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Latest In The Debt Ceiling Crisis: Reid To Offer $2.5 Trillion In Deficit Reductions And No Tax Increases
Just out from CNN's Lisa Desjardins
- BREAKING - NEW Dem. debt plan: Reid to offer at "least $2.5 Trillion" in deficit redux w/ no revenue increases, Dem. source tells CNN.
- NEW REID PLAN: "At least $2.5 T in deficit redux" w/ no revenue increases. BUT, unclear what baseline he's using and what he'd cut.
- REID PLAN: Dem aide tells our @tedbarrettcnn they think it meets GOP call for dollar-for-dollar spending cuts with debt increase.
And we are confident that the spending "cuts" will take place over 10 years, back-end loaded, which means no spending cuts any time soon. Said otherwise, no spending cuts, no tax hikes. And yes, $2.5 trillion debt ceiling increase. Just as we predicted two weeks ago.
More as we get it.
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AUSTERITY, BITCHEZ!
Just not for Wallstreet.
The clever is only meant for the necks of the middle-class.
That's a cleaver description.
http://www.youtube.com/watch?v=JFM7Ty1EEvs
School House Rocks - Tyrannosaurus Debt (from SchoolHouse Rock makers of How a Bill becomes a law)
http://www.youtube.com/watch?v=_mfMG66LtVU&feature=related
Pirates and Emperors (from SchoolHouse Rock makers of How a Bill becomes a law)
http://www.youtube.com/watch?v=mEO3RWnHb4E&feature=related
T-bonds will be junk status in less than ten years, so does it really matter? Stock up on bullion, after you have enough beans and bullets.
Funny. But give the lady a break.
there ya are.... did ya have a good B'day (so far)?
thx, yeah its been pretty great (minus the hangover from last night). Friends threw me a surprise party.
Going back out again tonight. Hopefully the weather holds out.
atta girl......"party like it's 1999" lulz
Happy birthday!
Mr. Blutarsky...A,A,A,-
This can looks abused
only D.C. could kick the can on voting to kick the can
+1 Broken Foot
same'ol shit...
Same old shit but with different gravy!
....thoughts of: Dinosaurs thrashing around in the tar pits...
another harry reid blowjob
no worries, there's always a fail safe: https://www.nytimes.com/2011/07/25/us/politics/25legal.html?_r=1&hp, 14th ammendment allows the president to unilaterally raise the debt ceiling... apparently.
Haven't we been here before?
This place looks mighty familiar.
THAT IS SUCH BULLSHIT!
RIED IS MAKING SURE THAT THERE IS NO CONSITIONAL AMENDMENT BINDING FUTURE CONGRESSES FROM KEEPING A BALANCED BUDGET.
good observation
It's not like that would do a damn thing. They would figure out a way around it. That's just a GOP gimmick like all these ridiculous pledges.
No Balanced Budget Ammendment.
But Wait, There's more.
A temporary increase in the Debt Cieling, so the drama continues unabated! Lucky us!
But wait! If you call now....
A guaranteed downgrade from the NRSRO's!
The drama continues! Next week, same time, same station....
The spending cuts take place later.
... like Fucking Never. More Drama, Circuses Galore!
Get that Hegelian Dialect Up To Fucking Light Speed.
Issue that debt!
No slowdown in Business As Normal!
Ah! Platitudes and congratulations abound whilst the public dims the evil eye.
But Wait! There's even better yet to be seen!
Not A Fucking Thing Has Been Solved!
In fact, this appears to be what Harry's agreed to....
What about His Highness?
What about the Republicans?
What about the hard core, cuts equal ceiling increase.... not next week, but now?
Got Loose Ends?
Amazing. Please please please speaker boehner...Ryan and Cantor...make it a real and deep cut or dont bother coming home.
What they are doing is trying to manufacture illusory cuts that occur no time soon, extend the Bush tax cuts and the SS tax cuts, and hope desperately that having avoided fiscal contraction, 9.2% doesn't become 29.2%
Print on
These guys are no longer surprising: both parties want more spending, and bigger government.
Caviar Emptor (Total Score:1) scribes:
These guys are no longer surprising: both parties want more spending, and bigger government.
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THEN why hasn't Boehner simply ROLLED OVER by now?
You comment does not compute; it is illogical.
.
Whats up with $2.5 T? Why not go whole hog. $10 T anyway, if you want to get past next elections. Damn pikers.
Wow. Magical post. Spent at least 55 seconds in the ether. Skip the follow on.
Just buying enought time to tell J6P about Basel III. Hahahaha
J6P being told about Basel III?
"So, you see Joe, the bank cannot accommodate your withdrawal right now, but please try again later. Have a lollipop."
Sounds like the rating agencies will love it.
These cuts keep getting funnier and funnier. Just 10 years ago we would talk about how in 3,5, or 10 years the budget would be balanced. We are so far off the cliff, that now all we can do is say that spending will not be increased cumulatively quite as much as expected. However, given how much tptb have perfected can kicking, I wouldn't be surprised if we are at the same place 5 years later with just 10 trillion more in debt.
Promises of cutting spending later while continuing to raise the debt ceiling today sounds like Wimpy asking for a hamburger today with a promise of paying on Tuesday. We know Wimpy never does pay. Same shit keeps happening if they allow this deal to go through. And of course this leave Obama coming out smelling like a rose instead of the pile of shit he really is.
Can't wait to read tomorrow's headlines. Obama saves the country. What a crock.
I expect some exogenouse financial event will derail both the euro and american debt bailout charades, but if financial collapse leads to rioting and the stores are looted, I hope owebama gets all the credit, and no, I will not listen to his rhetorical pabulum on how is wasn't his fault.
I hope he is digging his own political grave.
Harry "Wimpy" Reid. Sounds about right. The voice sounds the same.
Whats up with the $2.5 T? Whole hog, baby. $10 T or STFU. Got to get past next elections.
Duplicate post deleted
I'll see your $2.5 Trillion in deficit reductions and raise your no tax increases by $1 Trillion. Whacha got Pilgrim?
Candy Land Board Game Commercial
My wife has Candy Land in absolutely mint condition. Speaking of Candy Land, did Japan ever fix those busted nukes? Nope.
I got a baby's arm holding an apple here...
My wife's posting photos again. I needed the money..
How to Talk Dirty and Influence People by Lenny Bruce
I got a heated, kidney-shaped pool...
That's nothin'. My alcoholic mother pools her kidneys twice a week in heated dialysis.
+1 Tubes reference.
http://www.youtube.com/watch?v=Fgjfi1DU1mQ
crazy!!! time to buy more gold...
on the other hand, you cant eat gold...
or can you >> http://finance.yahoo.com/family-home/article/113164/5-outrageously-expen...
DC, we have liftoff!!! (Ag and Au)
MAN THAT JUST HAD TO BE A HARD MEETING...
Everybody wins now?
At least Obama's contributors will be rained down with a bit more cash so some drops dripple down to his campaign contribution warchest...
Either way, it's not like there was much to cut in that spending thingy he?
https://picasaweb.google.com/lh/photo/ZY0vCb-OKtLYCHSLqnCU5O0_CGsvdTD5waOAPOACieI?feat=embedwebsite
If this deal goes through, then can we expect the market to open up 200 points higher tomorrow? Forget about buying the dip. Better think now about how your going to get out of your shorts. Especially after you shit in them. haha. lol
Ponzi on!
If you're Pro-Ponzi, and you know who you are, it's party time!
Break out that bottle of Wild Turkey and let's get sloshed!
Then we can start spending that new found money fast so we can be broke enough to demand another Ponzi-fest. What a country!
The market is pricing in exactly the deal Tyler is predicting. The number doesn't matter, only that it's a complete fiction, with no actual deficit reduction except theoretically in the distant future.
If actual near-term deficit reduction is approved - taxes or cuts or both - stocks will take that as a negative and sell off in proportion to the scale of the reductions. Stocks are deficit junkies. Deficits go two places: current account deficits and domestic corporate profits. And part of current account deficits goes into the foreign profits of US multinationals.
If it looks like the US will actually default or face a prolonged partial government shutdown, stocks will also sell off, temporarily, and rebound when they get the deal they're expecting.
The big wildcard is a major downgrade. The ratings agencies are saying they could downgrade the US if there's no "credible" deal. I don't believe them - I think they'll get a ridiculously fictional deal and they'll remove the negative watch anyway. But if they downgrade, look out, that gets messy fast.
After all options expire on tuesday and we dont want to see a goldprice of more than $1700 by then.
I don't know if we will breach 1700... we might do that tonight within the first hour...
Actually, when you say to the government that they CAN loan and print more money... THEY WILL loan and print more money.
So PM's will go up. PM's just can't lose in this debt deal :)
pm's will go down in the short term because the pressure is off the ponzi, allowing further time manipulate prices.
Increasing the debt limit means you print more dollars, which will weaken the dollar and consequently lift PM prices.
Long term AND short term :)
Increasing the debt limit means you print more dollars, which will weaken the dollar and consequently lift PM prices.
Long term AND short term :)
With the last debt ceiling hike that size, GOLD JUMPED 300$!!
Regardless of how this all works out, credibility has been shot to shit... yes, even worse tha it was. And that's pretty damned bad.
So, markets having antipathy for uncertainty and fiscal irresponsibility will ultimately bid PM's higher as a result of this Grand Clusterfuck.
Disgusting. Living in a country that has representation by creatures with the spines of a jelly fish makes me want to puke.
This site might need to consider going back to the old format with some cosmetic changes. 1000 hits or reads a every few moments is hard on the server with the bloated comment system. I very much want it to work... but fear the added code is weighing ZH down a bit much.
yeah, and almost as importantly, no way to junk robo :)
Whether Robo is fact or fiction, he does hang out in serveral bear dens. His presentations are more vivid on this site. I honestly think he is sincere, but lacks future vision regarding our debt saturation issues.
http://www.wallstreetbear.com/board/view.php?topic=83995&post=298915
When the full migration is completed everything will run much faster. But yes, we realize that when dealing with a culture of instant gratification some may be unhappy, albeit "transitorily."
TD - you understand ponzinomics better than the masters.. so when are you going to build your empire?
Cute genius.
Tell SAC to peddle that bitch faster!
Edit: img tag is fail
What happens when the deal gets done and the ratings agencies still downgrade the US? Think about it because we are likely to find out...
.
Bottom line: All the the marxist-wannabees want is enough $$ to get through the 2012 elections. What are they so worried about?
Waiting: If their (non) programs are so great why not just unleash their secret weapon --- the amazing economic recovery thye've been bragging about for 3 years?
Socialist Democrats: Snatching poverty from the jaws of prosperity.
trickle up poverty
This all reminds me of the titanic. And the band played on. Just gonna take a little longer for this ship to go under.
Disgusting. Living in a country that has representation by creatures with the spines of a jelly fish makes me want to puke. At what point will Amerikan's learn all the incubants need to be voted out?
Same old shit - different day - from the likes of Reid, Pelosi et al. WTF.
Repubs fall for this back-loading of spending cuts into 2013 and beyond and the Tea Party will primary their asses in 2012.
Until the sheeple of Amerika change, these assholes will keep getting elected.
The tea party aint gonna do shit! They'll find a tea party nut and help him strap up with bombs and shit before they have a chance at tilting an election.
A tea partier with a strapon and nuts?
Wow......
so we will get no real cuts, but put in a package that makes it sound like real cuts, so everyone can claim victory and we can move on to the next disaster?
Reid is a skunk and is not to be trusted. He's trying -- on the surface -- to make the Repubs an offer they "can't say no to." But the devil will be in the details. Probably a budget INCREASE in the first two years for, you know, "stimulus" purposes. And probably an extension of unemployment. If Boehner falls for this, he'll get primaried and the rest of the House Repubs won't be able to get back into the Capital without buying a tour ticket.
Sounds about right...
Nothing gets done, except adding to the government credit card. Everybody gets to say how wonderful they are and head back to the golf course/hookers.
So let it be written, so let it be done.
Yeahbut. Surely, all the republicans have to do to get real cuts, is absolutely nothing.
I see your $2.5 T and raise you $100 Trillion reduction. [over 1000 years]. To begin FY3001.
Those dam Tea Party Republicans just can't say yes!
Pssst. They hate (half)black people.
Only half hate them...
Weimar bitchez!
Please review who pays and who doesn't. I don't see it flying past the veto pen even if it emerges. The rich aren't asked to shoulder their share, it's all cuts on the middle class, even if the can is kicked down the road. Reid doesn't get this past the Dem caucus in the Senate, because the Dems come out looking as if they lost. Once more, there is no compromise by the GOP.
There's a report saying Boehner is ready to try to have the GOP to go it alone. This makes more sense to me as to what may happen. This will become a high noon showdown as to who will blink first, with the way the 2 camps have conducted themselves. Boehner prepares a package that comes out of the House, and dares the Dems to stop it. That way, he can point fingers if they do stop it, never mind that he's playing with fire. But it is consistent because it is uncompromising, consistent with the way this whole thing has been conducted by the GOP from the start.
The American people have asked for this theater and now they get what they asked for. They were naive last year thinking that electing Republicans was going to change anything in DC. We have entrnched political camps and special interests, with no-tax pledges being signed without regard as to what is beneficial for the country. Naturally, this is why we are in the mess we're in, and trillions of dollars are about to be lost in open markets because of Washington DC political brinkmanship. It continues because the American people allow it to continue, they do not force enough change to actually change the systems or the process. Now it comes down to who loses in this process, with those who lose fearing for their jobs next election. It's a hell of a way to make a living, I'm sure glad it isn't me.
bk1037 (Total Score:1)
Please review who pays and who doesn't. I don't see it flying past the veto pen even if it emerges. The rich aren't asked to shoulder their share,
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THAT'S a laugh riot right there on its own ... have you seen the statitics of who is paying WHAT share of taxes in this country?
The BOTTOM 50% in this country pay NO income tax - that ain't fair! That means no skin in the game, bro!!
.
blink , blink............
More than one of our congress reps have had a spinectomy. They are scared to death they will be held responsible for an economic contraction if deep current cuts are made so they are willing to pretend to do something so they can't be blamed.
It can't wait for this debt ceiling debate to be over with. So many hours and time expended for nothing. Wake me up when debt hits 20 trillion
There's going to be no QE3 with the $dollar so weak. Ben shalom needs a stronger dollar to be able to unleash QE3.
Maybe the truckers are hauling the Magnesium dollars to the Jersey Telesale spam inc to spam on Television... "GET YOUR SPECIAL US DOLLAR HERE! 19.99!!!"
That way Ben can print x19 what he is doing now.
Nu uh.....
Policy is to get a cheaper dollar.
Print away!
Aooo-gah Aooo-gah
Dive! Dive!
Don't worry...."The Party of No" can still do their thing.
Merica can pay its bills only if other countries and investors continue to lend us $100 Billion every month ( $150 Billion a mo. soon )
CBO: interest payments will absorb 18 percent of federal revenue in 2018
Mexico and Merica
Take the x and o in Mexico and replace the r and a in Merica and you get a bigger version
No, the fed will pick up the tab.
The commercial banks create money out of thin air and lend to the government at interest. They will always lend to keep the charade going.
The charade is so profitable it allows them to skim that 18% of the economy. It's the scam of the century.
"...the spending "cuts" will take place over 10 years, back-end loaded."
Back-end loaded! Somehow I think I just heard a used car salesman say "trust me".
I would say they have successfully negotiated something for our collective "back-end".
...or a realtor, "Now is the time to buy!"
maybe they should call in the PRICELINE...NEH GOOOOTIATOR!! 2.5T doesn't sound like enough for the BIG DEAL.
+ 1 Shatner
+2 Naomi Price.
getting back to the same ol same ol ....Pump & Dump game. Disgusting vote them all out.
getting back to the same ol same ol ....Pump & Dump game. Disgusting vote them all out.
If they touch Social Security, Medicare and Cost of living increases I will vote them out.
you forgot Gov't payroll & Pentagon
Yes, cut government salaries!
Vote them out? All by yourself? Better get used to less, because that's the way the tide is turning.
Frank Costanza yells: "AUSTERITY NOW! (bitchez)"
But the sons deserve to pay for the sins of their fathers!
To the third and fourth generations. 60 to 80 years ago = 1931 to 1951. 'Bout right.
OH YEA?! Well if they DONT touch those welfare programs, I will vote them out. So there.
We spend 200% of rich-world average on medical care -- sick care I should say. Change to single payer and we could finesse this clusterfuck. Oh, I forgot. Every special interest is sacred because we have the best government money can buy.
F*** single payer. You people are nuts. Make more competative options and their will be savings. ie. I'm fairly young, single. I just switched to a HSA account with a higher deductible ($1500/yr, no copays, etc) plan. My employer ante's up about $1300/year and keeping my $ the same as my old plan, I ante up $500/yr. I now have an incentive to NOT GET SICK. I can get a (free) annual check-up...bloodwork, BP, etc. If I don't get sick any, then my HSA will have $1800 at years end. If I don't get sick for the next year, then I get $1800 that year. Even with a minor illness, I can go to a low-cost clinic (b/c its on my dime) for treatment.
I think you see the picture. I wish I would've had this option at 21 (b/c I haven't gotten sick in that time period)......I'd have about $20,000+ in the HSA now and would have no worries about health care.
The old 'health insurance' system is bloated and ready to roll over. It's time to take a new approach...an approach of personal responsibility for one's own health. I think I can look out for myself much better than BB (big brother) can....
Ponzi Unit (Total Score:1)
We spend 200% of rich-world average on medical care -- sick care I should say. Change to single payer and we could ...
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- what?
Draft all the doctors and nurses and hospital workers to work for the government on what - UNION SCALE?
Are you insane?
(Some of you ppl have obviously NOT thought this through ... )
.
They touch cowboy poetry, I'm voting them out.
Whoa, pardner... that's a sacred cow.
Guess we will find out if the ratings agencies have any testicular fortitude. They should downgrade the US as soon as the deal is done. Upcoming spending plans already wipe this out....the hilarity.
$10 Trill in cuts over 10 yrs with increasing taxes now that would have at least had us on track to balance the budget....guess not. Looks like maybe the Mayans called it after all.
The Mayans -- ouch.
Yeah, this is a budget deal of zero restraint.
Let's start by firing 25% of all government employees and cutting salaries of the rest by 25%? That would be a substantive gesture.
We are going over the falls.
Pompous asshole Reid taking care of the rich pompous assholes who paid for his reelection. What else is new?
There may in fact be a debt limit increase. It's exactly what obommas politico's want though. We raise the debt limit now and the moronic children running the nation into the ground will blame the conservative movement for the crappy economy.
This is how the communist progressives plan to escape blame for thier mess.
Seeing who the current leader of the free world is today...Probably will work too.
If the Republicans vote for this plan, it proves they are losers who don't believe any of the shit they are saying they believe in.
As much as I love ZH, the consensus has been wrong. The belief was that the Conservatives would fold like puppets of the past. I'm telling you, these are not neocons. They are actually legit and would appreciate you peeking out from behind the covers to support them.
When...
Screw Reid and the rest of his Bobsie twins.
No deal, Howie!
I'll take the box.
The box? There is no box.
Yeah, the box. The blonde one with the big tits.
Oh, you mean the circus.
Yeah, the box.
Did your Senator say it was OK? I mean you need permission.
Howie, him and me share everything, down to the very last penny.
Well, guess it's OK then.
Yeah, I'll take the box.
Deal?
Fuckin' A Bro, the Box.
I'm tired of this "over 10 years" crap. The government approves the budget on a yearly basis, so the only one that matters is the budget for THE COMING YEAR. Does it cut 240 billion from spending for THAT year? I HIGHLY doubt it.
This.
Unless it contains $240 billion in cuts this year and federal workers start getting pink-slipped in the morning, then it's no deal, Scary Reid.
More Three-Card Monte to insult your intelligence.
all this hoopla over such a small percentage of cuts over a decade...250 billion a year....that's crumbs
When every attempt to fix the problem has failed, americans will finally do the right thing - winston churchill. (Hope I didn't butcher it 'too' badly)
That quote is a lie meant to make Americans think prosperity is just around the corner.
fwiw:
"America will always do the right thing, but only after exhausting all other options."
"Over sexed, over paid and over here"
- Olde English Homily regarding Amercun Cousins
we will serve the so called greatest generation to the end...democracy at it's worst.... They have used their size and power to vote for unsustainable things that benifit them at the cost of other generations. They set up a ponzi scheme designed to last one generation. They will manipulate real estate and stock market values until they are done with them. Free market be damned. Worst generation ever.
And the irony of young voters turning out for cipher in a suit Obama only to have him screw them over for the grandparents you describe as that worst generation.
we will serve the so called greatest generation to the end...democracy at it's worst.... They have used their size and power to vote for unsustainable things that benifit them at the cost of other generations. They set up a ponzi scheme designed to last one generation. They will manipulate real estate and stock market values until they are done with them. Free market be damned. Worst generation ever.
What "we" are you? 19 Y.O with a fifth-grade education. Maybe you should paint with a wider brush. That's sarc douche.
Waahh a whole generation fucked me WAAAAhhh.
Gotta be bullish for PMs, which means we can expect lots of JPM shorts and phony sales. Seen this?
http://silvergoldsilver.blogspot.com/2011/07/blatant-slv-options-manipul...
Banksters made a phone call(s). Can't have a market crash at the open tomorrow.....no time for them to get short.
Crooks.
School House Rocks - Tyrannosaurus Debt (from SchoolHouse Rock makers of How a Bill becomes a law)
http://www.youtube.com/watch?v=_mfMG66LtVU&feature=related
Is this - are you - spamming threads with these links?
Imust have missed something. this as of 5:40 pm est on Politicao and CNN.com
http://www.politico.com/news/stories/0711/59780.html
http://www.cnn.com/
'Over 10 years' should be Congress's motto
Pardon Bernie MAdoff;
vote him in for Congress;
takes a thief to catch a treasury FED, regulator, Czar crook.
throw them all out every last crook one.
wheres my check? wheres my foodstamps,
wnheres my earned income credit.
wheres my mediscare.
Crooks liars and community organiser and theifs.
lol.
spread the debt and the tinkle down on your miiddle class heads poverty.
suckers.
Worst haiku ever.
Wait a minute. Where's the dayyum 'junk' button?
Ponzi finance and PigMen control is here to stay.
Nothing is going to change. The PigMen are getting fantastically wealthy, and as long as they throw out a few bones to the sheep, there is not going to be any revolution.