This page has been archived and commenting is disabled.
Boehner Releases Revised Plan: To Cut $91.7 Billion Each Year For A Decade, Buys 4 Months Before Next Debt Ceiling Hike
The epic revision in the just revised Boehner plan is to cut a grand total of ... $91.7 billion per year for 10 years (back-end loaded of course: 2012 will see just $22 billion in cuts - can't have any real cuts too early or else). The spin is that this is sufficient because the $917 billion in cuts is more than the proposed $900 billion debt ceiling hike, so all shall be well. Of course that is only part one of the two-part debt ceiling hike process. The next step is a $1.8 trillion cut to "protect programs like Medicare and Social Security from bankruptcy." The problem is that Boehner continues along the path of a two-step debt hike, a formulation that Obama will never agree to, since it effectively guarantees him no-reelection chance, as the last thing the people will want is the same bickering as we are experiencing every day again some time in 2012, when the current $900 billion in incremental debt capacity runs out. And actually, with the US debt already $300 billion below trendline and with the government's two pension funds already plundered by a like amount (which means they have a net IOU position), it means that the Boehner plan really buys only $600 billion of dry powder. At a burn rate of $150 billion a month, this means the first step of the Boehner plan buys precisely 4 months before the debt ceiling has to be raised again! Oh yes, this plan also guarantees at least a one notch downgrade to the US debt, with more notches coming up before the end of the year when this whole farce is repeated.
BREAKING: Independent CBO Confirms Spending Cuts Exceed Debt Limit Hike in Revised GOP Plan; Bill Now Includes $22 Billion in Deficit Reduction in First Year
Posted by Speaker Boehner's Press Office on July 27, 2011
The Congressional Budget Office (CBO) has released its analysis of the revised Budget Control Act of 2011 today, and CBO’s analysis confirms that the spending cuts are greater than the debt hike – affirming that the House GOP bill meets the critical test House Republicans have said they will insist upon for any bill to raise the nation’s debt ceiling. Specifically, the CBO analysis confirms the Republican plan will:
- Cut and cap spending by $917 billion over 10 years – that’s more than the $900 billion debt hike;
- Cut $22 billion in spending for FY2012 and hold spending below FY2010 levels until FY2016;
- Continue reducing discretionary spending each year compared to President Obama’s budget (by $96 billion in 2012, $118 billion in 2013, $115 billion in 2014, $117 billion in 2015, and so on); and
- Require Congress to draft proposals that produce reductions of at least $1.8 trillion that help protect programs like Medicare and Social Security from bankruptcy.
Republicans adjusted their spending cut bill after a lower-than-expected score from CBO. This updated analysis confirms what others are saying: the Republican plan “changes the trajectory of spending” and “would keep the debt cutting process going.” Unlike Senator Reid’s gimmick-filled plan, the Republican proposal includes real spending cuts and reforms that will restrain future spending – and the spending cuts are larger than the debt limit increase.
This bill is far from perfect, but it’s a positive step forward that denies President the $2.4 trillion blank check that lets him continue his spending binge through the next election. Learn more about it here.
And here Paul Ryan explains how this grand plan will cut a whopping $22 billion in all of 2012.
The Budget Control Act has been updated to make certain that House Republicans fulfill their pledge to cut spending more than we increase the debt limit. Congressional Budget Office numbers confirm that the updated legislation adheres to this pledge: no new taxes; no blank check for the President; spending cuts greater than the size of the debt limit increase.
The bill has been revised to increase outlay savings, according to the Congressional Budget Office. The Budget Control Act caps budget authority each of the fiscal years from 2012 to 2021. Budget authority – the authority Congress provides to agencies to spend each year – is set at a fixed level for the next decade under the Budget Control Act. Budget authority eventually results in the actual spending of money, which are recorded as outlays. Outlays are recorded when agencies spend out the money they’ve been provided through budget authority.
The updated legislation makes no changes to the annual budget authority caps, but removes a limitation on outlay calculations that was included in the first version of the bill. This adjustment allows the Congressional Budget Office to provide a more accurate measure of the likely rate of spending. In their new analysis of the Budget Control Act, the CBO estimates that the bill will reduce the deficit by $22 billion in FY 2012, and by $917 billion between 2012 and 2021. Under the bill, the President is given authority to increase the debt, under certain conditions, by up to $900 billion. Based on CBO estimates, the spending savings exceed the amount of this debt increase.
The revised bill will also include a point of order against consideration of a measure that would violate the discretionary spending caps put in place by the bill, which in the Senate would require a three-fifths vote in the Senate to waive. In addition, three provisions from the original bill are modified to address technical timing issues with respect to resolutions of disapproval.
For a review of discretionary spending next year under the Budget Control Act, showing real cuts relative to FY2011, and spending cuts far closer to the House-passed budget as opposed to the President’s request to increase government spending:
And from the revised CBO score (link here), here is the only table that matters:
»
- 8874 reads
- Printer-friendly version
- Send to friend
- advertisements -
Take a look at this chart of the debt limit increases over the past 70 years. And it doesn't include the latest 2.5 trillion they want to add on. This tells me the jig is up very soon.
http://www.heritage.org/budgetchartbook/increases-us-debt-limit
I know the source is partisan but I believe the data is accurate.
Now that is a bubble! Tuco
>>So what happens when it no longer becomes a question of a self imposed debt ceiling by our own govt but a debt purchasing ceiling by other nations?
That's when they start a great big war.
Now we know why the market tanked. Get to have this dance every four months.
Might enjoy a rating adjustment every three months.
BONER!
Why not just say $5 in cuts will be made....about as meaningful. This is truely pathetic.
Quit being a wet wool blanket. Wet wool stinks.
quit it already ~~ 4 months. i've had boners last longer than that!
"Under the bill, the President is given authority to increase the debt, under certain conditions, by up to $900 billion"
WHAT THE FUCK
THATS A TRILLION FUCKING DOLLARS
I bet if we made them count to 14 Trillion, they would change their tune, or die counting.
Unfortunately that wouldn't work as they can only count to 20 or 21 depending on gender.
That's the "text" of the Rand Paul filabuster if this piece of crap makes it out of the house and to the senate. He's going to count up to 14T. By the time he finishes counting we'll have already cut more than $22B off the spending and the debt.
What the house should do for laughs instead is pass the Ron Paul's cut, cap and spend bill in its original form (they definately have the votes still) and send it back to Reid. Its the only one Paul won't filibuster. Then if 4 votes switch from the last vote it will pass 51-46 and its on to comrade Obama to veto on Monday night (or not, I think)!
Good point! If you started right now do you know how long it would take to count to just
1 billion? Count them 72 YEARS!
Tuco
Why would any US citizen allow the gov't to borrow. !@#$ that... All that means is that eventually we or our children will need to pay more.
I could care less if we default.. Buy Gold & Silver.....
Why don't these people stop fucking around?
Balls to the wall time, QE TO INFINITY!
Open up them FEMA camps, get the human misery bubble started now!
We cannot let this freakish incarnation of "sentience" end. How will the elite get
their rations of human souls and blood?
Lib Tomtoms don't have the nearest FEMA camp in yet.
LMFAO..... that was good
Ummm...FEMA campz. Baited with gub'mint cheese. YUM!
Will gold and silver rocket to Rick Rule's $8,500 target?
Will gold and silver, along with oil, PM stocks and everything else crash if the market implodes?
Those are the two questions of primary importance to most of the gold bugs on this site.
If I were a raging gold bug, I would be cheering on more debt, higher ceilings, more spending, and a massive stimulus plan that would propel the Dow Jones up to 15,000. And of course, if that were to happen, gold and silver would be dragged up kicking and screaming.
I usually just laugh at your posts, but this time why don't you go fuck yourself.
Actually... RoboTraitor has a good point this time.
not that bad robo..
I would prefer things to be fair and just in the world and be able to invest in the future of the country instead of having to buy PM's to protect myself.
invest in yourself with PMs.
is someone forcing you to "have to" buy PMs?
what "future of the country" are you missing out on?
you sound like the captain of my Basic Training Company encouraging 100% participation is lending the goobermint 25% of the $50/month pay.
he punished me b/c he did not get the little 100% plaque for his wall. only CO in the batallion to miss, tho. just by one, too.
buy a bond if you want. you have my permission...
give yourself permission to decline to participate?
participate in the mining industry, the refining/smelter industry, and the fabrication/production of the USMint
some fuking cracker tells you that doesn't count, send him/her over to say "hi, slewie!"
Poor Robo, lamenting about the poor 'gold bugs' demise....nevermind if he would have bought gold at under 1,000 when he was bashing it he'd be in FAR better shape than the momo BS pumper stocks he's always pretending he owns.
AU (the stock) got very attractive today. Just 20 more cents......
Penal colony AU is about to fall off a cliff.
Al Gore's recently implemented carbon tax is going to choke what's left of AU industry.
http://www.reuters.com/article/2011/07/11/us-australia-carbon-idUSTRE769...
http://atwonline.com/eco-aviation/article/australia-s-carbon-tax-0715
no junk from ME 'Robo. I happen to lean your way on THIS post, except i don't think IT really matters anymore wtf happens, one way or another. I'm just buyin in whenever a dip in the pm market shows up. we are past the point of NO RETURN(S), and even you are correct once in awhile.............
Extending that logic, I should be cheering my own death due to the life insurance policy I hold.
What? Oh, yeah. My wife says she is holding the policy and yes, she's cheering..
Will RobotTrader ever buy gold and silver? Will he ever stop being a troll? Those are the questions.
I swear and I shouldn't swear, hell I haven't even been drinking so I don't have an excuse, but I swear I remember Robo saying that he sold his physical at around $1200. Say it ain't so Robo!
I gave robot-trader a point. Dow 15,000. Let us have it. And our death as well.
I think the two questions of primary importance are:
1)Is gold a store of value? ( along with having real oil, food, medicine and skills etc. it certainly is)
2)Why is it a store of value? (It is finite in supply, unlike fiat, is compact, dense and not easily counterfeited and as the Bernake stated: tradition (he really meant to say trust) When trust fails what will you value? Little pieces of paper with numbers on them or digits in an "electronic brokerage or banking account"?
By the way, ROBO, bought some BIDU and GMCR calls a few days ago expecting a nice earning surprise. Working out pretty good so far! I now have more fake digits of "value" in my IRA. Don't really ever expect to turn them into anything tangible though. The government will need those "assets" I have a feeling. I wonder how they will feel about confiscating my AIG, GM, C puts? Maybe will protect their worthless bailout positions a little. Anyway gambling is mighty fun if you don't have to live off the proceeds.
You just don't fucking get it moron.
If they raise the debt ceiling it signals more Fed money printing (because nobody else will buy the fucking debt), which causes the dollar to fall further against gold.
If they don't raise the debt ceiling Treasury will default on maturing bonds, causung a worldwide collapse of confidence and the dollar crashes against gold.
Either way gold rises against the dollar. Slow in the first scenario, rocketing up in the later scenario.
I couldn't care less what happens to the S&P either way. It's all fake ponzi bullshit.
Both.
Based on historical charts, gold/silver tank hard just prior to implosion but recover on a rocket once the dust settles.
BTFD
uhh...there should have been an img of boner stabone here...my apologies.../drinking
No apologies required for hoisting a few to the 50 dma.
you sir, are a gentleman and a scholar...cheers!
Anyone going to the meat of this $900 billion debt ceiling hike and seeing its NOWHERE NEAR what Wall St was begging for? Wasnt that a $2 trillion bag of free money? Falling down.
Bailing on USDHUF. Just a flesh wound.
22 billion. Wow, that will make us solvent, almost. Then just 16+ trillion to go and we are out of debt. This is so easy. No wonder they sold gold and miners today. The problem is fixed. What a Congress, what a Treasury and Fed Reserve and thank you Mr. President.
Excuse me while I scream in the closet.
This new format change brought fear of porn.
SO WHERE THE FUK IS IT?
The future of Washington and Manhattan after the revolution.
http://www.dailymail.co.uk/news/article-2019390/Whod-dustman-Cairo-Revol...
Anything south of 4T will result in a downgrade anyway so if this is the case why pass anything at all let Obama either act like a dictator and raise it himself or have timmy sort the bills...
Anything south of 4T will result in a downgrade anyway so if this is the case why pass anything at all let Obama either act like a dictator and raise it himself or have timmy sort the bills...
Anything south of 4T will result in a downgrade anyway so if this is the case why pass anything at all let Obama either act like a dictator and raise it himself or have timmy sort the bills...
Watch your browser. When it sez waiting or connecting, don't hit the 'save' again. OK?
good post. it doesn't matter, kinda interesting listening to bears (that should be more doomy) saying they will raise the ceiling etc. the point is, it's not going to be a 'in three yrs time' problem. China will diversify (in a major way) from USD's, and limit UST's. As for Bernanke, yeah he needs a trillion plus pump, he does that, markets will then rally. But Asia will be taken out via oil inflation.
IF china goes nuts and sells USD's en masse, trade export/import markets will become chaotic as the USD collapses. For the USD to rise, Asia needs to go into a major recession.
Total FUBAR either way. Why gold is bid.
Complete the following:
Is that a Boaner in your briefs
Or are you just....
OK - I'll give it a shot:
Is that a Boaner in your briefs
Or are you just diddling your deficit?
LOL!!! hahaha!!!!! ROTFLMAO!!!!!!!!
green press...someone get leno on the line
Thank you for voting the above the "post of the day"!!!
Lol!! hahaha!!!!
Wow! You be almost as old as me! You still suk at stand-up.
(((((( golf clap ))))))
all spending bill must originate in the House (except for the Original Bailout).
here is pelosi's ceiling bill:
Latest Stephen Roach is a must read for any voting member of Congress.
One paragraph, "Yet another vacuous budget deal, in conjunction with weaker-than-expected growth for the US economy for years to come, spells a protracted period of outsize government deficits. That raises the biggest question of all: lacking in Chinese demand for Treasuries, how will a savings-strapped US economy fund itself without suffering a sharp decline in the dollar and/or a major increase in real long-term interest rates?"
The entire article is reading worthy. http://www.project-syndicate.org/commentary/roach7/English
I have plenty of gold, most of it I purchased at $350 - $450 back in the day.
I admit, I unloaded some at $1,350 last year.
But I am cheering for a parabolic spike in gold so I can get out from under these miserable investments in names like Tanzanian Royalty (bought for $6 in 2006) and Harmony Gold (bought for $14 in 2003), etc. after listening to so many gloom and doom predictions I figured I should own some of these.
But instead, I have "scroomer's remorse" and wish I had bought AMZN, NFLX, BIDU, etc. instead in that one IRA account.
At least my exposure is small, so I'm not really worried. Just kicking myself for making a stupid mistake by chasing these hyperinflation theories back in the day, which never seem to happen.
Oops, oil back under $97 right now, at least I don't have to worry about expensive gas anymore.
Can you melt that gold into bra form, and then wear it?
* sigh *
I'm with you!
I bought a bunch of stuff back when it was super cheap (back in the day) and then sold it for a SHIT LOAD. I took that money and then bought new stuff that was really cheap and held for a while until I made MORE money. I then used that money to make some really smart bets on some different stuff and sold it a little too soon, but still made BANK! I am now SO RICH and I like to post things on teh interweb chat rooms and laugh at how stupid other people are. HA HA HA HA HA!
BELIEVE ME, I'M SERIOUS.
"Pride goes before destruction, and an haughty spirit before a fall." The Bible
I'm SERIOUS too!
Tuco Benedicto Pacifco Juan Maria Ramirez
IRA ????
You're going to lose it all.
green press for one of the most fantastic asses i have ever seen...economics what?
Cut all the discretionary spending, and IT STILL WON'T WORK! Cuts ACROSS the board are needed, that means military, medicare, and medicaid. Anything less is just another path to default.
Think of all the depts that could be eliminated, then add in the bonus economic activity that would result. Puts your spending pie charts (that you didn't post) in the terlot.
Yes, I have heard that for every government job created "2" private sector jobs are lost!
Tuco Benedicto Pacifico Juan Maria Ramirez
How about putting the axe to Defense..I mean Offense spending?
The best hedge against the world fiat and oil collapse is defense. Goliath wins in this day and age.
A prophetic interview with Sir James Goldsmith in 1994 Pt1
http://www.youtube.com/watch?v=4PQrz8F0dBI
Billion Chinese and Indians are willing to work as slaves for the benefit of top 0.1% corporate executives and shareholders. American and European middle class has no chance unless a revolution happens.
It's like waiting for the ship to sink...
When you have to step up to the dingy, it's too late.
Big time, they know the ship has to many people on it and they need to lighten the load before it sinks. But the problem is that nobody on the ship will sacrifice.
Move along, move along... nothing to see... same shit different piles.
So how in gods name is he going to get Obama to agree with a 2 teir bill, he won't. Obama is adamant against it, also the Tea party and other republicans see this for what it is. It's making small cuts at the beginning and once the election is done, they change it and hope to not make anymore cuts.
Who cares about Oweblahma? If no crap 'deal' is reached, it's an immediate $1.6 trillion spending cut tomorrow.
Or Oweblahma can institute a Constitutional crisis.
Impeach the Squirrel!
Reminds me that when the teabaggers first formed, their first act was to order a million teabags (and they claim they're fiscal conservatives) so they could staple them to their hats. Boehner, give it a rest, find the tanning solution and have another gin and tonic. If you need a joke, Birther Queen just got a judge to call her stupid for her failure to properly redact Barack Obama's alleged social security number. Read about it here:
http://wonkette.com/450149/hero-judge-mocks-orly-taitz-for-stupidity
Loved the comment about half way down: What? Kenya's giving out US social security numbers? LOL
Your comment reminds me of a salad tossing union goon. Got BO's ball sweat on your breath? Maybe you should stop being such a DNC peckersniff.
Yes, Boehner's plan is a farce. Everyone knows that, including the House Republicans. They've chosen to try to consolidate power rather than tackle problems. And they might win this battle... might. However, the cost could be high. Personally, I think this strategy is backfiring with voters, so they may not get their bang for their buck on this tactic. I don't see this helping get more Republicans voted in come 11/2012. Nor do I see a ton of finger pointing at Obama come December when the debt ceiling debate is on again.
One facet I've seen no one address, is that the Republican plan doesn't increase the Debt Ceiling high enough to do any substantial QE3. Remember, for more quantative easing, the Fed has to print more money. And if there is no room under the Debt Ceiling, Bernanke's hands are tied and printer is off.
http://www.visualeconomics.com/gdp-vs-national-debt-by-country/
http://www.visualeconomics.com/presidential-spending-expenditures-by-year/
Pass it.....then if Obama Vetos it....he owns it....its eithre this plan..with a slight downgrade..or the Senate plan with a bigger down grade..or Obama´s no-plan with a huge downgrade...or the bond vigalantes plan..which will bancrupt us.....so its a shit sandwich...either we start cutting our deficit..or we are no longer....
No f'ing way. Oweblahma will sign anything less than what is needed!
$14 trillion in reductions of baseline in 10 years is too low.
Maybe a deletion of the baseline budgeting provision Nixon let through?
We'll be fine. It's the thieving hogs that will get slaughtered. Their only skill is lying. You can't lie to a pitchfork and a tar kettle.
The world is going to tell us what to do...I wonder when the IMF steps in...it really does not matter now..teh game is over..cut 20 billion or 0....its still 2.5 trillion more in debt.....we are broke...our economy is slowing down to a dead stop.....got your preperations ready
The IMF? So you think the IMF is going to loan us money? We provide the majority of the funding to the IMF. This is essentially lending money to ourselves.
Hear! Hear!
Tuco
Newest Undersecretary of the Treasury, odds-on favorite to be Geithner's replacement.
http://www.youtube.com/watch?v=tisnAzcuxV8
Newest Undersecretary of the Treasury, odds-on favorite to be Geithner's replacement.
http://www.youtube.com/watch?v=tisnAzcuxV8
Newest Undersecretary of the Treasury, odds-on favorite to be Geithner's replacement.
http://www.youtube.com/watch?v=tisnAzcuxV8
Newest Undersecretary of the Treasury, odds-on favorite to be Geithner's replacement.
http://www.youtube.com/watch?v=tisnAzcuxV8
Impatient ahole. It is only polite to edit your dups out.
Morons on the Gore Internets.
Jordan is being harrassed by Leadership? This suks.
Replace Boner!
Fuk you, Boner! You frigging lightweight.
<--- Let the Mother Fucker Burn!
<--- Burn the Mother Fuckers!
Allow me to retort...
Baracka Flocka Flames - Head of The State
http://www.youtube.com/watch?v=zQ-hPNrKdZI
BS about Social Security. They have taken in 2+ Trillion more than they have given out. It is not going bankrupt, except for the government leaches that spend the Social Security money elsewhere. The government and media have put a spin on social security acting like it is an entitlement. It is not an entitlement. Every single working person pays specifically into social security.
They are just looking to screw over the people and they have brainwashed people into thinking social security is bankrupt and an entitlement. We can not sit back and let them get away with the bullsh..
More about it and information including a pay out table is linked from this article.
http://sherriequestioningall.blogspot.com/2011/07/social-security-is-not...
The cuts just keep getting smaller and smaller every time. These clowns are not serious about cutting spending. They need to just default, send the dollar soaring, all prices drop across the board and we can move on.
Hence the term 'Establishment'. There are others not meeting the criteria.
They need to cut at least 400 bil next year to even appear close to serious. This bill and all others offered are ridiculous.
You forgot the leading 1 trillion. Do you not understand baseline budgeting?
I got a feeling Japanese intervene and push USD/JPY back up towards the 80 level real real soon....probably overnight.
I've felt that about the Swissie for a week. Already took a flesh wound tonite, so staying away.
downgrade next and yield jump.
As everyone should see, there is no way out through wall street's means. Cutting or printing won't change the structure that got us here. Only Glass-Steagall will do that.
Don't cut for fraud
Don't print for fraud
Don't tax for fraud
Cancel the fraud, with Glass-Steagall
Separate the impossible to pay off fraudulent gambling debt from the idiots, and let those idiots choke on them.
Or else everything goes down to keep the fraud alive. It isn't about social security, it isn't about medicare/caid, it isn't about spending for needs, it isn't about taxes or revenue, it's about FRAUD which makes all of those thing untenable because the FRAUD comes first. Even the tea party says the fraud must be paid off first...because what is our national debt at this point? A shitload of fraud, with some legitimate claims. So promising to pay off fraud is patriotic? Only to fools.
Perpetuating fraud, and at this late stage, not only continuing it, but making sure the fraud is paid in full, causes what we're in.
Glass-Steagall (because the FRAUD caused the deficits, the bailouts, the unemployment, etc...so cancel the fucking FRAUD!)
Otherwise you are jerking off into the wind with an open mouth, enjoy. Nothing the tea party, democrats, or republicans (all on behalf of wall street) put forward change a damn thing. Only Glass-Steagall will change the game. Everyone else, is just doing the bankster's bidding on some level.
Yeah let's do this every 4 months so CONgress can be renamed, the fraudulent debt-ceiling debating body because they do nothing else! That's the ticket...and everybody doesn't see the forest from the trees, or the tea from the bag (or nut sack from the forehead)
Glass-Steagall
Boehner is an entrenched RINO from hell! If you're going to propose a budget and understand that you'll soon have to raise the debt ceiling again and default is imminent then why wouldn't you just go for it and propose something real like 10 trillion in cuts over ten years to separate yourself from the liberal losers. Let them veto it. Let them ridicule it. Right now, Boehner looks like Harry Reid's bitch! So disappointing that he has no balls. Hillary has more balls than Boehner. I want Ryan or Cantor as Speaker of the House. What a joke. I'm sorry I supported Boehner earlier this month when I thought he'd stand up for America's future. He's an embarrassment. Boehner, Hatch, McConnell and McCain need to go back to where the they came from. F-ing, S.O.B-in traitors! All of them are completely worthless.
I can't believe our goverment is so lame. Print some f'in candy, I needs more Judefetzen!
Most of the sociopaths on here actually welcome the prospect of a default. In their warped perspective it's gonna be a cleansing process - like somehow giving the US economy a giant enema. You know, like letting Lehmans's collapse to prove a moral hazard point. And didn't that work out well.
Besides, lets get real here: the GOP instransigence on the debt ceiling has absolutely NOTHING to do with reducing debt. The real purpose is to prevent a Democratic president from governing because they refuse on principal to accept the legitimacy of Democratic presidency. They impeached Clinton and now they have Obama in a virtual straight jacket. The more outragous they get the more they get rewarded as the debate moves to the right. Eventually reality intervenes, but not until the nation is a smoldering ruin.
I hear the union boss calling. He just pulled out and needs the feces sucked off his dick.
It's amazing to me that people can still argue who's better: Democrats or Republicans. Keep getting your opinions from Rachel Maddow, dude. The wool is pulled over your eyes.
You have been hoplessly swallowed up by the false right/left paradigm. Have you not yet figured out that it does not matter which party is in power. 95% of our politicians have been bought and paid for by the corporate fascist state. Quit playing checkers and begin some critical thinking and do some research on your own and you will awaken to reality and we will welcome you to the burgeoning club!
Tuco Benedicto Pacifico Juan Maria Ramirez
The collapse of the government run finance sector would have been beautiful in the "long" run. Think of all that capital that would have been freed up that was once going to endless banker fees, the bloated housing sector, credit for worthless shit, etc.
Default is inevitable. Money only represents the goods behind it, I don't get why this is so difficult to understand. We are not going to pay anyone back the "money" we owe because we have nothing to offer in return for the money that we borrowed, as we are no longer a goods producing economy. It's either default now and bear the pain, or gradually kick this shitcan of the economy down the road as far as we can before it blows up in our face.
The rest of your drivel is like a soap opera fan jibbing about their favorite exciting drama between two leading characters.
Maybe it is just that Dem presidents have such a hard time obeying the law.
Clinton was guilty of much more than he was charged with.
There will be no default. The interest will be paid.
There will be cuts in spending on things which Little Timmy(Obama) will decide.
Okay if repubs have no intention of cutting spending how does Obama's plan compar to theirs as you well know we must rein in spending or default is coming. Oh thats right your hero cannot put a plan out as he would be exposed, well here is his chance to remain your hero have Harry Reid table another agreement to raise the debt ceiling and the MSM will cover for him and bammy. Sooner or later this will get old and things will change quickly and people will need to hunker down. The only thing you get right is bammy is in a box either way, no way to sugarcoat it and no way for him to duck it welcome to divided Government bammy wasn't it fun shoving bammycare down our throat...
So your solution is to raise the debt ceiling every 4 months and spend money we don't have? You think Geithner and Bernanke can print money in perpetuity without inflation destroying the dollar. The dollar is on its way to collapse now. You liberals are destroying this country and this world for that matter. No tax increases and no spending is ever enough. You want welfare, social security, medicare, medicaid, entitlement after entitlement in perpetuity, but you want the people who actually have a job to pay for your miserable programs. You blame the rich, the banks, wallstreet, multinational corporations, and ever entity that actually have still employed people here in the states for all your woes. Most manufacturing has gone overseas because of your confiscatory corporate tax tables and endless regulations on business. The USA is a business-unfriendly place to do business. The NLRB won't even let Boeing move a plant from Washington to South Carolina to remain competitive. If a liberal asks for a trillion today in spending increases what he actually means is 4 trillion in spending increases because the next day he'll say the first trillion wasn't enough we just need the rich to pay "a lil' more" if I may quote the president. Obama added more to the U.S. debt than any president in the past 235 years. His poll numbers are tanking, We are still in Iraq, Afghanistan and Libya. Unemployment is 9.2% and rising. And now we must spend our Keynesian asses off to restart Obama's stalled economy. You're really smart.
Good Video(skip ahead to 1:09)
http://mikenormaneconomics.blogspot.com/2011/07/yves-smith-on-real-news-talks-about.html
i stopped paying attention to Yves when I realized that she idolizes that douchebag Krugman.
Asia is gonna get slaughtered today, this is a stock market crash in the making. On double whammy of EZ/US debt imposion, 'Roubini's' China should join the sell off - false break out on the shanghai last close.
Hopefully HFT supports get knocked out next three hrs
I thought GOP said "deficits don't matter" when they were in the WH. Now they do?
Oh, piss off. Go vote for Jessie Jerkson, and STFU.
Obama forced them into this smoke and screen and he will pay for it.
He will pay anyway because of Obamacare and his job killing policies.
Re-Elect Oweblahma!
Vote Ron Paul!
Union fuckhole.
Oweblahma or Ron Paul? Please be specific.
Am I wrong in my calculation?
Treasury had $75 billion in its coffers on Tuesday night. White House is saying that will be gone by Tuesday of next week. Boehner is saying let's cut $91 billion in spending per year. So that equates to less than a week's worth of outflows for the Treasury.
??????????????????????????
Well, ...no.
How many of you have actually looked at the financial statements of the US as of 9.30.10?
40 some Trillion of unfunded debt as of 9.30.10.
The question is...Does it pass the Tea party muster?
I'd say 40-60% Dems will vote against, the bill needs the TP
The TEA party sez it bites. They also call for a new Speaker. Somehow their 89 have turned into 102 in the House.
This cit ain't done.
I kind of want to see it not raised to see how Obama decides to spend the crumbs.
If they vote for this sh*t then vote all of them out ....this is just a slow road to hell.....Lets get it on now ....a little pain now is better than a lot later
'all' is BS. If you don't know where your Rep stands, then STFU. You shouldn't even have a vote.
Screw baseline budgeting! Libs should be against it, cuz Nixon passed it!
Something different
What's Wrong With America's Job Engine?
http://finance.yahoo.com/banking-budgeting/article/113206/americas-job-e...
You have to post a link to a simple answer? Libs are the problem.
Go stand in the corner.
Nobody is understanding the maths.
Boner wants the debt reduction to equal the rise is the debt ceiling? So in a 10 year plan if he is raising the debt ceiling by 900 Billion and that will last 6months should he not be implementing 18 Trillion in debt reduction over 10 years?
Is my maths right?
Mr Boner do you understand this?
You are exactly correct. That is why it doesn't mater - the outcome is certain at least eventually. It may not be this time around but soon. The reckoning.
You are exactly correct. That is why it doesn't mater - the outcome is certain at least eventually. It may not be this time around but soon. The reckoning.
You are exactly correct. That is why it doesn't mater - the outcome is certain at least eventually. It may not be this time around but soon. The reckoning.
The bottom line is that Boehner needs to grow a boner. He needs to grow a dick and be a man. Why were the mid-term elections a blowout? It's because we want this shit to stop. SO STOP IT. WE WANT THE SPENDING TO END.
For christs sakes grow some fucking balls. Stick to your principles, hold em' to the wall, and let's get some shit done.
We have your back. We just need you to be a man, so grab your balls and MAN THE FUCK UP. Our founding fathers did it. Have some courage.
As soon as a press conf is done, he will grow balls. Debate to nowhere is the USA's strenghth.
Hey Jobe, lick my asshole.
When you have something to add to the conversation hit me up.
This bears repeating:
http://www.youtube.com/watch?v=V8vINCq_IAI
Hmm, 900 billion over the next decade, an amount which even taken in a single year, would only cut our annual deficit roughly by half.
Was stocking up on canned goods, pasta, soap today. Taking advantage of sales, even if few others in my area seem to be bothered by the impending default. So this is how it feels just before the storm hits..
The White House rickrolled Twitter regarding the debt talks, since they are so dry and boring for their poor audience:
http://www.bbc.co.uk/news/world-us-canada-14320229
i don't know what's more pathetic, the actual kabuki or the fact that they are spot on with their response to criticism.
They are just wasting time trying to avoid doing real work and taking responsibility for REAL change. How disappointing.
From the very beginning of the debt debacle, activists on both sides had one critical concern: Who will cave?
Answer: Both sides will cave…to the banking interests.
There may be a Boehner Plan, Reid Plan, McConnell Plan or an Obama No Plan. But the only plan that counts is the Banker Plan.
Politicize all you want, the bankers say…just raise the debt limit; we’ll see that the budget numbers get ignored later. Bottom line, they want no cuts in the fees collected by their industries.
Kansas City Fed President Thomas Hoenig has it right: banks should be limited to their core business of taking deposits and loans… Or else it soon will be all over for America as a viable, free nation.
According to Hoenig, the U.S. financial system was able to reach this Leviathan stage of complexity because the public safety net has been cast wider and wider through the years to guarantee the big banks the winners. Says Hoenig: The industry went from 14,000 highly competitive commercial banks in the late 1980s, to a highly-concentrated environment where the 5 largest financial institutions control assets worth nearly 60% of U.S. gross domestic product… a position arrived at “not through competition and performance but through bureaucracy.”
So once again, when the political dust settles, not one-banker controlled industry – from the bloated medical and pharmaceutical industries to the war industries, from the government healthcare insurance industry to the medical and drug insurance industries, from the heating oil/utilities industries to the university/educational industries, from Fannie Mae to Freddie Mac to Sally Mae – will be affected by Congressional action.
None of the Inflation costs will be touched that are bludgeoning savers, commuters, university students with increasingly higher tuitions and student loans, wage earners paying increasingly higher rates for Medicare and Social Security taxes, seniors living on depreciating Social Security incomes and pensions while facing Medicare/Drug/Supplemental premiums in the thousands of dollars, and all the rest.
Only the Tea Party caucus has taken stands that would oppose the banker-interest victories that fuel the finance-and-spend-to-the-sky philosophy that has America by the throat.
“When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.” – Napoleon Bonaparte, 1815.
i honestly think that people still like to play politics because it gives them a side to identify with. ironic that it's an imaginary side. that fact alone should lend some insight to the substance (rather, lack thereof) of whatever partisan garbage they believe in and love to spew.
Thanks for easing the circus music in my head on all this tonight.
All this debt ceiling noise has to be the Legislature running cover for the Banksters. And even on this thread, partisanship shows its face confirming the bait is being taken.
Green2
Circus Boy....eff him!
A few items of note:
There has not been a budget in two years.
Team Edward didn't let the Bush tax cuts expire when they had the chance.
The House already passed the "Kut, Kap, and balan$e" bill which perhaps has been the GOP's gambit all along - it might be the only thing the Senate can take up in time.
This could be the big one. "I'm coming for you Weezy!"
Somebody mentioned maybe the GOP are trying to bring down the banking cartels. Maybe half of them.
I hope it all goes to hell.
"I'm cumming for you Weezy!"
Laughing my ass off out loud wtf
Is that what Tom Willis was heard saying in the shower?
For real they need to pay this time. Fuck those hogs. The slaughter is all they're good for.
flood the market with as much LT debt as possible. Then debase the dollar. We get rid of the debt overnight, our mortgages are wiped off the map cause there is no market for them, we throw out the morons in DC , and after a bit of ammo hoarding and metal collecting we get back to ruling the world. Do we really care that a BMW will cost 400k? Maybe we will learn from Brazil and our society will become obsessed with hookers and beer instead of bottom pickin Juniper.
Has Boehner considered Matthew Lesko's employment with his latest budget proposal??? I think not...
http://www.youtube.com/watch?v=HPC3mLNL3B0