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As CBO Scores Boehner's (Laughable) Deficit Cut Plan, Jay Carney Admits Obama Still Does Not Have An Actual Plan
Even as the Congressional Budget Office has just released its score of the proposed Boehner plan, the president's spokesman Jay Carney was out earlier hemming and hewing for about 9 minutes in front of reports before it was made clear that Obama does not even have an actual plan to paper which the CBO can score. Yet surprisingly enough, as the National Review Online presents, even without actually having any plan, Obama is still happy to announce he will veto Boehner's plan. It is one thing to veto one plan over another, if one believe the "another" is better. But vetoing something on purely ideological grounds, in the complete absence of "another"... well that we have no idea how it can possible be spun aside from pure ideological demagoguery.
First, here is the summary assessment of Boehner's plan by the CBO.
In total, if appropriations in the next 10 years are equal to the caps on discretionary spending and the maximum amount of funding is provided for the program integrity initiatives, CBO estimates that the legislation would reduce budget deficits by about $850 billion between 2012 and 2021 relative to CBO’s March 2011 baseline adjusted for subsequent appropriation action (see Table 3). Savings in discretionary spending would amount to about $695 billion, mandatory spending would be reduced by $20 billion, and the savings in interest on the public debt because of the lower deficits would come to about $135 billion. (CBO’s cost estimates for legislation do not ordinarily include effects on debt service costs, but CBO provides such estimates, when requested, for broad budget plans.)
The legislation includes other provisions that would not have any direct budgetary effects. It would allow for staggered increases in the debt limit through a series of actions by both the President and the Congress. If all such actions occur, the debt limit might eventually be raised by $2.5 trillion. In addition, the bill would establish procedures for enforcing the caps on discretionary spending and would provide for a vote on a balanced budget amendment before the end of December 2011. Furthermore, the legislation would establish a Congressional committee on deficit reduction charged with a goal of reducing the deficit by $1.8 trillion between 2012 and 2021.
Granted, Boehner's plan is an abysmal joke, with $4 billion in discretionary spending cuts in 2012 growing mysteriously to $111 billion by 2021, and $0 billion in debt service reduction for 2012 and 2013 (growing to $37 billion in 2021), for a combined cumulative deficit impact of $850 billion, which on a NPV basis is more like $50 billion, but at least it is a plan.
In the meantime, here is what is going on on the other side of the spectrum. From the NRO:
Or the lack thereof. After bobbing-and-weaving for nine minutes, Carney finally says what everybody knows: the president won’t put his plan on paper because he doesn’t want it to become “politically charged” before a compromise can be reached. In other words, you’ve got to pass it to find out what’s in it:
UPDATE: So POTUS doesn’t have a plan, as such. The Republicans, for their part, have several. But the president’s senior advisers are recommending that he veto the latest.
Farce. Pure, unbelievable Farce. And the country is about to implode as these clowns continue their ridiculous posturing.
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Wolf shooting crack pot, apparently your a crack smoking dipshit.. Does she threaten your mangina? Make your wife look like she crawled out from under a bridge?
Teddy Roosevelt killed damn near anything that moved in Africa, he a nut too.. Pull your head out of wolf blitzer once in a while son..
I'm the moron but you can't puzzle out there were more options than vote for A instead of B? Your problem was a deranged woman for VP on ticket B but you were good with the ticket A VP candidate who had BRAIN SURGERY and, based on his actions and comments, is most likely BRAIN DAMAGED?
I'm a fucking moron? Please. Try rational thought sometime. It's refreshing.
Automatic junking for anyone saying they voted for either of the two jokers running in any given election. It's sheep like you that keep this 2-party system in place.
It should no longer be referred to as 'carrying water' in reference to spewing the party line. Piss is a far more accurate analogy.
Indeed.
Because I voted AGAINST a crackpot wolf shooting whack-job. Unfortunately, we have been reduced to a rigged 2 party contest and that time around I was no way taking chances with a deranged woman.
If you can't comprehend that and refrain from telling me to vote something else then you are a fucking moron! Got it?
You didn't vote AGAINST anything. You voted FOR the continuation of the system. Wake up.
The only thing the USA manufactures these days is YOUR OPINION !!
Please don't tell me to wake up. We are all manufactured. But since you are a WANNABE Anarchist or some such thing you wouldn't know what the ISA would be, would you now?
And if you knew me you would know. But you don't.
So before you pretend to be radical in the safety of your home and opine on forums you should put this into perspective: if you were a TRUE RADICAL you would have VOTED for Palin; and you would want the most EXTREME (MAINSTREAM XTRA-RETARDO INBRED RUBE) PEOPLE IN POWER to EXPEDITE THIS SHITSTORM.
But alas, just like Chomsky in the comfort of his mainstream bankster bluechip investments and 401K plans and university, you are living in bad faith.
Now why don't you meet me someplace so I can give you an acid bath and turn the rest of you into a frothy vagina? Bitch.
What are you to good to vote 3rd party even as protest? As long as the masses are locked into the two party "lesser of two evil systems" the same slavery will be played on them forever. The main flaw of the USSR political system as far as stability goes, was not allowing the masses to "vote the bums out". Nothing is accomplished but it keeps the masses placated with "change". Little vote rigging and blackmail and can still establish the same selected politician system but fool people into thinking they are part of the government and therefore share in the blame.
Because I voted AGAINST a crackpot wolf shooting whack-job. Unfortunately, we have been reduced to a rigged 2 party contest and that time around I was no way taking chances with a deranged woman.
If you can't comprehend that and refrain from telling me to vote something else then you are a fucking moron! Got it?
You didn't vote AGAINST anything. You voted FOR the continuation of the system. Wake up.
The only thing the USA manufactures these days is YOUR OPINION !!
Please don't tell me to wake up. We are all manufactured. But since you are a WANNABE Anarchist or some such thing you wouldn't know what the ISA would be, would you now?
And if you knew me you would know. But you don't.
So before you pretend to be radical in the safety of your home and opine on forums you should put this into perspective: if you were a TRUE RADICAL you would have VOTED for Palin; and you would want the most EXTREME (MAINSTREAM XTRA-RETARDO INBRED RUBE) PEOPLE IN POWER to EXPEDITE THIS SHITSTORM.
But alas, just like Chomsky in the comfort of his mainstream bankster bluechip investments and 401K plans and university, you are living in bad faith.
Now why don't you meet me someplace so I can give you an acid bath and turn the rest of you into a frothy vagina? Bitch.
A vote IN a fucked up system is a vote FOR the fucked up system.........just sayin'
municipal pension plans falling apart
http://www.shtfplan.com/headline-news/pension-fund-ultimatum-a-haircut-looks-better-than-a-beheading_07262011
I'm still happy I don't own a house.
John Carney...hmmm. Is that his name or job title? John "The Carney"...
Anywho, it would have behoved O'Bumble to have some scrawl on a used postage stamp and call it a plan. Stupid is as stupid does, I suppose.
Of course, it is my hope, that these shennenigans cause the distorted financial structures to fail in a spectacular manner, however, the system is not yet under that level of stress. It is getting closer, however...
The Continental Dollar
After the American Revolutionary War began in 1775, the Continental Congress began issuing paper money known as Continental currency, or Continentals. Continental currency was denominated in dollars from 1/6 of a dollar to $80, including many odd denominations in between. During the Revolution, Congress issued $241,552,780 in Continental currency.
Continental currency depreciated badly during the war, giving rise to the famous phrase "not worth a continental". A primary problem was that monetary policy was not coordinated between Congress and the states, which continued to issue bills of credit. "Some think that the rebel bills depreciated because people lost confidence in them or because they were not backed by tangible assets," writes financial historian Robert E. Wright. "Not so. There were simply too many of them. Congress and the states lacked the will or the means to retire the bills from circulation through taxation or the sale of bonds.
Another problem was that the British successfully waged economic warfare by counterfeiting Continentals on a large scale. Benjamin Franklin later wrote:
The artists they employed performed so well that immense quantities of these counterfeits which issued from the British government in New York, were circulated among the inhabitants of all the states, before the fraud was detected. This operated significantly in depreciating the whole mass.
By the end of 1778, Continentals retained from 1/5 to 1/7 of their face value. By 1780, the bills were worth 1/40th of face value. Congress attempted to reform the currency by removing the old bills from circulation and issuing new ones, without success. By May 1781, Continentals had become so worthless that they ceased to circulate as money. Franklin noted that the depreciation of the currency had, in effect, acted as a tax to pay for the war. In the 1790s, after the ratification of the United States Constitution, Continentals could be exchanged for treasury bonds at 1% of face value. Continental bills are now very rare, and are sought after by collectors.
After the collapse of Continental currency, Congress appointed Robert Morris to be Superintendent of Finance of the United States. Morris advocated the creation of the first financial institution chartered by the United States, the Bank of North America, in 1782. The bank was funded in part by specie loaned to the United States by France. Morris helped finance the final stages of the war by issuing notes in his name, backed by his own money. The Bank of North America also issued notes convertible into specie.
The painful experience of the runaway inflation and collapse of the Continental dollar prompted the delegates to the Constitutional Convention to include the gold and silver clause into the United States Constitution so that the individual states could not issue bills of credit, or "make any Thing but gold and silver Coin a Tender in Payment of Debts."
-- Source Wikipedia
Carnie's? We're talking to Carnie's now? What's next, Okies? Press conferences with Hobos?
Remember the Carny code. Always grift the stoolie first. Never turn on the ones like you [exept when all the stoolies get wise, then it's every rodent for himself].
Have you ever hunted hobos by the pale moonlight?
Hobo with a shotgun
Mark Levin is RIPPING into Obummer. I wish the man would run for office. A true constitutioanalist.
Oh and Boehner sucks balls. Frikking 6billlion in "cuts"for 2012 and all the major "cuts" in the out years,while giving Obummer a TRILLION in new spending NOW. NO MORE TAXES
No more taxes? Ha, what a life that would be. Let's see:
Just sent the IRS $450.00 for something that was screwed up on my 09 return.
Then the state caught wind of it and are acting like I owe them thousands, are making threats and want an ammended return.
Just gave the courthouse $350 to renew my car tags. And wrote them a check for about $600 for a yearly 'luxury tax' on a goddamn fishing boat.
I have a property tax bill that is now overdue for almost 3k.
What we need is no more taxes for us peons. I totally disagree with not taxing the rich. As far as im concerned.....pack your shit and get the fuck out and your business won't be allowed to do anything here. Put your little communist outfit on, take your fat sorry ass to China and have at it. No lectures on this, all us poor people are well aware of the likes of GE.
I got hit for a reimbursement payment from a company I did work for. They sent me a check for $4500 to pay me back for equipment I bought them. They got audited and a payment to me was discovered, the IRS decided to count the payment as income even though it was a reimbursement and sent me a bill for $1400 in extra taxes.
I sent the a-holes a copy of the receipt for the equipment and a bank statement showing the funds that were spent along with a deposit from the check the company sent a few weeks later for the exact amount.
Nope, my reimbursement was being counted as income as far as they were concerned. I paid the damn money since it would cost me more than $1400 to hire a lawyer.
Yet you see 100 cars a day with disability tags hanging fro the mirrors with perfectly healthy 35 year olds waling out of them.
Wow. That is frustrating scenario you had. Not hard to imagine why someone might lose their mind and fly a plane into their sorry asses.
Unfortunately I have a feeling I could be faced with a similar buttfucking: the state wants an amended return. The CPA called me and said the return I sent the IRS in 09 doesn't match what the IRS says I sent them in 09. I have my 09 return and their numbers are way off, wtf????? Problem........now I can't amend the state return cause I have bs numbers. All the while the state is threatening me with the likes of penalties and interests.......on a fucking amount that is probably peanuts and they don't even know what it is.
It's days like this I wish this motherfucker just would default, throw things into turmoil. Just gonna go get a shit load of beer, lock the drive gates and sit on the porch with my 12ga pump and they can just come and try to get their fucking tax money.
Speaking of those bitching about how disability works.......my neighbor is on disability for back problems. Every day he goes and works at the car wash then when he comes home a few hours later I see him drive by with his aluminum boat in the back of his truck and he goes down to the creek and fishes.
Another guy showed up to haul off junk and then told me he couldn't wait to get home to get that big fat disability check.
I got blown up in an explosion in 2004, left me with 3rd degree scars on 35% of my body and permanet nerve damage in my hands. Yes, I can type but my hands feel asleep and constantly tingle and are ultrasensitive. I was in a wheelchair for awhile, I was beyond screwed up for the first couple years. Went thru numerous attempts at a claim, 2 fucking lawyers and what did I get? ZERO. I finally gave up on this system and started working out like mad, im not far from a 400lb bench but now I have other problems. Employers are cherry picking and now I have a 'perceived disability' and no one wants the ugly guy.
I am just fucked.
you just need to know the right lawyer. You need one that makes backdoor campaign contributions to the local judges.
How about all the TSA agents that are still on the welfare roles while taking in the $60k+ salaries with benefits
and everyone wonders why im in such a great mood all the time. That's ok. Just gonna keep hitting the weights and will just have to go prove somewhere I can work some of those guys under the table. And no asshole, I don't mean sucking their cock on my knees lol.
This is all complete utter nonsense. They need to really cut spending. Not this $38B + $6B this year and then string it out another 10 years or so. The President is supposed to be the leader but offers no plans. The Repubs and Dems offer nonsense plans couched in bull schmidt. I would love it if we had the money and the productivity to continue spending the way we are but it is quite obvious that we are not in that position. These guys, however, seem to think if they can create the right 'perceptions' that they can wear us all out so that we will come crawling to them asking for them to 'oh, please, pass any bill just so long as it is all over.' ....and then after it is passed we will be able to read the fine print and find that we are all screwed again. We can either be had or not. It is up to us. It seems that the Tea Party is the only segment of the government right now that is holding the line on raising the debt limit. Frankly, I find it hard to believe that they did not know what Boehner's plan consisted of. If they have also capitulated to the guardians of the status quo then they don't need to be reelected either.
IMO he has no plan and the other plans are worthless because the situation is approaching impossible, if not already there. One things for sure, I fully expect a good ass ramming.
http://www.wtfnoway.com/
This is a joke. I'm sure other foreigners watching are asking whether these people are somehow related to their own grandparents? I mean, these are the leaders of a world superpower? One that won WW2?
The best way to win a world war is to enter the contest as late as possible after the other combatants have all bombed the shit outta each other and have used all their resources. A great way to become a superpower is to have all wars on your opponents soil. Destroy all their assets. If you are the last country standing, you will have no competition in manufactoring. After WW2, the US had a great advantage. It will be interesting how they really compete in a global economy.
Is there anybody on the WH payroll that isn't a complete FUCKING MORON!?!
If I hear one more platitude, pun, or cliche from these retards my head is going to nuclear like that poor dude in Scanners! Does anyone believe in answering a question with a straight fucking answer anymore?
I do. But nobody asks me questions anymore.
we have lost it....
My favorite story today is Wade Sanders, Vietnam war buddy of John Kerry, the guy who introduced Kerry at the 2004 Democratic Convention is now in jail for 37 months for child pornography and he lost his Silver Star (not related to the kiddie porn)
Heard about that. Reporting for duty...lol.
He was awarded the Silver Star after he became a muckity muck in the Navy Dept. in 92.
Obama doesn't need a budget (proved that) and he doesn't need a plan, he needs a blank check. Now congress needs to get it done or they are all just racists catering to the rich </sarcasm off>
Yada, yada, yada......
If Goldman Sucks is too big too fail, and JP Morgan is too big to fail, and if Citibank and BOA are too big to fail. what makes any serious person think the United States will fail?
It's too big too fail, too.
Move on, all the bullshit is just that, a manufactured crisis to make a non-default look like some virtuoso performance by all the actors involved in this yet another media-made event.
Ron Paul has the best plan, and a lot more to say
Ron Paul On The Dylan Ratigan Show About Debt Ceiling & The Fed
or http://www.youtube.com/watch?v=pcHOuHPdGrU
Airing Date July.13, 2011
Ron Paul On The Dylan Ratigan Show About Debt Ceiling & The Fed
Ron Paul shares his thoughts on Congress dismissing the $1.6 trillion in "created" T-Bonds owed to the Federal Reserve (QE1 and QE2), ( especially @ 5:45 re: the 5 Trillion that went to Banks & Corp, Not The People, We just got the Tab )
.
Teleprompter thoughts: I'm dying here. No clue, no plan. Everybody is staring. Everybody else has plan. But no dumbass plan here. No plans for a plan. I'm falling over again, first chance I get.
I don't think Narciissistic Personality Disorder works like that.
This is a paragraph.
This is a headingThe people demand more Judefetzen!
It is weird. What I've learned from history is that the pogroms against Jews have mostly come when people didn't want to pay back the money they borrowed.
Strange coincidence.
The other weird side of coin is that Jews are so flamingly socially liberal, they can never fail to fund the very people that will progrom them.
Crazy world.
destroy the country;
bk it, and the banks and the fed and the congress.
all according to plan,
if there is no cut in spending then downgrade rasie interest rates
and default.
Jimmy Carter 2.0 yup elections have consequences.
watch that unemployment need whip past 20%
spread the Poverty....
no mo foodstamps and welfare and soc security.
cut the taxes to 15% to match income.....
Best plan out there, that WILL reduce the debt with REAL spending cuts and NO new taxes. Of course,neither of the entrenched elitist parties will approve of this.
http://mack.house.gov/index.cfm?p=PressReleases&ContentRecord_id=31f1047...
The Penny Plan balances the budget by:
· Cutting total federal spending by one percent each year for six consecutive years,
· Setting an overall spending cap of 18 percent of gross domestic product in 2018, and
· Reducing overall spending by $7.5 trillion over 10 years.
If Congress and the President are unable to make the necessary cuts, the bill’s fail-safe triggers automatic, across-the-board cuts to ensure the one percent reductions are achieved.
God forbid we do something rational that will save our country.
AU just popped to $1624 in 20 minutes on no news: am I missing some late-breaking development ignored or suppressed by the media cabal?
Don't need anymore news anymore.
Simply the self perpetuating fuckup taking hold of the human consciousness, can't supress it anymore, the bullshit's to thick.
Obama is nothing but a demagogue! He is the Demagogue in Chief, the Propaganda President!
He chose the name Hussein for himself.
The same kind of foreshadowing that you get in the movie when the ape chooses Caesar.
.
He thinks he's very good at it. But without the press protecting him like a crippled baby in wheelchair, he's got nothing. He's already just toast trying to land butter side up.
.
He thinks he's very good at it. But without the press protecting him like a crippled baby in wheelchair, he's got nothing. He's already just toast trying to land butter side up.
Best comprehensive 3 point plan to balance the budget:
fuck that
Bahhhhh! "You are fined one credit for a violation of the Verbal Morality Statute". "Have a nice fucking(bahhhh) day!"
Who needs a plan when you can hit the links for a quick 9? Probably already been said 100x in this thread but there it is.
Can the White House remove Mr. Claire Shipman and put someone up there who isn't such an ass?
Oops! Sorry! For a moment I forgot what administration we were dealing with.
Forget it.
There should be no debt ceiling in the first place. If Congress and the White House are truly concerned about the national debt, then they shouldn't pass or sign budgets with huge fucking deficits. It's that simple.
The Dems taught us that budgets are optional.
I will make this simple.
The constitution should specify that any appropriation measure must enact only current taxes and expenditures. The notion that a bill would specify spending or taxes sometime in the future is silly. And by current expenses, I mean that all entitlements under current law must be made current on the books, ie any acturial liability needs to be appropriated and funded currently. Why the public puts up with such a fraud is stunning.
That anyone would look to future savings or budgets is delusion, and even uttering the numbers should be cause for being struck by lightning. This is the former communist fatuous 5 year plan turned into a sillier 10 year plan.
Madoff was a piker.
Take it a step further and get rid of accrual basis accounting, too.
And on cue, Yahoo is pushing Third Party propaganda.
Looks like Barry will get a second term.
I am going to open a few doors to those at ZH. You can walk thru or decide not to. Lets begin with 2004.
Global Debt Saturation - The Human Reckoning
Next we move to 2008
Sovereign Wealth and Pension Fund Issues
As exposure continued to leak
Derivative Disaster
Now, you have arrived at the door. Pick your country and dl the data. Use millions & 0.00.
http://databank.worldbank.org/ddp/home.do?Step=12&id=4&CNO=1174
What is truly laughable is the notion that either the Demoncrats or the Rethuglicans have any interest in doing "what's right" - these comedians simply check the polls for what is expedient. Debt ceiling will be raised, the can will be kicked, look for the relief rally, sell your puts, and follow by a steady decline down in equities. Gold will go up.
I'm not really paying attention here, but weren't boner and the weasel working on the 'plan' together until boner got mad and took his plan and went home?
At that point the weasel just gets to sit back and wait for the plan to come to his desk. Or until he gets invited back to the party.
Its boners job to put together the plan. He can work with others if he wants it to pass, or he can work by himself and cry when it doesn't pass.
I think he will be crying.
Can you only imagine what is lingering and festering in the health care plan considering the way TPTB have been handling this debt ceiling fiasco, as it now seems that a debt ceiling plan passed Nancy Pelosi style will be forced through at the 11th hour, so we all get to see what it is in once it is passed!
This is inspiring.
Remember the Power of O...
The O Plan...
Remember Obama still has the 14th amendment!!!! How you get that the president has the authority to bypass congress and borrow money out of the 14th amendment is beyond me.
Section4 "The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void."
That is what some of the media are using to say that Obama can just bypass congress and forget about the debt ceiling. They make no mention of section 5 that reads:
Section 5. The Congress shall have power to enforce, by appropriate legislation, the provisions of this article.
Obama does not have a plan because that is what Obama does. He has always tried to not have a written record of what he does, what he believes, or even what he is for. His voting record in Ill. is missing in action. He tries to vote present if he can, or not at all, like when he was in the Senate. When he takes a hard position, it comes back to haunt him, like his comments about the debt ceiling during his brief time in the Senate. His plan is to not have a plan. That way when the SHTF and the US defaults, he can say, that was their plan, not my plan that did this. I was for a balanced plan.
It's not because he is stupid, it is so he can lie about it later. Look, Boehner's plan IS Obama's plan. How can I tell? Because Obama said he will veto it. That is so Obama can say later, "That was the Republican Plan that destroyed us. I was going to veto it, but I was forced to sign it." His handlers are smarter than most of us, we think he is stupid, but he always gets what his bosses want.
These banksters are evil and much smarter than we give them credit for here. Look what they did with Clinton. He should have been hung by the neck until dead for treason with the Red Chinese back in the 1990's. As soon as it looked like they couldn't save Bill, here comes the blowjob. The day I heard about the sex scandal I turned to my wife and said, here we go, look over here at this sex scandal, don't look over here at this US Rocket technology that Clinton slipped to the Chinese for donating all that cash to get him elected.
These bastards have us outfoxed at every turn. I don't have much hope for the future. Look, you have people here on ZH WHO THOUGHT VOTING FOR OBAMA OR MCCAIN WERE THE ONLY TWO POSSIBLE ACTIONS IN THE 2008 ELECTION. That means we have some really brainwashed people of voting age in this country. I am afraid for my children and grandchildren.
What you have on here is a vast majority who know----not believe, but KNOW in their hearts and bones-----that voting for progressive changes doesn't matter at all. That estabishment figures will do whatever the hell they please.
The country has morphed from a democratic republic to a plutocracy, then to an oligarchy, and then to a Monarchy of incumbents.
Children and grandchildren will read about a once vibrant america and being born into Europeaan style economy will seem natural to them. It's those who have known growth and prosperity that you might fear for instead. They live through the ongoing rape and pillage of the middle classes.
Jesus christ...we are doomed...the blind leading the blind....none of these whores have a clue.
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.
Have fun !
http://www.wtfnoway.com/
"You have to pass it to see what's in it".
We have been down that road, and we know it will be a bag of snakes.
Fool me once,(like I had a choice),and pull the SOS a second time?.
Dream on.
I am looking at the House Budget Control Act. I am trying to understand what the projected total US deficit will be for each of the years between 2012 and 2021. I am also looking to see what the projected total US debt will be over the same period. All assuming that the CBO projections and the implementation of the deficit reduction plan end up on target. Maybe I am just overlooking that information in the plan but they seem like the real bottom line numbers - what's the total net effect on US deficit and debt. Anyone see where these numbers can be found?
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