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Posts Tagged “Debt-Limit”

These are my links for August 26th through August 29th:




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These are my links for August 2nd through August 4th:




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These are my links for July 28th from 20:53 to 20:57:

  • Ron Paul: "Default Is Coming" – Rep. Ron Paul (R-TX) explains why default by inflation is worse than default by not raising the debt ceiling.

    Rep. Paul also talks about how the devaluing of the U.S. has led to record prices in gold bullion.

    "Default is coming. The only argument that's going on now is how to default, not send the checks out or just print the money. In all countries our size, they always print the money," Paul said.

    "They're going to raise the debt limit, and then they're going to print the money, and then they'll default by inflation, and that's much more dangerous than facing up to the facts of what's happening today."

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    Go and watch the video.

  • We’ve Been Played for Saps, Folks: Boehner Bill Will Become Reid Bill – So Dingy Harry can take the Boehner bill and tweak it and rewrite it, make additions to it, take some things out of it, play with it however he wants, and get enough votes from Democrats since it becomes the Reid bill, and then it gets sent back to Boehner in the House looking nothing like his bill, but the rationale for passing the Boehner bill in the House is we've got to do this, the time is up, we're not going to get blamed. So if Reid monkeys around with the bill that he gets from Boehner, and it passes in the Senate, with whatever changes that are not favorable to us, of course, they throw it back in Boehner's lap, and then the pressure is going to be back on Boehner. Okay, do you sign the Reid bill? Do you pass it? Do you get your guys to vote for it and send it to Obama, basically a Democrat bill. That is what a lot of people — and I sign on to the theory, too — this is one of the traps that's being set. The Boehner bill is essentially being used to be a foundation for a nonexistent as of yet Reid bill. And thereby the Boehner bill becomes the Reid bill, therefore Democrat bill all in the absence of an Obama plan. No Obama plan at all in this.
    There's no Obama bill. There's nothing set down on paper. So the Reid bill will become the Obama bill.

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    Rush is correct.

    Read it all

  • Debt ceiling vote postponed by Boehner, who will try again Friday – Speaker John Boehner postponed the planned House vote on a debt-limit increase late Thursday night, casting new doubt on Congress’ ability to avert a default and further exposing a deep philosophical divide in the Republican Conference.

    Four-and-a-half hours after the vote was supposed to begin on the House floor, Republicans announced they would start again in the morning, but the end game remains unclear on this trillion-dollar package. The House Rules Committee was expected to meet later Thursday night to issue a rule that would allow the GOP to bring a new bill to the floor quickly on Friday if the final votes can be secured.

    ======

    I understand there will be a sweetener added tomorrow, the Balance Budget Amendment in some form.

    It might be best to just let the Boehner Plan die, so that Reid will not be able to gut it and return it to the House.




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20110727t170752z01btre7 Senate Democrats Send Speaker Boehner a Letter Favoring an American Debt Default?

Senate Majority Leader Harry Reid is pictured as he speaks to the press following more U.S. debt reduction talks on Capitol Hill, July 26, 2011

Well, something like that because their letter promises to reject Boehner’s Debt-Limit Plan.
Fifty-three Democratic senators have signed a letter to House Speaker John A. Boehner saying they intend to vote against his plan for an increase in the debt ceiling, virtually assuring its defeat in the Senate even as the speaker lines up Republican votes to pass it in the House on Thursday.

Votes are not final until they are cast. But if the Democrats hold to their promise in the letter, Mr. Boehner’s plan for a six-month increase in borrowing authority will not make it to President Obama’s desk.

“We heard that in your caucus you said the Senate will support your bill,” the senators say in the letter. “We are writing to tell you that we will not support it, and give you the reasons why.”

In the letter, the senators argue that a short-term extension of the debt ceiling would “put America at risk” and “could be nearly as disastrous as a default.”

Some compromise there, eh?

I say the House GOP and whatever Democrats who dare, pass the bill anyway and dare Dingy Harry to hold it up for defeat in the Senate.

To the Democrats then, you voted twice against House passed plans, so if it breaks the American economy, you own it baby – House/Senate Democrats and President Obama.

Here is the double dare letter to Boehner:

Dear Speaker Boehner,

With five days until our nation faces an unprecedented financial crisis, we need to work together to ensure that our nation does not default on our obligations for the first time in our history. We heard that in your caucus you said the Senate will support your bill. We are writing to tell you that we will not support it, and give you the reasons why.

A short-term extension like the one in your bill would put America at risk, along with every family and business in it. Your approach would force us once again to face the threat of default in five or six short months. Every day, another expert warns us that your short-term approach could be nearly as disastrous as a default and would lead to a downgrade in our credit rating. If our credit is downgraded, it would cost us billions of dollars more in interest payments on our existing debt and drive up our deficit. Even more worrisome, a downgrade would spike interest rates, making everything from mortgages, car loans and credit cards more expensive for families and businesses nationwide.

In addition to risking a downgrade and catastrophic default, we are concerned that in five or six months, the House will once again hold the economy captive and refuse to avoid another default unless we accept unbalanced, deep cuts to programs like Medicare and Social Security, without asking anything of the wealthiest Americans.

We now have only five days left to act. The entire world is watching Congress. We need to do the right thing to solve this problem. We must work together to avoid a default the responsible way – not in a way that will do America more harm than good.

And, here I thought Dingy Harry “The Iraq War is Lost” Reid was a deal maker?

Default, here we come….

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These are my links for July 27th from 13:51 to 13:59:

  • Carney makes an accusation – The Obama administration has never been backward about leaning forward on Fox News. The network has proven a durable, go-to villain to rally the base and stoke indignation against a perceived antagonist on the right.

    But White House press secretary Jay Carney, going after Ed Henry from Fox News on Wednesday, misfired all over the place by also insulting House Speaker John Boehner for being a "showboat" and exposing a level of secrecy and political calculation in the debt limit negotiations that runs counter to promises President Obama ran on.

    The day after the two tangled over Henry's request for specifics on Obama's plan, Carney and Henry were back at it again. Henry asked at the briefing when Obama's plan might be submitted to the Congressional Budget Office.

    "Ed, I understand, we can do this again, OK?" Carney said. "Has the speaker of the House shown you the positions he took in detail in the negotiations that were designed actually to achieve a compromise, as opposed to having a showboat?"

    "We put forward a budget, we put forward a framework," Carney said.

    Questions about Obama's plan — where is it, what's on it — are proving tricky for the White House, because the omission is suddenly getting traction. Talking about an appealing, detailed plan doesn't work if you don't produce the plan. The lack of disclosure also doesn't track with Obama's pledge on transparency.

    The White House explanation — that any plan must be held close so it won't be instantly politicized and defeated is very backroom, politics-as-usual — a way of doing things that Obama vowed to reject.

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    Read it all

  • Obama’s Towering Inferno – This is a make-or-break week for me with my own deadline — hence the relative radio silence from me around here. I’ve been trying very hard to reserve a few brain cells on the side to follow the debt-ceiling stuff as I wade through more obscure research. Yesterday, I took time out to watch the Jay Carney grilling discussed in the Corner yesterday. I think it may, in a small way, be a watershed moment. No, not for the country. But for the WH press corps. Carney seemed to be providing a real “Hey I guess you’ve just figured out we’re full of shi…nola” moment.

    It is an amazing thing that the press corps has taken this long to really pin the White House down on the simple fact that Obama is the one playing political games here, creating rules for others to follow while not following them himself.  The public explanation for why he doesn’t want to put forward a plan of his own makes as much sense to me as the Korean-language instructions for a photocopy machine.  All I know is that the White House says it doesn’t want to release a plan because it will be held accountable for having a plan, but no one should criticize the White House for not having a plan because they actually offered one verbally that was full of “specifics” nobody will specify and the Republicans are in the dark about. 

    Oh, and even though the president insists that if we don’t raise the debt ceiling on August 2 — cats will sleep with dogs, disco will come back, Carrot Top will move into the apartment over your garage, the Chinese will put saran wrap over our toilet bowls — he insists that he will veto any plan he doesn’t like should it actually pass Congress. Of course, saying he will veto a plan makes it less likely to pass Congress and hence prevent Götterdämmerung. So there’s that.

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    Read it all….

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These are my links for July 26th from 13:45 to 14:54:

  • Is US Debt Downgrade Inevitable? – Democrats and Republicans will present their own version of budget cuts later in the day on Monday, but is the estimated $2.7 trillion in cuts being proposed enough to avoid a credit rating downgrade?

    Credit watchdogs at Standard & Poor’s have warned that unless $4 trillion in cuts are made, with long term sustainable fiscal policies to balance the budget, the US will lose its coveted AAA status within 90 days. Moody’s said the same thing this month, only gave the US 12 to 18 months to get its financial house in order before getting dropped from the triple-A list.

    US government debt is considered the safest in the world. A lose to triple A status would cause every money market and Treasury bond fund to change its covenants that, until now, require holding AAA rated debt only.

    “You’ll want to buy stock in a printing press company because if the US loses its triple A status, funds will be printing millions of notices to shareholders explaining the sudden and extraordinary change in its investment profile away from triple A debt and allowing for double A in their portfolios,” says Ron Weiner, president and CEO of RDM Financial Group in Westport, Conn, a $600 million asset manager.

    While the market is not pricing in a default on US debt obligations, it is definitely pricing in the likelihood of a downgrade.

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    Looks like it….

  • Great news: Downgrade could come as soon as Friday – Barack Obama has spent the last several weeks warning that a failure to raise the debt ceiling by the “drop-dead date” of August 2nd would cause a ruinous downgrade of Treasury bonds and an economic disaster for the US.  However, the downgrade may come sooner than that, because the debt ceiling is actually a secondary condition to the ratings agencies.  The problem, as they see it, is not that America can’t pay its debts next month, but that America has grown its debt to such a degree that we can’t pay them in the long run without serious restructuring of the federal government — and this administration refuses to consider it:

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    Read it all

  • Debt-Ceiling Chicken by Thomas Sowell – The big news, as far as the media are concerned, is the political game of debt-ceiling chicken that is being played by Democrats and Republicans in Washington. But, however much the media are focused on what is happening inside the Beltway, there is a whole country outside the Beltway — and the time is long overdue to start thinking about what is best for the rest of the country, not just for right now but for the long haul.

    However the current debt-ceiling crisis turns out, the current economic turmoil in financial markets around the world should cause some serious thoughts about the long run, and about the whole idea of a national-debt ceiling.

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    Read it all

  • Leadership by Default – They used to say that Richard Nixon had a “secret plan” in the 1968 presidential campaign to end the Vietnam War. Pres. Barack Obama outdid Nixon with a secret plan to control the deficit.

    He kept telling us of all the virtues of his plan. It was balanced, responsible, courageous, and fair. It was just very, very secret.

    Obama favored a $4 trillion “grand bargain” that now looks dead. It allegedly contained $3 trillion in cuts and $1 trillion in new revenues over ten years. But no one could learn with any certainty what the specific new cuts were, or the specific new revenues. They were the great mystery at the heart of the debt-limit debate.
    How extraordinary is the spectacle of the president of a country beset with a debt crisis who claims to have a big, game-changing plan to alleviate it — that he keeps all to himself. He’d whisper it in the ear of House Speaker John Boehner behind closed doors in the White House, but the erstwhile champion of transparency didn’t dare make it public.

    Why was the president who rode into the White House on a wave of overexposure, who wrote two memoirs and is constantly on TV, so shy and retiring about this one matter? Few things would be more galvanizing in the nation’s budgetary politics than a liberal Democrat breaking ranks on entitlements. It would make possible changes heretofore unthinkable, and partly redeem Obama’s promise of post-partisan government.

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    Yeah, pretty ridiculous for the transparency President

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These are my links for July 26th from 11:33 to 11:35:

  • New polls confirm Obama’s Democratic base crumbles – With all of the spotlights on the high-stakes debt maneuverings by President Obama and Speaker John Boehner the last few days, few people noticed what Vermont's Sen. Bernie Sanders said:

    "I think it would be a good idea if President Obama faced some primary opposition."

    This is political treason 469 days before a presidential election. Yes, yes, this is just a crusty old New England independent for now, albeit one who caucuses loyally with Harry Reid's Democratic posse.

    But while most of the media focuses on Republican Boehner and the tea party pressures on him to raise the debt limit not one Liberty dime, Sanders' mumblings are a useful reminder that hidden in the shadows of this left-handed presidency are militant progressives like Sanders who don't want to cut one Liberty dime of non-Pentagon spending.

    Closely read the transcript of Obama's Monday statement on the debt talks stalemate. The full transcript is right here. And the full transcript of Boehner's response is right here.

    An Unbalanced Approach to a Balanced Approach

    Using political forensics, notice any clues, perhaps telltale code words that reveal to whom he was really addressing his Monday message? Clearly, it wasn't congressional Republicans — or Democrats, for that matter.

    The nation's top talker uttered 4,526 words in those remarks. He said "balanced approach" seven times, three times in a single paragraph.

    That's the giveaway. Obviously, David Plouffe and the incumbent's strategists have been polling phrases for use in this ongoing debt duel, which is more about 2012 now than 2011. "Balanced approach" is no sweet talk for old Bernie or tea sippers on the other side.

    Obama is running for the center already, aiming for the independents who played such a crucial role in his victorious coalition in 2008. They were the first to start abandoning the good ship Obama back in 2009 when all the ex-state senator could do was talk about healthcare, when jobs and the economy were the peoples' priority.

  • House GOP revolts against Boehner plan – House Republicans do not have enough support to pass their debt-ceiling increase plan on their own, a top conservative said Tuesday as his party’s leaders tried to cobble together a coalition of Republicans and Democrats to put the bill over the top.

    “There are not 218 Republicans in support of this plan,” Rep. Jim Jordan, an Ohio Republican who heads the powerful conservative caucus in the House, told reporters Tuesday morning.

    That means Speaker John A. Boehner will have to rely on Democrats to pass the $1.2 trillion spending cuts plan — support Democrats’ top vote-counter said he’ll be hard-pressed to gain. Minority Whip Steny H. Hoyer said “very few” Democrats will vote for the Boehner plan, though he acknowledged there could be some.

    A vote in the House is expected Wednesday, and Republican leaders are trying to round up enough support to pass their version. They hope that if it can pass the House, that will pressure Senate Democrats to drop their alternative and accept the GOP’s plan.

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    Read it all.

    Going to be a tough vote tomorrow

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