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White House, Republicans Strike Tenative Deal To Raise Debt Ceiling
ABCNews ^ | July 30, 2011 | Jonathon Karl

Posted on 07/30/2011 8:21:33 PM PDT by Beaten Valve

ABC News has learned that Republicans and the White House have struck a tenative deal to raise the debt ceiling before the Aug. 2 deadline.

It's not done yet, but here is the framework of the tentative deal they have worked out, according to a source familiar with the negotiations:

(Excerpt) Read more at blogs.abcnews.com ...


TOPICS: Breaking News; News/Current Events; US: District of Columbia
KEYWORDS: debtdeal; debtdealcavein; debtdealshowdown; debtgraphics; deficit; deficitgraphics; democrats; republicans; taxes; whitehouse
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To: God luvs America
if you believe that is the case than how can dollar-for-dollar cut & raise for the debt ceiling, no new taxes and a vote on a BBA be a bad thing???

Because that is all total balderdash. They are raising taxes. There will be no real cuts. And there will be no "balanced budget amendment."

All there will be is another $2.8 TRILLION dollars in debt, with interest.

251 posted on 07/30/2011 9:45:41 PM PDT by EternalVigilance (They've swindled every penny out of the living, so now they've moved on to looting posterity.)
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To: Enchante

quote above is excerpt from Article V of the US Constitution on process for amending the document....


252 posted on 07/30/2011 9:46:07 PM PDT by Enchante (Are there any honest politicians in Washington, DC??)
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To: silentknight

“Let this article sink in

If true then - well then I don’t know what happens. We sink.”

http://blogs.forbes.com/richardsalsman/2011/07/29/washingtons-budget-cuts-would-boost-spending-50/

I agree. Unfortunately people are so busy celebrating “a deal” that they don’t look at what the deal really is.

We are on a downward spiral and unless we elect a fiscally responsible president and Congress, who also have some courage, we may be passing the point of no return to become a third world country and nobody will bail us out, you can be sure of that.


253 posted on 07/30/2011 9:46:07 PM PDT by Clairity ("The United States needs to be not so much loved as it needs to be respected." -- VP Dick Cheney)
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To: aruanan
"I'll gladly pay you next Tuesday for a trillion dollar cheeseburger today."

LOL -- thanks for the levity, even if it is all too true!

254 posted on 07/30/2011 9:46:28 PM PDT by mlocher (Is it time to cash in before I am taxed out?)
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To: sickoflibs

If this bill is killed, I could care less, the debt ceiling is not raised.


255 posted on 07/30/2011 9:46:58 PM PDT by Perdogg (0bama got 0sama?? Really, was 0sama on the golf course?)
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To: freeangel; All

I believe there is wording that indicates “except if the country is at war” somewhere which invalidates almost everything!

Also what effect will the deadline of the continuing budget resolution expiring in September 2011 have on the whole picture? If any?

And, what if we win the Senate in 2012 by partly losing now? Veto proof. Two majorities with veto proof margin of the third makes Obambi a hangover.

A gamble we could/might lose but if we win, then we have a solution - instead of a certainty of a total Obama created and led disaster if we cannot have a chance at the Senate majority.


256 posted on 07/30/2011 9:47:36 PM PDT by FARS (Be healthy, happy and thrive,)
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To: MHGinTN

exactly

this a phony PR release by the Soros Media machine and the All Barack Channel is a true Soros front group.


257 posted on 07/30/2011 9:47:46 PM PDT by ncalburt (NO MORE WIMPS need to apply to fight the Soros Funded Puppet !)
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To: SideoutFred

No, the economy won’t turn around. But look at the polls. It shows 40% still love this guy? And I believe another 10%, at least, will vote for him when the time comes.

obama looked bad on this deal. It would have been nice if he would be looking bad in oct 2012.


258 posted on 07/30/2011 9:48:18 PM PDT by Terry Mross (I will only vote for a SECOND party.)
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To: Perdogg

The Reid bill will become the alternative to the Boehner bill. The alleged Obama-Rep deal will use it as the vehicle to replace the Boehner bill with the Senate’s version. If it is passed in the Senate, it will go to the House for approval. By the Constitution, any appropriations bill must be initiated in the House. That was the whole purpose of the Boehner bill, i.e., to give the Senate the vehicle to propose an alternative. The Senate has changed the vote on the bill from 1 AM to 1 PM on Sunday. I assume that the alleged deal will be reflected in the new Reid bill.


259 posted on 07/30/2011 9:48:46 PM PDT by kabar
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To: Rick_Michael


THIS SMELLS FISHY !

We have the Liberals and the President on the ropes. Obama is getting killed in the polls.

HOLD THE LINE !
260 posted on 07/30/2011 9:48:50 PM PDT by TheShaz
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To: Jim Robinson
Photobucket
261 posted on 07/30/2011 9:48:57 PM PDT by keypro (Dubyateaeff)
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To: EternalVigilance

The primary goal of the Republicans in this has been identical to Obama’s EVERY SINGLE STEP OF THE WAY.
///
you and Rush are correct.
http://www.freerepublic.com/focus/news/2755346/posts

and soon it will be obvious, to the most casual observer.
and it is our children who will pay the price.


262 posted on 07/30/2011 9:49:29 PM PDT by Elendur (It is incumbent on every generation to pay its own debts as it goes. - Thomas Jefferson)
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To: jeltz25
I don’t get what the “if that doesn’t happen” means. If the Committee doesn’t get 7 votes then Congress must pass the BBA(which version of the the BBA?). But then it says if that doesn’t happen there are automatic cuts.

Is that even constitutional? I don't like If/Then statements regarding passage.

263 posted on 07/30/2011 9:49:41 PM PDT by LdSentinal
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To: Beaten Valve

The RINO-Dem Coalition no doubt wins their plan but the TEA Party really wins in the end I think.


264 posted on 07/30/2011 9:49:59 PM PDT by GeronL (The Right to Life came before the Right to Happiness)
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To: mlocher
My guess is that if this plan is true, the WH has been in close contact with the rating agencies to get their take on the plan.

The rating agencies were in on the fix. Amazing timing to start talking downgrade in the midst of the negotiations. If they were objective, our bonds should have been downgraded many months if not years ago when it became obvious that our spending and liabilities were unsustainable and the pols had absolutely no will to reform.
Maybe the time horizon makes sense for AAA though, not sure how forward looking they rate. 1 year, 5, etc. Seems nuts though when we are peddling 30 yr bonds... One thing is certain however, our bonds will be downgraded sooner rather than later. Inevitable.

265 posted on 07/30/2011 9:50:09 PM PDT by Mensius
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To: LdSentinal

I am getting confused

Can someone tell me which coconut shell the ball is currently located on? I missed the last hand movement. /sarc

:)


266 posted on 07/30/2011 9:51:07 PM PDT by silentknight
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To: FARS

I believe there is wording that indicates “except if the country is at war” somewhere which invalidates almost everything!

If this is true all obama has to do is get into a war. He just got us into one in Libya without congressional approval and congress didn’t do a darn thing about it except complain.


267 posted on 07/30/2011 9:51:46 PM PDT by Terry Mross (I will only vote for a SECOND party.)
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To: Perdogg

>> No tax increases.

Not an issue before this “debt crisis”, so it’s not like Boehner accomplished anything here.


268 posted on 07/30/2011 9:52:03 PM PDT by Gene Eric (May our dreams converge for a free and prosperous nation.)
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To: LdSentinal

“The Super Committee”

I’ll look for that in the Constitiution.

All for Vampire-Care timing, for the iron hand of Big D.C.

“Thou Shall Not Steal” Exodus 20:15


269 posted on 07/30/2011 9:52:35 PM PDT by Varsity Flight
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To: Qbert

‘Then it’s utterly useless.’

So you would have preferred massive tax increases, no vote on a BBA, no reduction at all in proposed spending increases, which is what Obama was saying less than a week ago.


270 posted on 07/30/2011 9:52:58 PM PDT by Lucius Cornelius Sulla (Liberty and Union, Now and Forever, One and Inseparable -- Daniel Webster)
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To: jeltz25

This is going to be a very hot few days or week coming.


271 posted on 07/30/2011 9:53:15 PM PDT by sickoflibs (If you pay zero Federal income taxes, don't say you are paying your 'fair share')
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To: Beaten Valve

A committee! We’re saved!!!


272 posted on 07/30/2011 9:53:20 PM PDT by clintonh8r (Happy to be represented by Lt. Col. Allen West (this tagline under review))
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To: GeronL
The RINO-Dem Coalition no doubt wins their plan but the TEA Party really wins in the end I think.

Well, I hope the real Tea Party "wins." But not the phony Republican astroturfed Tea Party. They overwhelmingly supported raising the debt ceiling by trillions of dollars.

The real Tea Party had better figure out how to actually vet candidates, to tell the sheep from the goats. Because last time it was mostly the goats who made it through the chute.

273 posted on 07/30/2011 9:54:11 PM PDT by EternalVigilance (They've swindled every penny out of the living, so now they've moved on to looting posterity.)
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To: All

I have no opiniion on any of this until I see the legislation. My default position is no debt ceiling increase but that was never going to happen with this group of Republicans so my approval depends on whether they’ve made our current problems worse or not.

The one thing I want to take issue with is this obsession over a debt ceiling fight next year. Who damn well really cares. The debt isn’t going to magically disappears and that remains an issue. The #1 issue next year is JOBS. That and gas prices are all voters will be focusing on.


274 posted on 07/30/2011 9:54:35 PM PDT by Soul Seeker ( I was there when we had the numbers, but didn’t have the principles.---Jim DeMint)
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To: Qbert

Yup, government-speak 101—baseline budgeting. Add the extra spending from stimulus to baseline and a $900B INCREASE is CONSIDERED A CUT BY OMB?!?!?! Can’t decide if we are in Twilight Zone, 1984, Atlas Shrugged or ALL THE ABOVE :( eh, all the above!


275 posted on 07/30/2011 9:54:35 PM PDT by bushwon ("If you think healthcare is expensive now, wait till it is free"--PJ O'rourke)
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To: Mensius
Maybe the time horizon makes sense for AAA though, not sure how forward looking they rate. 1 year, 5, etc. Seems nuts though when we are peddling 30 yr bonds... One thing is certain however, our bonds will be downgraded sooner rather than later. Inevitable.

I agree with you that our bonds are overrated and it is a matter of time. In my opinion, the agencies would not have the guts to downgrade this coming week if this deal passes. I suspect that the agency has the ability to have different ratings based on maturity, but that it may be too confusing for the markets to digest.

276 posted on 07/30/2011 9:54:40 PM PDT by mlocher (Is it time to cash in before I am taxed out?)
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To: bushwon

I’m pessimistic myself, but so far, this is more of a “win” for us than I expected considering it looked like Boehner was in full on retreat mode earlier.


277 posted on 07/30/2011 9:55:26 PM PDT by F1reEng1neRed
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To: jeltz25

‘If what doesn’t happen?’

If the Congress doesn’t make the required 1.8 trillion in reduced spending, it can either pass the BBA OR see automatic 1.8 trillion in across the board cuts.


278 posted on 07/30/2011 9:56:23 PM PDT by Lucius Cornelius Sulla (Liberty and Union, Now and Forever, One and Inseparable -- Daniel Webster)
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To: Elendur
and it is our children who will pay the price.

Oh, we will pay the price, we are right now. Commodities aren't spiking because of scarcity, but weakness of the dollar. Interest rates are being kept artificially low and inflation is being mis-calculated. It is very soon we ALL start paying the piper.

279 posted on 07/30/2011 9:56:51 PM PDT by Mensius
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To: sickoflibs

How many times have we heard this story?


280 posted on 07/30/2011 9:58:00 PM PDT by arrogantsob (Why do They hate her so much?)
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To: TexasFreeper2009
Haven't read the whole thread, but I like a lot of what I see in this compromise. It is far from perfect, but it is something to build on.

My guess is the Left will be apoplectic about it.

281 posted on 07/30/2011 9:58:07 PM PDT by comebacknewt ((on second thought, never mind, go away again Newt))
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To: Soul Seeker

There some people here that are not happy unless they are bashing Boehner. Your point is well taken since 0bama would have to own up to cuts in entitlement.


282 posted on 07/30/2011 9:58:33 PM PDT by Perdogg (0bama got 0sama?? Really, was 0sama on the golf course?)
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To: silentknight
Can someone tell me which coconut shell the ball is currently located on? I missed the last hand movement

The coconut shells are actually US Treasuries, and the ball is the cash to cover the face value of one Treasury. This bill stops the increase in the number of coconut shells on the table in about 10 years. That is all you need to know.

283 posted on 07/30/2011 9:59:00 PM PDT by mlocher (Is it time to cash in before I am taxed out?)
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To: Clairity

All true. Everything you said.

I trust “greedy” free market capitalists and the market more than I trust greedy politicians and polls.

The fact that the Dow and Treasury rates haven’t moved much is proof that they always knew that politicos would cave and revert to the easy path.


284 posted on 07/30/2011 10:00:10 PM PDT by Eric Blair 2084 (I don't always drink beer, but when I do, I prefer to drink a bunch of them. Stay thirsty my FRiends)
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To: Terry Mross

‘He just got us into one in Libya without congressional approval’

Only because he insists that it is NOT a war.


285 posted on 07/30/2011 10:00:37 PM PDT by Lucius Cornelius Sulla (Liberty and Union, Now and Forever, One and Inseparable -- Daniel Webster)
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To: Beaten Valve

An increase in the debt ceiling means more spending and more taxes. This isn’t a victory for Conservatism, this is a victory for big government establishment types. When you have big government idiots like Boehner, Reid, Obama and McConnell at the negotiating table, you get this confusing mixture of “revenue increases (more taxes), a raise in the debt ceiling (more taxes) and dollar-for-dollar cuts (no real cuts). Forget about the BBA, because that’s not going to happen as long as Dingy Harry is in charge of the Senate and Hussein is in the WH.


286 posted on 07/30/2011 10:00:48 PM PDT by BigSkyFreeper (You have entered an invalid birthday)
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To: Mensius
inflation is being mis-calculated

I agree that inflation is being understated but I also think that the reason we are not experiencing hyperinflation is because the banks are thankfully sitting on huge portion of the cash that has been pumped to them by the Fed. If they were actually loaning that money out, I shudder to think what would be happening to the dollar.

287 posted on 07/30/2011 10:01:06 PM PDT by vbmoneyspender
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To: All
Okay, this whole process has completely sucked. What is really going to put a dent in these exponential graphs?

<

I don't care what they cackle about and sign, I know a bit about statistics, and what they're agreeing to is not going to even tap the brakes on this rate of progression. Or to put more bluntly, "They's accerleratin' and there's nothin' stoppin' em."

We've been thrown a bone folks, and now we're supposed to STFU! Well to hell with that! We the People know we're talking about the survival of our sacred republic. Rally and Fight! Game On!

Oh, and BTW, here's our National "in and out" budget, you know, just like at home. . Paychecks in, Bills out, you know the drill. Looks like a Whoops and Oh Oh to me:

58% entitlements. . . "that we can't touch". . .

So, if any of you rats think this is all going to be fixed before Obama's birthday, I have news for you: The sleeping giant is now really awake, more informed, and even Madder than Before!

288 posted on 07/30/2011 10:01:33 PM PDT by Art in Idaho (Conservatism is the only hope for Western Civilization.)
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To: Lucius Cornelius Sulla

“So you would have preferred massive tax increases, no vote on a BBA, no reduction at all in proposed spending increases, which is what Obama was saying less than a week ago.”

Oops! I didn’t realize I was addressing an Establishment groupie...

Yes, yes, of course... the “only” other alternative to any of this is what you suggest. (Seriously, that’s like some argument that a leftist would come up with...)


289 posted on 07/30/2011 10:01:36 PM PDT by Qbert ("The best defense against usurpatory government is an assertive citizenry" - William F. Buckley, Jr.)
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To: freespirited
A nay [BBA] vote will be an albatross around the neck of RAT candidates up for re-election next year. This is good.

Exactly.

CNN/ORC INTERNATIONAL POLL — JULY 18 TO 20, 2011 Question 25 Would you favor or oppose a constitutional amendment to require a balanced federal budget? Base = Total Sample Total Men Women White Non-White ...-—— -—— -—— -—— -———— Favor 74% 74% 75% 76% 72% Oppose 24% 25% 24% 23% 27% No opinion 1% 1% 1% 1% 1% Sampling Error +/-3.0 +/-4.5 +/-4.5 +/-3.5 +/-7.5

290 posted on 07/30/2011 10:04:03 PM PDT by denydenydeny (Rage all you want, looters & moochers, but the gods of the copybook headings are your masters now.)
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291 posted on 07/30/2011 10:05:06 PM PDT by Clairity ("The United States needs to be not so much loved as it needs to be respected." -- VP Dick Cheney)
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To: vbmoneyspender
I agree that inflation is being understated but I also think that the reason we are not experiencing hyperinflation is because the banks are thankfully sitting on huge portion of the cash that has been pumped to them by the Fed.

Good observation. I would add that a lot of cash is moving to other havens (gold, overseas investments, etc.) instead of becoming job creating capital. Our business climate is too risky for many investors. Second, the Dodd-Frank Bill places onerous restrictions on banks that is limiting the velocity of money. No amount of liquidity is going to solve our economic problem.

292 posted on 07/30/2011 10:05:35 PM PDT by mlocher (Is it time to cash in before I am taxed out?)
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To: Terry Mross
I don’t care what people say, this is a loss for the republicans. This guarantees obama’s re-election.

FR's bright and shining ray of hope speaks again.

Why don't you just change your tagline to "We're All Gonna Die!!!"

293 posted on 07/30/2011 10:05:50 PM PDT by Windflier (To anger a conservative, tell him a lie. To anger a liberal, tell him the truth.)
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To: All

The only critical question is how much of this is in FY2012?


294 posted on 07/30/2011 10:06:24 PM PDT by Owen
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To: Art in Idaho

It occurs to me that if the Republicans really wanted a balanced budget amendment they would have passed one during the recent years in which they controlled both houses of Congress, and, if they really wanted to balance the budget they would have simply refused to raise the debt ceiling.

If a BBA is part of this deal, it means exactly NOTHING. It’s political cover. Nothing more, nothing less.


295 posted on 07/30/2011 10:07:58 PM PDT by EternalVigilance (They've swindled every penny out of the living, so now they've moved on to looting posterity.)
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To: mlocher

I agree with you. Tho I am verry skeptical, I am going to listen to Levin and Limbaugh on Monday—they have a very savvy and reasoned way of looking at news/politics. It will be interesting to see how these threads go on Monday.

I am so tired of seeing the kicking the can down the road. I grieve for my children and upcoming grandchildren.

I feel the the GOP had a chance to do something and didn’t. I feel very short-changed. Maybe Monday, maybe in a few months I will be proven wrong—I really hope so, but for now, I am verry skeptical and disappointed.


296 posted on 07/30/2011 10:09:02 PM PDT by bushwon ("If you think healthcare is expensive now, wait till it is free"--PJ O'rourke)
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To: vbmoneyspender

“I agree that inflation is being understated “

It’s being checked by mass unemployment and buffering trickle down food stamp program.

The cost of fuel/gasoline/food is massive inflation real tax, with Big D.C. being insulated with proportional cost increases.

Thou Shall Not Steal Exodus 20:15


297 posted on 07/30/2011 10:09:04 PM PDT by Varsity Flight
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To: Owen
The only critical question is how much of this is in FY2012?

They'll cut enough to buy you a cup of coffee.

As long as it's cheap coffee.

/sarcasm, sorta

298 posted on 07/30/2011 10:09:24 PM PDT by EternalVigilance (They've swindled every penny out of the living, so now they've moved on to looting posterity.)
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To: mlocher; silentknight
That is all you need to know.

And we need to let you know that you'll be on the hook for an additional $10,000 for each member of your family.

Thanks for doing your part to replenish Obama's stash!

U.S. Congress

299 posted on 07/30/2011 10:11:10 PM PDT by Errant
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To: Beaten Valve

Can’t have a balanced budget if there’s no budget to balance.... The BBA is just red meat to get Conservatives on board with this sham.


300 posted on 07/30/2011 10:11:40 PM PDT by BigSkyFreeper (You have entered an invalid birthday)
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