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US debt shot up $238 billion to reach 100 percent of gross domestic project after the government's debt ceiling was lifted, Treasury figures showed Wednesday. Treasury borrowing jumped Tuesday, the data showed, immediately after President Barack Obama signed into law an increase in the debt ceiling as the country's spending commitments reached a breaking point and it threatened to default on its debt.

If you look back how Boehner playing this Debt crisis (deal) Budget control Act bill out on the House side it reminds me Pelosi/Obama passing/ramming through Obama-care(without the budget reconciliation) : Steps: 1) Let your House caucus base (liberal/conservative) have their play votes passing their dream plans (Dems: Obama-care Public plan or Repubs: CC+B) in the House even though you will never fight for it. 2) Create the real bill behind closed door negotiations 3) Wait till the Senate passes a modified version of that closed door negotiated bill to the House, whatever they can get through , some watered...

Congressman Morgan Griffith (R-VA) issued the following statement today regarding his vote in opposition to the new version of the Budget Control Act of 2011: “Last week I made the difficult decision to compromise and voted for Speaker Boehner’s plan. While the Boehner plan was not perfect, it was a realistic approach and a step in the right direction. Among other things, it required passage of a Balanced Budget Amendment to the Constitution before a second increase in the debt ceiling. “However, the legislation before us today was not quite as good. By contrast, today’s deal only requires a Balanced...

I just love Washington-speak which offers heartfelt phrases such as “baseline spending,” “debt ceiling,” “drop dead dates,” and my ultimate favorites, “the cut,” “to cut,” “a cut,” or just simply “cuts.” Like the phrase “beauty is in the eye of the beholder,” a “cut” means different things to different people. Let me explain by first discussing common-speak, which is very easy to understand. When someone takes a cut in pay, it could mean going from $20 per hour to $15 per hour. Or, they’re paid $30,000 per year for a job that used to pay $35,000 per year. To most...

Congratulations to all the tea party-backed candidates who overcame a determined, partisan opposition to win their elections. The next campaign begins today. Because you must now overcome determined party insiders if this nation is going to be spared from fiscal disaster. Many of the people who will be welcoming the new class of Senate conservatives to Washington never wanted you here in the first place. The establishment is much more likely to try to buy off your votes than to buy into your limited-government philosophy. Consider what former GOP senator-turned-lobbyist Trent Lott told the Washington Post earlier this year: "As...

"I Won in a Historic Landslide and All I Got Was this Lousy Rounding Error." That's the t-shirt that Speaker Boehner should wear based on his debt ceiling plan. The scoring of the second iteration of the Boehner bill gave an estimate of $22 billion in cuts from the CBO baseline for 2012--1/70th of the annual budget shortfall, about five days worth of deficit spending. Despite the bill's nigh irrelevant scope, we are assured by many in the conservative press that those rejecting this deal are "obtuse," "vain," politically dunce "hobbits." "Of course the Boehner bill doesn't solve the debt...

Speaker John Boehner (R-OH) repeatedly criticized Democrats last year for voting on legislation that members didn’t have time to read. "Read the Bill" language was even included in the GOP's Pledge to America to ensure lawmakers would have adequate notice to review legislation. "Neither members of Congress or the public were given time to read the trillion-dollar stimulus before it passed. Nobody read the cap-and-trade bill. Nobody read the budget. And yet Democrats approved them anyway," Boehner said in a video last year. “Every major bill should be posted online and publicly available for at least 72 hours."

I stand here in abject stupefaction. The so-called "right" or "Tea Party" in this republic is being so thoroughly rolled and defeated that I am struggling to come up with an adequate violent submission metaphor that does not involve prison rape . . . and they honesty think that they're "winning." Really? You call this winning? - Obama gets over $2 Trillion to spend before the 2012 election - There are no real spending cuts - There is a massive tax increase effective January 1, 2013...

House Speaker John Boehner’s bullet points on the deal say that it cuts discretionary spending by $917 billion over 10 years, as “certified by CBO.” These discretionary “cuts” appear to be the same as those in Boehner’s plan from last week. The chart shows CBO’s scoring of those spending cuts (see here and here).

A top conservative think tank’s political action wing is urging members of Congress to vote “no” on the White House-GOP budget compromise. “Today or tomorrow, the Senate and House will vote on the Budget Control Act of 2011, which would increase America’s debt ceiling,” the Heritage Foundation’s grassroots lobbying group Heritage Action for America says on its website. “The deal relies on an insufficient level of cuts, a ‘super committee’ tasked with brokering a grand bargain that will lead to massive tax hikes, massive defense cuts, or both. It remains insufficient to the task at hand and the standards which...

I stand here in abject stupefaction. The so-called "right" or "Tea Party" in this republic is being so thoroughly rolled and defeated that I am struggling to come up with an adequate violent submission metaphor that does not involve prison rape . . . and they honesty think that they're "winning." Really? You call this winning? •- Obama gets over $2 Trillion to spend before the 2012 election •- There are no real spending cuts •- There is a massive tax increase effective January 1, 2013 Obama is going to be handed something in excess of $2 Trillion -- and...

Back in 1994, Rush Limbaugh wrote See I Told You So. From page 88 of the book: [T]he cure for: a) the budget deficit = more taxes; b) unemployment = more taxes; c) recession = more taxes; d) environmental problems = more taxes; e) illiteracy = more taxes; f) L.A. riots = more taxes. It doesn’t matter what the nature of the problem is. This week, whether you listened to Rush, Sean, Mark, or even me filling in for Boortz, we’ve been telling you so. This whole farce in Washington is a way to get more tax revenue from you...

'MUST WATCH' - by anyone who wants to know the real thing regarding this Debt Crisis Link here... http://www.youtube.com/watch?feature=player_embedded&v=_68GjR6V6zI#at=260

ABC reports this morning that Congressional leaders have already begun briefing their caucuses on the eleventh-hour deal that emerged from the White House last night. Jonathan Karl notes that the deal is contingent on getting enough support from each House caucus to form a majority, and in the Senate to avoid a filibuster. We’ll come back to that in a moment, but Karl also updates the story on the deal. The topline numbers are apparently $2.4 trillion in matching spending cuts and debt-ceiling raises instead of $2.8 trillion, but now both are split into two parts: The current framework would...

That thoughtful observer of the passing parade, Nancy Pelosi, weighed in on the "debt ceiling" negotiations the other day: "What we're trying to do is save the world from the Republican budget. We're trying to save life on this planet as we know it today." It's always good to have things explained in terms we simpletons can understand. After a while, all the stuff about debt-to-GDP ratio and CBO alternative baseline scenarios starts to give you a bit of a headache, so we should be grateful to the House Minority Leader for putting it in layman's terms: What's at stake...

McConnell Sees Deal “Very Close”; Focus Is on Triggers for Cuts By MCHAEL D. SHEAR AND MATTHEW L. WALD WASHINGTON — Senator Mitch McConnell of Kentucky, the Republican leader, said Sunday morning that he was “very close” to recommending to his members that they sign on to a debt deal with President Obama and the Democrats. Speaking on the CNN program “State of the Union,” Mr. McConnell said the emerging deal included as much as $3 trillion in cuts over the next 10 years, with much of that decided later this year by a joint congressional committee. “What conservatives want...

Very late on Saturday, multiple reports sketched out the framework of a debt limit compromise President Obama has struck with Senate Minority Leader Mitch McConnell (R-KY). As noted here, the issue under contention was the design of a so-called "trigger," -- a penalty written into the bill meant to encourage Congress to pass further bipartisan deficit reduction legislation, authored by a new Special Committee, later this year. Here's what they've reportedly come up with, pending approval from Congressional Democrats and Republicans. From ABC News, the key detail: "The special committee must make recommendations by late November (before Congress' Thanksgiving recess)....

12:04pm | Reid vote still scheduled for 1pm. Senate Majority Leader Harry Reid said the Senate will still vote on his plan to raise the debt limit today. Reid reading from AP report citing soldiers concerned about supporting their families if debt limit isn't raised. Reid says he and Obama are "hopeful" that a deal is near. "We are cautiously optimistic," adding serious issues remain to be resolved in the next few hours. "There's no agreement that has been made, but we're optimistic one can be reached." Reid thanks McConnell for being a "cheerleader" on this compromise. Read more: http://www.businessinsider.com/live-coverage-debt-ceiling-sunday-negotiations-2011-7#ixzz1ThTEm13A

Late Saturday night, ABC News and National Journal reported that the outline of a deal had been reached by congressional leaders and the White House. ABC's Jonathan Karl reports that "Democratic and Republican Congressional sources involved in the negotiations" tell him that these are the key elements of the deal: •A debt ceiling increase of up to $2.1 to $2.4 trillion (depending on the size of the spending cuts agreed to in the final deal). •They have now agreed to spending cuts of roughly $1.2 trillion over 10 years. •The formation of a special Congressional committee to recommend further deficit...

These debt deals keep getting worse and worse. Basically Boehner is signing up for either large tax increases or large defense cuts. Also he has caved on extending through the election. If he was going to fold like this at the last minute, he should have just saved us the trouble at the beginning. Reid and the Dems have ran circles around these guys. They were smart enough to know that they could say whatever to look like they were compromising, then sweep in at the last minute to get what they want. It's Lucy and the football. You candecide...