Skip to comments.No debt deal hours before markets open (Obama, Reid and Pelosi try to steal the GOP ideas)
Posted on 07/24/2011 2:53:54 PM PDT by tobyhill
House and Senate negotiators have not reached a deal that would lift the nations debt ceiling just hours before markets in Asia are set to open a test of whether Washington political dysfunction is beginning to shake the global economy.
House Republicans are not able to reach a deal with Senate Democrats, said congressional sources, though staff-level negotiations are continuing.
And in a sign that talks with Republicans appear to be going sour, Senate Majority Leader Harry Reid (D-Nev.) began to draft his own legislation Sunday that would slash at least $2.5 trillion to match an extension of the nations borrowing limit through the 2012 election, leadership aides said.
Reid and House Minority Leader Nancy Pelosi are heading to the White House at 6 p.m. to meet with President Barack Obama. Reid may discuss his proposal with the Senate Democratic Caucus as early as Sunday evening.
(Excerpt) Read more at politico.com ...
“No debt deal.” That’s a good thing, and may it go on and on. Whatever they do, no tax, “fee” or other “revenue” hikes! If they raise “revenues” more, then slowdown, until the beast is emaciated!
Obama plays the game of a dictator. When will his party figure it out???
Heck, that's what they want.
Borrow now, cut later (never).
$10 wager> Weed will cut $2,500 billion in Tax Spending, since all the money belongs to the Gubmint and the Gubmit decides how much we need
This is exactly what Boehner proposed before Obama and the Rats threw in the tax hikes.
39 Trillion over next 10 years and he going to cut 2.5 Tillion? NOT
Reid is just now doing something?
That will go nowhere.
The House should reject it before a vote (like the Senate did.)
LOL ... I remember that guy!
He’s not playing, and they’re fine with that.
“This is exactly what Boehner proposed before Obama and the Rats threw in the tax hikes. “
This is why the rats are meeting. Obama has lost his bluff and is made irrelevant AND the democrats look the same - the rats goal is to make the bill their own and claim they are what makes things happen. The no taxes bill seems inevitable so don’t let the repubs score any more points as the party of action and accountablility, change Boehner’s details slightly and shout how it took the president and the dems to save the country. On the positive side a no taxes budget would be great even if the dems try to rewrite history that they were the heroes all along.
That was my first thought too—that Reid is more than a little late to the game. If the writers of the piece had an objective bone in their bodies, they would note how long it took the Dems to put pen to paper. Well maybe some US citizens will see it, even if the partisan hacks at Politico never will.
Does obama lose leverage if the Asian markets don’t tank?
What they’re going to do is present a plan that the republicans reject then they can go back to the “party of no” crap.
Why wouldn't they? Their bottom line is to get their hands on a couple more trillion dollars to flush through their constituencies. And every proposal offered by the GOP raises the debt ceiling and therefore gives them that.
-—Reid is just now doing something?-—
Boehner called Obama buff and now Obama and Reid have a pair of dueces to Boehner full house
Reid just trying not to look like obama poodle
Did I miss a memo?
Why can't we pay the interest on the debt, take care of the military and entitlements and then deal with the rest after that? And if it causes a government shutdown, so be it.
I think he'll double-down and try harder to talk the markets into panic and blame Republicans.
He's agreeing to Boehner's demand for equal cuts to ceiling rise.
He'll tweak a few of the cuts to make them more "liberal" but the fact that they're talking equal cuts says it all.
If the republicans win this debate and the economy chugs along obama will be re-elected as the saviour who worked with republicans to get things done. Remember, obama can flip anytime he wants the media never mentions it.
An increase in the debt limit is an increase in taxes....
they obama, reid and pelosi copy cause they have NOTHING...
Agreed. Even rising inflation alone has the effect of tax hikes, although it would eventually be corrected by default and would not require the unlikely repeal. But in reality, we are seeing a process of default, and the default is the only chance for freedom in the future.
Granted, socialists (incl. those by proxy) who feel that they are doing well with the status quo would rather not see the default ahead, because the default will break the perceived power of their plantation.
I want to manufacture something without paying unworkable flooring costs to government-sucking socialists. I’m in the middle of nowhere on a large lot. Land use regs. must also go, along with anti-family social policies.
Many others feel the same way and are cutting their personal spending more in time. So yes, there will be a default. Raise ostensible taxes/fees, and the default process will be even more physically difficult and harmful for all.
Perish the thought!! Is that a new negotiating tactic?
“Buff” well our boy king is the naked emperor
LOL. Sorry, couldn’t resist.
14 amendment ? He’s going to bypass everyone.