Keyword: debtlimit

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  • Huffington Post Forced to Issue Retraction, Apology After Falsely Accusing Andrew Breitbart,,,

    08/03/2011 9:25:03 AM PDT · by tobyhill · 24 replies
    fox news ^ | 8/3/2011 | fox news
    Arianna Huffington’s liberal-leaning Huffington Post was forced to write a retraction Tuesday after alleging that conservative blogger Andrew Breitbart doctored a video clip from a White House press briefing in order to make it look like CBS anchor Norah O’Donnell was unhappy about the recent debt compromise during an exchange with White House press secretary Jay Carney. In the clip, which Breitbart and other conservative media used to describe what they saw as O’Donnell’s liberal bias, the CBS anchor appears to claim about the debt compromise: “You gave them everything they wanted and we got nothing.”
  • Pelosi Predicts: $2.4 Trillion Added to Federal Credit-Card Limit Will Last Only 18 Months

    08/03/2011 7:01:36 AM PDT · by Dubya-M-DeesWent2SyriaStupid! · 59 replies ^ | Tuesday, August 02, 2011 | Terence P. Jeffrey
    ( - House Minority Leader Nancy Pelosi (D.-Calif.) is predicting that the $2.4 trillion that Congress has now added to the limit on the federal credit card--by increasing the legal debt limit--will be exhausted by the Treasury in only 18 months.
  • Democrats Renew Push for Business Tax Increases After Deal

    08/02/2011 9:51:00 AM PDT · by Qbert · 13 replies
    Bloomberg | Aug 1, 2011 | Richard Rubin
    Link only:
  • Senate Debating Debt Deal (Live Video Cspan)

    08/02/2011 9:25:00 AM PDT · by Eyes Unclouded · 36 replies
    CSPAN ^ | 8.2.2011 | CSPAN
    Here is the live proceedings of the debate prior to the final floor vote of the Senate of the 112th Congress of the United States of America.
  • Passing of bipartision 'Budget Control Act' Reminds me of another bill Pelosi passed last Year

    08/02/2011 9:26:57 AM PDT · by sickoflibs · 12 replies
    sickoflibs rant | 8/2/2011 | sickoflibs
    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...
  • Political Theater At The Highest Level (debt limit)

    08/02/2011 6:26:13 AM PDT · by Texas Fossil · 13 replies
    Brussels Journal ^ | 8-2-2011 10:11AM | Johnny Fincioen
    Last Sunday evening the leaders of the Democrats and Republicans in Congress reached an agreement with President Obama to raise the debt ceiling. Almost exactly as I predicted in my previous letter. The deal has two sides. On the one hand: Obama gets permission to make 2,400 billion dollar more debt. This is just enough for him to reach the end of his first term without the need to beg for still more money. During the negotiations it became clear Obama had only one bottom-line: the raise had to be high enough. On the other hand: the Republicans succeeded for...
  • Reuters Analysis: If U.S. debt is downgraded, will anyone care?

    08/02/2011 6:23:06 AM PDT · by Oldeconomybuyer · 20 replies
    Reuters ^ | August 2, 2011 | By Ellen Freilich
    The United States could lose its triple-A credit rating from at least one rating agency this year, raising the question: Who cares? Strange as it may sound, a downgrade could resound in financial markets more with a whimper than a bang. Historical experience suggests a downgrade would produce none of the bond-market angst some fear. Japan lost AAA status more that a decade ago and it has some of the lowest interest rates in the developed world. As it was with Japan, the big issue for markets is the weak U.S. economy, which could slow further due to the spending...
  • Debt ceiling deal won't restart hiring (but we're $3 trillion more in debt)

    08/01/2011 3:13:05 PM PDT · by tobyhill · 9 replies
    cnn ^ | 8/1/2011 | Chris Isidore
    The deal to raise the debt ceiling may remove the risk of a 2008-like meltdown in financial markets that had made employers very nervous in recent months. But even if the debt deal is passed by Congress, labor market experts don't expect it to jumpstart hiring growth. "I would say this will have little effect if any," said Jeff Joerres, Chairman and CEO of staffing firm ManpowerGroup (MAN, Fortune 500). "It's nice to clear one worry off the desk, but there are a lot of other things to worry about. "At the end of the day, demand trumps all, and...
  • Raising the Debt Ceiling (Live link to CSPAN) [Hse Bill Passed]

    08/01/2011 4:15:47 PM PDT · by Eyes Unclouded · 153 replies
    CSPAN ^ | 8.1.2011 | CSPAN Here is the live proceedings and current vote count from the House of Representatives of the 112th Congress of the United States of America.
  • CBO confirms that debt-ceiling plan would cut $2.1 trillion

    08/01/2011 2:55:49 PM PDT · by RC one · 19 replies
    Los Angeles Times ^ | August 1, 2011, 11:25 a.m. | Michael Muskal
    The nonpartisan Congressional Budget Office on Monday confirmed that the debt-ceiling compromise now slowly working its way through a political minefield would cut deficits by at least $2.1 trillion over 10 years. The finding, reported in a letter to Speaker John A. Boehner (R-Ohio) and Senate Majority Leader Harry Reid (D-Nev.), is fresh ammunition for supporters of the plan in the face of conservative opposition that the spending cuts are too small. Liberals are also unhappy, arguing that Democrats are caving in to the GOP by not insisting on raising more revenue by closing tax loopholes on the richest. According...
  • Tea Party Patriots leader warns of primaries against debt-deal supporters

    08/01/2011 2:18:59 PM PDT · by Qbert · 21 replies
    The Hill ^ | 08/01/11 | Cameron Joseph
    Tea Party Patriots co-founder Mark Meckler warned he was "not finding a lot of people who are happy" with the bipartisan debt-ceiling deal, and that the local groups he helps coordinate might go after incumbents who vote for it. "When it comes time to decide whether to primary folks this will be a factor," Meckler told The Hill Monday afternoon. The Tea Party Patriots is an umbrella organization for more than 3,500 local Tea Party groups around the country. While the larger organization does not raise or spend money on campaigns, where it stands is a good indicator of how...
  • Filibuster w/ Lee, West Needs TEA, Rubio Quote, Expose Default Scare Fraud, End Dems Ponzi Economics

    08/01/2011 11:26:48 AM PDT · by Golden Gate · 18 replies
    Monday August 01, 2011 | FR - Golden Gate
    *** Please Read Before Posting *** - Thread Protocol Rules - (Real Simple) This is a prototype idea for a FR Working Group: US Budget FY-2012 / Nat. Debt If the budget is approved before this is posted, it can be an idea for FR working groups on other subjects and issues. To improve our work and activism on FR, there are times when we need to have a specific type of information or instructions in one dedicated long channel or stream. On threads that have less than 30 posts or so, this is less important, as you can...
  • GOP presser LIVE on FOX

    08/01/2011 1:11:13 PM PDT · by Jim Robinson · 182 replies
    FOX News | Aug 1, 2011 | Jim Robinson
    The GOP "leadership" is united in lying to the public while they stab us in the back. I must correct their lies. There is not a nickle in spending cuts in this bill. It's absolutely idiotic to pile on more debt and continue spending when you're already so deeply in debt that you can never get out. No deal would be better than this MARXIST POS!! It's the spending, stupid!! Tea Party Freshmen: HOLD THE LINE!! Rebellion is brewing!! Reinforcements coming in 2012!!
  • Strategic analysis of the Budget Control Act

    08/01/2011 12:33:14 PM PDT · by PhxRising · 6 replies
    Keith Hennessey blog ^ | 8/1/2011 | Keith Hennessey
    The President’s priorities The President knows he will get debt limit increases through early 2013 no matter what House conservatives/Tea Party members do. Those Members can no longer “hold a debt limit increase hostage” before the 2012 election. We could also describe this as eliminating liquidity risk through 2012. Assuming someone doesn’t find a way out of the enforcement mechanisms in the bill (1 in 3 chance), there will be at least $2.1 T in deficit reduction over the next 10 years as a result. While I think that’s a big policy benefit, I’m not sure how important that is...
  • Club for Growth is 'strongly' against deal

    08/01/2011 12:31:57 PM PDT · by Qbert · 7 replies
    The Hill ^ | 08/01/11 | Cameron Joseph
    The fiscally conservative Club for Growth "strongly opposes" the compromise President Obama worked out with Republican and Democratic leaders and will include the vote in its "key vote" Congressional scorecard, the group announced Monday. "The problems with this proposal are many, but fiscal conservatives should have obvious concerns for the lack of guaranteed future spending cuts, no requirement that a balanced budget amendment to the Constitution be sent to the states, a commission that could still recommend job-killing tax increases, and worse of all, two debt limit increases totaling over $2 trillion within only a matter of months," said Club...
  • Understanding the Budget Control Act

    08/01/2011 12:31:43 PM PDT · by PhxRising · 6 replies
    Keith Hennessey blog ^ | 8/1/2011 | Keith Hennessey
    How taxes are treated in the Joint Committee This bill does not raise taxes. The $917 B of spending cuts that immediately take effect are just that, spending cuts. No tax increases there. The Balanced Budget Amendment might or might not have a 2/3 voting requirement to raise taxes. That’s up to the House and Senate to decide when they vote on a BBA. It gets complex when you look at the new Joint Committee. I think it’s easier if I break it into four questions: If the Joint Committee process fails, could the automatic sequester mechanism raise taxes? Is...
  • Quick summary of the Budget Control Act

    08/01/2011 12:28:44 PM PDT · by PhxRising · 8 replies
    Keith Hennessey blog ^ | 8/1/2011 | Keith Hennessey
    I’m going to try to be neutral in this description and put my analysis in a separate post. Debt limit The debt limit will be increased by $2.1 T no matter what Congress does. The debt limit can be increased up to an additional $300 B depending on what Congress does on deficit reduction and a Balanced Budget Amendment (BBA). The debt limit increase will happen in three steps: $400 B immediately, then +$500 B, then the remainder after Congress tries to enact further deficit reduction and pass a BBA. Assuming the economy doesn’t go into the tank, this should...
  • Bachmann: Debt Limit Deal Means ‘We Embrace Being Greece’ (A GiftHorse GoP & O's >2T 'gifts')

    08/01/2011 10:16:14 AM PDT · by NormsRevenge · 24 replies ^ | 8/1/11 | Nicholas Ballasy
    Rep. Michele Bachmann (R-Minn.). who is seeking the Republican presidential nomination, said today on Laura Ingraham's radio show that the debt-limit deal struck by President Barack Obama and congressional leaders is “like saying we embrace being Greece.” Bachmann preferred the bill she co-sponsored with Reps. Steve King (R-Iowa) and Louie Gohmert (R-Texas) that would pay the interest on the debt, cut checks for military personnel and then prioritize federal spending. “My opinion is we’re going to now give the president almost a trillion dollars and then come Christmas time, he’ll get potentially--we’ll find it what the final numbers were--potentially upwards...
  • WHIP COUNT: House leaders in both parties seek votes to pass debt-limit deal (List)

    08/01/2011 9:41:43 AM PDT · by Qbert · 13 replies
    The Hill ^ | 08/01/11 | Hill Staff
    The debt-limit deal announced on Sunday night is expected to attract more than 60 votes in the Senate, but its outlook in the House is much more cloudy.   Speaker John Boehner (R-Ohio) will need Democratic votes to clear the bill through the lower chamber. How many remains unclear.   The following is a rundown of The Hill’s constantly updated whip count. Please send tips and feedback to     LAST UPDATED ON AUG. 1 at 11:56 a.m. RECENT UPDATES -- Earl Blumenauer (D-Ore.), Peter DeFazio (D-Ore.), Michael Grimm (R-N.Y.), Jim Jordan (R-Ohio), Paul Tonko (D-N.Y.), Tim Walz (D-Minn.),...
  • Next Up: Who’s on the Super Committee

    07/31/2011 4:11:39 PM PDT · by jimbo123 · 27 replies
    Wall Street Journal ^ | 7/31/11 | Corey Boles
    A leader of a centrist group of House Democrats on Sunday said most of the group’s members are likely support an emerging deal to raise the country's $14.29 trillion debt ceiling and cut deficits by up to $2.4 trillion over the next decade. First, the debt ceiling deal that’s just been tentatively agreed needs to pass the Senate and the House. Then, Republican and Democratic leaders will have to deal with the politically-charged question of who they appoint to the super committee of lawmakers who will decide what more spending to cut, or revenues to raise, to narrow the budget...
  • GOP on verge of huge, unprecedented political victory

    07/31/2011 4:21:56 PM PDT · by MinorityRepublican · 125 replies
    The Washington Post ^ | 07/31/2011 | Greg Sargent
    By all accounts, it looks like a deal is about to be announced in which the debt ceiling is hiked in exchange for the promise of major spending cuts, including to entitlements, totalling at least $2.4 trillion. Anything can happen, but it apppears the GOP is on the verge of pulling off a political victory that may be unprecedented in American history. Republicans may succeed in using the threat of a potential outcome that they themselves acknowledged would lead to national catastrophe as leverage to extract enormous concessions from Democrats, without giving up anything of any significance in return. Not...
  • House Democrats might not back debt deal: Pelosi

    07/31/2011 7:37:27 PM PDT · by Qbert · 25 replies
    Reuters ^ | Jul 31, 2011 | Reuters
    (Reuters) - Democrats in the House of Representatives might decide not to support a last-minute deal to raise the debt ceiling when they meet on Monday, House Democratic Leader Nancy Pelosi said on Sunday.
  • Washington Debt Limit Impasse Boon for Pizza Deliveries

    07/30/2011 6:07:50 PM PDT · by nickcarraway · 16 replies
    The National ^ | Jul 31, 2011 | Omar Karmi
    Trying to stay away from the 72 per cent relative humidity that had contributed to a blisteringly uncomfortable day in Washington on Friday, a half dozen employees of a hole-in-the-wall pizzeria were getting ready for another busy night in Capitol Hill. Four blocs away, Senate Democrats were about to kill a House-passed debt limit increase bill less than two hours after it squeaked through the House. If agreement is not reached on raising the debt limit by Tuesday, the US risks a potentially catastrophic debt default. To meet the deadline, America's elected representatives and their staffs have been working through...
  • Liberal Dem lawmaker vows to reject GOP, White House debt deal

    07/31/2011 2:40:05 PM PDT · by Libloather · 33 replies
    The Hill ^ | 7/31/11 | Julian Pecquet
    Liberal Dem lawmaker vows to reject GOP, White House debt dealBy Julian Pecquet - 07/31/11 04:04 PM ET One of the most liberal members of Congress vowed Sunday to reject an emerging debt-ceiling compromise among lawmakers and the White House, calling it a “cure as bad as the disease.” Rep. Raul Grijalva (D-Ariz.), the co-chair of the Congressional Progressive Caucus, said in a statement that progressive lawmakers and working families “were thrown under the bus” by a deal that “trades peoples' livelihoods for the votes of a few unappeasable right-wing radicals.” The result, he said, is as bad for the...
  • Debt Deal Reached?

    07/31/2011 1:37:38 AM PDT · by Colonel Kangaroo · 64 replies
    The Weekly Standard ^ | 7-31-2011 | John McCormack
    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...
  • See, We Told You So (GOP making colossally foolish debt compromise deal)

    07/31/2011 1:18:15 PM PDT · by Qbert · 55 replies
    Redstate ^ | 7/31/2011 | Erick Erickson
    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...
  • Smart Girl Summit: Dana Loesch on Debt Limit and Tea Party Hobbits

    07/31/2011 12:37:09 PM PDT · by george76 · 3 replies
    you tube ^ | Jul 30, 2011
    PJTV catches up with CNN contributor and radio host Dana Loesch at the Smart Girl Summit in St. Louis, MO to get her reaction to the Tea Party 'hobbits' and their role in the debt ceiling negotiations
  • Dems, GOP Float Eye-Popping Debt Limit Compromise (Schumer outwits GOP- Taxes will go up under deal)

    07/31/2011 8:54:11 AM PDT · by Qbert · 90 replies
    TPMDC ^ | July 31, 2011 | Brian Beutler
    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)....
  • 'Fully engaged' McConnell expresses optimism on debt deal

    07/30/2011 3:02:36 PM PDT · by Qbert · 80 replies
    The Hill ^ | 07/30/11 | Molly K. Hooper
    Senate Minority Leader Mitch McConnell (R-Ky.) said Saturday he and Speaker John Boehner (R-Ohio) are fully engaged with the White House on a debt deal and expressed optimism an agreement will be reached.  “I’ve spoken with the president and the vice president within the last hour and a half," McConnell said at a press conference with Boehner shortly after the House rejected Senate Majority Leader Harry Reid's (D-Nev.) debt-ceiling plan.  "We are now fully engaged with the one person … who can sign a bill into law,” McConnell told reporters.  Fewer than three days before the Aug. 2 deadline for...
  • Reid: Republicans Must Work With Democrats On The Only Option Left To Avert Default,Save Our Economy

    07/30/2011 2:23:05 PM PDT · by mdittmar · 66 replies
    United States Senate Democrats ^ | July 30,2011 | U.S. Senate Majority Leader Harry Reid.
    Washington, D.C. – Nevada Senator Harry Reid made the following remarks today on the Senate floor regarding the only viable debt ceiling compromise to avert a default. Below are his remarks as prepared for delivery:Republicans leaders in the House of Representatives wasted this week pursuing a right-wing proposal they knew from the start could not pass the Senate.From the very beginning the Speaker’s Band-Aid approach was fatally flawed – it would have put us back in this incredible position, fighting the clock to prevent financial collapse, in just a few weeks.It was a concession to Tea Party extremists, yet it...
  • LIVE COVERAGE: Congressional Debt Ceiling Showdown

    07/30/2011 8:38:07 AM PDT · by silentknight · 215 replies
    Business Insider ^ | 7/30/11 | Zeke Miller and Joe Weisenthal
    10:56am | Good Saturday morning. The House and Senate will convene at 1pm today. The House will likely go out of session after a vote on the Reid plan to raise the debt limit, while the Senate will stick around until 1 am Sunday to vote to end debate on the plan. Read more:
  • Boehner: "We are dealing with reasonable, responsible people who want this crisis to end..."

    07/30/2011 2:14:04 PM PDT · by Qbert · 74 replies
    Twitter ^ | 7/30/2011 | Major Garret (MajoratNJ)
    MajoratNJ Boehner 2 of 2: "We are dealing with reasonable, responsible people who want this crisis to end as quickly as possible and I think we will.” 33 minutes ago
  • Reid Aims For GOP Support By Adopting McConnell Debt Limit Plan Fallback Plan

    07/30/2011 1:12:04 PM PDT · by Qbert · 19 replies
    TPMDC ^ | July 29, 2011 | Brian Beutler
    The Senate adjourned late Friday night without an agreed-upon framework for raising the debt limit. Shortly before this, a source passed to TPM a blueprint of what Democrats hope will be the way out of this imbroglio. It's a copy of what could be Senate Majority Leader Harry Reid's final offer to Republicans in the debt limit standoff. The gist: Reid hopes to entice Republicans to support his plan in two ways. First, with slightly deeper cuts. Second, by adopting an idea, first proposed by Senate Minority Leader Mitch McConnell, that would delegate the authority to raise the debt limit...
  • Obama demands plan by Tuesday

    07/30/2011 9:36:17 AM PDT · by Qbert · 53 replies
    Politico ^ | July 30, 2011 | MJ Lee
    Just days ahead of the Aug. 2 debt ceiling deadline and as partisan rankling continued on Capitol Hill, President Barack Obama urged Congress to show him a plan that would divert the country from national default by Tuesday. In the weekly address to the nation, the president maintained that House Republicans had wasted too much time passing a bill that doesn’t offer a long-term solution to the debt crisis. Speaker John Boehner’s deficit ceiling bill passed late Friday, but within hours it was tabled by the Senate. The House plan, Obama argued, would expose the country to another impasse in...
  • Reid alters debt plan to attract GOP support (Give Reid the same courtesy, FILIBUSTER IT!)

    07/29/2011 8:58:12 PM PDT · by tobyhill · 42 replies
    The Hill ^ | 7/29/2011 | Alexander Bolton and Josiah Ryan
    Senate Majority Leader Harry Reid (D-Nev.) has revised his plan to raise the debt limit in a last-ditch bid to attract Republican support. 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.
  • Senate kills Boehner debt ceiling plan

    07/29/2011 5:50:43 PM PDT · by Para-Ord.45 · 262 replies ^ | July 29 2011 | P. Conner
    The Senate voted to kill a House-approved bill to raise the debt ceiling, leaving the ball in the court of Senate leadership to produce a deficit reduction bill, with just days before the Aug. 2 deadline. The vote was 59-41. Senate Majority Leader Harry Reid followed through on his promise to kill the bill, pushed through the House a day late by House Speaker John Boehner. The White House, which has thrown its weight behind a Reid proposal, had promised to veto the bill had it miraculously passed the Senate. The Senate also killed the Cut, Cap, Balance Act last...
  • Harry Reid debt ceiling bill to be targeted by House on Saturday (What bill?)

    07/29/2011 5:44:48 PM PDT · by tobyhill · 24 replies
    Politico ^ | 7/29/2011 | By JAKE SHERMAN & JOHN BRESNAHAN
    House Republicans will bring up Senate Majority Leader Harry Reid’s debt limit package Saturday just to vote it down, an attempt to show that the legislation is dead in the lower chamber, according to GOP leadership sources. Speaker John Boehner’s (R-Ohio) debt limit package passed the House Friday with 218 votes. The Boehner plan would raise the debt limit by $900 billion, requiring another vote to boost the government’s borrowing authority early next year by another $1.6 trillion. Reid and other Senate Democratic leaders have already declared the Boehner plan dead-on-arrival in the Senate. In order to show Reid’s package...
  • Live Thread: House Vote on Boehner Bill

    07/29/2011 3:28:00 PM PDT · by newzjunkey · 207 replies
    Live now on C-SPAN. Streaming link here
  • Republican senators consider backing Reid debt plan

    07/29/2011 3:01:27 PM PDT · by mdittmar · 59 replies
    cBS News ^ | July 29, 2011 | Stephanie Condon
    The House plans on voting on Speaker John Boehner's debt limit plan this evening, but with its demise imminent in the Senate, some Senate Republicans are considering getting behind Senate Majority Leader Harry Reid's alternative plan. "I voted for cut, cap, and balance,'" Republican Sen. Scott Brown of Massachusetts said today, in reference to the House Republicans' initial debt limit plan. "I'll vote for Boehner, and I'll vote for Reid. I've already said that. We need to move our country forward. It's time." Senate Democrats have promised to reject Boehner's plan, which would only extend the nation's borrowing authority for...
  • ‘Where is the plan?’ Jay Carney says Obama’s 'Plan' is the best-known debt plan

    07/29/2011 11:43:33 AM PDT · by SeekAndFind · 47 replies
    Daily Caller ^ | 07/29/2011 | Matthew Boyle
    White House press secretary Jay Carney said Thursday that President Obama’s debt ceiling plan is the best-known option at this point. There’s just one problem with that: No publicly available, detailed Obama plan exists. “There is no plan that has been offered, certainly in the last several months, about which more detail is known or has been specified than the Obama-Boehner plan, okay, in terms of the cuts in domestic spending, both defense and non-defense discretionary; the savings coming out of entitlements programs, including Medicare, Medicaid and Social Security; the kind of tax reform that was envisioned and the mechanisms...
  • White House May Consider Short-Term Debt Ceiling Lift

    07/29/2011 11:07:56 AM PDT · by Qbert · 11 replies
    Reuters via CNBC ^ | 29 Jul 2011 | Reuters
    White House spokesman Jay Carney said Friday he still believes it is possible to get a debt deal completed to meet the Aug. 2 default deadline. "We still believe that we can get this done in time to meet the deadline of August 2nd," Carney told reporters, saying there needs to be a compromise agreement to break a partisan stalemate. Carney reiterated that the White House would consider agreeing to lift the debt ceiling for a few days if needed to finish a deal.
  • Here's Boehner's amended amended bill

    07/29/2011 10:28:37 AM PDT · by Buchal · 62 replies ^ | 7/29/11 | U.S. Congress
    This link has the text of Boehner's new bill.
  • You choose: who gets paid (and who doesn’t)

    07/28/2011 6:52:12 PM PDT · by TenthAmendmentChampion · 45 replies
    The Washington Post ^ | Undated | Unsigned
    On August 2, the federal government will not have enough cash to pay for all of its programs and obligations. The U.S. will take in a total of $172.4 billion in revenue during the month, but its total payments exceed $306 billion, resulting in a $134 billion shortfall.
  • What the final deal is likely to look like (Hybrid of Boehner/Reid/ McConnell plans)

    07/28/2011 7:50:18 PM PDT · by Qbert · 34 replies · 1+ views
    Washington Post ^ | 07/28/2011 | Ezra Klein
    [Snip] The smart money in Washington continues to be on some hybrid of the Boehner/Reid/McConnell plans. If I had to place a bet now, I’d say the final deal looks something like this: Cuts: $1.2 trillion in discretionary spending cuts, with somewhat more of the total falling on defense spending than in Boehner’s bill and somewhat less of the total falling on defense spending than in Reid’s bill. Committee: The bipartisan “Supercommittee” will be formed and charged with developing a plan that cuts the deficit by $1.8 trillion or more. Unlike in Boehner’s plan, future debt-ceiling increases will not require...
  • Palin’s Well-Timed Reminder to Freshmen

    07/28/2011 6:48:37 PM PDT · by Bigtigermike · 72 replies
    NYT ^ | Thursday July 28, 2011 | Michael Shear
    Sarah Palin has impeccable timing. The former Republican vice presidential nominee took to her Facebook page Thursday afternoon to warn freshman Republicans in the House that they just might face primary opposition if they cave in to demands by their party to raise the debt ceiling. “All my best to you, GOP Freshmen, from up here in the Last Frontier. Sincerely, Sarah Palin,” she wrote. “P.S. Everyone I talk to still believes in contested primaries.” Just two hours later, House Speaker John A. Boehner was forced to postpone the vote on his proposal to increase the debt ceiling at the...
  • The Aug. 2 "Deadline" lie

    07/28/2011 6:07:27 PM PDT · by nandrew · 9 replies
    World Net Daily ^ | July 29, 2011 | Michael Master
    ... interest rates are too low and will increase. Obama is looking for an excuse for their increase and plans to blame it on how Republicans treated the debt limit. And when interest rates do increase, the stock market will fall. So will bonds prices. And so will housing sales. ... The Obama administration ... created an artificial date so they can blame an economic downturn on not increasing the debt. ... With or without a debt increase, the ratings of U.S. Treasuries will be decreased if government expenses are not cut and a budget is not produced – and...
  • GOP May Not Get All It Wants — But Still Win

    07/28/2011 5:04:52 PM PDT · by Kaslin · 21 replies
    IBD Editorials ^ | July 28, 2011 | CHARLES KRAUTHAMMER
    We're in the midst of a great four-year national debate on the size and reach of government, the future of the welfare state, indeed, the nature of the social contract between citizen and state. The distinctive visions of the two parties — social-democratic vs. limited-government — have underlain every debate on every issue since Barack Obama's inauguration: the stimulus, the auto bailouts, health care reform, financial regulation, deficit spending. Everything. The debt ceiling is but the latest focus of this fundamental divide. The sausage-making may be unsightly, but the problem isn't that Washington is broken, that ridiculous cliche. The problem...
  • Officials Will Brief Public on Which Bills Will Be Paid, Which Not, After Markets Close Friday

    07/28/2011 3:40:14 PM PDT · by Qbert · 25 replies
    ABC News ^ | July 28, 2011 | Jake Tapper
    If there is no clear path out of this morass by tomorrow, sources say that administration officials will likely brief the public on how the Treasury Department will try to handle the bills Congress mandates that the government pay given a situation where Congress has not given them a way to do so. Look for that briefing to come no earlier than Friday after the markets close at 4 p.m. ET, sources say. Officials are most concerned about paying the interest on the existing debt, since failure to do so would result in default and almost certain immediate market panic,...
  • Democratic House Whip tells lawmakers that debt vote has been "postponed."

    07/28/2011 2:59:25 PM PDT · by MinorityRepublican · 162 replies
    The Wall Street Journal ^ | Thursday, July 28, 2011
    GOP aide confirmed and said it would take place later Thursday evening.
  • CSPAN has an alert on their screen saying vote on Boehner's bill postponed

    07/28/2011 2:57:02 PM PDT · by illiac · 61 replies
    SCPAN ^ | 7/28/11 | CSPAN
    Just the alert....cannot find out anything else yet...