Debt-ceiling circus in Washington

Step right this way, folks! Under the Big Dome! See fire-breathing members of Congress and back-stabbing aides battle the most horrific and humongous monster since Godzilla hit the big screen – the Great National Debt! Watch in awe as Ringmaster Barack Obama uses his whip of fear to draw the masses to frenzy.

The deadline by which Congress must decide to increase the nation’s debt limit or find ways other than borrowing to pay the interest on the huge national debt, is only days away. The finger-pointing, demagoguery, and trickery are reaching a fever pitch unseen since South Carolina Rep. Preston Brooks took a cane to Sen. Charles Sumner on the Senate floor in 1856.

While no canings have yet occurred in the context of the current debt-limit debate (at least none have been reported), the sophistry and gimmickry has been just as excruciating to watch. And the nimbleness with which both Democrats and Republicans contort themselves to avoid touching the critical issue of entitlement reform truly should land some of them on “Dancing with the Stars.”

House Republicans have drawn their line in the sand — “Cut, Cap and Balance.” This plan purports to reduce the deficit by half and gradually lower spending over the next 10 years. It also calls for a Balanced Budget Amendment. The plan passed the House, and has been defeated in the Senate.

The faults in the House GOP plan are obvious. It carves out a huge exception for the “war on terror”; it fails to tackle entitlement spending; and it touts spending cuts that are so far out that many will never materialize. The proffered Balanced Budget Amendment incorporates broad exceptions that no future president or congressional majority would even break a sweat complying with in order to increase spending.

Then there is the oddly-named “Gang of Six” — a bipartisan handful of Senators who have fashioned a plan that includes largely unspecified cuts of $3.7 trillion over the next decade. It leaves to future congressional committees the task of determining what those cuts will actually be – essentially guaranteeing most of them will never be realized. The Gang’s plan also includes $1.0 trillion or more in new revenues. These revenue increases – never referred to as “tax increases” – would come largely through reducing or eliminating numerous deductions in the current income tax system, including the home mortgage deduction.

The philosophy underlying the Gang of Six plan can be summed up in two sentences: “Trust us; we promise to make cuts 10 years from now.” And, “A half century of runaway spending by Washington will be paid for by increasing the taxes on ordinary Americans.” This is what passes for “fairness” in Washington – Congress and presidents spend, and the American people are punished by having their taxes raised.

Even the pass given defense spending by the GOP is likely to run into difficulty. Some Republicans — including more than one running for the presidential nomination – call for spending even more on defense. These “Super Hawks” make such assertions notwithstanding the fact that the current level of defense spending, as analyzed by the Center for Strategic and Budgetary Assessments, constitutes the “highest level since World War II.”

Also apparently ignored by both sides involved in the current Great Debt Debate, is the cold, hard fact that Medicare and Social Security entitlements have committed the American people to nearly $62 trillion in future, unfunded liabilities. These unfathomable amounts of money constitute additional debt. However, this “debt” falls conveniently within Washington’s large blind spot.

Given such selective vision, it is no wonder the Debt Ceiling Circus continues; tragically but conveniently diverting attention from the very real fiscal catastrophe at America’s doorstep.

By Bob Barr — The Barr Code

79 comments Add your comment

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PDavis

July 25th, 2011
5:42 am

I suppose most people never look at their pay stubs, otherwise they’d know, as you should know, that social security is paid for from a separate funding system, NOT the general fund, that it CANNOT take money from the general fund and never has, and that the sum total of Social Security’s contribution to the National Debt is – dare I say it? – ZERO! It seems odd to me that the SOLE AND ONLY fully funded program in the budget is the one everyone runs to yelling CUT CUT CUT! Oh, could it be that THEY DON’T WANT SSA TO CASH IN TWO TRILLION IN US BONDS? Bonds sold with the full “faith” of the US govt behind them? That they intend to create a “special class” of bonds never to be repaid, IOW, an effective default on those bonds so the Treasury will never redeem them? Sure looks like it to me. SS is “unfunded” in exactly the same way every life insurance policy, every annuity, and every other pension plan is “unfunded”, they pay out on what they are taking in, not based on what the TOTAL FUTURE BENEFIT is. NOBODY does that.

billyhamer64

July 25th, 2011
5:50 am

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DeborahinAthens

July 25th, 2011
7:12 am

The Republicans have no intention of “compromising” to see that the debt ceiling and deficit reduction gets done . The party has been hijacked by the lunatic fringe made up of religious social “engineers” whose one goal is to make sure President Obama isn’t re-elected. When they realized that the economy was improving, they panicked and seized on this as the only way to drive the economy back into the ditch. When you have one Republican candidate whose husband makes a living from taking Federal money to “cure” homosexuality and another candidate that is holding a mass prayer vigil to hear if God is telling him to run for President, you understand the Republican’s panic.

Carlosgvv

July 25th, 2011
8:13 am

When the Tea Party first began to emerge, many of us saw them for what they really are, crazed fanatics. We begged and pleaded with people not to elect these crazies, but they would not listen. Republican voters sowed the wind by electing these loons and now we are all reaping the whirlwind. We can only hope that these voters will come to their senses in the next election and restore some samity to their Party.

Big Tent Democrat

July 25th, 2011
8:30 am

Godzilla? didn’t work. Demagoguery? Obsolete and trite. Sumner’s caning: overused and hack-worthy

Worse, is that Barr used the circus imagery only for itself instead of using it to advance the piece toward his main point. Had he done that, he could have finished in half the words.

” The finger-pointing, demagoguery, and trickery are reaching a fever pitch unseen since South Carolina Rep. Preston Brooks took a cane to Sen. Charles Sumner on the Senate floor in 1856.While no canings have yet occurred in the context of the current debt-limit debate (at least none have been reported), the sophistry and gimmickry has been just as excruciating to watch. And the nimbleness with which both Democrats and Republicans contort themselves to avoid touching the critical issue of entitlement reform truly should land some of them on “Dancing with the Stars.” – This is a total waste of time and energy. It reveals nothing. It states the boring obvious. It puts the reader to sleep. It doesn’t advance the discussion one diddle-dang piddle-poo.

“Nimbleness…..Contort…..” More circle-jerk du soleil.

“These “Super Hawks” make such assertions notwithstanding the fact that the current level of defense spending, as analyzed by the Center for Strategic and Budgetary Assessments, constitutes the “highest level since World War II.” Awkward, overworded….hopeless. Never use “notwithstanding”.

I like that Bob’s trying to improve his writing, but………

It’s like that clown that went full Oslo last Friday. He had something important to say…..and it was hacked from our Unibomber!!! A long way for a terrorist to go to prove he’s a hack.

This really is the problem of our age: that Hitler rose to power because he hacked what mankind has felt for the ages: we don’t like no foreigners no how. That a country should be founded upon race, not political evolution.

Now, in Europe, the focus has been on the exclusionary nature of the European State. The “guest workers” were never meant to stay. Now there are two societies in each country totally alienated from one another, and living side by side in enclaves.

That’s a total recipe for a civil war time bomb. All it would take would be another eloquent hack like Hitler, and when has the world ever been in short supply of that? The internet is breeding hacks like maggots on the dead carcass of the GOP elephant in our living rooms.

Total Morons

July 25th, 2011
8:31 am

Since when did payment of the US debt as mandated in the Constitution become a “compromise”? That’s like getting pulled over for speeding and saying to the police officer: “Okay, I’ll agree to follow the speed limit as required by law, if you agree to reduce your patrol time on this section of road.”

gator24

July 25th, 2011
9:26 am

If the Debt ceiling is no big deal as some in congress have stated, then why has it been raised so many times.
The Republican members of congress are willing to cut funds to the middle class and poor, but not the wealthy. Why is then so many of these people continue to vote for Republicans, it has to be ideology or just plain stupidity. Unbelievable

Crazed Fanatic

July 25th, 2011
10:01 am

“The Republican members of congress are willing to cut funds to the middle class and poor, but not the wealthy”

Please tell me WHAT FUNDS to the middle class and the poor the Republicans want to cut ? I’m very much middle class and I don’t receive ANY funds from the Fed (and I suspect the vast majority of middle class don’t), and I certainly haven’t heard the Republicans talking about cutting safety net programs for the poor.

Now, if you want to start talking about scaling back and eliminating government agencies . . .

Lawrence

July 25th, 2011
10:05 am

Only when we are not payroll taxed for Social Security and Medicare, and recepients not have to make monthly Medicare payments, can you call it an “entitlement”.

Songbird

July 25th, 2011
10:11 am

Crazed Fanatic – do you deduct mortgage interest from your tax return? If so, that is receiving funds indirectly from the government.

Crazed Fanatic

July 25th, 2011
10:24 am

Songbird: Only in the mind of a leftist. My income belongs to ME (not the government) except for the portion I am legally obligated to pay as taxes. In the mind of a leftist, yes, all my income belongs to the government until they decide what I get to keep (from each . . . and to each . . ., right?). This is what makes me a “crazed fanatic” in the words of an earlier poster; I actually paid attention in school and understand the principles this nation was founded on, and I’m not willing to see those principles compromised.

You can argue the semantics of the home mortgage interest deduction all you want. It does not change the underlying principle. Leftist economics will ultimately destroy this nation, as conceived.

redneckbluedog

July 25th, 2011
10:25 am

ELECTIONS HAVE CONSEQUENCES…!!!! And the American people are about to see the consequences of what happens when people vote that wear T-bags on their heads…..

mike "hussein" smith

July 25th, 2011
10:28 am

A fair reading of the history of national debt should convince anyone — except Bob Barr — that the runaway spending didn’t kick in until about 2001.

DixieDemons

July 25th, 2011
10:40 am

Are The Tea Party Terrorists on the verge of turning America into a Third World Country ?

Think about how life will be when everyone lines up with a gang / cult for survival …..Mob -rule … Anything goes…… If I can’t control the drinking water well then I will poison it before I move on.

LeeH1

July 25th, 2011
10:48 am

The Republicans are willing to bankrupt the country if it means they can blame it all on Obama. They are a cult that puts their narrow vision above the country’s good, much like that nut job in Norway.

Obozonomics

July 25th, 2011
10:49 am

DeborahinAthens;

You are so funny and delusional, keep on blaming everybody except the democrats who have equal if not MORE responsibility in this debt ceiling issue. Did you forget that the democrats had the super majority in two branches of government but forgot to do a budget for 3 years, please tell me how the GOP had anything to do with that? Did you miss that Obozo and Reid are the babies that run from the room when they can’t have their way, again how is that the GOP’s fault. Since the democrats are stuck with one answer to everything is more taxes so they can spend their way into bankruptcy, and the GOP is trying to stop that, and that is an issue, how? Just wondering how long we can keep spending money we don’t have just to make liberals happy? Isn’t 14 Trillion enough? Time to stop the deficit spending,! One small change in government could solve the debt issue, cut ALL government budgets by 10%, come on loser liberals share the pain, isn’t that what Obozo keeps preaching?

Songbird

July 25th, 2011
10:53 am

Crazed Fanatic, I didn’t say your income doesn’t belong to you. The point I’m making is everyone has a certain tax rate set for them based on income level. Every tax loophole, deduction, etc. has been granted to taxpayers from the government. They are forms of entitlement spending just as much as any other. Red states like Georgia receive more money back from the federal government per capita than they pay in. Blue states typically get less back than they pay in, so they are effectively subsidizing the red states. Don’t believe me, google it and see the numbers for yourself. I doubt that you will do that because you are the kind of person who doesn’t like to let the facts get in the way of their ignorant thinking.

M

July 25th, 2011
10:54 am

Crazed Fanatic,

How does it feel to live in government-subsidized housing?

You have a tax burden of X. Thanks to your home ownership, you have a tax burden of X-Y. Therefore, you are receiving a government subsidy.

M

July 25th, 2011
10:54 am

And it’s likely that your subsidy is greater than those living on welfare.

Jimmy62

July 25th, 2011
10:56 am

If it weren’t for the Tea Party, no politicians would be paying attention to our debt and severely underfunded long term obligations. If it weren’t for the Tea Party, politicians could continue pushing those problems to the future. Thank god for the Tea Party, our children will thank them for trying to fix things now rather than 30 years from now.

The extremists are the people who look at how we’re spending way more than we take in and think that’s just fine and that our children can fix it. That’s extreme. A normal attitude is to look at our problems and try to fix them. And that’s the Tea Party. The people electing the fools who just want to do what we’ve always done are the ones that have the wool pulled over their eyes, the ones that think we can continue on the path we’ve been on with no problems.

And, BTW, if you could take back every penny spent on Iraq and Afghanistan, it wouldn’t come close to covering the gap between revenue and spending. We spend too much! And if you look at the actual facts, spending accelerated starting when the Dems took Congress in 2006.

M

July 25th, 2011
10:57 am

Obozonomics, when you say that cutting all agencies by 10% will eliminate the debt issue, it becomes clear that you have no understanding of mathematics.

Stevie Ray

July 25th, 2011
10:58 am

“The most savage controversies are about those matters as to which there is no good evidence either way”.

Blaming prior administrations no matter how true, is not a debate point of value anymore than creating hysteria such as “what about our poor children and grandchildren”. The numbers both parties use to promote either amazingly apparent political agenda are both hypothetical and nonbinding. I want to believe that the tax base is shrinking while the number of those depending on government is increasing. Who knows what to really believe? Has anyone evaluated the CBO over the past 20 years relative to long term forecasts of say, ten years to determine if these numbers can be trusted?

Taking sides at this point just feeds into the frenzy and underscores the lack of credible, validated data either way. Flawed system+flawed result…

Trapped in a Red state

July 25th, 2011
11:23 am

Most economist agree that the economy will continue to improve, especially next year. The GOP knows that that would almost guarantee Obama’s reelection. They have not tried to pass ANY job creation bills, as promised during their campaigns, because it would be counterproductive to their main goal of defeating Obama in the next election.
Now these GOP leaders see an opportunity to seriously damage the economy…not raising the debt ceiling. All they have to do then, is spend a lot on ads blaming the whole thing on Obama….hell, they blame him now, for the mess “W” caused, and with the steady stream of lies from “talk radio” have managed to convince many ill informed voters to agree with them.
This strategy by the GOP and it’s T Party arm is the most unpatriotic, pathetic, partisan politics I have ever witnessed. As Barbara Boxer noted….” I have never seen anything like this in my 17 years in Congress.
You T Party members are playing with “Polish Pistols”…the ones that shoot backwards. Good riddance to you “patriots” in the next election.
The GOP=PARTY FIRST…COUNTRY SECOND.

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Songbird

July 25th, 2011
11:34 am

Obozonomics – liberals in this country tend to be the most highly educated and have higher incomes than many, if not, most conservatives. Your comments and use of the name ‘Obozonomics’ tells me all I need to know about you.

[...] Atlanta Journal Constitution: Debt-Ceiling Circus In Washington Also apparently abandoned by both sides concerned in a stream Great Debt Debate, is a cold, tough fact that Medicare and Social Security entitlements have committed a American people to scarcely $62 trillion in future, unfunded liabilities. These infinite amounts of income consecrate additional debt. However, this “debt” falls conveniently within Washington’s vast blind mark (Bob Barr, 7/25). [...]

Pay attention. This is not a drill

July 25th, 2011
11:34 am

This is not a partisan issue; it is too large for that. The Republicans in congress have made several proposals. The Democrats have not. Obama has been a no-show.

Over the past three decades, there have been many budget deals struck — TEFRA, 1991, 1995, and so on — that included both tax changes and spending cuts. In no instance have the spending cuts ever been realized.

We are hurtling towards insolvency. It will not matter who is in the white house except as it relates to the way the pieces are reassembled if nothing is done now. Many think that is the real Obama plan, and there is some evidence of that being the intention of some of his backers. The tea party is equally naive to aver that this can be done without new revenues. They are quite correct, however, that the only way spending cuts will ever occur is by holding the required new revenues hostage.

John Daly

July 25th, 2011
11:37 am

PDavis @5:42

To prevent Social Security from losing tax revenue, Congress mandated that revenues be transferred from the general fund to the Social Security trust funds to make up for the tax reduction. This is provided for in section 601 of the Tax Relief Act, which reads in part, “There are hereby appropriated to the Federal Old-Age and Survivors Trust Fund and the Federal Disability Insurance Trust Fund established under section 201 of the Social Security Act (42 U.S.C. 401) amounts equal to the reduction in revenues to the Treasury by reason of the application of subsection (a). Amounts appropriated by the preceding sentence shall be transferred from the general fund at such times and in such manner as to replicate to the extent possible the transfers which would have occurred to such Trust Fund had such amendments not been enacted.”

The reason we are looking at cutting benefits is that we have fallen from approximately 17 people paying into social security for each person receiving benefits when it was founded to, I think, four now. That combined with an overly generous inflation calculation increases spending higher than collections. As to the changes in benefits, the ones proposed by Boehner are pretty much the ones out of the tax commission that Obama initated and then ignored, so you can’t hang that on just the republicans.

Crazed Fanatic

July 25th, 2011
11:43 am

I patently REJECT the notion a tax deduction is an “entitlement” in the context of government spending, which is the core issue under debate here. Patently reject this characterization at face value. I “take” NOTHING from the Fed that isn’t in the domain of shared public services or common defense. Nothing. Read: Zero$, zip, nada. My tax obligation is NOT an obligation until it is computed on my tax forms.

I hold an MBA from a well-reputed private University where many of my instructors were Federal Reserve Bank Managers. I’m not an economist, but again, I patently reject your leftist slant on the mortgage interest tax deduction and again point out your economic perspective is a MAIN REASON why your party needs to be defeated politically, and I can assure you I am contributing to those efforts.

redneckbluedog

July 25th, 2011
11:48 am

@Obozonomics, 10:49,

The Senate and the White House are both prepared to act…The problem is that the House of Representatives cannot seem to pass any legislation for anyone exept themselves…and then they thump their chests like they’ve actually DONE something…How many Texans does it take to change a light bulb..? 5…One to change the bulb, and 4 more to tell everybody else how GREAT they are…..

WOODSTOCK MIKE

July 25th, 2011
11:57 am

“The problem is that the House of Representatives cannot seem to pass any legislation for anyone exept themselves…and then they thump their chests like they’ve actually DONE something”

The real problem is that on Friday there was a deal and Obama wanted to add 400B in tax increases at the last second. Once that happened Boehner walked out. Obama could have easily signed the deal, he chose not to…

DixieDemons

July 25th, 2011
12:07 pm

Obama could have easily signed the deal, he chose not to…

We will hear more about this later when we default on our debt obligations and J BO and Reid throw something together the Pres VETOES

The Truth

July 25th, 2011
12:09 pm

If welfare recipients did not vote Democrats would never win another election.

The reason this is an issue presently is since 2006 when the Democrats were in charge of Congress we doubled down on spending. Since 2008 when Obama was elected it has quadruled.

Obama did present a budget this year. It INCREASED the deficeit 10 trillion dollars. IT was voted down in the senate 0-97. Not a single Democrat voted for Obama massive failure of a budget.

Jefferson

July 25th, 2011
12:29 pm

The bills the president Bush, the GOP ran up and the spending president Obama had to do to pull the country out of the ditch it was left in has to be paid. Cowards say no.

DixieDemons

July 25th, 2011
12:31 pm

@ The Truth ….. Call your local DFCS / Welfare office . They give applicants voter registration forms and help them register to vote. Based on your voter theory it might be a Democratic landslide the next election cycle if we default on our debt obligation which the experts claim will lead to more job losses/ recession. Job losses send people to the DFCS / Welfare office for help

Bye bye Obozo

July 25th, 2011
12:36 pm

Obama = one and done.

Sucks to be a loser lib these days.

Cutty

July 25th, 2011
12:36 pm

The Truth- What about from 2001- FALL 2006. Two wars, two tax cuts, a Prescription Drug Benefit (gasp, the Socialism), and no spending bill was ever vetoed by the President. Forgot about that? You don’t think all of that helped dramatically get us in this financial hole?

All put on a credit card. At least Obama had the good sense to put the wars IN the actual budget, which did increase the deficit. TARP was signed by a republican president. Oh, and 7 increases in the debt ceiling all done in legislation the length of two sentences. If you want to talk about smoke and mirrors, well there you go.

Bye bye Obozo

July 25th, 2011
12:37 pm

DeborahinAthens

How many times have you fallen off the short bus?

Bye bye Obozo

July 25th, 2011
12:38 pm

Obama and the Dems didn’t propose a budget for 2 years. I love how left wingers point fingers at the GOP as if they are the problem.

WOW

July 25th, 2011
12:39 pm

Time to impeach Obama.

Sandra

July 25th, 2011
1:07 pm

@ Crazed Lunatic and Bye bye Obozo,
I think your names speak for yourselves without even having to read the dribble you spout. You really are nuts. All these ‘facts’ you speak of come straight from talk radio and not from real facts. Enough said.

Obozonomics

July 25th, 2011
1:20 pm

Here is the real decision, raise taxes, which will not make a dent in the deficit, do we borrow money we don’t have and keep spending like drunken liberals, or do we make a budget and live within our means?
Only an idiot would side with the democrats on this, right debrainathens?

Gator Joe

July 25th, 2011
1:28 pm

The Republicans, indeed the Right, are not serious about debt reduction and have zero credibility regarding fiscal responsibility. They stood by while the Bush/Cheney and the Republicans ran up the debt and deficits without saying a word. Now that a Democrat is in the White House they suddenly became concerned.
The Debt and Deficits cannot be solved without raising taxes and closing tax loopholes.
If the Republicans choose to allow the US government to default then so be it, I’m looking forward to hearing the whining and howling from their corporate and fatcat masters.

Toby

July 25th, 2011
1:54 pm

Mitch McConnel (GOP) said that the main goal of the GOP was to defeat President Obama’s re-election campaign in 2012; if the GOP influences economic downfall then that might help them with their horrible goal.

Bye bye Obozo

July 25th, 2011
2:05 pm

Sandra

Unless you’re a total moron, which you obviously are, you would know that Obama and the Dems NEVER proposed a budget. Period.

Bye bye Obozo

July 25th, 2011
2:06 pm

“The Republicans, indeed the Right, are not serious about debt reduction and have zero credibility regarding fiscal responsibility.”

Gaytor Joe has a very low IQ.

Bye bye Obozo

July 25th, 2011
2:07 pm

“Mitch McConnel (GOP) said that the main goal of the GOP was to defeat President Obama’s re-election campaign in 2012″

Well duh, tard.

Obozonomics

July 25th, 2011
2:10 pm

Gator Joe,
When Bush wanted money for toilet paper the democrats screamed bloody murder, so where is all the screaming now that Obozo has quadrupled 8 years of Bush spending in 3 years? So that seems to be OK with all the crybabies, why is that?

Tranny Crapzilla

July 25th, 2011
2:10 pm

“I think your names speak for yourselves without even having to read the dribble you spout. You really are nuts. All these ‘facts’ you speak of come straight from talk radio and not from real facts. Enough said.”

Sandra, like most left wingers, can’t even argue facts. What “facts” are you talking about, cupcake? You come in here, call people nuts and then end with “enough said.”

Tranny Crapzilla

July 25th, 2011
2:12 pm

“If the Republicans choose to allow the US government to default then so be it”

Only problem with that asinine statement is the FACT that Obama is the president. HE is the one who should be leading.

Fact: The Democrats controlled the House and Senate for 2 whole years.

Fact: The Democrats didn’t propose a budget for 2 whole years.

Fact: The Republicans control ONE branch of government.

Fact: You don’t know what the heck you’re talking about.

Tranny Crapzilla

July 25th, 2011
2:14 pm

Calling the kettle black

July 25th, 2011
2:14 pm

Is Obama a pathological liar?

In the weird world that is Washington, men and women say things daily, hourly, even minutely, that they know deep down are simply not true. Inside the Beltway, we all call those utterances “rhetoric.”

But across the rest of the country, plain ol’ folk call ‘em lies. Bald-faced (even bold-faced) lies. Those folks have a tried-and-true way of determining a lie: If you know what you’re saying is patently false, then it’s a lie. Simple.

And lately, the president has been lying so much that his pants could burst into flames at any moment.

His late-evening news conference Friday was a tour de force of flat-out, unadulterated mendacity — and we’ve gotten a first-hand insider’s view of the president’s long list of lies.

http://www.washingtontimes.com/news/2011/jul/24/curl-is-obama-a-pathological-liar/

The Truth

July 25th, 2011
2:15 pm

Cutty

Bush is not in office.

However I was concerned about spending then! As were a lot of fiscal conservatives.

As bad as the spending was at that time it has gone from impulse power to warp nine since the Democrats got control of the purse strings.

BTW tax revenue increased after the last round of cuts under president Bush and only fell after the housing crash. They actually rose above projections from 2003

http://www.americanthinker.com/2010/03/lying_about_bushs_tax_cuts.html

Calling the kettle black

July 25th, 2011
2:15 pm

Debt-fight doomsayers
Team O’s absurd default talk

I’ve lost count of how many times President Obama and Treasury Secretary Tim Geithner have said over the last three days that America might default if the debt-ceiling impasse continues. For the good of the country, let’s hope the markets have forgotten as well.
It’s hard to see how Obama, Geithner or White House Chief of Staff Bill Daley could have had the good of the country in mind as they made the rounds of the Sunday talk shows — spreading dire predictions about default if the debt ceiling isn’t raised in the fashion that they and their Democratic allies believe appropriate.

Read more: http://www.nypost.com/p/news/opinion/opedcolumnists/debt_fight_doomsayers_AhCKQLmjQi8e3phgFwi46O#ixzz1T8tcwNI7

Calling the kettle black

July 25th, 2011
2:17 pm

Bye bye, Obama.

Obama: ‘I need a dance partner’ on immigration reform

http://edition.cnn.com/2011/POLITICS/07/25/obama.la.raza/

jconservative

July 25th, 2011
3:32 pm

So the latest Republican plan is ti cut spending $1.2 trillion.

When the Tea Party first hit town they were talking $5 trillion in spending cuts. Now they are willing to settle for a measly $1.2 trillion.

We started talknig about cutting spending in 1981. Thirty years later we are still talking about it.

“It’s deja vu all over again!” (Sorry Yogi.)

Jefferson

July 25th, 2011
5:10 pm

j-they have no credibility, the GOP tees shirters for sure.

Calling the kettle black

July 25th, 2011
5:32 pm

jconservative

What’s Obama’s plan?

HE HASN’T PROPOSED ONE. EVER.

“j-they have no credibility, the GOP tees shirters for sure.

Says the clown who lives in GA. If you want to live in blue state move there. I’m sure one of the $hit holes like Michigan, Illinois and California would love to have you. Loser.

YESSSSSSS!!!!!!!!!!

July 25th, 2011
5:33 pm

Common Sense

July 25th, 2011
6:18 pm

Carlosgvv

July 25th, 2011
8:13 am

Carlos, I fixed your typo’s below

When Barack Odummy first began to emerge, many of us saw him for what he really is, a crazed fanatic. We begged and pleaded with people not to elect this crazy, but they would not listen. Democratic voters sowed the wind by electing this loon and now we are all reaping the whirlwind. We can only hope that these voters will come to their senses in the next election and restore some samity to their Party.

double

July 25th, 2011
7:08 pm

Stop having a debt ceiling.In exchange have a balanced budget amendment.Have this to begin with next presidental term.Absolute,no ways to circumvent.

I Know You Are But What Am I?

July 25th, 2011
8:24 pm

Big Tent

” The internet is breeding hacks like maggots on the dead carcass of the GOP elephant in our living rooms.”

This happens to be my favorite sentence ever written on a blog. Bar none.

Germisha

July 25th, 2011
9:48 pm

Late day update by one of the other AJC blogs says the Dems are proposing that the eventual end of the Iraq/Afghanistan wars should count for $1 trillion of deficit reduction. What a farce. Might as well say we’ll save another $1 trillion on Medicare once sickness and disease are eradicated.

Bob is right, these jokers don’t have the spine to make any meaningful spending reductions. I believe we’re doomed.

[...] Price controls and rationing, for example, generate huge inefficiencies (Jeffrey Miron, 7/22). Atlanta Journal Constitution: Debt-Ceiling Circus In Washington Also apparently ignored by both sides involved in the [...]

clanmack

July 26th, 2011
5:53 am

If our elected Federal politicians let the deadline pass and the country suffers from their dysfunctional inability to work together (because they all want to get re-elected or make sure the other guy doesn’t get re-elected, there will come a reckoning. The voting populace will be angrily asserting their pain, because we will be the ones suffering. Nero did it the first time, our elected Federal “leaders” are just taking a page from that failed Caesar’s book. I don’t think anyone has a clue what the consequences are to this failure to govern. The country (read the citizens of the US) is at the mercy of these blowhards, Democrats and Republicans. All this potential pain and hardship so they can say “I told you so.” They are acting like immature children who want to occupy the highest point on the jungle gym. The problem when they fall, they won’t be the ones who get hurt. They need to grow up and be adults about tthis. Blame has never solved anything, EVER!

Warm Springs, Georgia

July 26th, 2011
8:17 am

`
The only thing we have to fear, is fear itself !
.

YESSSSSSS!!!!!!!!!!

July 26th, 2011
9:42 am

Big Tent

July 26th, 2011
10:23 am

Obama will win a second term in a landslide.

Gator Joe

July 26th, 2011
10:41 am

Bob,
You are correct what is happening in Washington is a circus, and what the Republicans are putting forth is equivalent to what drops out of the elephants just below the elephants’ tails.

YESSSSSSS!!!!!!!!!!

July 26th, 2011
10:42 am

“Obama will win a second term in a landslide.

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHHA

BigD

July 26th, 2011
10:43 am

I would truly feel sorry for Liberals, except for the fact that that I have to share a country with you morons.

YESSSSSSS!!!!!!!!!!

July 26th, 2011
10:43 am

Gator Joe

I love it how brain dead libs, such as yourself, blame the GOP when Obozo and the Dims controlled congress for 2 solid years and didn’t once pass a budget. I also love it how you act like the GOP is in control when the president of the US is a Democrat.

Go sell stupid somewhere else, Gaytor.

BigD

July 26th, 2011
10:46 am

If you cannot see that Obama is a miserable failure after the last three years there is truly no hope for you…the evidence is every where and yet it alludes the completely ignorant partisan.

BigD

July 26th, 2011
10:48 am

Liberalism/Progressiveness/Socialism/Marxism = collective social insanity.

Junior Samples

July 26th, 2011
12:05 pm

sooo…now the libtards want to blame the tea- party for this debt fiasco. Now that’s “crazy talk”
Has your head been in a drum for the past 3 years?
We’ve got serious problems in this country starting with the “anointed one”
Thank the Lord for the Teaparty and common sense thinkers
Marxism has no place in this country. Make ‘em pay at the polls next year.

Gerald West

July 26th, 2011
6:29 pm

Congratulations, Mr. Barr! You recognize that the debt ceiling debacle is not a sincere debate; it’s political farce designed to delay budgeting actual spending cuts and revenue increases.

All “plans” for deficit reduction advanced by politicians of both political parties require deficit spending for the next several years. What’s to debate about raising the debt ceiling? What compromise is needed? The debt ceiling should be raised immediately, or better yet, eliminated forever as a useless political ploy that is an obstacle to budgeting and tax reform.

The federal deficit is 10% of our GDP. Reducing deficit spending will surely eliminate jobs and shrink consumer spending by a commensurate amount. Yet, many of your readers take as granted the notion that reducing federal deficit spending will kindle general prosperity.

Despite the ready availability of capital and labor, and the lowest interest rates in history, the private sector is not creating the jobs Americans need. Those of you who assume that the private sector will be stimulated to create more jobs in an economy that is phasing out 10% of the GDP are putting your faith in Reagan/Bush voodoo economics.

[...] Atlanta Journal Constitution: Debt-Ceiling Circus In Washington Also apparently ignored by both sides involved in the current Great Debt Debate, is the cold, hard fact that Medicare and Social Security entitlements have committed the American people to nearly $62 trillion in future, unfunded liabilities. These unfathomable amounts of money constitute additional debt. However, this “debt” falls conveniently within Washington’s large blind spot (Bob Barr, 7/25). [...]

John Konop

July 26th, 2011
7:46 pm

It is Time

Both deals proposed by the GOP HOUSE and Reid avoids the tough choices we as country need to make ASAP. Both plans avoid the real spending cut issues with entitlements and military that is the key to balancing the budget.

As far as taxes we can not afford to tax at a federal 14% rate when we know 18% of GDP has been proven to be the ideal rate. And for anyone not to support fixing loopholes and subsides to fix this problem is irrational. I remember when conservatives use to be against picking winners and losers with the tax code.

I realize bending cost curve on healthcare will be tough on many. Yet we cannot keep taking 1 dollar and keep spending 3 dollars on Medicare. We cannot avoid dealing with tough issues like end of life cost, higher co-pays, less elective coverage if at all, negotiated drug prices……….

I realize many will be hurt by rising the age on social security eligibility based on life expectancy. But this tough call must be made. And I do think a national sales tax to replace FICA would soften the blow and create more jobs.

While I know this deal is not perfect, I do think the gang of 6 compromises is a great first step and all of you no matter what side, should reach out to your congressman. This is the only plan that attempts to deal with the above key issues. And if we do not get a real plan and only band aides proposed by the GOP HOUSE and Reid we will all pay for this mistake. Interest rate increases will have major affects on the economy from consumer spending, jobs, housing………

It is time to act like adults and stop playing politics. Please call and do not be fooled by the politics.