White House, Republicans Strike Tenative Deal To Raise Debt Ceiling

ABCNews ^ | July 30, 2011 | Jonathon Karl

[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:

[comebacknewt]

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.

[Perdogg]

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.

[mlocher]

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.

[Eric Blair 2084]

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.

[Lucius Cornelius Sulla]

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

Only because he insists that it is NOT a war.

[BigSkyFreeper]

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.

[vbmoneyspender]

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.

[Art in Idaho]

Okay, this whole process has completely sucked. What is really going to put a dent in these exponential graphs?

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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!

[Qbert]

“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...)

[denydenydeny]

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

[Clairity]

[mlocher]

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.

[Windflier]

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!!!"

[Owen]

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

[EternalVigilance]

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.

[Freedom56v2]

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.

[Varsity Flight]

“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

[EternalVigilance]

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

[Errant]

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

[BigSkyFreeper]

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.