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Keyword: debtceiling

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  • Liberals outline stimulus agenda in 'Contract for the American Dream'

    08/09/2011 9:22:06 AM PDT · by Sub-Driver · 55 replies
    Liberals outline stimulus agenda in 'Contract for the American Dream' By Erik Wasson - 08/09/11 10:57 AM ET Liberal organizations and unions are frustrated that President Obama has not aggressively pushed a new jobs stimulus agenda and they are offering up a consolidated fall agenda for Democrats to embrace as an alternative to austerity. Representatives of MoveOn, Rebuild the Dream and the Center for Economic Policy and Research will join Rep. Jan Schakowsky (D-Ill.) on Tuesday to launch a progressive “Contract for the American Dream” to urge the administration and Congress to turn away from budget cutting and focus on...
  • Palin raps Obama for debt downgrade

    08/08/2011 9:45:08 PM PDT · by 2ndDivisionVet · 73 replies
    The Washington Post ^ | August 8, 2011 | Rachel Van Dongen
    In a 2,300-word posting on Facebook about Standard & Poor’s downgrade of the U.S. government’s credit rating, Sarah Palin said Monday that she had warned of the danger of federal overspending, adding that President Obama “doesn’t have a plan” or “even a notion of how to deal” with the fiscal issues facing the country. “Be wary of the efforts President Obama makes to ‘fix’ the debt problem. The more he tries to ‘fix’ things, the worse they get because his ‘solutions’ always involve spending more, taxing more, growing government, and increasing debt,” Palin wrote. “His press conference today was just...
  • Rasmussen Consumer Index: Consumer Confidence Falls After Credit Downgrade (70% -- economy worse)

    08/08/2011 6:08:23 AM PDT · by markomalley · 11 replies
    Rasmussen Reports ^ | Monday, August 08, 2011
    The Rasmussen Consumer Index, which measures the economic confidence of consumers on a daily basis, fell another point on Monday. At 61.5, consumer confidence is down three points since Standard & Poor’s downgraded the federal government’s credit rating. Seventy percent (70%) now believe that the economy is getting worse. That’s up from 45% at the beginning of 2011. Data for these updates is derived from a series of nightly telephone interviews and reported on a three-day rolling average basis. As a result, today’s update includes two days of data collection after Standard & Poor’s announced their decision to downgrade the...
  • S&P fallout: Fannie and Freddie downgraded

    08/08/2011 7:50:32 AM PDT · by STARWISE · 73 replies
    CNN Money ^ | 8-8-11 | Charles Riley
    Credit rating agency Standard and Poor's on Monday downgraded the debt of mortgage finance giants Fannie Mae and Freddie Mac. The downgrades to AA+ are part of the continued fallout from the agency's decision to drop U.S. sovereign debt to AA+, an unprecedented move that rattled investors and sparked concern over the long-term impact of the action It was widely expected that S&P's downgrade of U.S. debt would roll downhill to other entities that are closely linked to the federal government.
  • VIDEO: George Will calls downgrade a ‘half-baked political analysis’

    08/07/2011 7:54:22 PM PDT · by Do Not Make Fun Of His Ears · 24 replies
    Daily Caller ^ | 8/7/11 | Jeff Poor - The Daily Caller
    While many on the right are lambasting the Obama administration for its failure to maintain the country’s pristine AAA credit rating, one conservative commentator said Sunday that the Standard and Poor’s downgrade needn’t be taken seriously. Washington Post columnist George Will was asked on ABC’s “This Week with Christiane Amanpour” how much the downgrade would “affect the basic economy here?” Will said it wouldn’t before trashing Standard & Poor’s track record. (RELATED: Standard & Poor’s ratings head: U.S. could be downgraded even further) “You called this a shocker,” Will said. “Standard & Poor’s would have forfeited its good reputation if...
  • “Tea Party Downgrade”? They Can’t Possibly Sell It

    08/07/2011 7:52:54 PM PDT · by 2ndDivisionVet · 40 replies
    Power Line ^ | August 7, 2011 | John Hindraker
    The downgrading of U.S. debt is an extreme embarrassment for the government in general, and the Obama administration in particular. So the administration has reacted in the only way it knows: by denouncing Standard & Poors, and by blaming its political opponents, the supporters of the Tea Party, for the downgrade. The administration’s knee-jerk responses are somewhat inconsistent: if S&P was wrong to downgrade the debt, and the downgrade was based on a mathematical error, then it is hard to see how the downgrade can also be the Tea Party’s fault. (In the legal world, this is known as pleading...
  • Cynthia Tucker: Romney misses his chance (Pure fool's gold)

    08/07/2011 6:39:29 PM PDT · by 2ndDivisionVet · 10 replies
    Mitt Romney is smart enough to know he can't win the Republican nomination by playing to his party's extremists. He's not one of them, and they know it. He doesn't have a long track record of denouncing government. Indeed, he used its levers to push Massachusetts to adopt an innovative health care plan that became the template for the Affordable Care Act. He's a card-carrying member of the wealthy elite, and he lacks the put-on good ol' boy mannerisms that allowed George W. Bush to pose as an average Joe. Besides, Romney is a Mormon, a religious affiliation viewed with...
  • Did Sarah Palin's "Hells No" Call The Market Top?

    08/07/2011 6:25:25 PM PDT · by 2ndDivisionVet · 7 replies
    Business Insider ^ | August 7, 2011 | Joe Weisenthal
    The connection between the debt ceiling fight and the market plunge is a bit dicey. Still, we were amused by this chart -- in the presentation from Shadow Capitalism that was just published -- which points out that Sarah Palin's "Hells No" comment on raising the debt ceiling coincided nicely with the market top earlier this year. Also interesting that the market's basically been plunging since the Obama/Boehner breakup. (CHART AT LINK)
  • Rep. Ryan’s warning

    08/07/2011 12:14:05 PM PDT · by americanophile · 61 replies · 1+ views
    Boston Herald ^ | August 7, 2011 | Boston Herald Editorial Staff
    Standard & Poor’s downgrade of the nation’s credit rating gives House Budget Committee Chairman Paul Ryan every right to say “I told you so.” Even earlier this week when President Obama was taking his victory lap for the debt-ceiling compromise, Ryan was disclosing the cold, hard truths of the economic troubles that lie ahead — truths that a jittery Wall Street has been more than aware of. In an oped column in Wednesday’s Wall Street Journal, the Wisconsin Republican reiterated, of course, that the president really has no budget plan. “The president’s February budget,” he wrote, “deliberately dodged the tough...
  • Mark Steyn: Debt ceiling more an abyss

    08/07/2011 12:31:06 PM PDT · by Immerito · 4 replies
    OC Register ^ | August 5, 2011 | Mark Steyn
    On Thursday, in honor of Barack Obama's 50th birthday, the Dow dropped 10 points for every year he has walked among us. It was the ninth-largest drop in history. We should be relieved he wasn't turning 80. The markets are apparently concerned that the entire global economy may be "stalling." You don't say? Observant fellows, these market chappies. And yet, in a certain sense, these are still the good times. At the end of the week, U.S. Treasury yields plunged to Eisenhower-era rates. America, explained Ethan Harris of Bank of America Merrill Lynch, "still gets the safe-haven money." That's to...
  • American Collapse

    08/07/2011 9:40:21 AM PDT · by george76 · 59 replies
    National Review ^ | August 6, 2011 | Mark Steyn
    Barack Obama is offering us a Latin-American future. Unless things change, the man (or woman) elected in 2012 will be the last American president to preside over the world’s leading economy. If things get really bad, he will find himself presiding over the early stages of American collapse. Not “decline” but “collapse.” “Decline” is what happens when you’re Britain in the 1940s, and you cede global dominance to a major ally that shares your language, legal system, cultural inheritance, and broad geopolitical objectives. That deal isn’t on offer this time round. ... In the real world, debt ceilings are determined...
  • EDITORIAL: Obama’s downgraded America

    08/06/2011 8:32:34 PM PDT · by jazusamo · 60 replies
    The Washington Times ^ | August 6, 2011 | Editorial
    S&P tells it like it is: the U.S. is out of moneyThe Obama administration has made history by presiding over the first-ever downgrade in the U.S. credit rating. President Obama has outdone all his predecessors in wrecking America’s good name. His answer to this problem: Spend even more. Raising the debt ceiling was sold as a way of guaranteeing the U.S. credit rating. It had the opposite effect, which makes sense to anyone who understands credit. Take a family with a median household income around $50,000. If they spend $85,000 a year and have debt at $300,000 and growing, it’d...
  • S&P warns of a second downgrade

    08/06/2011 2:11:26 PM PDT · by Clairity · 158 replies
    Politico ^ | August 6, 2011 | Josh Boak
    One day after lowering the nation’s platinum triple-A credit rating, Standard & Poor’s analysts warned Saturday that the U.S. government could face a second downgrade if the economy continues to struggle and the government fails to make the cuts outlined in the debt ceiling agreement. The ratings agency on Friday downgraded the nation to AA+ for the first time in history, saying partisanship in Washington is preventing dramatic deficit reduction.
  • America's debt downgrade is a damning indictment of President Obama's Big Government disaster

    08/06/2011 2:16:45 PM PDT · by Clairity · 94 replies · 1+ views
    The Telegraph ^ | Aug 6, 2011 | Nile Gardiner
    The decision by credit agency Standard and Poor’s to downgrade America’s AAA credit rating for the first time in 70 years is a massive blow to the credibility of the Obama administration, and a damning indictment of its handling of the economy. No doubt the White House will pathetically try to blame the Bush Administration, Republicans in Congress, and of course its favourite target, the Tea Party, for the move by S&P. But without a shadow of a doubt, responsibility for the country’s financial mess and staggering levels of debt lie with the current US president and his administration. They...
  • After S&P downgrade, WH says 'we must do better'

    08/06/2011 2:42:35 PM PDT · by Justaham · 29 replies
    Associated Press ^ | Mark S. Smith
    WASHINGTON (AP) - President Barack Obama sought to distance himself Saturday from the bad news of the nation's first-ever credit-rating downgrade, but lawmakers and presidential candidates showed no such reticence—trading salvos over who's at fault and why. The president, spending the weekend at Camp David, left it to press secretary Jay Carney to say it's clear Washington "must do better" in tackling soaring deficits and other economic woes. A statement from Carney said talks that produced Tuesday's $2 trillion compromise on raising the U.S. borrowing limit had been too drawn-out and "divisive." But the statement didn't directly address Friday's move...
  • Reid:S&P downgrade backs Dems' call for more revenue

    08/06/2011 8:43:43 AM PDT · by Cheerio · 109 replies
    TheHill ^ | 08/05/11 | Jamie Klatell
    Standard & Poor's decision to downgrade the nation's credit rating reinforces Democrats' call for increasing tax revenue, Senate Majority Leader Harry Reid (D-Nev.) said Friday.
  • U.S. AAA credit rating DOWNGRADED for first time in history after Obama's debt deal

    08/06/2011 7:57:29 AM PDT · by KeyLargo · 68 replies · 1+ views
    Daily Mail UK ^ | Aug 6, 2011
    U.S. AAA credit rating DOWNGRADED for first time in history after Obama's debt deal Unprecedented move will send shockwaves globally S&P cuts long-term credit rating from AAA to AA+ Borrowing costs for consumers and government to rise Comes after Obama signed bill to reduce fiscal deficit By Daily Mail Reporter Last updated at 1:08 PM on 6th August 2011 The U.S. has lost its top-notch AAA credit rating from Standard & Poor's in an unprecedented reversal of fortune for the world's largest economy. S&P cut the long-term U.S. credit rating by one notch to AA+ on concerns about the government's...
  • Boehner blames S&P downgrade on ‘out-of-control spending’ (and you did WHAT to stop it???)

    08/06/2011 8:24:46 AM PDT · by markomalley · 91 replies
    Daily Caller ^ | 8/5/11 | C.J. Ciaramella
    In as statement issued late Friday night, Speaker of the House John Boehner called a decision by Standard & Poor’s to downgrade the U.S. credit rating for the first time since 1917 “the latest consequence of the out-of-control spending” that “has resulted in job-destroying economic uncertainty and now threatens to send destructive ripple effects across our credit markets.” “Republicans have listened to the voices of the American people and worked to bring the spending binge to a halt,” Boehner said “We are no longer debating how much to spend, but rather how much to cut. Unfortunately, decades of reckless spending...
  • Rep. Grimm Gives GOP Weekly: Obama Needs To "Wake Up To Reality"

    08/06/2011 11:48:28 AM PDT · by La Enchiladita · 24 replies
    Real Clear Politics ^ | Aug. 6, 2011 | U.S. Rep. Michael Grimm (R-N.Y.)
    "Hello, I’m Congressman Michael Grimm from the great state of New York, proudly representing Staten Island and parts of Brooklyn. After serving my country in combat with the United States Marine Corps and deep undercover with the FBI, I decided to go out on my own and start a small business. I’ve seen firsthand how politicians and bureaucrats can make it harder to meet a payroll and create jobs. The latest jobs report shows that President Obama’s ‘stimulus’-driven policies are simply not working. The overspending, overtaxing, and over-regulating coming out of Washington is creating uncertainty and holding our job creators...
  • The Lights Are Still On Washington! You Lie

    08/06/2011 5:09:33 AM PDT · by NoNAIS
    The PPJ Gazette ^ | August 5, 2011 | Lynn Swearingen
    "Readers – take a look around you. If you are like me, the electricity is still on, a nice bottle of Vino resides next to the Roma’s in the ‘fridge, and not much has changed. True – I might raise my hand a few more times at Auction tomorrow to purchase some junk silver, but hey – I’d most likely do that anyway. The truth is, Washington – You Lie!"