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Reid changing debt-ceiling plan to woo Republicans
Hot Air ^ | 10:00 am on July 30, 2011 | Ed Morrissey

Posted on 07/30/2011 8:22:43 AM PDT by Ernest_at_the_Beach

After yesterday’s embarrassing plea to Mitch McConnell to save him from a cloture vote, Harry Reid went back to the drawing board.  The Hill reports that Reid has altered his plan to raise the debt ceiling by borrowing more from the plans of McConnell and John Boehner, hoping to shake loose enough Republicans to get past the procedural hurdle:

The biggest change is that Reid would give the president almost unilateral power to raise the debt limit, borrowing an idea introduced by Senate Republican Leader Mitch McConnell (R-Ky.).

Reid would have President Obama request a $2.4 trillion debt-limit increase in two installments of $1.2 trillion each. The requests would be subject to congressional resolutions of disapproval, but these would do little to restrict the president.

Obama could veto any resolution of disapproval, and it would take a two-thirds vote in both chambers of Congress to override him.

According to a Senate Democratic aide, Reid also increased the total level of spending cuts from $2.2 trillion to $2.4 trillion, in part by using the January baseline — a budget maneuver House Speaker John Boehner (R-Ohio) used on a previous version of his debt-limit plan. The January budget baseline does not count cuts Congress implemented in legislation passed this spring to avert a government shutdown.

The McConnell mechanism wouldn’t stop Obama from raising the debt ceiling limit in the next installment, but Republicans might be more inclined to see that as a bug rather than a feature by now.  The “cuts” – such as they are – would come up front, with the possibility for getting more cuts down the line.  Obama would have to raise the limit himself, and Republicans in both chambers would be able to vote against it, forcing Democrats to own the hikes.  It’s not pretty, but it would set up the debate in 2012 as well as can be expected for the GOP at this point.

Reid also is rumored to be offering a vote on a balanced budget amendment as a sweetener for Republicans in the Senate, although not requiring passage.  That’s also a good development for the GOP.  A properly written amendment would force Congress to control spending rather than raise taxes by limiting the federal budget to a constant percentage of GDP.  If Democrats vote such a plan down, it’s yet another point for the 2012 debate.

However, according to The Daily Caller’s Amanda Carey and the Republicans on the Senate Budget Committee, the Reid plan has a big and unpleasant surprise for Republicans on taxes.  Reid’s figures rely on current law — and current law has all of the Bush-era tax rates expiring and rising to their previous levels.  It also assumes that Congress won’t provide a “patch” for the AMT:

Reid’s proposal includes a provision that “deems” budget resolutions for fiscal years 2012 and 2013, but Senate Democrats have not yet produced a 2012 budget proposal, much less one for 2013.

Within those anticipated budget resolutions lie the tax increases, according to the analysis, and here is where it gets tricky.

When the Congressional Budget Office scores a proposal, it uses either current policy or current law as its baseline. Reid’s bill is based on current law, which assumes certain tax breaks will expire according to pre-determined scheduled. That is a big deal.

The 2001–2003 Bush tax cuts are set to expire at the end of 2012. And some business tax breaks, “death tax” cuts, and the patch for the Alternative Minimum Tax expire at the end of 2011. Reid’s proposal assumes that Congress will not act to renew or extend those expiring tax breaks.

Total tax hike over 10 years, according to the GOP analysis?  $3.8 trillion.  And those would not just be tax hikes on the “wealthy,” either.  Those tax hikes would hit the middle class like a freight train, both on basic rates and the AMT creep that Congress has parried for years.  If this analysis is correct, Reid either wants to hit the US with the biggest tax hike in its history, or he’s offering bogus deficit reduction that will never occur.

If this sounds like a bad deal to you, keeping in mind what Tina wrote yesterday as well, then it just shows that you’re paying attention.  It could get worse, though, as this Star Wars parody shows:

I was actually looking for the original clip when I came across this one — which describes the situation far better.  Who knew Lando Calrissian was a Tea Party supporter?



TOPICS: Business/Economy; Front Page News; Government; News/Current Events
KEYWORDS: 2012budget; budgetbattles; debtceiling
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The Hot Air link for the parody...
1 posted on 07/30/2011 8:22:50 AM PDT by Ernest_at_the_Beach
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To: Ernest_at_the_Beach

$3.8 trillion.


2 posted on 07/30/2011 8:27:20 AM PDT by ken21 (dem + rino progressives -- destroying america for 150 years.)
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To: ken21

and the horse you rode in on


3 posted on 07/30/2011 8:32:36 AM PDT by shadeaud (" If you can't beat them, arrange to have them beaten." -- George Carlin fi)
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To: Ernest_at_the_Beach

Reid thinks that we are all imbeciles who cannot see through what he’s doing.


4 posted on 07/30/2011 8:38:13 AM PDT by no_go_lie
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To: Ernest_at_the_Beach

Only one thing happens after political wooing... stand by for a screwing.


5 posted on 07/30/2011 8:40:40 AM PDT by Keith in Iowa (Hope & Change - I'm out of hope, and change is all I have left every week | FR Class of 1998 |)
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To: Ernest_at_the_Beach
Obama would have to raise the limit himself, and Republicans in both chambers would be able to vote against it, forcing Democrats to own the hikes.

There it is there. The republicans are trying to make the democrats "own" the tax hikes. They are all about the politics of the situation.

The truth is that the American Taxpayer is going to "own" the tax hikes.

The taxpayers are going to be stuck with a backbreaking debt that will take generations to pay off at best. At worst, who knows?

6 posted on 07/30/2011 8:42:15 AM PDT by oldbrowser (They're socialists don't call them liberals)
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To: Keith in Iowa

How is giving one man the power to raise the debt ceiling going to woo Republicans? I’m lost.


7 posted on 07/30/2011 8:43:21 AM PDT by Kenny
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To: Ernest_at_the_Beach

woo who?

Which RINOs are in his crosshairs, so to speak?


8 posted on 07/30/2011 8:44:22 AM PDT by bigbob
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To: oldbrowser

This is political. I would rather see taxes get raised temporarily and have Obama and the Democrats own the economy totally going into next years election then the Tea Party win a Pyrrhic victory this year and Obama pins the blame on them. Like it or not, we have to win a majority of independents to get rid of the clown Obama. If Obama wins the election next year, count on a liberal supreme court majority within four years. If we win the Senate and the Presidency, we can roll everything back, but right now we cannot do much with 1/2 of Congress.


9 posted on 07/30/2011 8:54:56 AM PDT by fatez ("If you're going through Hell, keep going." Winston Churchill)
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To: All
Cleanup details....

Implied link ....What Tina wrote yesterday:

What’s so wrong with Reid’s bill?

***************************************************************

House Speaker John Boehner’s debt-ceiling-and-deficit-reduction bill, now through Revision Round 2 and headed for likely passage, has hogged most media attention over the past few days, but, with Senate Majority Leader Harry Reid now touting his bill as “the only compromise there is,” the lesser-known parts of Reid’s proposal deserve a little bit of attention.

First and most importantly, the bill actually explicitly seeks to excuse the Senate from passing a budget resolution for the next two years. Reid and Senate Democrats have enjoyed a more-than-800-day vacation from crafting a budget in the first place, but that’s just not enough never mind that the law requires the Senate to pass a budget every year. So, how does the Reid plan enable the Senate to skirt its responsibility even further? It “deems” a budget for this year and next year.

Sen. Jeff Sessions (R-Ala.) explained today on the Senate floor just what this means:

The Reid amendment to increase the debt limit deems two consecutive budget resolutions for fiscal years 2012 and 2013. In other words, it basically takes over the budget process and sets the basic spending number. Does the president think the Senate should go two more years without crafting or passing a budget? We’ve already gone two. The Reid amendment sets spending allocations for most Senate committees at the Congressional Budget Office’s rising baseline. … So it just says we’re going to deem the amount we spend, what C.B.O. has projected our growth and spending to be. And C.B.O. projects growth in spending. They don’t set that as right for America, but they project that’s what will occur under current circumstances. … So without hearings or debate on these allocations, this provision would provide a further excuse for avoiding a budget and increase the likelihood … the Congressional Budget Act will be violated for the third straight year. This is an abrogation of the responsibilities of the Senate and of the Budget Committee of the United States Senate. We were not elected to the Senate and chosen to serve on the Committee on the Budget … to see most of the budget levels automatically raised based on a set of spending growth projections by some apparachix in the C.B.O.

Sessions is right. It is an abrogation of responsibility — and one that’s been little remarked upon in discussion of Reid’s amendment.

Next, Reid’s bill boasts the largest debt increase in U.S. history — $2.7 trillion. Up to now, the most sizable increase has been $1.9 trillion (also an Obama increase). Debt ceiling increases might be routine — but hikes of this magnitude are not. Far better — and, frankly, more in line with precedent — to split that increase into two “smaller” amounts (even split in half, the increase is monstrous!).

Finally, as has been repeatedly pointed out, the savings in Reid’s bill aren’t exactly real. Reid touts dollar-for-dollar savings, but that’s a ruse. The bill actually delivers just $1 trillion in cuts in exchange for that unprecedented $2.7 trillion increase. The Global War on Terror savings are a gimmick. The administration has never requested current levels of funding for the war for the next ten years (i.e. the administration has never planned to spend $160 billion each year on the war for the next 10 years).  Not funding what the administration was never going to fund doesn’t qualify as a cut.

Yet, Reid still claims his bill represents a compromise, whereas Boehner’s bill does not. Here he is today, making it sound as though he’s doing a favor to moderate Republicans who recoil from the lack of compromise Boehner has put forth:

Right now, this is the only compromise there is. … What is being done in the House is not a compromise. It’s being jammed through there with all kinds of non-transparent dealings. We’re recognizing the only compromise there is, is mine. Ours is truly a bipartisan piece of legislation. Republicans realize that. I’ve had a number of Republicans come to me. I had one Republican come to me and say, “Thank you” for your legislation. … I’ve asked my friend Sen. McConnell to meet with me and try to work this out. … The stakes couldn’t be higher. The security of our nation, every family, is at stake here. If the debt ceiling is not increased, every American family will feel an increase in their taxes, all their payments, credit cards, loans that they’ve taken out for their children to go to college, car payments, mortgages on their houses. So I say here to my Republican colleagues in the Senate to put the American people first. … The people we all represent want us to come together.

But what does the bill offer that Republicans want? Equivalent cuts? No. Enforceable future cuts? No. A vote on a balanced budget amendment? Certainly not.

Why aren’t House Republicans writing Reid a letter to say they won’t support his bill if it makes it to the House? Why isn’t Boehner saying it’s DOA?

10 posted on 07/30/2011 8:55:49 AM PDT by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Ernest_at_the_Beach

http://twitter.com/#!/SpeakerBoehner

SpeakerBoehner Speaker John Boehner
DOA: @SenatorReid’s bill a non-starter in the House (and the Senate?) http://j.mp/o2UbyD
58 minutes ago


11 posted on 07/30/2011 8:56:03 AM PDT by maggief
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To: Ernest_at_the_Beach
Reid has more slime than a hagfish.
12 posted on 07/30/2011 8:59:10 AM PDT by JPG (Yes she can!)
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To: All
AND;

Starwars Parody

Vader Altered the Deal smaller.avi

LOL!

13 posted on 07/30/2011 8:59:25 AM PDT by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Ernest_at_the_Beach

The Republicans should tell Reid to go straight to H-— and take his trolls with him..


14 posted on 07/30/2011 9:00:22 AM PDT by PLD
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To: fatez
I would rather see taxes get raised temporarily

With the dems, there is no such thing as a temporary tax hike. The dems want socialism, and right now the only way to stop them is to make them accept the fact that they have run out of other people's money. We can't change policy since we are not the party in power, however, we can stop being enablers (by drying up their revenue base).

15 posted on 07/30/2011 9:02:18 AM PDT by mlocher (Is it time to cash in before I am taxed out?)
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To: maggief

Thanks for the info.


16 posted on 07/30/2011 9:02:55 AM PDT by Ernest_at_the_Beach ( Support Geert Wilders)
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To: maggief
Update from Hot Air on the article:

**********************************************EXCERPT********************************************

Update: Fred Bauer says S&P is counting on the expiration of all the Bush tax rates, too.

17 posted on 07/30/2011 9:05:28 AM PDT by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Kenny

oh, the very genteman Senator from KY assumes the voters will all hold the GOP blameless and blame obama if he owns the power to unilaterally raise the debt limit and ruin our economy beyond repair, don’t you see?

because obama is a normal sane kind of guy who will ultimately be shamed by cavalier old white men, into being responsbible for his excesses, his party and he will be acountable to the voters, and obama will therefore put the nation above his ideology

SARC


18 posted on 07/30/2011 9:05:59 AM PDT by silverleaf (All that is necessary for evil to succeed, is that good men do nothing)
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To: PLD

See #11—


19 posted on 07/30/2011 9:07:15 AM PDT by Ernest_at_the_Beach ( Support Geert Wilders)
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To: silverleaf
The biggest change is that Reid would give the president almost unilateral power to raise the debt limit, borrowing an idea introduced by Senate Republican Leader Mitch McConnell (R-Ky.).

Me: It was a turd when McConnell suggested it too!

Reid would have President Obama request a $2.4 trillion debt-limit increase in two installments of $1.2 trillion each. The requests would be subject to congressional resolutions of disapproval, but these would do little to restrict the president.

Obama could veto any resolution of disapproval, and it would take a two-thirds vote in both chambers of Congress to override him.

Are you fscking kidding me? Does anyone really understand what Reid is doing here? He's literally giving away the House's ability to regulate the economy by allowing the Executive branch to raise the debt limit ad infinitum.

This is drastically bad news if it passes. I don't see anything positive coming out of this deal.

This proves, universally, that Democrats and Liberals, specifically, are evil people Hell bent on resurrecting Marx and destroying America as we know it.

20 posted on 07/30/2011 9:11:53 AM PDT by rarestia (It's time to water the Tree of Liberty.)
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To: Ernest_at_the_Beach
Reid is in great shape. The usual suspects, Snow, Collins, McCain, Graham...will knife us and the nation in the back.
21 posted on 07/30/2011 9:12:25 AM PDT by Nuc 1.1 (Nuc 1 Liberals aren't Patriots. Remember 1789!)
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To: no_go_lie

Considering dingy harry’s constituants voting for him and the dems in general, why he think otherwise?


22 posted on 07/30/2011 9:12:25 AM PDT by dusttoyou ("Progressives" are wee-weeing all over themselves, Foc nobama)
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To: Ernest_at_the_Beach

This is the road to nationalist socialist tyranny, and the establishment of the United States of Zimbabwe.

This must not be approved by the House Republicans, it must be rejected. It is a grift of massive proportions, and it willbe used to destroy the investing conservative class in America.


23 posted on 07/30/2011 9:13:34 AM PDT by Candor7 (Obama fascist info..http://www.americanthinker.com/2009/05/barack_obama_the_quintessentia_1.html)
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To: Ernest_at_the_Beach

And still the sheeple sleep... Ridiculous. The entire charade would be laughable if it were not so absolutely serious.

There is only one way to fix it... Zero Based budgeting, every year. Constitutional validation of every department, bureau, agency, commission and committee in terms of the enumerated powers found in the Constitution.

Implement the Fair Tax model (less the patently offensive subsidies), and address the ‘double tax’ issue with offset credits based on current market value of held (declared) funds (retirement funds, annuities, 401k’s, etc.).

Require two-thirds majorities in both houses of Congress to change the established tax rate, subject to recall by the electorate.

Good start.


24 posted on 07/30/2011 9:17:26 AM PDT by PubliusMM (RKBA; a matter of fact, not opinion. 01-20-2013: Change we can look forward to.)
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To: mlocher

It will be temporary when we win a landslide election next year and take the Senate. The democrats only hope is to successfully pin the economy on us right now thru the debt ceiling failure. If Obama and the dems own the economy in next years election, it will be a conservative landslide. I want the same thing you do, I think we have different views on the how to get there.


25 posted on 07/30/2011 9:25:21 AM PDT by fatez ("If you're going through Hell, keep going." Winston Churchill)
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To: Ernest_at_the_Beach
Be wary of any deal where the Democrat liberal socialist come out against it, protest it, or begin to scream that Reid has caved to the Republicans! This will simply be a
dog and pony show” to make Tea Party Republicans and the rest of America falsely believe they are getting a great deal, when in fact, the American people have been played yet again like chumps, and dolts!

The bottom line here is Obumbum needs the debt limit to be raised past his election so that he can try and get reelected without this facing him again!

The liberal socialist will never agree to a balanced budget because they will not be able to continue running their [ponzi] schemes, i.e. social security (they ripped off for more than 70 trillion dollars)!

Liberal socialist want to raise our taxes to pay for more of their social programming and will not compromise on this!

Finally, they need social security, medicaid, and medicare as issues to use against Republicans in the election, because they have no other issue, so reductions, or any attempt to revamp these programs to make them viable will be prevented by these same socialist!

Any deal will be bad for America, don't be fooled by the old media who is carrying the water for this administration, and bigger government control over the people.

26 posted on 07/30/2011 9:27:18 AM PDT by paratrooper82 (We are kicking Ass in Afghanistan, soon we will be home to kick some more Asses in Congress!)
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To: Keith in Iowa
“... stand by for a screwing” the liberal socialist won't even bother to give the RINO Republicans a kiss after wards either!
27 posted on 07/30/2011 9:29:35 AM PDT by paratrooper82 (We are kicking Ass in Afghanistan, soon we will be home to kick some more Asses in Congress!)
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To: fatez
If we win the Senate and the Presidency, we can roll everything back, but right now we cannot do much with 1/2 of Congress.

I see what you are saying. However, that path will cost us three or four trillion dollars in additional pork for the democrats and their supporters who will undoubtedly pour a lot of that back into the democratic campaign to keep control of the government.

And then if we win, we will inherit a country and economy which have been eviscerated by Obama, Reid, and Pelosi. We will have a bankrupt nation with no credit that owes 17 or 18 trillion, high unemployment, flooded with illegals, terrorist at our throats, etc. etc. I think we should make our stand now, while there may still be something to save. I know we only control the house but it is a crucial piece of the power structure and I believe we also have an edge in the supreme court.

28 posted on 07/30/2011 9:30:43 AM PDT by oldbrowser (They're socialists don't call them liberals)
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To: fatez

Just in case you have missed it, the moderates have already broke from Obumbum to the Republicans in the last election, it is highly doubtful they will turn and vote for the socialist party again!


29 posted on 07/30/2011 9:31:59 AM PDT by paratrooper82 (We are kicking Ass in Afghanistan, soon we will be home to kick some more Asses in Congress!)
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To: lonevoice

If the Republicans vote for this, or anything close to it, I don’t think I can cope with it. This gives the Executive Branch even more power than it has already consumed since Obama was elected.


30 posted on 07/30/2011 9:35:39 AM PDT by Pride in the USA
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To: All

First, if obama gets 2 trillion dollars to spend in the next year and a half, will be even survive for there to be another election? You KNOW he’ll spend it as fast as he can and that can’t be good for this country.

Second, I’m beginning to think the gop elite and the dems are ALL socialists. Maybe they believe the “experiment” is over and they’re just trying to keep it going as long as they can so they’re lavish lifestyle and great retirement stays in place.


31 posted on 07/30/2011 9:37:21 AM PDT by Terry Mross (I will only vote for a SECOND party.)
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To: Ernest_at_the_Beach

More accounting gimmicks in Reid’s new “increase in cuts”, too:

“Reid also increased the total level of spending cuts from $2.2 trillion to $2.4 trillion, in part by using the January baseline - a budget maneuver House Speaker John Boehner (R-Ohio) used on a previous version of his debt-limit plan. The January budget baseline does not count cuts Congress implemented in legislation passed this spring to avert a government shutdown.”

http://www.americanthinker.com/blog/2011/07/reid_strikes_back.html


32 posted on 07/30/2011 10:22:48 AM PDT by Qbert ("The best defense against usurpatory government is an assertive citizenry" - William F. Buckley, Jr.)
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To: Ernest_at_the_Beach

Any Republican who even debates the Harry Reid/Senate plan should be publicly flogged with a wet copy of the US Constitution and drummed from the Party in infamy.Any Democrat who votes in favor of that plan is already a Commie Pinko Fag and not an American.


33 posted on 07/30/2011 10:48:08 AM PDT by StonyBurk (ring)
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To: fatez
I would rather see taxes get raised temporarily

ROTF!

What is this alien thing that you speak of?

Temporary tax,...Mmmm, interesting concept but by laws of political nature completely impossible under the heavens in any way shape or form.

Temporary tax has no definition placed by ANY politician conservative or liberal.

34 posted on 07/30/2011 10:52:04 AM PDT by EGPWS (Trust in God, question everyone else)
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To: ken21

Nothing is more certain than that a general profligacy and corruption of manners makes a people ripe for destruction....”
Rev.John Witherspoon Princton sermon May 17,1776 On a national day ( a day set aside for the united colonies by Congress)of humiliation, fasting and prayer. And Thomas Jefferson letter to James Madison Sept.,1789 ‘...neither the legislature nor the nation itself can validly contract more debt than they can repay within their own age, or within the term of 19 yrs.... Sound wisdom Those insisting the Democrats need to spend more of OUR money and borrow more from foreign creditors to assure our children’s grandchildren will in in bondage from the womb to the tomb.


35 posted on 07/30/2011 10:58:24 AM PDT by StonyBurk (ring)
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To: SunkenCiv; NormsRevenge; SierraWasp; blam; tubebender; Grampa Dave; A CA Guy; Brad's Gramma; ...

Detail time...see all of the thread!!!


36 posted on 07/30/2011 11:49:24 AM PDT by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Ernest_at_the_Beach

giving more power to Obama is imbecilic and any GOPer who votes to do it should be recalled!


37 posted on 07/30/2011 11:53:21 AM PDT by GeronL (The Right to Life came before the Right to Happiness)
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To: no_go_lie

“Reid thinks that we are all imbeciles who cannot see through what he’s doing.”

And most voters can’t.


38 posted on 07/30/2011 12:00:22 PM PDT by chooseascreennamepat (I have a liberal arts degree, do you want fries with that?)
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To: fatez
I agree with you that we need to pin the economy on Obama, and there is wisdom in your thinking that a tax increase will further tank the economy. It is not always clear how long it takes an economy to tank when taxes are raised -- Laffer's curve, the best predictive model I know of wrt to economy/taxes, is a bit vague on time-frame.

I may have to raise a glass to a conservative landslide tonight -- and I hope you do too! Have a great one!

39 posted on 07/30/2011 12:13:56 PM PDT by mlocher (Is it time to cash in before I am taxed out?)
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To: markomalley

fyi


40 posted on 07/30/2011 12:37:22 PM PDT by Ernest_at_the_Beach ( Support Geert Wilders)
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To: paratrooper82

Haven’t missed it, but I remember 1994...


41 posted on 07/30/2011 12:46:43 PM PDT by fatez ("If you're going through Hell, keep going." Winston Churchill)
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To: Ernest_at_the_Beach

LMAO... “this deal is very fair, and I’m happy to be a part of it.”

- also, thanks for the ping, Ernest


42 posted on 07/30/2011 12:47:27 PM PDT by glock rocks (Wait, what ?)
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To: StonyBurk
Any Republican who even debates the Harry Reid/Senate plan should be publicly flogged with a wet copy of the US Constitution

Naw, the Constitution is only a few pages. Use the Obamacare bill.

43 posted on 07/30/2011 12:55:25 PM PDT by glock rocks (Wait, what ?)
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To: Ernest_at_the_Beach; AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; ...

Thanks Ernest_at_the_Beach!


44 posted on 07/30/2011 1:43:13 PM PDT by SunkenCiv (Yes, as a matter of fact, it is that time again -- https://secure.freerepublic.com/donate/)
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To: Ernest_at_the_Beach
RE: "Detail time...see all of the thread!!!"
Thanks Ernest.
45 posted on 07/30/2011 3:00:33 PM PDT by Marine_Uncle (Honor must be earned....Duncan Hunter Sr. for POTUS.)
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To: Ernest_at_the_Beach
Thank you Paul Revere at the Beach!!! I've been watchin 'em mill around in the well of the senate, voting on whether to require themselves to return to their seats, or not.

Our best hope is for total gridlock extending through Nov. 2012, followed by a landslide of disgust by the rational people of America. The trick will be getting the truth understood by those rational types through the burgeoning brown cloud put in our atmosphere by the MSM!!!

God save America, please!!! (and BLEEP the traitorous MSM)

46 posted on 07/30/2011 3:37:57 PM PDT by SierraWasp (I'm done being disappointed by "He/She is the only one who can win" and being embarrassed later!!!)
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To: Ernest_at_the_Beach
You know what will probably happen... They will probably allow themselves to be panicked by the false spector of supposed default into voting for some POS solution based strictly on "Hurry! Do something, anything immediately, even if it's wrong!!!"

I put up a link to a MoneyMarket.com article yesterday, that reminded everyone who read it that the same exact "debt ceiling" increase "crisis" popped up during Dwight D. Eisenhour's presidency. Congress wouldn't pass it then and the Treasurery Dept. liquidated enough of the then vast gold reserves with the central bank to pay all the bills for over a year!!!

Even if our Federal Gold Reserve is diminished today, what we have is based on $40/ounce prices and with the price/ounce now at over 1600/oz, it would still save us from mistakes induced by panic mongers in the three branches with the media megaphone blaring BS all over all of us!!!

47 posted on 07/30/2011 3:54:55 PM PDT by SierraWasp (I'm done being disappointed by "He/She is the only one who can win" and being embarrassed later!!!)
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To: Ernest_at_the_Beach

Here’s the link to the link I posted yesterday and referred to just above:http://www.freerepublic.com/focus/news/2755750/posts?page=5#5


48 posted on 07/30/2011 3:58:55 PM PDT by SierraWasp (I'm done being disappointed by "He/She is the only one who can win" and being embarrassed later!!!)
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To: SierraWasp
I caught a replay of the House voting on the Reiid bill (I think sometime today ) and talk about a bunch of BS being blathered out...mostly the Dems were ravaging about the Republicans deleting 500 Billion from medicare...in the Ryan bill...now how does that compute with the Bill on the Floor...

If you can handle seeing that...watch for a replay on CSPAN...

Just unbelievable!!!

49 posted on 07/30/2011 4:45:49 PM PDT by Ernest_at_the_Beach ( Support Geert Wilders)
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To: All
hot Air link

Open thread: House to vote on Reid’s debt bill — before he offers it; Update: 43 GOP senators sign letter opposing Reid’s bill; Update: House defeats Reid’s bill, 173/246 — with Democratic help Share

50 posted on 07/30/2011 4:50:00 PM PDT by Ernest_at_the_Beach ( Support Geert Wilders)
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