Skip to comments.Lawmakers to vote on last-minute debt deal (Big Gubamint 'Stuck on Stupid' - The Edge of Oblivion)
Posted on 08/01/2011 9:43:51 AM PDT by NormsRevenge
WASHINGTON (Reuters) - Congressional leaders rushed to line up Republican and Democratic votes on Monday for a White House-backed deal to raise the U.S. borrowing limit and avert an unprecedented debt default.
With scars still fresh from the months-long brawl over increasing the $14.3 trillion debt ceiling, a new fight was shaping over the incendiary topic of taxes.
Global markets showed signs of relief that the United States appeared to be dodging default, but fears that the country might still lose its triple-A credit rating even with a debt deal contributed to a fizzle in a brief stocks rally.
"We avoided the possibility of a default, but now concerns are turning to a possible downgrade," said Phil Streible, senior market strategist with futures broker Lind-Waldock in Chicago.
Votes were expected later in the day in the House of Representatives and Senate on a plan to cut at least $2.4 trillion over 10 years, form a powerful new congressional committee to recommend a deficit-reduction package by late November, and raise the U.S. borrowing limit through 2013.
The non-partisan Congressional Budget Office confirmed that the debt deal would reduce budget deficits by at least $2.1 trillion over 10 years.
U.S. lawmakers split into Democratic and Republicans camps to hear appeals from their party leaders to approve the deal which emerged from feverish negotiations as the clock ticked toward a Tuesday deadline. Party leaders are hoping for sizable majorities in order to give the deal credibility.
If Congress fails to approve the deal by Tuesday, the United States will no longer be able to borrow money to pay all of its bills.
(Excerpt) Read more at news.yahoo.com ...
apparently many politicos would.
Join us for another episode of Dr. Drew meets Punk'D..
an ongoing saga of a Congre$$ addicted to spending and a Pres__ent willing to gut the goose to get to the golden egg.
$210B per year for 10 years.
It looks very ugly out there.
The CBO calculates cost and savings based on current law. The current law is that the 'Bush' tax cuts expire next year. That's over $3Trillion in new taxes. This skews everything, big time.
We are being had!! Big time!!
Debt deal offers only small blessings for economy
ReutersBy David Lawder | Reuters
WASHINGTON (Reuters) - The tentative deal to avoid a crushing debt default is at best a mild relief for the U.S. economy that nearly stalled in the first half of the year and has yet to show signs of any realistic pickup.
The plan for $2.4 trillion in spending cuts over a decade, if backed by lawmakers, would help lift some of the uncertainty that has weighed on investors, businesses and consumers unsettled by talk about a possible new and deep U.S. financial meltdown.
Still, it does not decisively remove the threat that the nation’s AAA credit rating could be downgraded, an action that would raise borrowing costs across the board, and the prospect of further cuts ahead will cut short any celebrating.
“This will have minimal impact on the economy. The cuts are not there for the first couple of years, which really makes you wonder if they’re really going to happen at all,” said Peter Morici, an economics professor at the University of Maryland.
The prospect of spending cuts is the last thing the U.S. economy needs right now, many commentators say.
Senator Charles Schumer talks with Senator Bernie Sanders as Congress tries to hammer out a solution to the debt ceiling crisis on Capitol Hill, July 30, 2011. REUTERS/Jonathan Ernst
The talks have been punctuated by warnings from the Obama administration that financial chaos would ensue if the $14.3 trillion federal borrowing limit is not raised by Tuesday.
That angst has added to a pile of worries slowing consumer spending decisions such as car purchases, according to Detroit executives. Existing home sales in June fell sharply due a big jump in canceled sales contracts.
Obama, too, said he has been concerned about the debt limit battle’s impact on consumer and business confidence. He said he hoped Sunday’s deal “will begin to lift the cloud of debt and the cloud of uncertainty that hangs over our economy.”
Any relief, however, is likely to be short-lived. U.S. jobs data on Friday will probably prove another reminder of the weak U.S. economy. Unemployment is expected to remain at 9.2 percent, according to a Reuters poll.
The whole ‘debt crisis’ is nothing more than pure BULL$HIT. 0bama and gang were scaring the old folks, SSI recipients and those drawing SSI Disability to make Conservatives look bad.
Mrs. panax just received her disability payment TWO DAYS EARLY!
This would mean that the SSI check’s would have been mailed BEFORE the zer0 and his puppets were claiming that he
“can’t guarantee” they’d even get them this month.
Trust our government? NEVER!
This is the establishment making sure nothing changes on the road to socialism but performing drama for the benefit of keeping conservatives in the fold.