Posted on 01/07/2013 10:08:08 AM PST by SeekAndFind
We are now officially in "extraordinary measures"-territory, i.e. we've hit our $16.4 trillion debt ceiling but the Treasury Department is using roundabout methods to service the debt until approximately the end of February, and the fiscal cliff fight was only the first of a multi-stage showdown. The debt-ceiling tussle is on par to get even uglier, and I'm not holding out hope that any of the punting and dithering on real reforms will be resolved before the very last minute. Again.
The parties are clarifying their second-round starting positions, and as Ed already summarized, the Democrats are looking for even more revenue to supposedly balance Republicans' calls for spending cuts; House Minority Leader Pelosi magnanimously informed us on Sunday that raising taxes on higher earners is still "not off the table."
Senate Minority Leader Mitch McConnell, however, reiterated his position that the question of ‘raising revenue’ ever further is nothing-doing, and that substantive spending cuts will be the order of the day:
STEPHANOPOULOS: Well, but — but the deadlines are approaching. And I think the president has said he’s willing to engage in more discussions over the sequester and the government shutdown, but that would also include new revenues. You say that the tax debate is over.
MCCONNELL: Oh, yeah, the tax — the revenue — the tax issue is finished, over, completed. That’s behind us. Now the question is, what are we going to do about the biggest problem confronting our country and our future? And that’s our spending addiction. It’s time to confront it. The president surely knows that. I mean, he has mentioned it both publicly and privately. The time to confront it is now.
The arguments abound over who has what leverage and how much of it, but this seems to be the starting-gate we’re looking at for the next round of political theater. Who’s pumped?
So silly. The Dems have only begun to tax, and McConnell must be brain dead to think otherwise.
Don't let Dims hold the elderly as hostages. The Executive Branch can fund Social Security by cashing in the notes held in the SS Trust Fund. Each dollar cashed in counts as spending but also reduces the debt held by the Federal Government. So it won't affect the credit limit.
Don't let Dims hold the elderly as hostages. The Executive Branch can fund Social Security by cashing in the notes held in the SS Trust Fund. Each dollar cashed in counts as spending but also reduces the debt held by the Federal Government. So it won't affect the credit limit.
Don't let Dims hold the elderly as hostages. The Executive Branch can fund Social Security by cashing in the notes held in the SS Trust Fund. Each dollar cashed in counts as spending but also reduces the debt held by the Federal Government. So it won't affect the credit limit.
How stupid does McConnell think we are? We know that he’ll cave, that he can’t wait to cave, that he’s not going to get anything of substance in return for caving, yet he goes around saying dumb things like this. So tiring really.
RE: Don’t raise the debt ceiling. Pass a law that, in the event Congress can’t pass any funding measures, the Executive Branch can spend only the money it takes in and must finance the salaries of our soldiers first.
That might get through the lower house, but the moment it reaches the Senate, you face Harry Reid and his minions and it’ll die there.
Reps. Steve King of Iowa and Michele Bachmann of Minnesota, both Republicans, introduced bills in the House to repeal Obamacare shortly after it was passed, as did Sen. Jim DeMint in the Senate.
None of the three bills were considered by either body
Anyone else NOT believe him? Yeah, me neither.
Take a charge. Do or die (politically) time!
The next push will be for a national sales, VAT or excise tax, (maybe all three) to apply to ALL goods and services engaged within the US jurisdiction.
This would have the happy effect of not only forcing the “rich” to pay their “fair share”, but the middle- and low-income citizens as well. It is not necessary for the ultimate consumer to make out any paperwork at all, and therefore, never actually realize just how much the tax bite is.
Of course, this assumes that any income taxes would NOT be repealed.
Uh, the House can refuse to raise the debt ceiling.
OK, they won't. But they could.
Notice they never say they won't raise the debt ceiling, only that any increase must come after spending cuts.
Fact is they have never said that they would not raise the debt ceiling.
What trust fund?
What trust fund? How do you cash in a dollar? Dollars are cash.
Didn’t the Senate just illegally originate legislation to avoid the fiscal “cliff”? Why wouldn’t they do that again? And couldn’t they somehow bypass the house altogether? I mean, if the law is no issue.
They’d better be ready to put their best conservative speakers forward. Rand Paul, Rubio, Ted Cruz..... anyone but McConnell himself.
That’s hilarious.
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