Debt-ceiling deal: An incremental but indisputable win for GOP

The details are still rolling in, and probably will be for the better part of Monday. But based on what we know now, House Republicans drove the harder bargain on the debt-ceiling deal. (See the White House’s talking points here and Speaker John Boehner’s, via Hot Air, here — and note right off the bat a discrepancy in how they’re describing the stages in which the ceiling will rise.)

There was a lot of hand-wringing over the past couple of weeks that the federal government might default. For the most part, I think it was overblown. And that’s not just because a failure to reach a deal probably would have resulted in something more akin to a partial government shutdown than an actual default. I just don’t think there were enough members of Congress prepared to take the chance of finding out exactly how that result would have played out. (Here, a knock-on-wood acknowledgment the House and Senate rank and file still have to ratify this deal struck by their leaders.) Nor do I think President Obama was really going to veto any bill that actually came to his desk.

All that said, the bill that’s poised to arrive at the Oval Office looks a heckuva lot more like what the House GOP demanded than the clean bill Obama first requested, or the “balanced [read: tax-laden] approach” he later championed.

It doesn’t give him the entire debt-ceiling increase in one fell swoop, just an initial increase and a framework for further ones. This won’t be the last we hear of the debt ceiling during his presidency.

Each increase in the debt ceiling must be accompanied by dollar-for-dollar cuts, as Boehner insisted at the beginning of these negotiations. Yes, the 10-year time frame for the cuts looks wimpy compared to the immediacy of the new borrowing authority, but that’s all the more reason why it was silly for Democrats to object to Boehner’s requirement all along.

It doesn’t envision any tax increases. While there will be a bipartisan joint committee of Congress to recommend further measures, some of which in theory could be tax increases, it’s very unlikely to produce anything that goes beyond returning to Clinton-era tax rates because of the way those measures must be scored. And even returning to those tax rates will be the subject of continuing, intense debate between now and November 2012 (and probably afterward, too).

It does include the threat of steep defense cuts — but the cuts on that side of the ledger reportedly could include reductions to foreign aid and homeland security. So, there’s still some wiggle room for hawks even as some kind of further cuts are reinforced.

It includes a vote on a balanced budget amendment to the Constitution. That vote will probably fail in the Senate, but it’s interesting that the vote must come between Oct. 1 and Dec. 31, with the joint committee’s recommendations due by Nov. 23. If the recommendations are unpopular, could there be a push for the BBA in their place? Probably not, but the time frame here is intriguing.

Are there flaws in the agreement? Of course. I’ve already mentioned the differences in time frames between the new borrowing authority and the spending cuts. Describing the cuts as “cuts” is also somewhat inaccurate: We’re really talking about reductions from the Congressional Budget Office’s baseline, which means we’re talking about smaller future spending increases rather than actual cuts. (Another reason all the Democratic howling about painful cuts was ridiculous.) And it’s always possible that Congress will find a way to punt rather than follow through on the bulk of this deal.

In the end, however, it’s pretty clear that the compromise went like this: The president gets more borrowing authority; the House gets some further momentum toward cutting spending, which originally seemed unlikely to come from the debt-ceiling debate; and the Senate put the brakes on what the House wanted just a bit.

I won’t presume to tell liberals how to interpret this deal. My guess: They’ll just try to claim victory for preventing the wild-eyed tea partyers in the House from sending the country into financial oblivion, rather than trying to justify the deal itself.

But, assuming there are no less-satisfactory details to emerge, I think conservatives ought to accept the deal as the best that could be expected given the current distribution of power in Washington — and as motivation to keep the pressure on lawmakers going forward.

– By Kyle Wingfield

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112 comments Add your comment

WAW

July 31st, 2011
11:37 pm

Bull Crap! The next Republican President who faces a Democrat Controlled Congress (and there be one) will be grateful to Obama. President Obama will be welcomed into the Former President’s Alumni Club for protecting the Executive Branch from a House of Representatives gone wild. A win? He made them look like the fools they are.

Rebecca s Bruner

July 31st, 2011
11:43 pm

This economy since the real-estate boom fell almost put this countrty in soup lines. We have to work the best economic deals. I’m glad we have both parties negotiating and the presidents economists figuring this mess out. May they all work together and slowly pull us all out of this devastating economic crisis.

Johnny

July 31st, 2011
11:53 pm

Jeff

August 1st, 2011
12:11 am

What are WAW at 11:37 and Rebecca at 11:43 smoking?

“Devasting economic crisis?” I see it as simply trimming the fat and trying to get our economy back in line to what is SHOULD have been the last 20 years. The causes of the problems in our economy have been a free-spending government and a citizen base that follows that example.

We have FAR too many middle-management, overpaid, unnecessary jobs rolling around in this country. Too many people are either not in the best position that suits their skills or not in the field they SHOULD be in, because everybody is chasing the almighty dollar. Rather than take a $38,000 a year job that really suits their strengths, a job that they would enjoy and a position where they could follow a passion, they wind up very unhappy in a $65,000 a year management position. And you know what? They find out too late that money can’t buy happiness.

And the REASON they keep such jobs is the “keeping up with the Jonses” approach to life that we’ve all taken. We have bitten into the apple and we actually BELIEVE the notion that money makes us happy, we have to have ALL the new shiny things in life, and to DO that, we have to live on credit. And our shining example of this flawed behavior? Why, our government, of course.

The people I know who are the happiest and most satisifed are the ones who are following their passion and doing what they love… even if it’s less than they could make elsewhere. And many of my family and friends have lost their jobs (myself included), but we don’t look at it as gloom and doom… we see it as an opportunity (you know, the whole “When God closes a door, he opens a window” mentality).

My point? WAW needs to realize that Obama is just like any other liberal Democrat — he believes in tax-and-spend and and an ENDLESS supply of money, via your (and my) tax dollars, money that the left can then “redistribute” as they see fit. There are a thousand golden calves to the liberals, and NOTHING can EVER be cut without the resulting howling that Wingfield talked about.

And Rebecca, I don’t know that you’re hearing, but the “President’s economists” haven’t done jack schlit with this mess. The “best economic deal” that you speak of is this: Washington, you HAVE TO LIVE ON A BUDGET. Money doesn’t grow on trees, so dammit, live with a BALANCED BUDGET. My family has to do it, my neighbor has to do it, my parents have to do it, my best friend has to do it… why can we NOT expect the same from our federal government???

The “devastating economic crisis” that Rebecca speaks of is largely media driven and hyped by the liberals as reasons they need to control more of our money… you know, “for our own good.” They fail to see the MANY success stories in our nation… people who have fundamentally changed their lives after a layoff or family emergency, people who have paid off tens of thousands of dollars of debt, people who have thrived on one income or job changes, and people who have learned to live within their means and NOT on credit.

Our nation’s government sees itself as an example-setter… well, they can sit their fat arses in the back of the bus and let us, the CITIZENS, lead the way and set the example. Balance your friggin’ checkbook, don’t promise entitlements to everyone, and tighten the belt and make some tough decisions… in a nutshell, be a LEADER, dammit.

We can’t support more and more people getting entitlements and living on the government dime while there are fewer of us paying into it. We need to REDUCE our federal government, DEMAND accountability, and EXPECT fundamental changes in the size, scope, and role of our federal government. And, put very simply, that means LESS spending and MORE self-control and adhering to some basic economic PRINCIPLES at all costs… namely, we can’t tax-and-spend like we have for the last 50 or 60 years because that will collapse our nation within the next century.

This is just the first step, people. The silent majority is slowly but surely putting it’s stamp on our nation… the prudent, wise, intelligent masses are starting to flex their muscle. The days of liberals like the Clintons and Gores and Kerrys and Reids and Pelosis and Obamas careening around our nation spending our money foolishly are OVER. We are about to see the term “government FOR the people and BY the people” really come into focus.

Let’s watch the next 10 to 15 years… it’s going to be an exciting time as those of us Constitutional Patriots slowly take back our nation from the progressive socialists that have poisoned us since the 1960s. God bless America, and keep fighting the good fight, people!

P.S. I have lost my job three times in the last 15 years… all during Democratic presidencies. But unlike some who choose to whine and complain and demand that the government “do something” about my problem, I have chosen to work hard to bounce back and get on my own two feet. Thanks to my wife’s wonderful planning and financial smarts, we have not gone bankrupt after last year’s job loss. In fact, we are thriving and paying down debt… we just had to cut back a little and be more prudent with our finances. See, we don’t have a “debt ceiling” to raise… we have to live within our means, and when our income changes, our means change. We learned that… so why can’t Washington? This aside was just included so that some of you don’t accuse me of being a rich, $150,000 per year CEO or anything.

Ron

August 1st, 2011
12:52 am

We do need a balanced budget, but not at the expense of the working class. Its time the rich pay their share. The tax loop holes need to be eliminated and instead of leaning on small businesses that are struggling get big business to pay up.

MIKE VALDEEZ

August 1st, 2011
12:54 am

It’s pretty obvious that the GOP LOVES corporate welfare. They want to continue to allow the 96% of Americans who make under 250,000 to be slaves to corporate America while the 4% of American “fat cats” live the lifestyle of the rich and famous. What would Jesus say, you “religious” Republicans?

Republicans: you won’t be able to take money with you when you’re sixfeet under! How hypocritical: so many Republicans claim to be “religious,” yet the cardinal sin of all, greed, is part of their life.

Republicans want cuts to the elderly, seniors on Medicare, Social Security beneficiaries, YET THEY REFUSE TO RAISE TAXES on Paris Hilton, Tom Cruise & Oprah and wealthy rappers and movie stars. Republicans refuse to end the 4 billion a year Oil Subsidies even though President Obama has said they NEED to end. They also REFUSE to raise taxes on wealthy Wall Street brokers, bankers and billionaires and those making money from the middle class/ working class poor which are ALREADY worked to death.

The Republican Party is dying. Republicans, by in large, are ANTI-gay, ANTI-poor, ANTI-minority, and anti anything who isn’t Rich, White, or Wealthy. The younger generation doesn’t like that obese, balding, filthy-rich, racist buffoon: Rush Limbaugh, nor do they like the “bimbo” from Alaska who QUIT on the people of Alaska to chase millions at FLAWED NEWS (Fox News). She’s intellectually deficient along with Newt, Trump, Huckabee, McCain et al.

Finally…a newsflash to Republicans: Republicans’ approval rating is MUCH LOWER than Democrats and much much lower the President Obama. Republicans should visit Sarah Palin’s page and worship their big-boobed bimbo goddess there…yes the one who QUIT 2 years into her governorship in Alaska to chase millions at FLAWED (Fox) News. OooH how presidential Sarah Palin! *rolls eyes*

MIKE VALDEEZ

August 1st, 2011
12:59 am

Enter your comments hereIt’s pretty obvious that the GOP LOVES corporate welfare. They want to continue to allow the 96% of Americans who make under 250,000 to be slaves to corporate America while the 4% of American “fat cats” live the lifestyle of the rich and famous. What would Jesus say, you “religious” Republicans?

Republicans: you won’t be able to take money with you when you’re sixfeet under! How hypocritical: so many Republicans claim to be “religious,” yet the cardinal sin of all, greed, is part of their life.

Republicans want cuts to the elderly, seniors on Medicare, Social Security beneficiaries, YET THEY REFUSE TO RAISE TAXES on Paris Hilton, Tom Cruise & Oprah and wealthy rappers and movie stars. Republicans refuse to end the 4 billion a year Oil Subsidies even though President Obama has said they NEED to end. They also REFUSE to raise taxes on wealthy Wall Street brokers, bankers and billionaires and those making money from the middle class/ working class poor which are ALREADY worked to death.

The Republican Party is dying. Republicans, by in large, are ANTI-gay, ANTI-poor, ANTI-minority, and anti anything who isn’t Rich, White, or Wealthy. The younger generation doesn’t like that obese, balding, filthy-rich, racist buffoon: Rush Limbaugh, nor do they like the “bimbo” from Alaska who QUIT on the people of Alaska to chase millions at FLAWED NEWS (Fox News). She’s intellectually deficient along with Newt, Trump, Huckabee, McCain et al.

Finally…a newsflash to Republicans: Republicans’ approval rating is MUCH LOWER than Democrats and much much lower the President Obama. Republicans should visit Sarah Palin’s page and worship their big-boobed bimbo goddess there…yes the one who QUIT 2 years into her governorship in Alaska to chase millions at FLAWED (Fox) News. OooH how presidential Sarah Palin! *rolls eyes*

Youngfrizz

August 1st, 2011
1:06 am

The debt ceiling is a sideshow!!! Raising the debt ceiling is a shortsighted measure- it rewards the poor judgment of our government and continues us down a reckless path of spending; this tells me these politicians don’t want to tackle the real issues and default is still eminent folks!! We need to pull out of the 6 countries we have military operations in, stop leaning so hard on China for money, make nuclear fusion a reality so our oil dependency is eliminated, and balance the budget! I made a satire discussing the recession and how failing education traps people in their socioeconomic environment. You can watch it on youtube-heres the link- America this is for you http://www.youtube.com/watch?v=zCRbk__Q3q8

Blue#2

August 1st, 2011
1:14 am

Kyle you can claim victory for the repubs all you want but ill say America won cause we didn’t default.

SantaMonicaCA

August 1st, 2011
1:45 am

Something as important is this, it sucks we can’t all vote on it. Our government has continually taxed people that don’t make a lot of money.

Stop the Loopholes, Eliminate the entire current voting system and eliminate the parties and make each persons vote count once and for all. Trim down the government, Stop Import Export with Countries that sell us crap. No more tax benefits or money for people that aren’t a US Citizens and stop taxing the Americans that have no health coverage, etc.

Ok now, let’s get to work!

don

August 1st, 2011
2:58 am

Mike “Valdez you are “right on”. You are preaching my sermon. How can you say you are a christian and moral and then oppress the poor. Jesus spoke more about the poor and oppression than he did homosexuality and abortion is not mentioned directly other than, ‘thou shall not murder. The church is hypocritical and they , republicans mainly, will find themselves without any benefits when they retire. Social security will be gone. Medicare will be gone. Jobs will continue to be outsourced. The american dream will be gone , if not already. I think it is Greed is a sin. The love of money is the root of all evil. How does the love of God dwell in you when you won’t sacrifice a dime and want the majority of america -98 % to be the sacrificial lamb. Hogwash ! Baloney ! You got it all wrong. These filthy rich ministries will be cut off at the root. The people’s eyes will be open to the deception you preach. Lies like Jesus was rich. No, he traveled house to house – never owned anything other than the clothes on his back and a pair of sandals Your lies are going to be exposed !

don

August 1st, 2011
3:13 am

As for Obama, he caved in. He has no backbone. The tea party didn’t get all they wanted – the balanced budget and all , which would be devastating to the economy now -that;’s goood, but obama conceded. He didn’t protect medicare.He got scared at the last minute.Clinton would have stood up to these bullies. They wouldn’t have done him like they did obama. He didn’t get one lump debt ceiling increase and what he got carries limitations. The market won’t have any surety Yes, we need to cut back on gov spending , but mostly we need strict meausures to create jobs. Don’t give tax breaks to the wealthy who don’t create jobs. Don’t allow businesses to build overseas than import their products back into the US.

marko

August 1st, 2011
5:39 am

The Bush tax cuts should’ve been paid for with spending cuts when they were created. instead we got tax cuts, unfunded wars, unfunded drug plans and unfunded departments of homeland security. All the the while our hard working job creators (Republican for rich people) have been enthusiastically creating jobs. Maybe someday they’ll actually get around to creating jobs here in America. Sounds like the same old voodoo the GOP does so well. Now that the unemployment benefits are ending, those lazy unemployed people will have to get off their useless butts and take any one of the high paying jobs they’ve refused while they were living it up on unemployment. May I suggest south Georgia. I hear they need peach pickers real bad.

Lil' Barry Bailout

August 1st, 2011
5:42 am

Ron: Its time the rich pay their share.
—————————

Interesting. A lib thinks the rich should pay less.

Perhaps Ron is feeling guilty about the rich paying most of his share along with their own.

Road Scholar

August 1st, 2011
5:42 am

Blue No 2: Right on! When will both sides , esp the Repubs learn to legislate for all Americans and address their needs?

Kyle: You wanted more ? You don’t eat a whale all at one time…you take bites!

don: President Obama didn’t cave in…it’s called compromise! And you contend that Clinton got everything he wanted. He knew also how to compromise and get er done!

Lil' Barry Bailout

August 1st, 2011
5:51 am

“We need strict meausures to create jobs. Don’t give tax breaks to the wealthy who don’t create jobs. Don’t allow businesses to build overseas than import their products back into the US.”
——————————–

We’ve tried isolationism before and it’s a proven failure.

Finally Compromise!

August 1st, 2011
5:55 am

Good news – finally all three compromised to reach a deal. Although the Balanced Budget Consititution Amendment was probably a red herring to get Tea Partiers on board with the Republican Party.

Still both parties took the easy way out – no Social Security or Medicare Reform. There is a lot more work to do and pain to share.

Lil' Barry Bailout (Revised Downward)

August 1st, 2011
5:57 am

This is a good down payment on getting to budget balance. We need to continue cutting spending back to pre-Obozo levels. We also need to get the business-bashing Idiot Messiah and his hyperactive regulators out of the way and take back our economy so that growth and tax revenues can rise.

GB

August 1st, 2011
6:24 am

‘Describing the cuts as “cuts” is also somewhat inaccurate:’

This description is more than somewhat inaccurate, it is a damnable lie. Spending is going up. Every politician calls this “cuts” and most journalists let them get away with it.

cup o' joe

August 1st, 2011
6:32 am

what would jesus cut?

DeborahinAthens

August 1st, 2011
6:35 am

Read the charts in Sunday’s AJC. Look at the explosion in the deficit under the Republican’s anointed one, George W. Bush. Six point one TRILLION dollars. And what is so sad is that you sad, uneducated people think that the two unfunded wars, the massive debt from the Medicare Part D, which he lied about, had to be paid for by President Obama’s administration. Those bills didn’t disa

dcb

August 1st, 2011
6:57 am

Shame that we have to talk about whether this federal debt crisis resolve is a win for one party over another – rather than for the American mainstream. It bugs me to always see whether one part of a proposed plan was a win for the Dems, or another a win for the Republicans. And then the spin put on each by the members of Congress through a more than willing news media or the President is sickening. But maybe worse of all are the comments you have to read in blogs such as this that continue to beat the drum of how this is Bush’s fault, or Clinton’s, or I even read one who inserted Carter into their rant. There have been precious few who rejected the gifts of these same Presidents and members of the Congress such as stimulus monies, entitlement programs, and the like because there is no such thing as a free lunch. But pointing fingers – for some its their sport evidently, factual basis or not notwithstanding.

Lil' Barry Bailout (Revised Downward)

August 1st, 2011
6:59 am

DeborahinAthens, Obozo made Medicare Part D even MORE generous and expensive. He also added a third “unfunded war”.

Hypocrite much?

Jefferson

August 1st, 2011
7:01 am

America goes deeper in debt and you claim victory for a political party. Your goals are shallow.

Joel Edge

August 1st, 2011
7:02 am

I got the feeling I was watching a Hollywood movie, Kyle. The correct wire gets cut to defuse the bomb at the last minute.

Lil' Barry Bailout (Revised Downward)

August 1st, 2011
7:02 am

cup o’ joe: what would jesus cut?
————————-

Oh, just for starters, funding of any kind for any organization that plays any role whatsoever in murdering even one unborn child.

Ayn Rant

August 1st, 2011
7:08 am

A win for the GOP and a disaster for the all Americans! Do you people have any idea of the cuts in jobs and consumer spending that will result from cutting federal spending?

Are you naive enough to think that the private sector will finally be motivated to invest in job-creating industries when our economy has higher unemployment and lower consumer spending power?

The first round of deficit cutting should be the elimination of foolish tax loopholes like “carried interest” and the favorable treatment of “offshore” tax havens. The second round should be the elimination of foolish subsidies to oil companies and the corn/ethanol industry. The third round should be the wind down of foolish cold-war military spending.

The only long-term solution to our deficit spending and our deficit trade balance is the creation of jobs and the expansion of the tax base.

The only hope to avoid economic depression is that the spending cuts may not be made until after the 2012 elections, when a new Congress can void the “agreement” reached by loony Republicans and weak-kneed Democrats, before our economy is devastated.

cup o' joe

August 1st, 2011
7:09 am

lil blowhard,

jesus luvs u everyone else thinks your a a-hole…..

Jefferson

August 1st, 2011
7:10 am

Taxpayers will continue to pay interest on debt until revenues are increased to support the spending levels and debt payments, nothing has really changed now has it. More interest payments and talk, as usual. I thought they would raise the credit line and they did, I just thought they were serious about getting out of debt, they are not. Cheer, by a round for the house.

Hacking, It's not just for Political Pundits any more

August 1st, 2011
7:11 am

Man! It sure feels good just knowing that we were able to stop those bloodshot eyed tea partyers and put them to bed for a good night’s sleep, finally! You agree with that, don’t you Kyle. :lol:

BW

August 1st, 2011
7:12 am

We all know a balanced budget amendment wouldn’t be passed even if all three branches of government are controlled by the Republicans. My guess is that if Obama isn’t re-elected all of sudden companies don’t seem to have any more issues with burdensome regulations (the only one I’ve seen in writing is potential requiring future homeowners put down a full 20%) or “reckless spending”. As you put it Kyle this only potentially slows the increase in spending but does nothing to actually lower spending year over year. 2012 will be a choice between ideologies and the key battleground states which just elected Republican governors will be a bellwether on the popularity of those policies. I’m the first to admit that Obama could have handled the stimulus, healthcare, and the debt ceiling fights much better but the choice on the second Tuesday in November will not be Generic R.

Mad Max

August 1st, 2011
7:13 am

My. my. The left is out in force this morning spewing their venom. Meaqnwhile did anyone notice the unemployment figures in DC. Seems like they are almost immune from the recession. Ever wonder why? Possibly because even this “victory” for the GOP calls for increased spending from DC which means our tax money is going to help keep DC insulated from the rest of us. If the economy doesn’t get better, we will continue to spend well over 1 trillion dollars a year than we take in which will add another 10-15 trillion to the 14.3 debt we have. Will someone from the left explain to me how they plan to pay for this debt. Eventually, you have to stop deficit spending or else all the beloved programs will fall as more and more of our tax dollars go to servicing the debt. Think of what our situation would be if we didn’t have that debt. We wouldn’t be arguing over raising taxes or cutting programs because there would be more than enough revenue to do sensible things.

Jezel

August 1st, 2011
7:13 am

DeborahinAthens….you made a great point. Why do people forget things like this? The wars and the bailouts are the main reason we are busted. Social security would have taken care of itself had the fund not been dipped into years ago.

If our government would attack the greed of the health care industry like they attack our enemies overseas,,,we would not need medicare or medicaid. If the laws of supply and demand were applied to the medical profession, the insurance companies and the drug companies…we could all afford health insurance.

It is not a Democratic or Republican issue as much as it is an issue of a little common sense. Unfortunately our country lacks a sense of history and there seems to be very little national conscience.

Del

August 1st, 2011
7:19 am

Well the New York Times and left wing water carrier Stoogeman, I mean Krugman are bawling their eyes out, so that supports Kyles opinion that Obama and the Democrats got the shorter end of the debt deal.

Bobby

August 1st, 2011
7:20 am

It may be a good deal for the GOP but it’s a bad deal for the United States of America. We are truly gone with the wind as a nation.

Lil' Barry Bailout (Revised Downward)

August 1st, 2011
7:25 am

It’s really a shame that so many think that the government is the economy. That’s what the Greeks eventually came to think, too. And that’s the attitude of losers who can’t cut it in the real economy.

Hacking, It's not just for Political Pundits any more

August 1st, 2011
7:30 am

I think Lil BB has found himself a home. Good for You, Lil BB. Good For You.

Lil' Barry Bailout (Revised Downward)

August 1st, 2011
7:30 am

“If the laws of supply and demand were applied to the medical profession, the insurance companies and the drug companies…we could all afford health insurance.”
———————-

You do understand that these “laws” that you speak of are not passed by Congress, right?

Tell us how “attacking greed” advances the cause of letting supply and demand guide markets? “Greed” (a.k.a. the profit motive) is what causes supply and demand to come into balance.

Mad Max

August 1st, 2011
7:30 am

It’s hard to understand all of the whining. All this thing did was say that you have to slow the rate of growth of the federal government. It doesn’t stop it from growing or cause it to shrink. Somehow, it seems like people think that deficit spending is a good idea. It isn’t. That’s a fact you can take to the bank and if we don’t stop, our credit rating will go in the toilet and it won’t be because the “tea parrty” caused it. It will be because our balance sheet sucks.

awesome smurf

August 1st, 2011
7:31 am

the right-wing parasites are dancing in the asylum….

Exit Strategy

August 1st, 2011
7:34 am

Jeff
August 1st, 2011
12:11 am
And Rebecca, I don’t know that you’re hearing, but the “President’s economists” haven’t done jack schlit with this mess. The “best economic deal” that you speak of is this: Washington, you HAVE TO LIVE ON A BUDGET. Money doesn’t grow on trees, so dammit, live with a BALANCED BUDGET. My family has to do it, my neighbor has to do it, my parents have to do it, my best friend has to do it… why can we NOT expect the same from our federal government???

And therein lies the issues with the CON sheep. I seriously doubt the above is true — as if your family, your neighbor, your parents, and your best friends don’t have a credit cards, a mortgage, or car loans. If you have loans, you are not living with a balanced budget the way that you are describing. And the US Government is not a family household and running it as such is a false comparison. By cutting government spending now, and giving unfunded taxes simply causes more folks to be unemployed and we run up more debt. This is not good for our economy as the last 10 years how demonstrated.

Lil' Barry Bailout (Revised Downward)

August 1st, 2011
7:39 am

Wrong, Exit Strategy. Folks who have to continue to borrow to pay off their other credit cards eventually declare bankruptcy. That’s where the US government is. All we’ve done in this deal is slow down the rate at which we’re approaching failure. It will take a whole bunch more Tea Party and GOP wins to get us to balance.

mother teresa

August 1st, 2011
7:41 am

tax the rich, feed the poor

Mad Max

August 1st, 2011
7:43 am

Exit …Yes most people have loans, but the difference is most people don’t borrow money to pay off prior loans. Most people pay off their loans.

The only reason the feds should borrow money is to fund an unexpected threat to our nations peace. Everything else should be pay as you go.

Jefferson

August 1st, 2011
8:05 am

Someone pulled the WOOL over your eyes if you think anything other than the credit line went up. The fed will issued new debt tomorrow, and the politicians have something to talk about. Meanwhile interest payments are moneies whose opportunity costs could be tax breaks, instead will require hikes. After all the drama of weeks, the reality of the exersise is you can’t cut near the amount needed to get out of hock. If passed the accomplishment will be the credit line is extended and new debt will be issued tomorrow.

karl marx

August 1st, 2011
8:12 am

m teresa @ 0741 – from each according to his ability, to each according to their need. it worked out real nice for about 70 yrs in the ussr – check it out

Mr_B

August 1st, 2011
8:12 am

“Folks who have to continue to borrow to pay off their other credit cards eventually declare bankruptcy.” Also happens to people who won’t work longer to pay for stuff they’ve already bought. While this is probably the best that could be done now, when the TPers are history after Nov. 12; the adults can tackle the revenue problem. Yes there is a spending problem, but we still have to pay for what we already bought.

Common Sense

August 1st, 2011
8:13 am

Today we have the largest GDP in the US in our history.

Yet not one dime will be used to lower our debt over the next ten years.

if that is a victory for anyone, then we need a new game.

Karl Marx

August 1st, 2011
8:17 am

GOP win? No, a RINO win. YES. Where are the real Republicans that didn’t cave into this democratic BS.

dale in newnan

August 1st, 2011
8:24 am

Ladies and Gentlemen …..The next Jimmy Carter.