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.
They can do any thing they damn well pleased unless stopped. In the past, there were those that would have stopped them. Since nothing happened when obamacare was forced down our throats,they decided to go for broke. Who will stop them? Not the people for danm sure. The ruling class has nothing but contempt for them.
Good - this is the Levin plan.
What happened to EVERYONE sacrificing? Why are the taxpayers the only ones who have to suffer? They're the only ones doing the right thing! Why should the parasitical democrat base get off with a free ride - again?
What are they willing to contribute to the cause? Absolutely nothing! They still get to keep their awesome food budgets, free housing, free money for shopping at the local mall, their education, their big screens, their cell phones and Internet access......the freebie list goes on and on.
They should be given only what they need (small shelters, canned food, and thrift store clothes), because they're enslaving another to get it. If they want more than that, they can GET A JOB!
On top of all this, they're never satisfied, and never grateful for what has been stolen for them. Instead, they demand their elected officials steal more.
BINGO. This is fine. Pass it and send it to Reid and Obama and let them stew in it.
I agree. Raise the limit, name your own cuts and no tax increases. Send it to the Senate and let the Dems own the “default” for non-action.
I'm having a devil of a time trying to locate a comprehensive list of just what in Hades the federal gov't taxes in addition to gas and ciggies...
LMHO! That’s one of the best I’ve seen in a while.
It didnt do a bit of good for the Republican House to pass Ryans budget; it got shot down in the Senate. I dont see anyone blaming the Senate for the mess were in now.
"Ryan's budget" was a budget guideline -- not "the budget".
The House passes a budget guideline every year; the Senate has no particular need for one -- since, by law, budgets originate in the House.
Putting the House's budget guideline up for a vote in the Senate was strictly a stunt -- Reid and everybody else knew it would be defeated by a Democrat majority. But the act was without meaning. The real test will come when the actual departmental budgets that are based on the Ryan guidelines are passed by the House and sent to the Senate.
And, like real spending cuts, implementation of Ryan's budget guideline is going to have to wait until there is a GOP Senate and Barack Obama is not President.
Right now, with control of only the Housel the GOP's job is limited to stopping what Obama and the Democrats have been doing.
We're not going to be able to start a turnaround until after the 2012 election.
10 TRILLION in spending cuts....or NOTHING!!!
We need to win the so-called moderates / independents in order to win the election next year. And make no mistake about this, next year matters more than what happens this year. If the Republicans win this budget battle, but are hung with extrememly bad PR for next years elections, it will be a Pyrrhic victory and Obama is reelected with the claimed mandate to unleash even more socialism.
I am not advocating abandoning principles, but my principles will never be enacted until we convince the mushy middle about what's really right for America. In a perfect world we don't need politics or politicians...
They do know we are in debt for 14 trillion? What stupid fools.
Does that mean another $13+ trillion of spending than if they cut it all at once (if we assume a linear glide slope...it could be worse)?
Gift tax, estate tax, alcohol, firearms, income (ss, medicare), 401K's.......
There's a tax on just about everything somewhere. Even if you avoid state taxes, that stops the state from creating little programs that grow into national programs. Romneycare, for example. That was state, but the Dems used it to justify Obomacare. Children's health programs originated in the states as well. The states plant the seed, and the feds take it from there.
(Almost every oppressive federal social law we have today came out of one state - California.)
Obomas so called budget (which everyone, even democrats, rejected) had us up to 49 trillion in two years. He has no problem spending, because his base doesn't pay taxes. It doesn't cost him or his base one penny.
None dare call it treason.
The list: gas, ciggies and other tobacco products, highway tires, trucks (sale price), firearms, ammo, bows, fishing equipment, gas guzzler tax, local telephone service, long distance phone service, airfares.
Looks like income taxes are still a way bigger chunk, but every little bit helps :)
One of the vagaries of the two-party system.
Especially when the two parties are the Marxists and the Democrats.
Left the GOP long ago. They flat out suck.
What is your plan to throw off the shackles off tyranny?
What is your plan to throw off the shackles of tyranny?
It’s worse. The debt limit is expected to last through the next presidential election. At that time a new Congress will form. That Congress will be separate and independent from this Congress. They are free to vote as they choose on any bill without consideration of the intentions of the former Congress.
We need a hardening of the spine by injection of tea into the next House of Representatives. Boner needs to be defeated so Cantor can deliver.
Then we should howl First, that those are not where cuts need to be taken. How about cutting off ALL foreign aid - why should US citizens be the first to suffer? How about ending all hand outs to non-citizens? How about defunding the arts?
We are fools to allow the government to tell US where cuts should take place. It is our money after all.
Reacting in a knee-jerk fashion seems to be "the way".
Meanwhile, poor Jonah Goldberg has gone even squishier than Cantor by backing the McConnell plan:
If enough people to make a difference decide to do something, I will help. Other than that if I am still alive when they decide to put us in camps, I will just be shot down in my yard by whoever is in power’s police.
I do agree there is a major likely downside to the games with capitulation the GOP leadership is playing here.
It has the feel of the TARP negotiations (cum McCain’s campaign ‘suspension’) all lover again.