It was, to my mind, the worst thing an American major party has done, at least in domestic politics, since the Civil War. Last summer, congressional Republicans held the full faith and credit of the United States hostage, threatening to impose a catastrophe on all of us, on purpose, to achieve a specific (and unnecessary) policy goal.
It was a move without parallel. The entirety of a party threatened to deliberately hurt the country unless their rivals paid a hefty ransom -- in this case, debt reduction. It didn't matter that Republicans were largely responsible for the debt in the first place, and it didn't matter that Republicans routinely raised the debt ceiling dozens of times over the last several decades.
This wasn't just another partisan dispute; it was a scandal for the ages. This one radical scheme helped lead to the first-ever downgrade of U.S. debt; it riled financial markets and generated widespread uncertainty about the stability of the American system; and it severely undermined American credibility on the global stage. Indeed, in many parts of the world, observers didn't just lose respect for us, they were actually laughing at us.
It's the kind of thing that should have scarred the Republican Party for a generation. Not only did that never happen, the Republican hostage takers are already vowing to create this identical crisis all over again, on purpose.
House Speaker John Boehner (R-Ohio) will threaten Tuesday that Congress will not raise the debt limit next year without spending cuts greater than the size of the debt ceiling increase.
According to excerpts of the remarks Boehner will deliver to the Peter G. Peterson Foundation fiscal summit on Tuesday afternoon, the Ohio lawmaker will "insist on my simple principle of cuts and reforms greater than the debt limit increase." [...]
He will also tell the audience: "We shouldn't dread the debt limit. We should welcome it. It's an action-forcing event in a town that has become infamous for inaction."
It's not hyperbolic to characterize this as madness. Boehner is, in no uncertain terms, announcing that he and his party will deliberately hurt the country -- and he's calling his hostage-taking strategy an "action-forcing event."
At a certain level, it's true that holding a gun to someone's head forces "action," but it's also true that such aggression tears at the fabric of the body politic.
I should emphasize that Boehner's comments don't come as a surprise. After the crisis was resolved last summer, the Center on Budget and Policy Priorities President Robert Greenstein explained, "Those who have engaged in hostage-taking -- threatening the economy and the full faith and credit of the U.S. Treasury to get their way -- will conclude that their strategy worked. They will feel emboldened to pursue it again every time that we have to raise the debt limit in the future."
And that's exactly what has happened. Senate Minority Leader Mitch McConnell (R-Ky.) told Fox News that the GOP-created crisis "set the template for the future." He vowed, "We'll be doing it all over" in 2013.
In case anyone's forgotten, over the last 72 years -- before 2011 -- Congress raised the debt ceiling 89 times. Lawmakers from both parties, working with presidents from both parties, treated this as routine housekeeping. Preconditions have never been applied to this process, and neither party has ever used the law to hold the nation's full faith and credit hostage. Clean debt-ceiling votes weren't always popular, but they've been a standard American norm for generations.
Last year, radicalized Republicans changed the game, and they apparently have no intention of going back. This wasn't a one-time hostage strategy, threatening the nation's wellbeing in a fit of partisan rage; this was the creation of a new norm, to be repeated forever more. Why? Because the dangerous scheme worked -- when radicalism is rewarded, the result is more radicalism.
Update: Incidentally, it's also worth realizing that Boehner is demanding another debt-ceiling deal less than a year after breaking the terms of the agreement he reached last summer. President Obama is well positioned to ask a simple question: "If you won't keep your word and honor your own agreements, why should I negotiate with you?"
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I concur. But it's more than radicalism and a new norm for the GOP. It's the institutionalization of what amounts to gangster politics.
And just as "the government" went after the MAFIA, it's time for the people to vote this treasonous crew OUT in November....
Those that oppose fiscal responsibility inadvertently support economic ruin for this country. Putting on our "Rose Colored Glasses" and "Pollyanna" attitude, while makes us feel better, does nothing to solve the many problems of our country.
This Administration and Congress have proved incapable of making the right choices by not passing a budget in over 1000 days, continued unsustainable spending, and supporting unrealistic tax revenue levels. Do we as a country really want to end up like a Greece, Europe, or California?
Sometimes when people don't move on drastic situations, drastic measures are in order.
Not opposed to fiscal responsibility, but I think promoting jobs (not just tax cuts) is the first priority to bring more revenue in the coffers, then if there were any type of Congress that could actually work together… please… double and triple banning abortions?
p.s. cutting Social Security and Medicare is not going to solve the entire deficit. AND WHY SHOULD IT? Cutting more jobs in the U.S. by cutting all spending is going to kill the economy. The debt needs attention, but not going to solve this huge mess over night. And how long did it take to get here? Not really that long, Bush was given a clean bill of health to start his term by Clinton.
Most governments look at the top to solve problems, just like the stimulus and bailouts were targeted at the banks and financial institutions (the top), totally ignoring the public feeling the real pain with no jobs and loosing their homes
Social Security and Medicare are targeted because they are the most spent.The top gets all the attention
Time to be the squeaky wheel
Nobody could have predicted....
Nobody who has been lobotomized, maybe.
Most Americans aren't wingnuts, but, unfortunately, most Americans think there's so much government waste that budgets can be cut with little or no pain. When the hell will Democrats/liberals figure out how to combat this misunderstanding of reality, which gives the GOP an advantage in these fights every time? We want what government does, and it costs a lot of money, but no one will say that. And so the GOP always wins.
What??? Doing stuff costs money??? No...not in the U.S. government. That's different. :)
Wrong, it is a mere drop in the bucket to take care of the people in this Great Nation who need our help. The problem lies in the fact that there is no profit made in doing this. They fail to realize that we make a huge profit in taking care of the people who need our help. It heals a nation. We cannot go any further in our Progression if we do not take care of our own. It is the core of our heart. To do otherwise would be tempting fate. I say we do the latter and take care as long as we can the poor people in this world. That would be Jesus's top priority and it should be ours. I'm sure it would be Buddhas' priority, Gandhi's priority, and Muhammad's priority. It is God himself that makes this a priority. His priority is in helping others not helping himself.
i'd note that looking at the spending budget, everything the government does that isn't social security payments, medicare and medicaid, defense and interest on the debt is less than 17% of the total.
what to do something about the national debt? cut defense, raise taxes and get serious about the rising cost of health care.
Government contracts are bid upon and let to private contractors, profit and non-profit groups/companies who build and serve communities infrastructure needs, both construction and personal assistance-based. I think those bids include a profit for those companies...some are modest, while others have gouged the American public. A fair profit for the skills and services provided is both moral and American and would indeed go a long way to put people back to work and heal a nation.
When the media and the American public talk about our debt, deficit and taxes on news broadcasts and on blog sites, it is always within the context of what is above the radar screen regarding the causes of our dire situation.
When, below the radar screen, are the trillions of tax dollars that have gone missing over the last 40 years that are the bottom of the huge hole in our government's finances .
Why are we talking about the cost of legitimate social programs that our tax dollars are supposed to be going to and not talking about graft and fraud ?
What about trillions and trillions of our tax dollars being illegally handed over to dictators in foreign countries to silence their leaders while our Vulture Capitalistic Corporations rape their natural resources and murder their citizens in wars for profit ?
What about trillions and trillions of our tax dollars being siphoned off illegally by Wall Street Vulture Capitalists ?
What about trillions and trillions of tax dollars being kicked back to pharmaceutical Companies through bogus research and development scams ?
These are just a few of the examples of where our missing tax dollars have gone.
To blame Grandma and Grandpa for needing their tax dollars back in the form of social programs for being one of the main reason for our deficit is beyond false and depraved.
What a huge farce this all is. And as if We The People do not get it. We are not stupid you greedy bastards, we are just busy trying to survive in a horrid economy that YOU orchestrated to keep us all distracted, hungry, uneducated and willing to work for peanuts on the plantation you have turned America into.
We are NOT distracted. We are paying attention AND we vote !!
Also the job exportation have caused economic and revenues to dip. If they would stop outsourcing (Romney?) and reward corps that hire Americans (Obama) we would have more revenue coming in without raising taxes (as much?)!
I am amazed that there is such a race to the bottom, trying to restore the old time economy (many poor and a few rich). Growth, they try to manufacture growth out of thin air and pocket it. When it could work well for all to hire Americans, but no… that is just government over reaching. Hello? Regulate Commerce, levy taxes, Promote the general welfare and secure liberty and justice to ourselves and our posterity.
More American people with incomes, more money, better economy, better revenue, more liberty for more people.
All I see from the Republicans is cutting all of that above.
Plantation is what they want, clearly. Shorter life spans also seem to be the ideal they cherish.
You are so right Sandy C.
Here, then, are 10 Inconvenient Truths About the Debt Ceiling:
1. Republican Leaders Agree U.S. Default Would Be a "Financial Disaster"
2. Ronald Reagan Tripled the National Debt
3. George W. Bush Doubled the National Debt
4. Republicans Voted Seven Times to Raise Debt Ceiling for President Bush
5. Federal Taxes Are Now at a 60 Year Low
6. Bush Tax Cuts Didn't Pay for Themselves or Spur "Job Creators"
7. Ryan Budget Delivers Another Tax Cut Windfall for Wealthy
8. Ryan Budget Will Require Raising Debt Ceiling - Repeatedly
9. Tax Cuts Drive the Next Decade of Debt
10. $3 Trillion Tab for Unfunded Wars Remains Unpaid
(Click a link to jump to the data and details for each.)
More : http://crooksandliars.com/jon-perr/10-inconvenient-truths-about-debt-ceiling#two
You missed the part where Obama has added as much debt as Bush in only half the time.
First : Bending the truth to fit your bitch doesn't make it the truth.
Second : Repeating Radical, Right-Wing, Rhetoric like the Robot they need you to be does not make what you say the truth either.
Third : You are not interested in the truth.
Fourth : There are blog sites where your kind of spin is accepted practice.
Adding to the deficit: Bush vs. Obama :
. . . George W. Bush's major policies increased the debt by more than $5 trillion during his presidency. Obama has increased the debt by less than $1 trillion. Read related article . . .
http://www.washingtonpost.com/business/economy/adding-to-the-deficit-bush-vs-obama/2012/01/31/gIQAQ0kFgQ_graphic.html
Sorry, "it's Bush's fault" has passed it's useful shelf life. Obama will have to finally take responsibility for something besides divots in the golf course.
George W. Bush, Vulture Capitalism, and Radical Republicans ARE responsible for what Obama inherited. A truth is a truth when it happens and 4 years later and 10 years later. Just because you do not like hearing the truth does not mean it is an excuse.
Dear Shooter,
FAIL.
Love, me.
He has. And you favorite GOP House has done everything but help. How many Jobs bills has Boehner passed? How many of those 600 Gov't agancies that President Obama ask him to cut, eliminate, combine, has he worked on. answer to both quesrions! NONE.
i see the shooter is firing blanks again and trying to deflect from which that can not defend.
LOL
remember Boehners answer to the question,
what about the job loses that will happen. SO BE IT!
which pretty much sums up the republican platform if they have to take the country down. So Be IT.
LOL Pilot ! Very funny ! No wonder he is so bitter and angry. Shooting blanks !!
Hope
Those 10 Republican sins you listed seem to add up to the 17 trillion we owe. What do you suggest we do now. Do we cut, cut, cut and pay it off, or is it now The Democrat's turn to spend, spend, spend?
How about these solutions :
Demand that the fraud and graft in the military industries be STOPPED NOW !
Demand that the fraud and graft in the corporate/farm subsidies be STOPPED NOW !
Demand that the fraud and graft in the ' support dictators ' system be STOPPED NOW !
Demand that the fraud and graft in the American Banking system be STOPPED NOW !
Demand that the fraud and graft in the Pharmaceutical kickbacks be STOPPED NOW !
Demand that the fraud and graft in the Mortgage system be STOPPED NOW !
And on and on and on to the tune of TRILLIONS in American tax dollars being put back in to our government for the programs it is supposed to be supporting.
But this would destroy the fortunes of way too many Radical, Right-Wing Republicans and give back to Americans the taxes that belong to them so of course you won't support these thingsl
You would rather shove elderly Americans in a ditch and throw a can of cat food to them to survive on than tell Fascistic Billionaires to STOP STEALING FROM THE AMERICAN PEOPLE !
Shooter has ceased to be amusing.
The "ignore this author" function helps one not be distracted by trolls.
The key question is how much more will the US taxpayers have to pay in interest on the debt issued at self inflicted penalty rates caused by this madness of holding down the debt ceiling? If this had not happened, US bond borrowing would have been at lower rates. I doubt many in Congress of either party fathom this as they 'play to the pit'. Since we do have to borrow as they are too absorbed in not raising revenues or cutting military bands, we should all be able to agree that lower rates work better for future taxes.
Eeeekkk! Making the country live on it's revenue is cruel and unusual! Eeeekkk!
And no, the interest payments on our debt we never in jeopardy, nor SS. But isn't it interesting that Obama tried to scare the SS recipients half out of their minds.
"I cannot guarantee that those checks go out on August 3rd if we haven't resolved this issue. Because there may simply not be the money in the coffers to do it,"- Obama.
Which of course was never true.
http://motherjones.com/kevin-drum/2011/07/no-we-will-not-default-debt-august-4
I think we're all in agreement then: tax the rich to pay to close the budget deficit.
As long as people keep voting for republicans, republicans will continue to screw people. It's their nature.
If the debt ceiling had not been raised, the Treasury would not have been able to (legally) borrow money. Sending out SS checks costs money -- not just the money in in the check, but also the clerks to process it, the postage, etc. Had the government defaulted, it would have had to shut down. Had it shut down, then the Social Security offices (being non-essential) would have closed for the duration. And thus the checks would not have gone out.
This was not the President being duplicitous. It's you not understanding the way the system works.
Your link doesn't prove your claim that Obama was lying. All it says is that SS payments would likely be reduced before a default happened.
Even fact-checking hack Glenn Kessler couldn't say Obama was lying:
http://www.washingtonpost.com/blogs/fact-checker/post/can-president-obama-keep-paying-social-security-benefits-even-if-the-debt-ceiling-is-reached/2011/07/12/gIQA9myRBI_blog.html
And CNN echoed Kessler's reporting that the Treasury Department couldn't guarantee SS payouts:
http://money.cnn.com/2011/07/28/news/economy/debt_ceiling_social_security/index.htm
I should ignore you, but you are so funny. You are obviously a worm or a piece of bait may we say. Okay, I will bite. You have just learned the art of rubber and glue excellent. Now move on, show us your next trick. Projection. Perhaps you have nothing left in your bag of tricks. I on the other hand know plenty of bedroom tricks. Of Course now they are of no use to me. I find telling the truth to be quite exciting. Try it sometime.
I think not. Perhaps you aren't aware that the US prints money to cover the bulk of it's debt. All that borrowing you think happens outside the US, actually occurs by the US. That is to say Treasury prints a bond, and the Fed buys it, crediting cash to the Treasury acct. with money out of thin air.
That my friend is how it really works, and you may be sure Mr Geithner has informed Mr. Obama of the realities.
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2012/01/US%20Debt%20Change.jpg
It seems you don't understand the relative sizes of the amounts being discussed. It isn't possible to raise taxes enough to pay for the deficit. The deficit is larger, than all the income taxes paid, by all the people, in all the country, for all the year. Got a plan B?
your comment assumes that it would be good for the economy right now to totally eliminate the deficit overnight. nobody in their right mind believes anything of the sort. right now, since the republican policies put so many people out of work, the demand has dropped through the floor. in order to stabilize that, the government needs to spend to make up that shortfall. in other words, until people get back to work, we need to be running deficits. the issue of tax hikes is separate - who should pay for the ordinary expenses of government - the upper class, who pays around 15% of their income in taxes, or the middle class, who pays twice that. plan a does everything this country needs right now.
Perhaps you prefer monopoly money instead? Some of us have even tried trading our souls? Not I, said the fly. Obviously, they caught you. It does pay to read "Lord of the Flies" or maybe "How I caught flies for Howard Hughes" Honey, I suspect. Why settle for Plan B when you could have it all. Ahhh, a nice trip to Tahiti or a new job with all the fringe benefits. We are so over talking about the Budget, it's boring like the GOP.
Okay, @Shooter242, let's switch - Kevin Drum is a political blogger talking about the economy, Paul Krugman is an economist (a Nobel Prize-winning one) talking about politics. Here's Krugman's take on what failing to raise the debt ceiling would do to our economy:
"How bad will it be if we don’t manage to raise the debt ceiling? And what should Obama’s negotiating strategy be? A few thoughts:
The direct effects of hitting the ceiling would be bad enough — sharp cutbacks in spending, which would undermine essential services, not to mention derail the economy. It’s not clear to me whether there would be some wiggle room through the accumulation of arrears — say, not actually paying workers and contractors but promising to make it up when sanity returns. But it would be ugly indeed."
http://krugman.blogs.nytimes.com/2011/05/13/hitting-the-ceiling/
The only thing that was "never true" in this disgraceful episode was the Republican nonsense that made an issue out of raising the debt ceiling in the first place.
Why are you only focusing on income taxes?
Plan B is pretty simple. Continue the Dem's work to control medical expenses. Flatten defense spending. Phase out the Bush tax cuts. Institute the Buffet rule for both individuals and corporations. Continue to resist Republican attempts to tank the economy.
Next.
So let me see if I have this straight, you think that living within one's means is nonsense? That paying one's bills is disgraceful? I'm glad I'm not one of your creditors.
Why are you only focusing on income taxes?
Several reasons. It's what we're discussing, it applies to the whole nation, and whatever other state and local taxes you might have are out of my control. Ergo not my problem.
It wasn't about the interest getting paid but rather what enhanced rate must be paid on new issuance due to past bad behavior. A debtor who gleefully renounces their debt does not imspire confidence in a lender for a new loan. The stupid secret of the the debt ceiling is that the money was already spent and now they want to not pay it. While rates are currently relatively lo, they would have been even lower if they hadn't pulled their stupid stunt last summer.
Please. No one renounced our debt, the interest payments will go out by law, and interest rates can't get any lower.
On the other hand, our debt hasn't been reduced since 1956, it just keeps growing. The aim being that inflation will render a large part of it worthless. In other words when we borrow money we don't intend to pay it back. When a bond comes due we borrow/tax/print more money to pay the bond holder. Much like Bernie Madoff did business.
OK just bill 123. If you're going to bust the budget why not have Obama just print a million dollars for every person in the US. Geithner could send out the checks next week. Easy Peasy.
Plan B is pretty simple. Continue the Dem's work to control medical expenses. Flatten defense spending. Phase out the Bush tax cuts. Institute the Buffet rule for both individuals and corporations. Continue to resist Republican attempts to tank the economy.
Do you think the Republicans are going to go for that? Don't be naive. There will be no tax increases, but there will be spending cuts.
I do not believe Boehner has learned a lesson. But, our hope is for our President, he has learned his lesson, he knows that Boehner can only help him now win the election. The more Boehner protests the more ahead the President leaps he leaps in huge long -jumps. The President sees right through their plan to trick other nations into believing that he doesn't have control of his people. In actuality, other nations see President Obama as a strong leader, able to bring the most stubborn to their knees scrambling in order to try and make the President look bad. They underestimate the intellegience of a lot of people including the people who live in other Countries. The people in China understand our President better than the GOP does. The GOP to other nations are the politicians who sided with Bush and stood by his side. They are aware that there are citizens who live in the U.S. who want nothing more to do with the GOP. They are the Occupy Movement who are keeping us in touch with all of our neighbors in other Countries. They have also been at the mercy of Corrupt Governments. We the People will eventually prevail. Other Countries are well aware of the 1% who are trying to hold the 99% captive. That is a lot of people who agree with President Obama and the 99%. Adios, Romney.
In case anyone's forgotten, over the last 72 years -- before 2011 -- Congress raised the debt ceiling 89 times. Lawmakers from both parties, working with presidents from both parties, treated this as routine housekeeping. Preconditions were never been applied to this process, and neither party has ever used the law to hold the nation's full faith and credit hostage. Clean debt-ceiling votes weren't always popular, but they've been a standard American norm for generations.
Is there a "limit" to raising the debt ceiling? I find it interesting that we now consider increasing the debt - now in Trillion dollar chunks as "routine housekeeping" and a "standard American norm". And of course the amount of debt we have does not affect our credit rating - that would be absurd to consider the amount owed when giving a credit rating :).
It would be "absurd to consider the amount owed when giving a credit rating" without considering ability to pay. On the other hand, the US has tremendous ability to pay.
Is $1M a lot of debt for a person? How about if that person's salary is $50 M a year?
Ahhh, but there is more to life than money. And some of us don't care about the debt ceiling. We live in the present in order to reach the future.
We still have THE TOP credit rating. Deficit is not the same as debt. Deficit is the distance between debt and the GDP -- the better the GDP the bigger the REVENUE or INCOME to the government is, and the lower the deficit. Magic, without cutting a penny.
Not enough income taxes = bigger deficit.
. And some of us don't care about the debt ceiling. We live in the present in order to reach the future.
Nuff said Angel - I believe a lot of people think that way. Don't worry too much about the future when the debt comes due. Somehow in that future all of it will go away.
No other major country has a debt ceiling, and we don't need one either (and we didn't always have one.) What should happen is that Congress establishes taxes and spending, and the Treasury borrows to cover the difference when necessary. All the debt ceiling does is allow so-called "fiscal conservatives" to vote for levels of taxes and spending that require borrowing, and then pretend the bill is someone else's fault when it comes.
Boehner is saying that he is going to propose a budget with tax reforms and cuts in spending. The problem is that if the Senate says no, then nothing gets done and the Bush tax cuts expire. Republicans will make a deal on Dems terms if they lose the elections. That is when Dems should make them pay for the debt ceiling and other hostage taking.
It doesn't matter who wins or loses. It's a lame duck. My take, no vote on debt limit. Then let the newly elected Congress and pres deal with it.
@skip hoffman
The ONLY way to pay down the debt is to have a 'surplus'.
The last time this nation had a surplus the (not then as crazy) Republican Pres. and Congress decided that a surplus was bad for the economy and cut taxes on the rich (mostly) to get rid of it.
Why in the world would you or anyone believe that the current (totally crazy) Repubs in Congress are EVER going to let the gov. collect a surplus?
If that is true then the Repubs will never reduce the debt (and apparently) not even the rate of incease.
The thing is this will come back to bite them.
You have more faith in the electorate than I do.
Personally, I'd rather see Obama defeated than to see him back in office with the same Republican-controlled Congress. Obama needs to go for broke here and this is the tool to us. Essentially, he needs to campaign between now and November saying: either you give me a Democratic Congress or don't re-elect me. You may think that splitting power in Washington forces compromise but Republicans have shown otherwise. I will push for a balanced approach of spending restraint and a return to normal levels of revenues. They will push for Armageddon. Pick a side.
That's easy fo fix. Romney as President, not so easy to fix. The President has managed to meet alot of his goals, despite the GOP. He has the people behind him, we have his back. And we will wait patiently. Armageddon is not an option not as long as I'm alive.
That is the issue, there are people that have no problem with tactics that would sully the credit rating of the country they claim to love, during a time of huge debt which was because of the tax cuts while conducting multiple foreign war.
I would love to hear a conservative person admit responsibility for these things. Instead, they give cover to and work harder to make things even worse than they are already.
I cannot stand the idea that Americans would have no problem holding hostages and make these actions be some kind of heroic thing.
It disgusts me to watch the extremism and watching others gleefully say well, it doesn't matter how many jobs are cut, we have to make this stand.
Don't worry conservatives, I do understand the limit, the limit… where does it end. Do you understand that your party wishes to bring the economy down even more, just to say, it is Obama that did it? Facts: the tax cuts have not decreased unemployment and there were 2 wars started and tax cuts remained, plus the gun to the head again to keep them. In fact, it was used as economic stimulus. When Bush does it, hooray, go get 'em, endless war begun! When Obama does economic stimulus, boo.
Yes, it's true. The Republican party wants to starve the beast, including a multitude of Americans in the process. Credit is a Constitutional thing. The U.S. must not default on debts. Who is holding up the bills that would work out budget? Taxes are also Constitutional. They all swore to support the Constitution, yet some of them hold themselves as heroes to Norquist pledge rather than do the tasks like paying the bills, which is their main job. Playing games of chicken with U.S. credit. I can't find "limit", not a law that I can find. So, there needs to be some compromise, but because there is Republican majority, that is out of the question. Better to do nothing, even aggressively cut (cause more economic woe) defy and coerce (and blame Democrats) than do what is needed.
It doesn't matter what Boehner wants, next year he won't be majority leader and we Democrats will have control of the Senate, House, and Executive. These GOP morons have shredded their credibility, made themselves wildly unpopular with a majority of the electorate, and pretty much sealed their own fates by insisting on terrible policies that hurt the country.
And yet, should the Republicans sweep in November, this, like the national debt (as in Dick Cheney's famous quote "deficits don't matter") will become a non-story and the debt limit will be raised just like it has previously. Republicans can still fool some of the people all of the time.
This age of republicans should be recognized for what they are - traitors to the country.
They welched on the 'sequester', they welched on the Bush tax cuts and now they will welch on the debt ceiling. They are whiners, snivelers and LIARS. Why WOULD anyone trust them?
OK, US Press/MSM, it's time to do your job. Is this a 'both sides are wrong' issue again, giving these Republicans a pass that they'll take and continue to take as long as they are given free passes from our press?
DO YOUR JOB, U.S. PRESS!!
And if I could tell US Voters to do their jobs. Call your reps or vote out these Republican extremists doing actual harm to our economy.
It's possible that Boehner will fail. Didn't Reid win one of these recently, where Boehner had to cancel the vote? Along with the fact that Republicans are trying to get out of their automatic cuts - the ones they forced us to swallow - I expect President Obama to see it coming this time. And of course it will make us all feel better when Rachel does another round of "Boehner's bad at his job."
They don't stick to what they say, and they're willing to tank the economy for political gain. And they never ever intend to cut the things they promise, and they will never reduce the deficit. TRMS - got any graphs that prove that point?
The debt ceiling is merely pro forma because Congress has already approved the expenditures. Republicans are holding the debt ceiling vote hostage for political theater. The last time this happened Obama stated that SS would go out and other government expenditures would be delayed. I would hope that if this hostage taking occurs again, that Obama withholds pay and expense reimbursement for Congress and their aides and any other payments for things associated with Congress. Obama needs to make a strong statement and that would be a start. It is too early to plot any action for the next Congress. If voters severely punish the Republicans, it may be enough to change their attitudes about compromise.
i suspect they'll keep it up as long as the so-called msm folks like david gregory keep feeding their viewing audience the crap that both sides are equally at fault.
BRING IT, Orange Julius.
BRING IT ON.
Boehner is making the case for inaction. Which means of course tax increases for the wealthy and cuts that fall mainly on defense. Thank goddess he's willing to step up and take all the credit for that.
Yes, that is what the public just loves about Congress, all the inactivity.
Even if there is a lack of attention by the public on what's going on, they just know nothing's going on in the House except abortion and contraception double and triple banning money on those relying on Planned Parenthood for the sliding scale payment for birth control and breast exams, along with pregnancy termination. Senate minority just blocks nominees and other stuff. Wow, be proud, Congress. Then blame the President for what you do.
"It's an action-forcing event in a town that has become infamous for inaction."
Gee, I wonder how the "town" became infamous for inaction? I guess that just happened by accident, not because one party has been dedicated to blocking any action that isn't 100% of what they want with no deals or compromises.
It was a move without parallel.
Never was a colored man in the White House, either. Extraordinary times call for extraordinary measures.
Correct me if I'm wrong.
Unless Congress passes another Bush tax cuts extension, AND the President signs it, the tax cuts disappear. And President Obama can still VETO an act presented to him.
Looks as if Boehner hasn't figured out who's got the stronger hand.
That's exactly right. And those Bush tax cuts WILL expire at the end of the year.
The debt DID go down for a couple years at the end of the Clinton administration. We had a surplus, remember? Gore wanted to put it in a "lock box" and Bush wanted to give it back to the people. "It's their money" he said, conveniently forgetting that the debts we paid down were also "ours."
Those who want to blame Obama for the deficit conveniently forget who ran up the credit cards. For tax cuts and foreign wars we didn't pay for.
The deficit is up because tax collections are down, because the economy is down. Yes, there was a stimulus, but that was tiny compared to the costs of the wars or the lost revenue in the Bush tax cuts.
I'm not for high taxes. I'll settle for the tax rates of the Reagan era. Or the Clinton era.
The bottom line is, Obama proposed a balanced approach of increased revenue and decreased spending, and the GOP said "no new revenue." And there we are. If ending the Bush tax cuts at the end of the year is the only way to get new revenue, that's what we will have to settle for.
Shooter242 would be a much more interesting repuke troll if he had some intelligent comments to make and not just be a parrot of NewsMax talking points.
I believe his picture and his name are supposed to scare us. He does like Sarah Palin, perhaps Sarah is blogging under the guise of a Shooter. That would be too easy. She is still upset about not being a Princess even the hopes of her daughter becoming one has been smashed. The shoe doesn't fit. And her becoming an Arizona citizen didn't help matters. She sure likes her mirror though. Her troubles began when she went to the wrong party. Some mistakes are irreversible, she never took the time to learn.
Shooter242, it's pretty plainly obvious by your talk of "living within one's means" and "not paying your creditors" that you have absolutely no idea of what you're talking about, and you're just sucking down talking points that were regurgitated to you.
1. We've already spent the money that the debt-ceiling needs to be raised to cover. It's already spent.
2. Debt is not a bad thing, in terms of the national economy. Our economic security is so strong that countries are willing to lend to us at a slight loss. Because they trust that we won't elect idiots like the Tea Party who, like you, don't understand the first thing about the economy.
3. "Living within our means" as a country is exactly what we're doing. We're not broke: we're massively rich. You know who's broke? Spain. The UK. Greece. Because they enacted extreme austerity and ground their economies to a halt.
The national debt isn't hurting anyone, because national debt doesn't work like household debt. In fact, adding to the debt (TARP, the stim, the Auto bailout) not only saved the economy from disaster, but put us on track to, slowly, get things right.
If we enact the policies that know-nothings such as yourself want, we actually would be broke, actually would be hurting the people who create jobs, and would be causing massive problems for ourselves and our children.
As for the question you asked specifically of me: do I have a plan B besides getting rid of the Bush tax cuts? No, because we don't need a plan B unless the President foolishly extends the Bush tax cuts. Which he won't.
Because he's a lot smarter than you and the other sycophants that make up the Tea Party.
I shudder to think how many more jobs would be lost without stimulus and auto bail out. This would very likely (logically) have meant even less revenue than we had… making the deficit worse, plus the debt.
The debt owed leads to investment in things that are likely to be paid back, given the good credit of the U.S. Which was why we saw mortgage investment a good investment, until the terrible practices of too much risk! If the credit were damaged, then interest rate higher and probably less investment in those things.
Technically, every vote to raise the debt ceiling is a tacit admission that we are not "living within our means." That, by itself, is not a bad thing on a temporary basis. If your roof is leaking, you get it fixed and pay for it later, because otherwise you will lose a lot more.
How much debt we carry, and how quickly we allow it to rise, is indeed a matter for national consensus. But invariably, those who want to reduce the deficit are primarily interested in eliminating spending that is not on their priority list, while protecting their own interests.
Thus, the GOP wants to maintain or increase spending on the military, which benefits mostly military contractors, while cutting social programs that don't help their rich constituents, and otherwise shrinking government so as to reduce regulation and oversight of business.