Skip to comments.BREAKING: Republicans to Vote on $2.4 Trillion in Cuts With Debt Ceiling Increase
Posted on 07/15/2011 10:07:48 AM PDT by Nachum
The Wall Street Journal is reporting House Republicans will vote next week to cut $2.4 trillion over the next ten years while increasing the debt ceiling by a $2.4 trillion.
House Republicans said Friday that they planned to vote next week on a proposal to raise the debt ceiling by $2.4 trillion, with matching cuts and guidelines to control future government spending.
House Majority Leader Eric Cantor (R., Va.) said at a news conference Friday that the House next week would vote on a "cut, cap and balance" approach. The House plans to separately vote on a measure that would amend the U.S. Constitution to require the federal government to balance its budget.
(Excerpt) Read more at townhall.com ...
I do not believe any spending cuts will be passed by the Senate until Obama is voted out of office and the Republicans take majority in both houses. Plus with the help from the Drive by Media the Republicans will end up getting blamed for everything...
You are absolutely right. If the debt ceiling must be increased due to this president’s irrational ignorance, then why not increase it so that the ceiling will be reached on 9/30/2012 end of FY. Why let him coast right through the election?
Won't solve the problem when 30% of the country vehemently disagrees with us and the other 40% is the mushy middle and doesn't really know whats going on. We need to fix the problem, but we also need to understand the politics, we have to reach the 40%. This budgetdoes that and makes the democrats respond...
With the GOP folding like a cheap suit at every opportunity, taking the entire Congress isn’t a “done deal”.
I get letters back (or did, when I bothered to communicate with these elitist snobs), and the replies were often entirely non-responsive (that is, a letter, but on a different subject), and I can't think of one time that the reply was fully responsive to my question.
Then, watch what they do, not what they say.
I'll reduce the level of my contempt when I see the feds rein themselves in. They don't need me to tell them they are irresponsible spendthrifts. They can see the numbers as well as I can.
Time to become a leech on the back of government.
Exactly. At a cut rate of $240B/yr you hit the new debt ceiling in only two years. In spite of the fact that it "sounds" good, this doesn't work.
Operation thrift - Avoid taxes like a plague. Buy less, and repair those things you have now rather than replace. Work fewer hours. Drive less. Make your own, barter, swap, and do favors. Make tax avoidance a way of life.
The taxpayers will just have to find second jobs. Maybe they can find work for their kids. The democrat base still wants more free stuff, and someone is going to have to pay for it. They're certainly not going to.
This is one dollar in spending cuts for each dollar the debt ceiling is raised. That is the original Republican position and the very best we'd ever do. There is nothing at all wrong with this plan.
I get the feeling some people here actually believe we can refuse to raise the debt ceiling altogether. Don't delude yourself. The debt ceiling IS going to be raised, and most Republicans and conservatives don't dispute that.
People better realize that the bulk of the American public only oppose raising the debt ceiling in theory and mostly because they don't understand the issue. The very minute actual programs like food stamps, etc, are not funded the majority of Americans will HOWL in anger and demand the money be restored. Obama is banking on this and knowing what passes for the American public these days it is a pretty safe bet he is right.
One dollar of spending cuts for each dollar the debt ceiling is raised is the most conservative position that has even the slightest chance of prevailing. Most of the time the debt ceiling is just raised with no cuts whatsoever, so this would represent a huge amount of progress.
We got screwed again, but, it is no surprise. Anyone who believes that obama will live up to his end of the deal is a fool.
No, not one bit. We can’t all be brilliant politicians like you and think strategically instead of standing for what we believe in without reservation and simply wanting to fix things and move on.
I’m so glad we have politicians, where would we be without them?
And if we don’t have a GOP President and Senate majority-what then? Four more years of this?
It didn’t do a bit of good for the Republican House to pass Ryan’s budget; it got shot down in the Senate. I don’t see anyone blaming the Senate for the mess we’re in now.
I agree...force the democrats in the Senate to either vote down or never bring it to the floor...show them to be the liars they are when it comes to cutting spending.
I agree with you.
The reality is the debt ceiling will be raised. The rest of the questions are political. And politically the options are Obama takes the heat for the economy in the next election or the Republicans and their candidate does.
This whole thing is about 2012.
Neither than Campaign Finance have a chance of the Supreme Court holding it was Constitutional.
They never will. It will take us going to DC, chaining the doors to Congress shut, and burning the building down around their ears.
At this point, nothing else will work.
Let's start to talk about the Ryan budget where the real fun begins.
It's unrealistic to think that the debt ceiling won't be raised. But, right now, the government is taking in $200 billion a month, spending $300 billion and borrowing the difference.
If the debt ceiling isn't raised, you can pay the bondholders, sure. And you can pay the SS recipients, to boot. For maybe four weeks...
One-third of government spending is probably a good long-term target for cuts. But it can't be shut down overnight without disaster ensuing.
And I sure wouldn't trust this administration to manage anything like that...
Besides the idiot mistake of increasing the debt ceiling by enough to avoid another debate before the election (you morons!), a deficit reduction of $2.4 trillion over 10 years isn’t close to enough, not even if future Congresses decide to abide by this (which is doubtful at best). We need the budget to be balanced in 5-7 years, or the markets will soon treat us like Greece and the economy will implode.
Here’s an EXCELLENT article by Karl Denninger on the subject: http://market-ticker.org/akcs-www?post=190082
About 90% of those cost cuts are unenforceable—and thus a lie coming from the 2011-2012 congress.
The debt ceiling increase is for about a year and a half, and that means the actual ratio is about 8-1 rather than the claimed 1-1.
And that’s before we even know if any of the cuts are legitimate—as were only $300M of the $100B in cuts the GOP congress tried to take credit for earlier this year.
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