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The Official Statements Resume: Harry Reid Issues Lament On Republican Insistence For Short Term Hikes
Here is the first official statement of the night, this time from Nevada democrat Harry Reid (and with $41 million in career campaign contributions, well-paid we should add) who basically recaps the McConnell/Pelosi stance, and says that the Boehner position, which supposedly requires short-term debt ceiling hikes, is a "non-starter in the Senate and with the President.
"Tonight, talks broke down over Republicans' continued insistence on a short-term raise of the debt ceiling, which is something that President Obama, Leader Pelosi and I have been clear we would not support. A short-term extension would not provide the certainty the markets are looking for, and risks many of the same dire economic consequences that would be triggered by default itself. Speaker Boehner's plan, no matter how he tries to dress it up, is simply a short-term plan, and is therefore a non-starter in the Senate and with the President.
"In an effort to reach a bipartisan compromise, we are putting together a $2.7 trillion deficit reduction package that meets Republicans' two major criteria: it will include enough spending cuts to meet or exceed the amount of a debt ceiling raise through the end of 2012, and it will not include revenues. We hope Speaker Boehner will abandon his 'my way or the highway' approach, and join us in forging a bipartisan compromise along these lines."
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Did Harry Reid actually issue this -
Or was it his Nurse maid?
.
Everyone should know the score here. Over the past decade all Congress ever did was pass short term solutions. This time the Democrats, trying to leverage the power they still have (losing a lot in 2010 when they lost the house) want to push the issue past the 2012 election so it can't be used by the GOP as a campaign issue. The GOP wants a big cut to spending now that they can use as a trophy or, a solution that will last just long enough that it becomes an issue again before the 2012 election.
Pick a side.
"Pick a side."
I would rather not, thank you.
Bobby, one will be picked for you, and you probably won't like it, if you don't pick a side yourself.
Heads they win, tails we lose
Nurse maid wet nurse issued it. Reid does not know what he wants.... He is currently playing "House"
'Super Congress': Debt Ceiling Negotiators Aim To Create New Legislative Bodyhttp://www.huffingtonpost.com/2011/07/23/super-congress-debt-ceiling_n_9...?
'Super Congress': Debt Ceiling Negotiators Aim To Create New Legislative Body
- - - - -
continuing: "Thereby Relieving Themselves of ALL Future Financial Decisions (quote THE HARD STUFF unquote)"
Super Congress, my ass. We don't need any more bad super heroes.
http://www.youtube.com/watch?v=hkQQGsOegv0
Continued: 'as they will be outsourced to Goldman Sachs'
wow. might be time to look into Panama. At least the weather is nicer there.. hotter women too.
Breaking News: Mt Rushmore2 honoring Boehner, Pelosi, Reid, and McConnell lays foundation for the Grand Budget Deficit Deal. Leaders of the House and Senate set the stage for the historic budget deficit negotiation by recognizing common ground: a $500 million mountain-carving sculpture of Boehner, Pelosi, Reid, and McConnell to rival the sculpture of the four Presidents on Mt Rushmore.
Recognizing the road to a Grand Budget Deficit Deal will be rocky, but will be achieved, the leaders of the "Super Congress" decided to instill public confidence by honoring the achievement early, in the same spirit as President Obama's Nobel Peace Prize in his first year in office.
ha, smells like a partial default looming. that and china will start to get frisky on UST's on the short end, mixed with the manical Fed that will begin to print prime. USD is toast till Europe implodes again
Prioritization (Probably more what you mean by a "partial default") means a complete default later.
Tax revenues will not be able to meet
Debt Service +
Military +
Homeland Peace
once the Treasury stops the SS checks, welfare, food stamps, etc. and so forth.
He who smelt it dealt it. Congressional turds that is.
He who denied it, supplied it.
I'm thinking that you and I are about the same age.
But a fart has no nose.
Short Term as defined as not long enough to kick the can past the 2012 election.
Funny how both sides are overly concerned about "The Markets'" reaction, but not a peep on what is the fiscally "right" thing to do for the country.
The `market' they are referring to is the market for their, ahem, skills.
"Short Term as defined as not long enough to kick the can past the 2012 election."
That is exactly what I was thinking too. Our current President and seated senators don't want to be humiliated every three months right on up until election time, I reckon.
You know what? Make 'em ask for more every week or month until the election. The we can accentuate the humiliation of this chirade every time they ask, and let them feel what average Americans feel when they pull up to the gas pumps or pay at the grocery store.
.
Screw America!
Save the markets. That's what they have been doing and will continue to do.
until they can't...
stocks will sell anyway, even if they stave off a full default (which is likely). but rating agnecies will pull the Greek/PIIGS credit watch/downgrade...wtf they do.
And many of the cuts are going to come from the drawdown in Iraq and Afghanistan. Those are not spending cuts. So stop the fresh flowers every day Harry, And why the hell do you stay at the Ritz Carlton in Washington where rooms start at $600 per night. You really have the right stuff to help this country and Nevada. What a twit you are. Retire resign, get lost. What about Congress getting the ball rolling with a 25% pay cut and 50% cut in expenses. Most of them are worth millions and do not even need the income.
What a pathetic country.
Moody's and S&P will never downgrade. The minute they do, the DoJ starts to investigate their role in the financial fiasco of 2008. The US government has them by the balls.
If they have the money to do so. Want to take that bet? Think they will??
(Protip: The downgrade happens anyway.)
Just came home from sushi dinner, and I wish to share this fortune with all my fellow ZeroHedgers:
There's no future, apparently...
Fortune cookies are chinese, not japanese. We already know japan has no future.
"Buy futures, sell futures, when there is no future"
John Milton
Devil's Advocate
Bag of Suck
and this 2.7 trillion in cuts comes...ummm....when?
The markets are quite confident that any..minute..now there will be a deal that cuts the deficit by (insert number 1 to 10) trillion dollars and not raise taxes one cent and still provide all the government handouts from before.
Stayed tuned for the next exciting episode of "So you think you can kabuki dance".
Mr. Senator exactly what is distressing you? Short term hikes in the debt ceiling or short term cuts that are real?
So let me get this straight because I am confused. Harry says that the new proposal gives the Republican their two major points 2.7T in deficit reduction that exceed the proposed debt ceiling increase and does not increases taxes. But he warns that Boehner should abandon his my way or the highway stance.
Ok, if he gives Boehner everything he is demanding, did he not get it his way?
Have you ever noticed that 'hairy reed' is a very creepy guy that doesn't get much face time? The dude is seriously fucked up. You can only play his game for so long without becoming destabalized.
Watch the players. The Left is about as phony and clueless as I have ever seen them. Bet they wished Bill was in charge about now.
That guy had no shame. He didn't give a rat's ass about fucking his fellow citizens (Glass-seagal-NAFTA). I understand that you useful idiots don't much care for the cognative dissonence that such reminders might subject you too.
Obamma is a narrsictic toy-boy of the elite, but he seemingly is not fully up to the task. The dude is hairy reeding on us.\
What a fucking clown.
This is why the red team is able to hold out and push up against a default. Everyone thinks they will take the blame again, but Barry Hussein Soetoro is no Slick Willy. Odumbo is nowhere near as popular, outside of the radical Marxist circles anyhow.
waiting for the "hitler finds out boehner won't raise the debt ceiling" video. until then:
http://www.youtube.com/watch?v=xlnd4zW1NCU
this is all noise... the real headline is china and iran make a deal to trade oil for commodities cutting out the dollar.... this is how wars start i think.
So that story caught your attention too eh?
Big moves afoot..
That story is not as big as people think.
Iran is post Peak. Far, far, far worse, their domestic oil consumption is exploding. They will have less and less to export, regardless of how it is paid for.
no offense pal, but how do you know what iran has or does not have. what i mean is where are you getting your information. all countries lie about oil reserves, it is not like iran government can be trusted to tell the truth.
http://www.foreignaffairs.com/articles/67890/robert-mcnally-and-michael-...
Advisor to Bush as per article talks about regime succession and introduction of western technology in Iran and venezuela to harness the potential of the underutilized fields.
"this is how wars start i think."
Economic war or shooting war?
one leads to the other.... just ask kadaffi
Yes, and all ole Parry Harry wants is carte blanche. What a pud.
Fuc- Harry Reid and Obama,criminal looters of our country
Where was their concern for certainty in the markets last year when they failed to pass a budget? What a buffoon.
Is there any (other)way to increase the response font size, other than Ctrl ++ Thanks for any insight Yen.
https://support.mozilla.com/en-US/kb/how-do-i-customize-toolbars?redirec...
Thanks Buzz. You are the best.... Yen
In other words, congress does not want to deal with Government Budgets anymore.
Do I have that right?
If so, the Governors of the 50 States should step in and start removing thier representatives and replacing with fresh ones starting with Harry Reid.
I had thought of this a while back. States should confascate all fed tax receipts, and strangle the fed, then start over.
Otherwise it is way too gummed up to fix in a timely matter even if they cooperate.
So the top 2% can rest easy... they will not have to part with another dime as long as the GOP / T Party cabal have The House
this time is different
1.4, 2.5 whateverthefuck Trillion.
As compared to what?
There was no budget last year, so it can't be compared to last years no budget.
Ain't got a budget this year to even modify, as ain't been no budget passed with which to bring any sort of baseline comparison.
Can't be any form of cash on cash calculation like my checkbook because so much is off budget, unattended agencies, black budget, burried, theft, graft, missing bazillions of palatizied money or lost digits on destroyed Pentagon computers.
So what and who the fuck is even kidding who about what is being "cut".
Not a fucking thing is being cut.
What's being talked about is future projected expenditures calculated form a nonexistent baeline number which nobody can even come close to guessing at, growing at uncalculable and improbable rates of increase, formiulated on faulty, indeed useless sytatic analysis for indeterminite periods of time without any regard to reality.
So whatthefuck is everybody even debating about?
They're fucking meaningless numbers utilized as foils, illusions in a dreamland of imaginary realities where truth and honesty have ceased to exist, a theater of the absurd.
With the exception, the hope the chance, that if drama is cast aside, then the real debate about larger, more expensive, statist, nanny government versus a smaller, cheaper, less intrusive entity might be pursued.
Operative term; "might".
Listening to the last election, that should truly be read as "a debate demanded by the electorate."
"A short-term extension would not provide the certainty the markets are looking for, and risks many of the same dire economic consequences that would be triggered by default itself."
The way I see things, a short-term deal would give markets more certainty than an outright default, hence would be pareto-superior. Who knows, perhaps a gradual market conditioning would even work better than an immediate $1.5T+ debasement?
How about we just put Steve Jobs in charge of this fiscal balancing challenge and check on him in, like, a year.
Ah, young padawan, but Steve Jobs has something people want. What the hell does government have bu the plunder of the citizens wealth?
Good point. However, let me counter with the observation that when Mr. Jobs came back to AAPL, many thought its offer is as appealing as that of the government less the plundering capability. Perhaps sometimes it's not about what people want, but how you sell them on what you have for sale. The way of apple, when applied to what the government has to offer, teaches that the ultimate goal is to make people want to be plundered by you rather than somebody else -- by offering superior plundering experience.
I dunno. IPhone / Irs... I can see the connection.
Can we just vote these liars out of office? Start with Boehner and Reid and then all the rest. Please!
Not until ALL living Federal Reserve cartel members, all living treasury secretaries, and all living leaders of all three banches of government are tried for treason.
You may get your wish....
Looks like Harry Reid the pompous asshole shit in his mess kit again.
Good, the Democrats and Republicans can go back and forth like this as long as nothing gets passed by August 2nd for all I care.
I cooked a whole bag of popcorn for this?
Shows you where these piece of shit congressmen and senators are. Corrupt and looking only at the short term and the "markets".
This is what happens when you get stupid people consolidated in DC and then corrupt them with bribes. These pricks don't give a shit about the country, they only care about their re-election, their bribes, their party and their contributors. The rest of the country is NOT their concern.
I hope somebody takes extreme action with this asshole Harry Reid.
Think about this Democrats and Republicans alike. 2.7 trillion! Gets us past the 2012 november presidential election. That's 16-17 months of spending and then they will need to do this again. That is incredible the amount of spending this government is on. This administration is on a bullet train heading us over a cliff. It is that simple.
No way will the markets or ratings agencies accept this trajectory of spending.
Did you know that Harry Reid is from a small town called Searchlight in Nevada? In case you've forgotten, Harry will shortly tell you this fact again...and again...and again...
The can is going to get kicked! The Republicans know where the leverage lies... If the dems. get the longer term deal it takes them into the house of Reps. midterms after 12 elections. If the Republicans capture a 2/3rd's majority they write their own ticket in 12. Not to mention they can accuse the Dems. of deal busting spending along the way.. Period. P.S. thanks for the advice.
Uh, yeah, did we really say "August 2nd?" We did? Gosh, um, yeah, well, you know, uh, we didn't really mean it... Sorry about that.
"As the clock ticks down on U.S. politicians trying to strike a deal to raise the debt ceiling, UBS Securities LLC says Aug. 2 may not be a real deadline. "UBS analysis suggests (the U.S.) Treasury has the funds to make all payments until about August 8th - 10th," Chris Ahrens, head of interest rate strategy says in a note. Ahrens writes that there is a "rising probability" of a downgrade of the rating on U.S. long-term sovereigns, a scenario that is possible even if the U.S. avoids default."
--WSJ Blog
Hey Ty:
not sure the Reps are going to fold...considering the spineless nature of political debate in the obama era the reps have actually "stiffened." Of course its easier to stand-up to OB if you know you have no alternative. As I have said on this site before...right now no one has the votes for any deal.
Let me repeat that...no one has the votes for any of the deals being floated.
The Prez sorta slipped up the other day... he mentioned wanting the new debt ceiling to create enough room so that we woudn't need to revisit this until after the next election cycle.
That's what all the posturing is about. Narcissism is very opaque.
Hey, I have an idea... just call in the $16Trillion of loans we made to foreign banks. That should put us back in the black... see, fixed.
http://runronpaul.com/mainstream-media/audit-fed-gave-16-trillion-in-eme...
Can't.... agree.... on.... debt... ceiling... till... q..e..3... commences...
How else will they sell treasuries for their new debt?
Dirty Harry owns a condo in the Ritz complex....down the hall from ex-Fannie CEOs Johnson and Raines.....
All that's needed for a foursome is for Barney to move into the Ritz.
“Furians, defiant to the end.”
The politicians are the Necromongers, no?
More or less... yes.
I should have wrote, "Crazians. Defiant to the end.”
This story is simple. Obama and the Democrats want a long range post 2012 election debt ceiling rise so they will not have debt and social safety net discussions hanging like a mill stone around their election runs.
It is the same thing with their arguments regarding a 'balanced' approach to the deficit. What balanced approach? A Democratically controlled Congress could have had their tax increases just last year by DOING NOTHING. The Bush tax cuts were set to expire. Likewise, RIGHT NOW taxes are set to increase because again, the Bush tax cuts are set to expire. SO TAXES ARE ALREADY SET TO INCREASE WITHOUT DOING ANYTHING. That Obamacare already raises taxes in addition to systemic increases is just a horribly ironic sidebar by now. The whole discussion put forward by Obama and the MSM is beyond ludicrous. Only a party as stupid as the Republicans could allow such an Orwellian discusssion to paint them as the bad guys here.
If spending cuts are the goal, many discussions over the next 10 years are the way to get it done. And BTW, calling a $5 trillion cut over 10 years large is beyond Orwellian given the cuts we made after WWII.
Impasse is good!
When Harry Reid whines, you know to completely ignore it.
Reid's - has not produced a frickin' budget for 2 years, despite being legally required to do so.
Reid has not provided a plan on his own.
Reid did not get a tax increase pass is own party when they had full control of the government (House/Senate/Pres).
Obama has only provided rhetoric in speeches, and not presented a plan.
Obama outsourced the problem to his buddy Joe, then tried to position himself as above the fray. What bullshit. He IS the fray.
Reps at least tried - twice now - to put something into place, and they wrote it down.
All Obama can do is piss on everyone else's ideas, while trying to force the R to do what the D team would not do.
So at this point, Harry Reid is in no position to criticize anyone or anything.
Reid's - has not produced a frickin' budget for 2 years, despite being legally required to do so.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Needs to be a penalty automatically assessed for missing an assignment like that; dock each month's pay until delivered, 'demerits' on a review or revocation of 'Franking Privileges' ...
.
What a Dick!
Remember, the house passed a 2012 budget which had real immediate cuts which Reid's spineless Senate Dems voted down without offering anything thenselves. Then, the house passed the most widely supported (see all polls) approach to the debt ceiling, cut, cap and balance-which insures a downward trajectory each year and again the Spineless Reid Dem rejected it but just by 51-46. They better revisit cut, cap and balance cause that's the best they're going to get. They have no plan of their own. They're going to have to beg for a cap increase every three months until the election. The Tea party has them by the balls and they know it. People like me have been flooding their reps telling them not to increase the ceiling and support the cut, cap and balance bill. Notice-obama hasn't "taken this issue to the people". His pollsters tell him he has no support for taking on yet more debt to solve his debt problem. Cut real spending now. The best solution to exponential growth in the debt is exponential decay in the debt.
Nothing we can do about it now, save for black balling his entire genomic code from employment in a world with no Social Security. That might teach these ass holes a lesson they or their progeny will never forget.
Both parties are big government parties.
It is Ron Paul vs. the statists.
http://www.freemarketfan.com/2011/07/debt-ceiling-dog-and-pony-show.html
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