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The Bipartisan Debt Deal Fact Sheet: A "Victory" For The Republicans, The Democrats And, Of Course, The White House

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Hot off the presses, here is the White House's very own "debt deal" fact sheet, which is apparently a "win for the economy and budget discipline." Which is great since we already know it is a win for the GOP and the Democrats. In other words, the only thing better than a Win-Win, is a Win-Win-Win... in which the only loser, of course, is America. We caution readers on high blood pressure medication, on blood thinners, those on dialysis, and those prone to incontinence or murderous acts of rage to please skip this post.

From the White House's spin factory:

Bipartisan Debt Deal: A Win for the Economy and Budget Discipline
  • Removes the cloud of uncertainty over our economy at this critical time, by ensuring that no one will be able to use the threat of the nation’s first default now, or in only a few months, for political gain;
  • Locks in a down payment on significant deficit reduction, with savings from both domestic and Pentagon spending, and is designed to protect crucial investments like aid for college students;
  • Establishes a bipartisan process to seek a balanced approach to larger deficit reduction through entitlement and tax reform;
  • Deploys an enforcement mechanism that gives all sides an incentive to reach bipartisan compromise on historic deficit reduction, while protecting Social Security, Medicare beneficiaries and low-income programs;
  • Stays true to the President’s commitment to shared sacrifice by preventing the middle class, seniors and those who are most vulnerable from shouldering the burden of deficit reduction. The President did not agree to any entitlement reforms outside of the context of a bipartisan committee process where tax reform will be on the table and the President will insist on shared sacrifice from the most well-off and those with the most indefensible tax breaks. 
Mechanics of the Debt Deal
  • Immediately enacted 10-year discretionary spending caps generating nearly $1 trillion in deficit reduction; balanced between defense and non-defense spending.
  • President authorized to increase the debt limit by at least $2.1 trillion, eliminating the need for further increases until 2013.   
  • Bipartisan committee process tasked with identifying an additional $1.5 trillion in deficit reduction, including from entitlement and tax reform. Committee is required to report legislation by November 23, 2011, which receives fast-track protections. Congress is required to vote on Committee recommendations by December 23, 2011.
  • Enforcement mechanism established to force all parties – Republican and Democrat – to agree to balanced deficit reduction. If Committee fails, enforcement mechanism will trigger spending reductions beginning in 2013 – split 50/50 between domestic and defense spending. Enforcement protects Social Security, Medicare beneficiaries, and low-income programs from any cuts.     
  • Deal Removes Cloud of Uncertainty Until 2013, Eliminating Key Headwind on the Economy: Independent analysts, economists, and ratings agencies have all made clear that a short-term debt limit increase would create unacceptable economic uncertainty by risking default again within only a matter of months and as S&P stated, increase the chance of a downgrade. By ensuring a debt limit increase of at least $2.1 trillion, this deal removes the specter of default, providing important certainty to our economy at a fragile moment. 
  • Mechanism to Ensure Further Deficit Reduction is Designed to Phase-In Beginning in 2013 to Avoid Harming the Recovery: The deal includes a mechanism to ensure additional deficit reduction, consistent with the economic recovery. The enforcement mechanism would not be made effective until 2013, avoiding any immediate contraction that could harm the recovery. And savings from the down payment will be enacted over 10 years, consistent with supporting the economic recovery.
  • More than $900 Billion in Savings over 10 Years By Capping Discretionary Spending: The deal includes caps on discretionary spending that will produce more than $900 billion in savings over the next 10 years compared to the CBO March baseline, even as it protects core investments from deep and economically damaging cuts. 
  • Includes Savings of $350 Billion from the Base Defense Budget – the First Defense Cut Since the 1990s: The deal puts us on track to cut $350 billion from the defense budget over 10 years. These reductions will be implemented based on the outcome of a review of our missions, roles, and capabilities that will reflect the President’s commitment to protecting our national security. 
  • Reduces Domestic Discretionary Spending to the Lowest Level Since Eisenhower: These discretionary caps will put us on track to reduce non-defense discretionary spending to its lowest level since Dwight Eisenhower was President. 
  • Includes Funding to Protect the President’s Historic Investment in Pell Grants: Since taking office, the President has increased the maximum Pell award by $819 to a maximum award $5,550, helping over 9 million students pay for college tuition bills. The deal provides specific protection in the discretionary budget to ensure that the there will be sufficient funding for the President’s historic investment in Pell Grants without undermining other critical investments. 
  • The Deal Locks in a Process to Enact $1.5 Trillion in Additional Deficit Reduction Through a Bipartisan, Bicameral Congressional Committee: The deal creates a bipartisan, bicameral Congressional Committee that is charged with enacting $1.5 trillion in additional deficit reduction by the end of the year. This Committee will work without the looming specter of default, ensuring time to carefully consider essential reforms without the disruption and brinksmanship of the past few months. 
  • This Committee is Empowered Beyond Previous Bipartisan Attempts at Deficit Reduction: Any recommendation of the Committee would be given fast-track privilege in the House and Senate, assuring it of an up or down vote and preventing some from using procedural gimmicks to block action.
  • To Meet This Target, the Committee Will Consider Responsible Entitlement and Tax Reform. This means putting all the priorities of both parties on the table – including both entitlement reform and revenue-raising tax reform. 
  • The Deal Includes An Automatic Sequester to Ensure That At Least $1.2 Trillion in Deficit Reduction Is Achieved By 2013 Beyond the Discretionary Caps: The deal includes an automatic sequester on certain spending programs to ensure that—between the Committee and the trigger—we at least put in place an additional $1.2 trillion in deficit reduction by 2013. 
  • Consistent With Past Practice, Sequester Would Be Divided Equally Between Defense and Non-Defense Programs and Exempt Social Security, Medicaid, and Low-Income Programs: Consistent with the bipartisan precedents established in the 1980s and 1990s, the sequester would be divided equally between defense and non-defense program, and it would exempt Social Security, Medicaid, unemployment insurance, programs for low-income families, and civilian and military retirement. Likewise, any cuts to Medicare would be capped and limited to the provider side.
  • Sequester Would Provide a Strong Incentive for Both Sides to Come to the Table:  If the fiscal committee took no action, the deal would automatically add nearly $500 billion in defense cuts on top of cuts already made, and, at the same time, it would cut critical programs like infrastructure or education.  That outcome would be unacceptable to many Republicans and Democrats alike – creating pressure for a bipartisan agreement without requiring the threat of a default with unthinkable consequences for our economy. 
  • The Deal Sets the Stage for Balanced Deficit Reduction, Consistent with the President’s Values: The deal is designed to achieve balanced deficit reduction, consistent with the values the President articulated in his April Fiscal Framework. The discretionary savings are spread between both domestic and defense spending. And the President will demand that the Committee pursue a balanced deficit reduction package, where any entitlement reforms are coupled with revenue-raising tax reform that asks for the most fortunate Americans to sacrifice.  
  • The Enforcement Mechanism Complements the Forcing Event Already In Law – the Expiration of the Bush Tax Cuts – To Create Pressure for a Balanced Deal: The Bush tax cuts expire as of 1/1/2013, the same date that the spending sequester would go into effect. These two events together will force balanced deficit reduction. Absent a balanced deal, it would enable the President to use his veto pen to ensure nearly $1 trillion in additional deficit reduction by not extending the high-income tax cuts.
  • In Securing this Bipartisan Deal, the President Rejected Proposals that Would Have Placed the Sole Burden of Deficit Reduction on Low-Income or Middle-Class Families: The President stood firmly against proposals that would have placed the sole burden of deficit reduction on lower-income and middle-class families. This includes not only proposals in the House Republican Budget that would have undermined the core commitments of Medicare to our seniors and forced tens of millions of low-income Americans to go without health insurance, but also enforcement mechanisms that would have forced automatic cuts to low-income programs. The enforcement mechanism in the deal exempts Social Security, Medicaid, Medicare benefits, unemployment insurance, programs for low-income families, and civilian and military retirement.

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Mon, 08/01/2011 - 00:48 | 1511591 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

"Victory, bitchez!"

-Richard Millhouse Nixon

Mon, 08/01/2011 - 00:58 | 1511611 Vic Vinegar
Vic Vinegar's picture

Thanks for the laugh before bed...that was really nice.

I spent some time volunteering at the Richard Nixon Library because I have a soft-spot in my heart for the man.  A lot of people here think JFK was the last-best chance we had, but I say RN really tried to do right.  It's just that by the time he got in there, shit was too fucked up to fix.

Mon, 08/01/2011 - 01:30 | 1511672 Temporalist
Temporalist's picture

You must be licking the glue off the book bindings in that library you volunteer at.

Mon, 08/01/2011 - 01:32 | 1511673 Vic Vinegar
Vic Vinegar's picture

Nah I'm just licking the waxing glue off my upper lip:

Mon, 08/01/2011 - 02:12 | 1511720 Bananamerican
Bananamerican's picture

"RN really tried to do right"

yup. One "enemy" at a time...

Mon, 08/01/2011 - 02:23 | 1511730 Vic Vinegar
Vic Vinegar's picture

How do you think you, I or Ron Paul would do if we found ourselves in that hot-pot?  

Wait, don't answer that question, because none of those things are going to happen.  

Have a nice night, Bananamerican.

Mon, 08/01/2011 - 02:32 | 1511738 Bananamerican
Bananamerican's picture

I think you would probably suck...

Ron Paul would be fine...

but i would kick absolute ASS!

"Bananamerican 2012...Rope and Range"

Mon, 08/01/2011 - 02:38 | 1511741 Vic Vinegar
Vic Vinegar's picture

If I could, I'd vote the genesis of this conversation - Mr. Lennon Hendrix - to be benevolent dictator of the universe.  Sadly that's not going to happen :-(

Yeah, I'd probably suck.  I'd just be in it for the pussy.

Mon, 08/01/2011 - 05:18 | 1511828 A.W.E.S.O.M.-O 4000
A.W.E.S.O.M.-O 4000's picture

And as everybody knows Nixon got laid like a motherfucker!

Mon, 08/01/2011 - 05:30 | 1511836 Ghordius
Ghordius's picture

Skunk "Le Phew"? Is it you, DSK?  ;-)

Mon, 08/01/2011 - 07:04 | 1511894 optimator
optimator's picture

Yeah, I remember that sex crazed Nixon.  He wouldn't do a thing with out kissingher.

Mon, 08/01/2011 - 10:21 | 1512427 Ra-Marduk
Ra-Marduk's picture

Vic Sour Vinegar, you my fried are a baffoon. The best thing about your posts is I get to look at your avatar. I would like a piece of that.

Mon, 08/01/2011 - 02:57 | 1511757 Vic Vinegar
Vic Vinegar's picture

Replying to myself because I am talking to Tyler

Tyler - this is your website, do with it what you wish.  I thank you for not kicking me out just as I thank you for not coming down to where I work and knocking the dick out of my mouth.

But look at this - I open myself up on the Richard Nixon comment and am sitting at a +3 to -11.  Why should I not fuck with these other peoples' shit?

Anyhow, I have no more answers than the next guy.  

Here's a genuinely good tune for all you spacemonkeys.  Goodnight and goodluck to all of you.

Mon, 08/01/2011 - 03:19 | 1511770 Vic Vinegar
Vic Vinegar's picture

I will log off from my computer tonight sitting at +3 to -13.  

I guess the one takeaway we can all have from this site is that human beings love clicking on red and green arrows to express their passions.  So it goes.

Mon, 08/01/2011 - 08:28 | 1512035 LeBalance
LeBalance's picture

lol, Tricky Dicky was Prescott's picked "boy."  Another Bush in the White House.

Mon, 08/01/2011 - 03:41 | 1511779 A Man without Q...
A Man without Qualities's picture

The problem for many people on this site is that it was Nixon's decision to finally end all links between the Dollar and gold that guaranteed the death of the Dollar (though it made a lot of corporations very rich.)  Add to that, Nixon's distractions allowed the likes of Kissinger to turn South East Asia into his own personal game of Risk, leading to hundreds of thousands of pointless deaths on all sides and in countries where the US was never officially "there".

In my personal opinion, Carter tried to do what he thought right - he was certainly the last leader to try to speak to the people as adults, but he was crucified for suggesting there was a limit to America's wealth.... 


Mon, 08/01/2011 - 05:03 | 1511819 Ghordius
Ghordius's picture

Nixon, in his way, "saved" the Dollar. He took a logical conclusion, i.e. that the gold reserves were not sufficient to fight that much war.

Carter "blinked". I wonder how Bush or Obama would have handled the hostage affair? Many hate him for "showing weakness".

At the end, it all comes down to what the electorate feels and wants.

War against Terror? Here, money. War against Drugs? Here, more money. War against Poverty? Here, money! War against any losses in the Stock Market and Banks? Here, humungus amounts of money. War against High Prices at the Pump Station? ...

Mon, 08/01/2011 - 06:59 | 1511887 Optimusprime
Optimusprime's picture

Excuse me--"the electorate" was overwhelmingly against covering losses in the Stock Market and Banks.


An argument could be made that what "the electorate" wants is not important--the point of our fascinating "political process" is to pretend to offer "choice" to the electorate (via representatives of course) that has been narrowed down to alternatives that manage to miss the point of what the electorate actually wants.  What truly matters is what the banks, the corporations, the MIC, etc., want.  


Only because our elites themselves have differences of timing, emphasis, and opinion about the best ways to maintain themselves is there any "debate" at all.  "The electorate" is just along for the ride. 


The whole point of the (pre-Koch bros.) Tea Party is to actually inject "electorate" input into the political process.  It may indeed be naive, even Quixotic.  But lovable, IMO.

Mon, 08/01/2011 - 04:18 | 1511789 Incubus
Incubus's picture

Say what the fuck you want.  When you're capable of saying whatever the hell you want--without regard for any asshole(s) who carry/carries relative social weight in stupid ass blogging circles--then you'll be "free."



The problem with humanity is that almost everyone is too concerned about the opinions of other people: people are shit, so are their opinions, and whatever the fuck else they esteem. Look at society falling apart--and you'll trust yourself to place any degree of worth on the very products of this social system?



Mon, 08/01/2011 - 01:11 | 1511641 BlackholeDivestment
Mon, 08/01/2011 - 00:49 | 1511593 The Third Man
The Third Man's picture

What a laughingstock we must be to the rest of the world.

Mon, 08/01/2011 - 01:35 | 1511678 TruthInSunshine
TruthInSunshine's picture

What a laughingstock we must be to the rest of the world.

The Ponzinomics, fractional reserve, fiatski-laden, toxic debt infused, ebola infested balance sheet economies of our planet are more the rule than the exception.

One thing is for sure, however, amongst every nation that is branded with the long arm of the Red Shield:

Austerity is just another word for central planning, whereby the productive class is sucked dry by government, so that the cronies around the crony capitalism/kleptocratic roundtable can suckle at the taxpayer teat.

This will only worsen what is now becoming our economic depression and hasten the demise of the Ponzi, however, and I had always maintained that the productive members of the middle class and upper middle class would have to feel extreme pain before they did anything to educate themselves as to how the bankers own this government, literally (this is not taught in American Educational Textbooks), and how their effort, blood, sweat and tears is being literally stolen from them, in order to nurse the very low and very high extremes of society.

2008 marked the true beginning in the final phase of the new Great Train Robbery, whereby the thug politicians managed to maintain support for the welfare class (now 3rd and 4th generation who don't know of any other form of subsistence), and dramatically increased transfer payments extracted from the meaty center of the (now shrinking) middle and upper middle class, in order to absolutely plow those monies into the hands of the do nothing, shape shifters of Wall Street and the banks, which have received and will now continue to receive an aggregate sum of 'free and risk free' money in an amount that would make even despots and Robber Barons blush with embarassment.

Bring on the full depression, because economic pain is the only thing that will cause the necessary revolt that will forge the interest, determination and willingness to act on the part of the middle and upper middle class (whom the parasites feed off of) that will allow for a culling of the treasonous politicians that sold the nation out.

America is deathly ill due to a now incurable parasitic infestation. The host is near death. This 2008 to 20xx? process of subsidization of the banks and Wall Street via taxpayers shakedowns is the event that takes us to the Great Reset.


Mon, 08/01/2011 - 01:49 | 1511694 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

How did you get the transcrpit from yesterday's phone conversation between the banksters and Congressmen?


Mon, 08/01/2011 - 01:54 | 1511704 TruthInSunshine
TruthInSunshine's picture

Banksters are the epitomne of whoredom.

Even the fattest amongst them will stoop to the most degrading and compromising acts for a buck or two.

This compulsive, moral depravity has been bred into them.

Mon, 08/01/2011 - 04:30 | 1511802 Ghordius
Ghordius's picture

The fact that they have achieved "critical mass" is what makes them "depraved".

If they had smaller, restricted banks which have to default if they make mistakes, then they would behave differently.

Remember the "Baby Bells"? Now, this could be a solution. Too big = too bad.

Mon, 08/01/2011 - 08:31 | 1512039 LeBalance
LeBalance's picture do you suppose they got into the Fraternity (SnB) that got them the seat in the Bank?

Mon, 08/01/2011 - 09:04 | 1512123 Muddy1
Muddy1's picture

When you say (they) "will stoop to the most degrading and compromising acts" I'm assuming you mean they will bend over, or drop to their knees, which ever it takes.

My dad ALWAYS said that the two lowest forms of life on the planet are bankers and lawyers.  After seeing what that bunch of lawyers in congress is trying to do to the US taxpayer on behalf of the bankers I sadly know he was right again.  I'm not sure the bankers are the epitome of whoredom.  At least a whore can give you a good time.  The bankers merely take our money, screw us over. and leave us with an STD resulting in poverty and serfdom. 

Mon, 08/01/2011 - 02:19 | 1511727 JR
JR's picture

Well said, TruthInSunshine; a keeper.

Mon, 08/01/2011 - 02:44 | 1511747 Havana White
Havana White's picture

A week ago the White House wouldn't have called this shared sacrifice.  Where, exactly is the sacrifice by the rich?  Not here.  Every Dem must vote against this, if he/she maintains any vestige of integrity.

Obama is a fraud, his campaign promises have become broken lies.  Of course I knew these things when he turned over the purse strings to Goldman Sachs.

When you see his re-election ads, understand they're paid for by Wall Street and big banking.

By the way, Obama, did you have any qualms at all about entertaining the Bahraini torturers at the White House a few weeks ago?  The ones you've given your full support and blessings? Oh, that's right... you yourself continue ordering torture.  Nice conscience there, too.

Mon, 08/01/2011 - 04:23 | 1511796 Ghordius
Ghordius's picture

Sorry, I disagree.
As far as I know, most of the rest of the world is scared shitless, and the new antics of US Politics don't help.
Your post has a few good examples of why there is much to fear:

1) "Red Shield" - this silly stuff distracts every discussion about banking reform. Focus on the NEXT "Great Train Robbery" from the TBTF Banks.
2) "Austerity" - also a word that stopped having any meaning, nowadays used to say "I'm increasing my debts by 15% only instead of 25%"

I agree with you on many general items. But you implicitly asked what the "rest of the world thinks". Well: fractional reserve, austerity, sensible budgets, etc., while not perfect, can function for a long time. Statistically, the USD was born as fiat in 1971, so it could last until 2041. Perhaps with a few zeros on new notes, ok. Still, this happened to a lot of countries, get over with it.
This whole kabuki theater was staged so that a fraction of the US population (let's say "Tea Party") could vent the pent up (righteous) anger. By threathening everyone and everything. And behaving as if the "End of the World" is the same as "USA having to face a difficult situation which will take several years to fix".
The Rest of the World has lots to fear from the (unnecessary) "Great Reset Death Wish Please let's have Heaven or Hell on Earth. NOW immediately, I'm not used to wait for anything." Spoiled Brat with Nukes?

Mon, 08/01/2011 - 06:18 | 1511860 Mentaliusanything
Mentaliusanything's picture

Truth in Sunshine - Sir, with respect, they are not done with you yet.

You have no real GST (VAT) tax

You have no Carbon Tax

You have no congestion tax 

You have No Bank transaction taxes

Tolls on every street.

electronic monitoring

Touch tag.

Life monitoring and chipping

If fact I can name the whole death of the thousand cuts that you are yet to experience.

You were born to be not only sheared

But to bleed by the death by a thousand (salted) cuts.

You are only to be born, indoctrinated, then to live, consume and die.

It is to come my friend.

The Morlocks win

Mon, 08/01/2011 - 09:12 | 1512148 Ghordius
Ghordius's picture

Half of the above is already here in Europe. See how progressive we are?

Tue, 08/02/2011 - 14:32 | 1517676 Incubus
Incubus's picture

The upper class likes to think they're in charge.  They'll push and push and push.  Eventually, though, they get bitchslapped and reminded of who's really in charge. 

Their existence rests entirely upon placating the masses.  The question is not IF but WHEN the heads will roll. 

Mon, 08/01/2011 - 07:24 | 1511920 Dental Floss Tycoon
Dental Floss Tycoon's picture

BTruthInSunshine said: Bring on the full depression, because economic pain is the only thing that will cause the necessary revolt that will forge the interest, determination and willingness to act on the part of the middle and upper middle class (whom the parasites feed off of) that will allow for a culling of the treasonous politicians that sold the nation out.

Be careful what you wish for.  Revolutionary outcomes are a mixed lot.  A few days ago in another article here Brandon Smith said: 

"Financial calamities are not dangerous because of the poverty they leave in their wake; they are dangerous because of the doors to malevolence that they leave open."

We are all in for a very interesting time.


Mon, 08/01/2011 - 08:12 | 1512005 Ace Ventura
Ace Ventura's picture

+ 1776

Mon, 08/01/2011 - 07:03 | 1511893 BandGap
BandGap's picture

Don't kid yourself, "the rest of the world" is looking to the US for their next move. Even lemmings have a lead lemming.

Let he who is without sin cast the first aspersion.

Tue, 08/02/2011 - 14:37 | 1517701 Incubus
Incubus's picture

It usually takes a real dumbass to be willing enough to "lead." 


A fool thinks himself more capable than he really is. 

Mon, 08/01/2011 - 07:36 | 1511940 nedwardkelly
nedwardkelly's picture

My favorite part is how such a significant raise in the ceiling is what they credit with 'eliminating the need for further increases until 2013.' Ya know, if you actually slashed spending, you might be able to reduce the need for further increases indefinitely....

Mon, 08/01/2011 - 00:50 | 1511594 goldsaver
goldsaver's picture

and we are surprised because....

Mon, 08/01/2011 - 00:50 | 1511595 Moe Howard
Moe Howard's picture

Any one of my three congresscritters that votes for this is in for a long fight at the ballot box.

Mon, 08/01/2011 - 00:51 | 1511596 Timmay
Timmay's picture


Mon, 08/01/2011 - 08:32 | 1512042 LeBalance
LeBalance's picture


Mon, 08/01/2011 - 00:52 | 1511598 Peter_Griffin
Peter_Griffin's picture

3 winners and 1 loser.  Even if the one loser is 99% of American's, it's still a 75% w/l (winner/loser) ratio.  Bravo congress!!  Right?

Mon, 08/01/2011 - 00:52 | 1511599 YesWeKahn
YesWeKahn's picture

I think they really fell short. Obama should simply remove the limit, that would be a Winnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnn.

Mon, 08/01/2011 - 05:55 | 1511846 AbandonShip
AbandonShip's picture

Yeah, I got a question:  What do they mean by "at least" in this statement, "President authorized to increase the debt limit by at least $2.1 trillion" ?

How far down the road exactly is Obama authorized to kick that can?

Mon, 08/01/2011 - 00:53 | 1511601 Buck Johnson
Buck Johnson's picture

I take it back, this might pass.  Because essentially he promised everybody everything, as long as he doesn't have to make any hard decisions before the election.

Mon, 08/01/2011 - 00:57 | 1511609 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Obama don't eat no peas.

Mon, 08/01/2011 - 01:12 | 1511645 Mike2756
Mike2756's picture

Not the Tea party.

Mon, 08/01/2011 - 04:25 | 1511800 Incubus
Incubus's picture

I'm gonna pitch the idea for a "Pea Party" 


or Pee party, whichever... just mail me the check.

Mon, 08/01/2011 - 00:55 | 1511605 static
static's picture

Thank God that cloud of uncertainty has been that clear sirs?

Crystal Sir...Crystal!

Mon, 08/01/2011 - 01:16 | 1511650 Raymond_K_Hessel
Raymond_K_Hessel's picture

Oh, don't be so critical. They are being crystal clear. Crystal clear that we have a 99% chance of catastrophic failure in the next ten years.

Mon, 08/01/2011 - 02:19 | 1511726 Libertarian777
Libertarian777's picture

Next 10? By 2013 the next budget ceiling 'fight' will be over an emergency request to increase the debt ceiling by $4 trillion. That is a near certainty. By 2015 we'll have hit over $20 trillion and in all likelihood 150% of GDP.

I give it 5 to 7 years. Then again, don't fight the Fed ey? They can be wrong longer than I can be solvent.

Mon, 08/01/2011 - 00:57 | 1511607 vainamoinen
vainamoinen's picture

"SHARED SACRIFICE" - That's the part I like - - - -

Mon, 08/01/2011 - 01:00 | 1511615 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Obama listens to too much Creed.

Mon, 08/01/2011 - 02:47 | 1511749 Konami Code
Konami Code's picture

...can you take me (the debt ceiling) higher...

Mon, 08/01/2011 - 01:00 | 1511616 static
static's picture

heh heh Yeah... that mens there are no losers right?

Mon, 08/01/2011 - 01:40 | 1511683 BlackholeDivestment
BlackholeDivestment's picture

They mean shared ''ritual'' sacrifice.

...that's when one takes the child by the hands and the other evil bastard takes them by the feet and they both throw the human on the flaming alter.

... final image of their own ''shared sacrifice''

Mon, 08/01/2011 - 00:59 | 1511613 surfersd
surfersd's picture

Can we trade our legislature for the Greek legislature? I am pretty sure that at least they were calling for stronger austerity measures. 

Mon, 08/01/2011 - 01:22 | 1511660 G-R-U-N-T
G-R-U-N-T's picture

"Can we trade our legislature for the Greek legislature?"

No, because they would only embarrass us!

Mon, 08/01/2011 - 01:24 | 1511662 AGORACOM
AGORACOM's picture

surfer, I was just thinking the same thing.  Greek Parliament has proven to be far braver than US gov.  Plenty of theatre and dramatics as well - but the final measures were worth it.

George ... The Greek ... From Canada

Mon, 08/01/2011 - 02:03 | 1511713 Pay Day Today
Pay Day Today's picture

Way braver! The Greek Parliament agreed to sell out their ENTIRE country, its people and gift all its prime assets to the international Banksters for cents on the dollar. Boy, I wish the US Congress would show fortitude like that.

Mon, 08/01/2011 - 01:01 | 1511617 CompassionateFascist
CompassionateFascist's picture

Well, at least it's going to stop the $20 million/year subsidy for La Raza. Oh. That's "non-discretionary" too. Sorry. My mistake.

Mon, 08/01/2011 - 01:01 | 1511618 caerus
caerus's picture

look assholes...we've defaulted already...only an insane person would loan you cowards a cent...thanks...ill short you shortly...

Mon, 08/01/2011 - 01:07 | 1511634 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Bernanke accepts your challenge. 


Mon, 08/01/2011 - 01:39 | 1511682 caerus
caerus's picture

En garde!

Mon, 08/01/2011 - 08:34 | 1512045 LeBalance
LeBalance's picture

Dual? There are two of you? /duel/

Mon, 08/01/2011 - 01:01 | 1511621 JR
JR's picture

Priceless intro, Tyler. There's nothing around that beats Zero Hedge!

Mon, 08/01/2011 - 01:01 | 1511622 Dr. Hannibal Lecter
Dr. Hannibal Lecter's picture

Well I for one am glad this is over.  Now we can focus on the important things, like will Herbie Hancock play Headhunters at ObaMao's big birthday bash Wednesday?

Mon, 08/01/2011 - 01:02 | 1511626 caerus
caerus's picture

you sir, have curbed my anger...i like herbie...thanks...

Mon, 08/01/2011 - 02:20 | 1511728 Milestones
Milestones's picture

His "Maiden Voyage" recorded in "65" was the song. Countered the Ramsey Lewis thing that going from the Lighthouse in Hermosa. Drank many a beer there.     Milestones

Mon, 08/01/2011 - 09:23 | 1512186 caerus
caerus's picture

ahhh...i suspected you were a fan when i read your screen name...milestones is one of my favorite albums...and i agree with you about "Maiden Voyage"

Mon, 08/01/2011 - 01:02 | 1511623 azengrcat
azengrcat's picture

WINNING Bitchez! #whores #pepsi #dontgiveafuck

Mon, 08/01/2011 - 01:02 | 1511624 dogismyth
dogismyth's picture

planned down to the seconds....

they are in control, and will be for the forseeable future.

and when they are not, you'll know it because all hell will break lose.

until then STFU.

Mon, 08/01/2011 - 01:12 | 1511643 redpill
redpill's picture

Pretty sick watching all the rats line up for the piper nonetheless.


Mon, 08/01/2011 - 01:02 | 1511625 G-R-U-N-T
G-R-U-N-T's picture

The only thing to fear is fear itself? Ugh!

Mon, 08/01/2011 - 01:03 | 1511627 slewie the pi-rat
slewie the pi-rat's picture

ok i skipped it. that's not so bad

Mon, 08/01/2011 - 01:07 | 1511635 superflyguy
superflyguy's picture

President authorized to increase the debt limit by at least $2.1 trillion, eliminating the need for further increases until 2013.

I wonder if this has a number of uses limit and if 2.1T is the max or if he can indefinitely raise the limit going forward by 2.1T every time. I'm also curious to know if congress now is not needed anymore to vote on future bumps, someone care to explain?

Mon, 08/01/2011 - 01:14 | 1511648 firefighter302
firefighter302's picture

Reads to me that it is a one time 2.1 T DLI and future increases would go thru Congress as normal.

But that's only my opinion, I am not sure about much in D.C., anymore.


Mon, 08/01/2011 - 06:02 | 1511852 AbandonShip
AbandonShip's picture

yeah man, what do they mean by "at least"?

Mon, 08/01/2011 - 01:07 | 1511636 whiskeyjim
whiskeyjim's picture

So, what is that? $8T in additional deficit spending in the next 10 years? Do I have that right? Or is it only $6.5T now that they're getting all austere and stuff?


Mon, 08/01/2011 - 01:09 | 1511637 coffee_sponge
coffee_sponge's picture

Where possible, every Republican who dares to vote for the McConnell-Boehner Capitulation must be booted in the primary.


At the very least, these shitbags should have pushed for a spending freeze (which in Washington's budget baseline nonsense would mean a $9.5 trillion "cut" over ten years).


Instead, Benedict Boehner and Moron McConnell have succeeded essentially in giving the Marxist-In-Chief everything he wanted in return for some eyewash for the masses.


If I didn't know any better, I'd suspect that the Republican "leadership" is in bed with the Democrat leadership. This debt debate was nothing more than a dog-and-pony show to make us think they are serious about reforms and spending cuts.


I refuse to send a dime to any "Republican" group. My donations will go only to specific candidates. I'll support even long-shot candidates if they are attempting to unseat RINOs.

Mon, 08/01/2011 - 02:23 | 1511732 dolly madison
dolly madison's picture

If I didn't know any better, I'd suspect that the Republican "leadership" is in bed with the Democrat leadership. This debt debate was nothing more than a dog-and-pony show to make us think they are serious about reforms and spending cuts.


Of course they're in bed together.  They both work for the oligarchy.  I'm not surprised that they are getting a deal in time.  I knew it was just theater.  I am surprised by the lack of austerity.  I think they are not quite ready for us to rise up yet.  Once the austerity hits, we will rise up, but as long as there is welfare, food stamps, medicaid and medicare, we probably won't rise up.  It will get worse for people, but their bellies will still be full of the poison that makes their thinking unclear, and their ears will still be full of the propaganda.

Mon, 08/01/2011 - 07:46 | 1511954 Buddha_Gorilla
Buddha_Gorilla's picture

Look kids, fresh meat!  I know, I know, he looks all cute and cuddly.  No, you may not keep him as a pet.  Under no circumstances should you give him a name.  He's marked for slaughter just like the rest of the sheeple.  


Mon, 08/01/2011 - 07:12 | 1511906 Tyler Durden
Tyler Durden's picture

As first presented here about 2 weeks ago...

Mon, 08/01/2011 - 01:09 | 1511640 caerus
caerus's picture

i hear there may be an "up or down vote" maybe by november...uh i guess it needs to be put before the whole congress a trillion a big number?  where am I?

Mon, 08/01/2011 - 01:15 | 1511649 poor fella
poor fella's picture

p.s. Buy Gold

Mon, 08/01/2011 - 01:16 | 1511651 Seasmoke
Seasmoke's picture


Mon, 08/01/2011 - 01:18 | 1511654 Temporalist
Temporalist's picture

It's all good.  Nobody is even paying attention to civil unrest anymore.

Syrian army kills 136 in crackdown: activists

Mon, 08/01/2011 - 05:29 | 1511831 Reptil
Reptil's picture

Armoured battletanks and soft, squishy people are not a happy mix.

The slave stream media is not paying attention, as they did not "pay attention" to the "indignados" in Spain or Greece, or the powerstruggle in Turkey, or what went on in Cyprus. Or that the latest "bailout of Greece" is just a stopgap measure, and a renewed attempt to put private bank debt on public accounts trough vulgar trickery and hollow rethoric. Of course the awake, the intelligent are paying attention. They know it's just a matter of time, on the present course, before riot police and angry citizens fill the street even in the wealthiest of nations. It's a "global thing".

This all to keep the most wealthy population (soon to be plucked like a chicken) of unsuspecting citizens in the dark. Do not tell the middle class their path is off a cliff. Do not show them the violence of TPTB if shopkeepers or taxidrivers step out of line only a little bit, or how the greatest consumer nation, with some guidance from it's leaders, repeatedly shot itself in the head. The old media is dead, it's courpse now a zombie, captured and controlled by shady forces. But slowly,.... and surely,.... one after another, more are waking up here in europe's core. And finding out that NOTHING is as they were told it was.

The USA, what this is all about? I have no idea. I know intelligent people, that are putting some distance between them and populated areas, and I know arrogant people, who are in the majority, and still refer to anything unsanitised as "conspiracy". I think they deserve fully, what they've chosen, and want to choose for their peers.

Mon, 08/01/2011 - 05:35 | 1511837 Ghordius
Ghordius's picture

Conspiracy theories are FUN! That's why so many prefer them to reality.

Mon, 08/01/2011 - 06:39 | 1511870 Reptil
Reptil's picture

Senior editors of the dutch media (amongst others of the NRC Handelsblad) were present at the Bilderberg conference recently. And they were not there to report on this conference for the rest of us.

Another example: The E-Coli in the cucumbers. That was a bio-weapon. Still is not being reported about. Still blaming organic farming (unsanitised farmers) even when the brussels sprouts farm showed no trace of any E-Coli. NON LINEAR DISPERSION = ORGANISED ATTACK


No, it's not fun, Ghordius. We look at the facts here. It pisses my friends and me off, severely. We can see what's in store.

This one's really good:

Doesn't help agains big moving metal objects though....

Mon, 08/01/2011 - 09:20 | 1512178 Ghordius
Ghordius's picture

Reptil, let's play the three shell game.

Under the first shell, half of the conspiracy theories which are BS.

Under the second shell, the other half that might be true.

Under the third shell, the real shit that is happening under our eyes.

I prefer to rant about the third shell. Because I know that evil never thinks about itself as evil. Bilderberg? Up to nefarious deeds? Nah...

There is enough evil (for example) in the burning of corn for fuel (causing famines) instead of switching all US Trucks to NatGas.

Mon, 08/01/2011 - 06:16 | 1511859 takinthehighway
takinthehighway's picture

Armor versus soft, squishy stuff coming up!

Mon, 08/01/2011 - 01:18 | 1511656 AGORACOM
AGORACOM's picture

To America .. Emigrate To Canada ... Fast ... My TOP 10 Reasons


I love my American friends, family and neighbors.  I’ve spent a lifetime defending them in heated conversations around the world with people who don’t share my affection for the land of the free …

… but my affection has a limit.  America is lost on so many levels. Reality TV, Wall Street thieves, divisive politics, poor getting poorer, senseless wars …. and now a complete loss of leadership as political leaders put agendas before the financial security of its citizens.

To My American Friends … This Is Not A Joke … Move To Canada. Many high-net worth associates of mine have been inquiring at local Canadian embassies about emigrating to Canada. You should to. Why?

1. Sound Finances. Yes, we have personal debt but it’s tied to real assets and reasonable ratios. Hence, why our banks are rated the safest in the world.

2. Universal Health Care – you won’t lose your house because you can’t pay your medical bills

3. Low Low Low crime rate

4. Most similar culture to the USA on the planet

5. Rich in natural resources to feed a growing planet for the next 100 years

6. We love the NFL and NBA … MLB not so much

7. Great beer

8. We’re cool with different cultures

9. Our media isn’t controlled by people that want to keep us in constant fear

10. Our politics aren’t driven by rich, self-interested, divisive politicians

Hope to see you here.



Mon, 08/01/2011 - 01:51 | 1511697 Vic Vinegar
Vic Vinegar's picture

Always fun to see cats roll in with this message.  Anyhow, here are my additional bullet-points:

11. The accents.  It's hard to get pissed off when you hear the word "hoser" said perfectly.

12. The chicks.  Quality pussy up there with less American attitude.

13. Tim Horton's.  It's good grub.

Anyhow dude, your list is a bit irrelevant.  We're all going under a world-wide government anyway.  

Mon, 08/01/2011 - 01:55 | 1511706 superflyguy
superflyguy's picture

Whatever you're smoking, is it prescribed by the universal health care?

Mon, 08/01/2011 - 02:17 | 1511725 poor fella
poor fella's picture


Canada's Mexico.


If the weather warms I'm sure millions of us will consider it, until you build a really really big wall.

Mon, 08/01/2011 - 09:04 | 1512119 AGORACOM
AGORACOM's picture

Poor fella, of all the respones to my post, yours is the simplest and most on point .... weather is the biggest stumbling block Americans have with moving to Canada.

Thanks to all for your responses.  Some made me laugh, some made me think, some made me cringe.

At the end of the day, Canada is not perfect ... but life here is pretty sweet and looking good.


George ... The Greek ... From Canada

Mon, 08/01/2011 - 03:52 | 1511783 Jack Napier
Jack Napier's picture

If all the patriots left town who would stand guard? The price of freedom is eternal vigilance. The US is the only nation with the right to bear arms to protect itself against a tyrannical government. Do you really think anywhere is safe if freedom falls at home? Not unless you plan on living in the mountains, but watch out for bears.

Mon, 08/01/2011 - 06:08 | 1511854 Reptil
Reptil's picture

Hi Canada,

Here's what I think of what you're up to.

1. Your citizens, they're sweet, friendly people, and........... that's why they're headed for a fall, to be enslaved. (bummerrrr!!)

2. the banks.... what about them? silver? gold? where? what assets? DO YOUR RESEARCH!

3. the USA. does 95% (rough est.) of business with Canada. You are economically independent, how?

4. Canadian and US Armed forces have signed treaties which allow each other's army to operate witing each other's nations. no questions asked. this makes you independent and somehow very different. yeah I can tell that really makes a difference.

5. Natural resources. Tar Sands: the most filthy water consuming type of fossile fuel mining, ok, save uranium mining... .......oh I see what you did there. Sure enough, you "lucky" sods, those annoying polar bears will be gone soon, also that white cold stuff, and you'll be drilling for offshore oil in no time. I got some great recommendations; they're called BP. They're like those friends that show up at your party; they come, but never really leave until all the booze is finished, and the furniture is trashed. I.o.w. it's a trade-off. Instead of an unspoilt wildlife refuge with abundant natural resources, you get... wealth for the top 5% who move out of the way, and toxic environment and cancer for everyone else. choose motherfucker: the people, the nature, or the other assets. DON'T pretend you can do both.

6. Different cultures? You mean the chinese flock together in a village, and so do the native indians, and ..... , all to desperately avoid mingling. It works because there's lots of open space. Yes, this is simular to what happened in the USA. EXTEND AND PRETEND INTO PERFECTION......

7. Your Slave Stream Media not controlled?? Go bark up another tree! The coverage of the nuclear fallout is like the litmus test for media all over the world. No coverage = no information = more danger for citizens (to make wrong descisions) = fail. Check fallout for the western territories, and some real radiation measurements during rainfall, then get back to me ok?

8. Politicians not corrupt? Oh c'mon! I want it! What you're smoking. I NEED THIS. give it to me!! I do know you got some GREAT weed growing there, bud.

9. Burocracy in Canada is terrible and is screwing citizens over. Example: I know some expats who are living here in europe, half of the time, and half in Canada. They do not have access to their social security (paid for), because they didn't spend enough time within Canada's borders recently. Apparantly this is all over the place. Forms everywhere.

10. Since the government paraded their armed goons and showed the world they don't give a hoot about their own laws, at the G20 in Toronto, Canada has no more claims of being a free democratic country. NONE.

xoxox Reptil

Mon, 08/01/2011 - 07:14 | 1511908 New World Chaos
New World Chaos's picture

Great list, here's another:

11.  When TSHTF in America, living in Canada will be like living next to a biker gang when the meth runs out.

Mon, 08/01/2011 - 01:18 | 1511658 caerus
caerus's picture

i suggest they form a super duper committee...or at least hire better writers

Mon, 08/01/2011 - 01:26 | 1511668 Temporalist
Temporalist's picture

You know when the genuis poticicraps put "super" as a label to anything it is corrupt and unconstitutional.

Mon, 08/01/2011 - 01:27 | 1511669 caerus
caerus's picture

they dont write so good

Mon, 08/01/2011 - 01:20 | 1511659 David Davidson
David Davidson's picture

Aye, Merikans???!!

When the fuck do you gonna jump to streets???!!!


>immediatelly enacted in 10 years

>immediatelly enacted in 10 years


all of this charade for so much win-win-win in your face.

this aint gonna end well, waiting for a big dump of $'s from china 

Mon, 08/01/2011 - 01:22 | 1511661 strickin@sbcglo...'s picture

Well played congress and MSM, next is QE3.......


Mon, 08/01/2011 - 01:24 | 1511663 What_Me_Worry
What_Me_Worry's picture

At least we got to keep our tungsten

Mon, 08/01/2011 - 01:30 | 1511671 redpill
redpill's picture

The can has been kicked again, on to QE3 and business as usual.

Mon, 08/01/2011 - 01:32 | 1511674 rufusbird
rufusbird's picture

Two days ago, in response to the post "Watch Obama Debt Ceiling Address Live" I wrote the following..."He didn't say one word I don't agree with."

Afterwards, his comments about not being able to pay Social Security benefits hung in the air like a bad smell from a camp fire. Were we being manipulated?

After reading many posts and articles over the weekend, I would like to revise my comments. At best these comments were dissumlation. A manouver to get his agenda through? As Louis XI once said, "He who knows not how to dissimulate, can not reign. Does he get a pass for this? I am having trouble reconciling that with his public image.  Otherwise it was ignorance. How would that be acceptable considering his position.  I am not sure which is worse.

Bottom line. I don't get the feeling that congress is going to come back from the August recess and debate the insolvency of nation. Does this mean the real problems will not be addressed until the presidential elections. I am afraid so. As my good friend Laird says, "Were fucked"

A couple of weeks ago a big hitter at a Hedge fund said the SWHTF in 2013. Looks like he might be right.


Mon, 08/01/2011 - 01:35 | 1511676 Milton Waddams
Milton Waddams's picture

My grandfather needed 'DIEalasys'.  I painstakingly took him to the 'center' to get his 'recyled blood ever other day'. Dude was on the edge of death and these vultures did whatever it takes to extend the process; milking it along the way. 


The for-profit dead people industry is BOOMING and will continue.

Mon, 08/01/2011 - 05:05 | 1511821 StychoKiller
StychoKiller's picture

Why you selfish ingrate, why didn't you donate one of your kidneys?!

Mon, 08/01/2011 - 01:42 | 1511685 Religion Explained
Religion Explained's picture

I don't know ... is there any way to track / correlate sovereign funds frontrunning "political" decisions? It feels like rocking the boat back and forth between the US and EU could make someone a lot of money if they could manufacture the right news, or knew what the news were going to be in the first place ... just saying.

Mon, 08/01/2011 - 01:45 | 1511689 Doofer
Doofer's picture

Why do I feel sick to my stomach?

Mon, 08/01/2011 - 01:48 | 1511692 redpill
redpill's picture

Probably because you've been following this story and somewhat understandably thought there was actual debate occurring, that some factions of the US Government were truly concerned about the long term fiscal health of the nation, only to find out that they don't give a crap past their next election and all of this political theater was nothing more than a petty act to convince people like you that you should still vote for them because they "tried" to do something.

Mon, 08/01/2011 - 01:52 | 1511700 Doofer
Doofer's picture

Yep, silly me...

Mon, 08/01/2011 - 01:48 | 1511691 slaughterer
slaughterer's picture

Are you saying those 80,000 SPY puts bought last Monday between 9:30 and 10:00 could have been bought, possibly, by Congress?  

Mon, 08/01/2011 - 02:05 | 1511715 Religion Explained
Religion Explained's picture

Well, this endless back and forth between the EU sinking and then the US going to hell in a hand basket looks to me like an awesome perpetual motion machine.

Mon, 08/01/2011 - 01:50 | 1511696 oobrien
oobrien's picture

Well, we all knew it was going to happen.

No surprises.

Now we can hold our collective breath till the next crisis.

Spain and Italy and Belgium should all be shitting the bed in another week or so.

See you then.

Mon, 08/01/2011 - 01:52 | 1511701 Vic Vinegar
Vic Vinegar's picture

Say it ain't so!  It got real ugly the last time someone rolled into town linking to that website.

Mon, 08/01/2011 - 02:03 | 1511714 chump666
chump666's picture

middle week.  once yeilds (globally) blow out again.  confindance has been decimated by this BS on/off/delay on the debt ceiling. 

Mon, 08/01/2011 - 01:51 | 1511698 slaughterer
slaughterer's picture

Now the only bet in town is how long does the "win-win-win" high last before someone balks, a rating agency cuts, or the signs of real economic decline make themselves known?  Oh, wait a minute, QE3 right around the corner?

Mon, 08/01/2011 - 01:53 | 1511703 vast-dom
Mon, 08/01/2011 - 01:58 | 1511708 Vic Vinegar
Vic Vinegar's picture

I promise to be a good boy and not troll sometimes.  But c'mon now...


Mon, 08/01/2011 - 01:57 | 1511707 Raymond Reason
Raymond Reason's picture

Let's call it a job well done!  Your country thanks you for your selfless public service.  We now welcome each of you to your home districts for community service.   

Mon, 08/01/2011 - 02:31 | 1511736 poor fella
poor fella's picture

Right after we turn in our guns and head to the showers. 'PEOPLE' are getting a little redundant these days.

Mon, 08/01/2011 - 01:59 | 1511709 Drunken Ecnonomist
Drunken Ecnonomist's picture

*Durp* *Durp* *Durp* Paul Krugman *Durp* *Durp* .

Sorry, that's all I can manage after reading that.  -Drunky

Mon, 08/01/2011 - 02:01 | 1511711 chump666
chump666's picture

classic.  those idoits better pray that Asia's appetite for junk UST's contiues.


Mon, 08/01/2011 - 02:44 | 1511746 poor fella
poor fella's picture

As well as our appetite for cheap solar lawn lights and I.T. services from overseas.

Mon, 08/01/2011 - 02:01 | 1511712 JR
JR's picture

These pre-hashed Party subheads on the glorification of raising a multi-trillion debt ceiling on the backs of the taxpayers remind me of the slogan Stalin used to usher in the Kremlin’s notorious era of purge and terror in the mid-1930s:

“Life is better, comrades, life is gayer.”

As the basics of America’s debt-induced Zimbabwe economy – employment, housing, construction, energy, food, inflation, debt, savings and wages, welfare – worsen, these are the arrogant remarks of a dictatorship, where the bankers in power are mocking the people by falsifying the truth and quoting Louis XVI pre-revolution propaganda :

“To despise money (nobility/QE) is to despise happiness and liberty.”

From the fruits of a free enterprise supply and demand economy that created mankind’s greatest productive miracle on earth, we arrive at today’s message:  meaningless Orwellian words that rewrite the facts to fit the One-Party’s opposing purpose.


Mon, 08/01/2011 - 02:08 | 1511716 YesWeKahn
YesWeKahn's picture

Someone got to lose no?

Mon, 08/01/2011 - 02:57 | 1511756 poor fella
poor fella's picture


New Porsches and 4th houses for the 'investor' class - and food stamps , reality t.v., and job re-training for the poor.

Nothing like the rising of all boats.

Mon, 08/01/2011 - 02:10 | 1511718 CrashisOptimistic
CrashisOptimistic's picture

This deal is being spun to make each party presenting the information look like the winner.

The presentation here is absurd.  There is talk of numbers for DoD cuts by sequestration, but then just a quick phrase about education and infrastructure with no number.  That's comical.

Mon, 08/01/2011 - 02:49 | 1511750 antidisestablis...
antidisestablishmentarianismishness's picture

Ponzi, meme, fiat, this will end badly.  zzzzzzzzzzz

Mon, 08/01/2011 - 03:18 | 1511769 Peter Pan
Peter Pan's picture

This whole scenario reminds me of an old saying....."democracy must be more than two lions and a lamb voting on what to have for dinner."

Mon, 08/01/2011 - 03:33 | 1511773 wisefool
wisefool's picture

Soon, very soon, the last honest working person somewhere in the middle class range of income is going to exit. Either stage right or stage left. 

When this happens, the fractional reserve taxation system comes crashing down. The entitled (poor or wealthy) do not pay tax. we issue 20x the liability for every dollar paid into the system. And this place thinks the banksters are bad .... 

Hope and change.

Mon, 08/01/2011 - 03:24 | 1511772 nikku
nikku's picture

What a crock of shit.

Mon, 08/01/2011 - 03:36 | 1511776 indio007
indio007's picture

Kabuki Theater for teh win!


I want a refund...

Mon, 08/01/2011 - 03:37 | 1511777 besnook
besnook's picture

to sum the entire episode up in a few words-----hey guys, we are not doing ourselves any favors looking like we can't do anything so how about we come up with something that will kick the can down the road past the election cycle . we will have enough time to see where we can kick the can from there. sound like a plan? the only thing is we have to make it look like there was a real battle so there has to be some opposition so get some guys to disagree who are in solid districts and the rest of us will go with the plan. all in favor...aye!

Mon, 08/01/2011 - 03:48 | 1511781 Cult of Criminality
Cult of Criminality's picture

Weak kneed pussies caved ....As planned ROFLMAO

Mon, 08/01/2011 - 03:55 | 1511786 NidStyles
NidStyles's picture

I find this whole ordeal funny. Anyone that read that properly would understand all that just happened is that election's have been made irrelevant. Everything must be decided by a Bi-Partisan commitee now. So wait, having the House vote on a Budget is not good enough? Isn't that in the Constitution somewhere?

Mon, 08/01/2011 - 04:18 | 1511798 wisefool
wisefool's picture

The constiution is dead. has been for a while. It is time for the politicians to buy out the last small segment of people who still think it is the basis of our government and be done with it.

Mon, 08/01/2011 - 04:12 | 1511793 oldman
oldman's picture

Well, I notice that the posts are all very short.

Me too; there are no words for--------------------------------------------

What was it?

All theater just to pick up another 2.1 trillion to pay off their politcal contributors.

I'm tired of beiing fleeced by criminals

Mon, 08/01/2011 - 04:13 | 1511795 Kingbingo
Kingbingo's picture

Dripping with liberal platitudes, made me sick just reading it.  


I hope no Tea Party advocate votes for this deal. It’s quite simple, you just do not raise the debt ceiling at all. Sure, the media will call you a traitor, just like my country once called G. Washington and T. Jefferson a traitor, history will be a hell of a lot more favourable. 

Mon, 08/01/2011 - 04:44 | 1511808 oldman
oldman's picture

Have I got this Right?

$2,100,000,000,000 divided by 300,000,000 = $7,000.33 per capita

or these assholes just agreed to put each person in the US over $7,000 more in debt just for the coming year?

that's more than half of what I receive per year for having worked since I was 15

that is more than a 50% tax on my old age ENTITLEMENT. That is one hell of a tax rate on a poor man, even if it is a debt I will not live to pay back. I'm glad I have children and grandchildren to pay off my debts after I die----and friends and neighbors. I do apologize to all of you younger dudes-----------

I can hardly wait for next years show

Sadly         om

Mon, 08/01/2011 - 06:43 | 1511873 Mentaliusanything
Mentaliusanything's picture

Hey old man - Your counting the Kids and babies who are not paying the taxes. 

and of course -Sadly some are unemployed 

some are incarcerated 

some are incapacitated

some are drug addicts

some are alcoholics 

some are insane

some work for the government

some for the county

some are bankers and politicians

That leaves of the 300,000,000 just two people

You and me.

Get back to work yah goldbrick

Mon, 08/01/2011 - 04:44 | 1511810 GlenD
GlenD's picture

Cutting defense spending! Perhaps the MIC will protest that decission on the 10th aniversary of 9/11.

Mon, 08/01/2011 - 04:48 | 1511811 oldman
oldman's picture

A few years back, I swore off of violence, but I'm having second thoughts tonight

This is truly discouraging

I'm leaving for the forest in two days to contemplate this shit

I may come back a different oldman


Sorry this did not end better than it did                      om

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