BigFurHat
iOwnTheWorld
7/23/2011
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GOP readies new debt ceiling plan; bill set for Sunday
House Republicans are finishing work on a new proposal to resolve the standoff over the debt ceiling. The proposal, set to be finished and crafted into the form of a bill by Sunday, will be in two parts. The first will combine a short-term increase in the debt ceiling with spending cuts. The second will lay the groundwork for a longer-term increase in the debt ceiling coupled with far-reaching deficit reduction…
…Work on the new proposal was underway before negotiations with the White House blew up on Friday. Sources say the plan was being created last week, even as the House leadership devoted considerable time to passing the “Cut, Cap, and Balance” proposal. Once the Senate Democratic leadership blocked “Cut, Cap, and Balance,” House leaders stepped up work on the new proposal. Right now, the new direction is believed to be the only way forward. “McConnell-Reid is just not a viable option in the House,” the aide says, referring to Senate Minority Leader Mitch McConnell’s complicated proposal to allow the president to increase the debt ceiling…
Class Warrior-in-Chief awash in cash from Wall Street, Fatcats
Boehner aims to release new debt plan by Sunday afternoon:
House Speaker John Boehner (R-Ohio) told his GOP rank-and-file that congressional leaders are working round the clock on a deal set for release before the Asian markets open on Sunday at 4 p.m., a source tells The Hill.
Boehner gave few details as to the yet-to-be-seen proposal, according to an official who participated in the conference call held following a tense meeting at the White House on Saturday afternoon…
… At the White House meeting, Boehner was backed up by Democratic leaders, Harry Reid and Nancy Pelosi, when he said to Obama, “Mr. President, I need to deal with the House and the Senate because we [the White House and Congress] aren’t getting anywhere,” the source said…
D.C. is Booming – Obama’s Government is Growing
Does Obama Expect Boehner to Clean up Democrats’ Messes?
…When the Democrats were in power from 2009-2010, they ran up the deficit, increasing spending at the most rapid pace since World War II. They didn’t provide a means to pay for their profligacy. And that profligacy is one reason Republicans won back the House last fall.
Obama and the Pelosi-Reid Democrats ran up the debt and now they expect Republicans to pick up the tab, hiking the debt ceiling to cover their messes. If this vote is so important to the president, why didn’t he push it through Congress when his party enjoyed majorities in both Houses?
Sulking in his partisan corner, Obama demands Republicans come up with solution to debt difficulty
The president sure does have a habit of trying to stand above it all by issuing noble statements about how we should behave, while scolding those who engage in the type of behavior in which he engages on a regular basis. Recall how, early in his term, he told Jay Leno that he was “trying to break is a pattern in Washington where everybody is always looking for somebody else to blame.“ Despite those highfalutin words, he regularly blames Republicans for his problems.
Boehner Statement: Congressional Leaders Will Work to Create Debt Plan – Without Obama
Obama is Determined to Destroy America
Home Depot co-founder Bernie Marcus on the Administration and the Economy
Update: Misunderstanding: Why would US Government Bonds Be Downgraded?
…The United States is not on a downgrade watch because the markets fear we won’t raise the debt ceiling in time to avoid a default; the United States is on a downgrade watch because the markets believe the debt-ceiling debate presents the last real opportunity for the government to enact a meaningful fiscal-reform program before it is well and truly too late to avoid a national crisis. The credit agencies, wisely or not, aren’t worried about the short-term political fight leading to an immediate default, but about the near- to medium-term fiscal situation, which is plainly unsustainable.
Those who think that a downgrade would result from failure to raise the debt ceiling have it exactly backward. The issue facing the US – and the world – is the apparent inability of too many governments to control their urge to spend beyond their means…
S&P may downgrade US AAA rating before Aug. 2nd
Just as S&P has said they want to see a raise in the debt ceiling, they also emphasize there must be a substantive change in fiscal policy that goes along with raising the debt ceiling. Now, S&P Credit analyst David Beers tells Cavuto that if they don’t feel like Congress can work out a deal that accomplishes these changes, they certainly could downgrade our AAA rating before August 2nd
Cavuto: Tea Party isn’t causing the debt crisis Mark Levin called into Cavuto’s show on Friday. They had a great conversation about raising the debt limit.
Update 2: Democrats in ‘Volcanic’ Mood; Demand Higher Taxes
Barbara Mikulski, Democratic senator from Maryland, best captured the turn of events in the critical US debt talks.
After emerging from a lunch meeting on Thursday with members of her party and Jack Lew, the White House budget director, Ms Mikulski said her colleagues were feeling “volcanic” about the prospect of a $3,000bn deal to cut deficits and raise the debt ceiling that did not include any higher taxes, adding that it was “like Mount Vesuvius” in the room…
Drill More to Bring the Deficit Down
Fiery Obama Claims He’s Fighting for ‘Working Stiffs’ Who Get ‘Raw Deal.’
