Debt deal not close, Senator Reid says (Hey Reid, YOU LOSE!)

reuters ^ | 7/30/2011 | staff

[tobyhill]

Republicans and Democrats are not close to a deal to raise the debt ceiling despite what Republican leaders may say, Senate Democratic Leader Harry Reid said on Saturday.

"It's fair to say that the engagement there is not in any meaningful way,"

[tsowellfan]

Economically Obama (and his party) is to the left of the Vietnamese government.

[toddausauras]

Palin is winning, the tea party is winning and Obama is losing. This is NOT an issue you wanna see drag on when you are president.

[livius]

Harkin is promoting 0bama to invoke the 14th

I agree with you...I think this was the plan all along.

[pyx]

I really do hope I an WRONG but, I respectfully disagree.

The debt deal WILL go through because the debt deal was already made this past Thursday in a secret deal between John Boehner, Harry Reid, Mitch McConnell and Hussein Ubama. These missives eminating from the MSM are meant to keep TAX PAYERS watching and buying soap.

John Boehner sold America out long ago.

[eyedigress]

There is nothing to invoke. A Civil War amendment to keep the Nation from being responsible for Confederacy debt ain’t going nowhere.

[EBH]

I said they would pull this ...

Once 0bama invokes the 14th...it is all over. He does that ...there is no stopping the dictatorship.

The republic is dead.

[EBH]

I agree with you there. There is more than one crisis going on here.

[fortheDeclaration]

Sooner or later we are going to default, no one is going to pay this debt off.

[fortheDeclaration]

Agreed.

Expect the same panic voting we saw with the phony TARP scare.

[EyeGuy]

“Sooner or later we are going to default, no one is going to pay this debt off.”

####

Agreed, and a point I have been making throughout this disaster.

It is inevitable.

I’m still uncertain as to how that is going to come about. That is, who or what is finally going to force the US’ hand in addressing this multi-trillion dollar monster.

The “when” would be highly valuable to know as well.

How much longer are we going to be allowed to kick this can down the road?

[rodguy911]

Hell zero is to the left of the chinks.

[nfldgirl]

I heard a number on the radio this morning...$500K+ per family/household in America. Who can possibly comprehend the madness!

[org.whodat]

Had a girl friend that went to Cleveland high, as in Cleveland,VA. She has six kids and lives outside of Atlanta GA now.

[Celtic Cross]

If America defaults, our credit rating will automatically drop to a 'D', causing the stock market to go into meltdown, which will lead to massive lay-offs in the private sector. The military won't get paid, social security won't go out, federal workers will be furloughed, and many many people will be out of a job. Hence, people won't be buying jack squat, leading businesses such as grocery stores to slump. The economy will continue to slump lower and lower, leading to more and more job loss.

Consider that, next time you shout "Shut it down."

[Celtic Cross]

Winning!

[Raycpa]

My wife and I just cut 3 million dollars off of our budgeted expenses. We decided to wait ten more years before we buy the 3 million dollar yacht.

[Principled]

One of the nice things about Mack’s One Cent Solution bill is that is uses plain language - not baseline budgeting.

His bill cuts [really cuts] 1% annually. I think in 6 years we’re balanced.

[cableguymn]

If America defaults, our credit rating will automatically drop to a ‘D’, causing the stock market to go into meltdown, which will lead to massive lay-offs in the private sector. The military won’t get paid, social security won’t go out, federal workers will be furloughed, and many many people will be out of a job. Hence, people won’t be buying jack squat, leading businesses such as grocery stores to slump. The economy will continue to slump lower and lower, leading to more and more job loss.
Consider that, next time you shout “Shut it down.”

---

and borrowing more money prevents this how? Lets get the shyt in the fan now and get it over with. we’d becoming out of this by now if they had allowed it to happen before tarp.

[Celtic Cross]

Rather than slamming on the brakes, we need to slow down gradually. I think the one cent solution is a good idea - - cut enough to be balanced in about 6-10 years.

[freeandfreezing]

If America defaults, our credit rating will automatically drop to a 'D', causing the stock market to go into meltdown, which will lead to massive lay-offs in the private sector.

But a default can only happen if the Treasury Department and the Executive Branch decide to not spend the tax revenue to pay interest on outstanding government debt. Worst case, they have to make sudden cuts in other programs, but keep paying the interest on their debt.

Even without increasing the debt ceiling the Treasury can re-sell any redeemed T-Bills. That provides extra liquidity to handle redemptions, etc.

Don't buy the propaganda -- what is going on in DC is a lot of political posturing. The biggest sticking point for Democrats is having to vote again on the debt limit increase before the next election. Do you really think they would risk a catastrophic melt down of the economy, and the resulting political fall out for that? Of course not, they know that they can always raise the debt ceiling on a short term basis, and they know that even without raising it they can keep the markets and the government operating for a while.