Exactly!
Posted on 07/11/2011 8:35:51 PM PDT by kristinn
Media reports today are that a target of $2.4 trillion in deficit reductions is being negotiated to match an increase in the debt ceiling of $2.4 trillion to get the government funded into early 2013. The 18 months of borrowing from August 2011 through February 2013 works out to an annual rate of $1.6 trillion. That means the current deal allows for more deficit spending than FY 2011 ($1.5 trillion) and much more than the White House proposed earlier this year for FY 2012 ($1.1 trillion).
The proposed deficit reductions are spread out over the next ten years and appears to be non-existent for the current Congress and president. In other words, this Congress and president have authority only to finance FY 2012 (begins Oct. 1, 2011) and FY 2013 (begins Oct. 1, 2012.) and could jack up the deficit another $2.4 trillion. The rest of the deal can be undone by future Congresses and presidents.
Are we being set up to be snookered one more time? It appears so.
“Same old bullshit.”
To say that I have lost ALL faith in the government would be a gross understatement.
Wait until the Republicans find out the strategy for the 2012 elections. That they, they Republicans passed the largest deficit budget in the history of the U.S. The thing is, it is true, because the Democrats never passed a budget, they went with continuing resolutions, and special spending bills. The Republicans, dupes or liars, you pick. I find it hard to swallow that they are fooled for the 28 years straight that I have believed their BS about smaller govt, and a return to fiscal sanity. I don’t believe it now, and I am ashamed to say I did so in the past.
Exactly!
That’s what they want you to believe. In reality, the 2 parties act very much the same.
WTF?
Will we have to replace the entire House next year?
Well everyone knew there would be a DLI. Maybe someday people will realize that the Ultra Right does not control Congress. And I consider myself Ultra Right compared to the average American.
A 2.4 trillion deficit reduction with an increase in debt of 2.4 trillion? What kind of fertilizer of bovine origin is this?
The Force is strong with that one. She’s our only hope.
Thanks for adding that Kudlow is on to this. Glad I’m not the only one.
Even if the “cuts” were real and legit, which we all know they are not, it comes out to $240 billion a year. BFD.
It’s a pack of lies that wouldn’t be worth anything even if they were 100% true.
The Republicans are clinically mentally ill if they believe that they are doing anything, while the Democrats are lying, despotic turds. The whole bunch of them are so deluded that they actually think they can legislate the laws of physics (the climate) and human nature (every thing else).
The can cannot be kicked much further down the road. These scum are destroying the lives of our children and grandchildren. And will merrily walk away after they do it.
Yep. I guess the ‘professional politicians’ expected us to not notice.
To say that I have lost ALL faith in the government would be a gross understatement.
Exactly right.
As long as a politician has someone else to blame and is sure he/she can get away with it, they’ll do it. Obama blames the Republicans. Republicans blame Obama.
I blame my representative in the House. He voted for Boehner.
JB & BHO...”We’ll get serious about balancing the budget in early 2013. There’s no way we’ll seek a hike in the debt limit then. We promise. Trust us.”
No my friend, its not.
This is the most fiscally irresponsible, the greatest act of economic negligence and the greatest deficiency in foresight by our “leaders”, the most corrupt SOB’s in the history of America.
Its about bankruptcy.
Think about it. We are in a recession which has little hope of improving. We have a leader who is reading from a Post America World, a nation that is going through de-industrialization, and suffers depression era unemployment. The housing market has collapsed with no bottom yet, commercial real estate is going through the same////// need I say more? and oh- A president collapsing the private sector while taking over ~over 70 percent of the economy. GM/Chrysler? Union favors for votes. Transferal of wealth from shareholders/debt holders to the unions...scammy corrupt practice, but its about votes.
And then you have a stupid populace who is allowing this crap to go on.
Your grand children’s grandchildren will end up in debt indenture....having to pay for today’s indiscretions.
Its absolutely reprehensible and beyond reason and common sense.
Well beyond anything in the past and way over the top!
Absolutely right. Every analysis I've read says that when interest rates return to the mean of the past couple decades and when GDP growth comes in at 2% instead of the budgeted-for 4%, the deficit will grow by staggering amounts. To be able to service the debt under a realistic interest rate / growth scenario, federal government spending MUST be cut by half. That means cutting the spending about $1,700 billion every year. The fallacious $240 B / year is only 1/7 of that target. We are thoroughly hosed.
So, what you are saying is, our Freshman Class, the winners of the last election, are being taught how to fold?
Unfortunately, the “progressive’s” indiscretions go back to Woodrow Wilson, vastly accelerated by FDR, LBJ and now BHO. The Republic was doomed when FDR began his vote-buying using the public treasury and that pattern continued unabated for 80 years.
Could the American people, by a majority, say “we default on your debt (the Federal Government) and refuse to pay?”. Then it wouldn’t matter whether or not these congressman or the president mandate this debt, because we shouldn’t be held responsible for their theft from us.
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