | 1449365 Waterfallsparkles
Waterfallsparkles's picture

Of course Wall Street will EXPECT that all of the increase goes to THEM.

Tue, 07/12/2011 - 16:43 | 1449366 becky quick and...
becky quick and her beautiful mouth's picture

what's really funny is that 2 seconds after they raise it, they'll have to immediately burn up billions of it to repay the stolen federal pension money. before they even start about 1/20 of it will be gone. BWHAHAHAHAHAHAHAHAHAHAHA.

Tue, 07/12/2011 - 16:46 | 1449391 DonnieD
DonnieD's picture

I think it's closer to 15% that will be gone before the ink dries.

Tue, 07/12/2011 - 16:51 | 1449411 becky quick and...
becky quick and her beautiful mouth's picture

even better!

Tue, 07/12/2011 - 17:12 | 1449505 Zero Govt
Zero Govt's picture

you think they'll bother replacing the stolen pension money?!!

...once these parasites start robbing they don't 'return to make good' 

Tue, 07/12/2011 - 17:24 | 1449547 Long-John-Silver
Long-John-Silver's picture

401(k), IRA, and Union pension accounts are next.

Google "Argentina seizes pension funds"

Wed, 07/13/2011 - 07:58 | 1451042 fallout11
fallout11's picture

It happened in Argentina, despite the 2 folks who seem to think otherwise. Why could it not also happen here? 

Tue, 07/12/2011 - 16:43 | 1449368 docj
docj's picture

He knew they (as in Team Red) were going to lose anyway. I suppose this is Mushy Mitch's "too-cute-by-half" way of trying to make The Teleprompter own the eventual and now certain collapse.

That said, you should take a quick listen to the speech he just gave (it's on YT and summarized here: http://www.washingtonpost.com/blogs/right-turn/post/exclusive-mcconnell-...) - it was actually, surprisingly, shockingly, pretty OK.

It's politics and it's BS, of course - but it was sort of fun listening to Mush Mouth toss Barry under the bus - if only to then turn around and offer his naked backside to the Teleprompter for servicing.

Tue, 07/12/2011 - 17:23 | 1449541 Bastiat
Bastiat's picture

They made the Teleprompter threaten SS payments -- that will stick, imho.

Tue, 07/12/2011 - 16:43 | 1449369 dukeystick
dukeystick's picture

This is NOT as bad as it sounds.  They are simply giving the president enough rope to hang himself... and ANYONE who votes for it.  It is all up to him, and therein lies the beauty.

Tue, 07/12/2011 - 17:04 | 1449462 hambone
hambone's picture

Junk - really tired of fucking stupid shit like this who think it matters fuck-all whether a D or R in front of presidents fucking name.

You sir go play on the Fox News site or some other rightwing bullshit savior site.  Be gone.

Tue, 07/12/2011 - 19:53 | 1449907 dukeystick
dukeystick's picture

Hocus-pocus allah kazam!....

No. I'm still here.

WTF R U even talking about?  I don't give a flyin fuk about D or R, or what ever the fuk U think.  In the end this WILL be about WHO is to blame for all this crazy bullshit.  In the end, let them give him enough rope... better him than anyone else.

Tue, 07/12/2011 - 16:43 | 1449370 gbresnahan
gbresnahan's picture

I am now inspired to call my credit card issuers to ask them to increase my limits by $500 a month.

I promise I will always make the minimum payment.

Unless I can't.

Tue, 07/12/2011 - 19:24 | 1449849 andybev01
andybev01's picture

If I can't, then I will borrow from my childrens college fund to make the mins.

Tue, 07/12/2011 - 16:44 | 1449378 Truffle_Shuffle
Truffle_Shuffle's picture

Anyone know of any good deals on tar and feathers?  Bulk only please!

Tue, 07/12/2011 - 16:45 | 1449383 espirit
espirit's picture

So who is going to be the bagholder for our toxic debt?  Most anything of tangible value has already been sold. 

Or are we going to exchange tit for tat garbage to keep this ponzi going?

Long PM's for sure.

Tue, 07/12/2011 - 19:25 | 1449853 andybev01
andybev01's picture

We're exchanging what now...?

Tue, 07/12/2011 - 16:46 | 1449392 the not so migh...
the not so mighty maximiza's picture

Mitch and Timmy should be hung together for treason!

Tue, 07/12/2011 - 16:46 | 1449393 j0nx
j0nx's picture

Anyone who thinks they won't pass this debt limit increase is smoking the same shit they were smoking when they believed Barry's hope and change bullshit of 2008. Of COURSE they will raise it. This posturing is all just theatre acting for the masses. With the Euro on life support they may even avoid the dollar shitting the bed the minute after they raise it too. That tells me it's full steam ahead with raising the ceiling with all the contagion right now in the EZ. Hope you enjoy $5.00 gas and exponential grocery prices either way.

Tue, 07/12/2011 - 16:51 | 1449410 espirit
espirit's picture

At 4 buck gas, the ponzi unwinds and folds.

Tue, 07/12/2011 - 17:43 | 1449599 Translational Lift
Translational Lift's picture

already $4+ here............

Tue, 07/12/2011 - 16:46 | 1449394 Atomizer
Tue, 07/12/2011 - 16:47 | 1449396 williambanzai7
williambanzai7's picture

Tue, 07/12/2011 - 16:58 | 1449444 Dr. Richard Head
Dr. Richard Head's picture

Mitch always reminded me of Bert the Turtle in the Duck and Cover pravda during the 50's - http://www.youtube.com/watch?v=IKqXu-5jw60

As a matter of fact, he is the same type of scare monger dumbass like Bert. 

Tue, 07/12/2011 - 21:42 | 1450182 goldenbuddha454
goldenbuddha454's picture

wow, that's really, really good!

Tue, 07/12/2011 - 16:47 | 1449397 duffelpud
duffelpud's picture

It is time to water the tree of liberty.

Tue, 07/12/2011 - 17:27 | 1449558 Long-John-Silver
Long-John-Silver's picture

with the Guillotine

Tue, 07/12/2011 - 16:48 | 1449401 Ponziconomy
Ponziconomy's picture

Mitch the traitor Bitch.  Here's a new smiley for your efforts: The Cornholio  )o( -- known also as the BFrank on the other side of the aisle.  What a f(^&*ng cop out.

Tue, 07/12/2011 - 16:48 | 1449402 Shameful
Shameful's picture

Wow the Republicans are for a debt ceiling increase...color me surprised.  I'm sure this never happened under the Bush years :)  Come on, these are the sort of guys that would piss down your back and tell you it's raining.  It was posturing because now they can pretend to the voters they are tough on spending.  The voters being utterly braindead will be in their camps and vote like mice hitting a lever for "their guy".

All for the increase, extend and pretend away.  USA is long since dead no reason to stop mainlining debt now.  Gives me more time to get ready for what will be a smouldering wreck of a 3rd world hell hole either way.  And those that think otherwise, look at the rash of AC thefts and childhood crime.  When this thing goes it wall be one hell of a wild ride, plan accordingly.

Tue, 07/12/2011 - 16:49 | 1449404 billwilson
billwilson's picture

At the beginning of the Bush presidency, the United States debt limit was $5.95 trillion. Despite promises that he would pay off the debt in 10 years, Bush increased the debt to $9.815 trillion by the end of his term, with plenty of help from the four Republicans currently holding Congressional leadership positions: Speaker John Boehner, House Majority Leader Eric Cantor, Senate Minority Leader Mitch McConnell, and Senate Minority Whip Jon Kyl. ThinkProgress compiled a breakdown of the five debt limit increases that took place during the Bush presidency and how the four Republican leaders voted:

   June 2002: Congress approves a $450 billion increase, raising the debt limit to $6.4 trillion. McConnell, Boehner, and Cantor vote “yea”, Kyl votes “nay.”

    May 2003: Congress approves a $900 billion increase, raising the debt limit to $7.384 trillion. All four approve.

    November 2004:
 Congress approves an $800 billion increase, raising the debt limit to $8.1 trillion. All four approve.

    March 2006: Congress approves a $781 billion increase, raising the debt limit to $8.965 trillion. All four approve.

   September 2007: Congress approves an $850 billion increase, raising the debt limit to $9.815 trillion. All four approve.

Tue, 07/12/2011 - 17:03 | 1449471 InconvenientCou...
InconvenientCounterParty's picture

I'm sure they never resorted to fear mongering though. And for fuck's sake they NEVER asked people to eat their vegetables like some kind of commie socialist nazi.

Tue, 07/12/2011 - 21:17 | 1450121 GreenSideUp
GreenSideUp's picture

They only get religion when there's a dem prez.  (not that I think there's one bit of difference between the War Party and the Welfare Party)

Wed, 07/13/2011 - 06:35 | 1450898 docj
docj's picture

Just asking - but how did Senator Obama vote on the 2006 and 2007 increase proposals?

Tue, 07/12/2011 - 16:51 | 1449409 kito
kito's picture

too funny. guess his office got inundated with constituents screaming about the loss of benefit payments after the obama comment regarding social security. i wonder if we will see mass retirements by congresspeople as the descent into icy waters begins next year.

Tue, 07/12/2011 - 17:06 | 1449482 InconvenientCou...
InconvenientCounterParty's picture

Old people on SS influencing MM? Good one. Big Pharma or military contractors maybe.

Tue, 07/12/2011 - 16:52 | 1449415 Eagle Keeper
Eagle Keeper's picture

Of course, after they raise the limit (and they will), this will be major bullish for the markets. Expect a 300+ point rise! But then, oil will go up with it and then gas and, well Walmart will need to subsidize their pumps more than a buck to offset that.....

Tue, 07/12/2011 - 16:52 | 1449418 dracos_ghost
dracos_ghost's picture

From the Bloomberg article:

Don Stewart, a spokesman for McConnell, said the plan would allow Obama to raise the debt limit while putting the onus on him and congressional Democrats for any failure to cut spending.

 

Huh? How the hell does this show anything but the spineless nature of the coven that we call leaders -- from both sides of the aisle.

The President has NOTHING to do with the structuring budgets and setting debt limits -- other than sign off or veto. Congress is allowing him to frame the argument when they should be doing their duty as per their oath to the American people. STOP SPENDING you 'tards. If you can't play in the sandbox nicely then shut it down and let the chips fall where they may. Congress is degenerating into a Jersey Shore episode.

Looks like another change back to Democratic control after this flacid little show of 'force' by the Repubs. Disgusting.

Tue, 07/12/2011 - 17:06 | 1449480 spekulatn
spekulatn's picture

"Long story short, the debt-ceiling showdown was a big gamble and this is McConnell’s way of hedging the party’s bets at the eleventh hour. Unsatisfying,but if it happens and O faces a nasty backlash for raising the ceiling, it’s a compelling argument next year for why we need a Republican president and more Republican congressmen. A serious deal on long-term sustainability simply isn’t possible with the left in control of one or more branches of government. If the GOP wants to do this, they’ll have to do it themselves. And then reap the consequences."

 

http://hotair.com/archives/2011/07/12/mcconnell-announces-fallback-plan-...

Tue, 07/12/2011 - 19:29 | 1449860 andybev01
Tue, 07/12/2011 - 16:53 | 1449422 Spartaguy
Spartaguy's picture

Off topic, but to see Bernanke's response to Ron paul's retirement, click here:

 

http://metthatceleb.blogspot.com/

Tue, 07/12/2011 - 16:53 | 1449423 Gooseone
Gooseone's picture

Even so.......how long would that 2.5 Trillion even last ?

Tue, 07/12/2011 - 16:56 | 1449439 Iriestx
Iriestx's picture

At the current rate, about 7-9 months, depending whether or not they pay back into the pension pool they emptied.

 

Tue, 07/12/2011 - 16:57 | 1449435 DollarDive
DollarDive's picture

McConnell must have started to get nervous watching his investment trusts over the past few weeks.  He saw the balance actually start to dip.  The new USA creed... Markets only go up.   What a joke.  Everytime the markets start to correct and/or move lower, as efficient markets should, cries from everywhere ...."QE3 - bailouts...help !!!... EUROPE's failing... bailouts....etc and the rubbish goes on and on.  Eventually we will default. Nobody in the administration has the balls to vote against it.  When the vote takes place, there might be 1 or 2 votes against it.  There's justification in numbers. When they all vote fore the ceiling hike, they can say that there was no alternative....which is really complete bullshit, but they can justify their positions.  It's almost like when the SPY drops by 35% and the managed money idiots, claim they did great because their 60/40 portfolio was only down 29%.... Yet they've still collected their fees.  Thievery !  Revolution is the only solution.

Tue, 07/12/2011 - 16:56 | 1449437 carbonmutant
carbonmutant's picture

The democrats should think long and hard before giving a standing president this kind of power...

Tue, 07/12/2011 - 16:58 | 1449448 DollarDive
DollarDive's picture

The great American Dick - tator.

Tue, 07/12/2011 - 17:12 | 1449504 InconvenientCou...
InconvenientCounterParty's picture

"Reagan proved deficits don't matter.” Dick Cheney

But then again who's really paying attention to history? Crafting a narrative to fit your biases is easier.

Tue, 07/12/2011 - 17:28 | 1449562 magis00
magis00's picture

"Why Deficits Stopped Mattering" -- some amazing shit from over at marketskeptics.com

http://www.marketskeptics.com/2010/10/why-deficits-stopped-mattering.html

Tue, 07/12/2011 - 19:39 | 1449881 cramers_tears
cramers_tears's picture

Great stuff!  Iran-Contra, BCCI, Crack in LA=>America... They should be teaching the "Dark Alliances" Story and its history in US Public High Schools...  oh wait, not in the homeland!  Seig Heil!

We poor dumb american bastards.  

Tue, 07/12/2011 - 20:48 | 1450047 magis00
magis00's picture

"Why Deficits Stopped Mattering" -- some amazing shit from over at marketskeptics.com

http://www.marketskeptics.com/2010/10/why-deficits-stopped-mattering.html

 

 

[. . . umm, latest double-post in ZH history?  I award myself a tall bourbon.]

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