Tom Graves: No proof that John Boehner’s plan would prevent downgrading of nation’s credit rating

U.S. Rep. Tom Graves, R-Ranger, was the morning voice of the tea party today, explaining on C-SPAN’s “Washington Journal” why he can’t support House Speaker John Boehner’s deficit reduction plan:

Graves was pointed toward this morning’s editorial in the Wall Street Journal, which ended with this paragraph:

If conservatives defeat the Boehner plan, they’ll not only undermine their House majority. They’ll go far to re-electing Mr. Obama and making the entitlement state that much harder to reform.

Graves’ answer: “That’s an interesting opinion. They’re welcome to run for office themselves.”

The Georgia congressman said he wouldn’t vote to raise the debt-ceiling unless Congress also sends to the states a constitutional amendment to require a balanced federal budget. He decried Washington’s “compromise mentality:”

”Compromise is what’s led us to the mess we’re in right now. We can’t compromise our way out of this….We should not be exempt from difficult decisions.”

On threats by bond rating agencies to downgrade the nation’s credit rating if the debt-ceiling isn’t raised:

”I’m not certain, and I don’t think anyone can determine, that Boehner’s plan will prevent the downgrading from occurring. …We can’t allow a lot of this to force us into making bad decisions today. This is going to impact the next generation.”

- By Jim Galloway, Political Insider

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124 comments Add your comment

Jon

July 27th, 2011
12:34 pm

Graves is awfully full of himself.

Cutty

July 27th, 2011
12:39 pm

Someone with their own financial issues, advising the country of what it should do. Sounds like a winner!

td

July 27th, 2011
12:42 pm

Graves is correct. One of the credit rating agency said a few days ago that we need to cut at a minimum $4 trillion in the next ten years or our ratings will be downgraded.

Real American

July 27th, 2011
12:50 pm

Cutty

July 27th, 2011
12:56 pm

td- So why not agree to Obama’s plan of trimming $4T over ten years? $3T via spending cuts, $1T by way of closing tax loopholes?

RBN

July 27th, 2011
1:00 pm

Surelly Tom Graves is running for hypocrit of the century. He borrows $2.5 miilion, which he knows he can not repay to buy a sleezy motel, hoping good old taxpayers will buy him out at a profit to widen the intersate offramp. When that doesn’t happen, he simply hands his debt over to an incompetent criminal and sticks it to the bank. Then the taxpayers had to pay for the banks assets when it failed. Perhaps he can find some criminal incompetent country to simply tell our creditors that they hold the debt now. This guy is an embarassmnet.

Road Scholar

July 27th, 2011
1:03 pm

“Compromise is what’s led us to the mess we’re in right now.”

Who compromised when they started two wars and kept them off the budget? Medicare part d? I’ say the GOP is gullible for thinking that trickle down would pay for our expenses. Boehmer, where are the jobs?

td

July 27th, 2011
1:03 pm

Cutty

July 27th, 2011
12:56 pm

First off, where can I go read Obama’s Plan? This is what he is saying but I have yet to see anything in writing.

I am going to go out and support a plan from a self described socialist (Bernie Sanders). He said we could save $6 trillion in six years by just stopping any projected growth in government spending. That’s right not actual cuts and no tax increases, just freeze the spending at its current amounts and do not let anything grow any larger.

jconservative

July 27th, 2011
1:06 pm

Cutty July 27th, 2011 12:56 pm

I completely agree.

Where I come from $4 trillion is a lot more than $1 trillion. And I really do not care where we get the $4 trillion.

I did have hopes that the Tea Party would go into Washington with the main target of cutting deficits.
Obviously I was wrong.

deegee

July 27th, 2011
1:06 pm

RBN, don’t forget mentioning Graves partner in crime, Chip, “What part of illegal don’t they understand?” Rogers.

deegee

July 27th, 2011
1:15 pm

Can’t we get some serious incumbent opposition going on a national level? The complaint is that the districts are so gerrymandered that no one will oppose the incumbents. I think that the American people are fed up enough that they will vote for a chipmunk before they will vote for an incumbent. You still have that 30% that is going to want to be sure that their vote goes to a good Christian with family values, but the other 70% doesn’t give a darn as long as their vote goes to someone other than an incumbent. The time is right for a serious “kick the bums out” campaign. If someone can come up with the filing fees and their last name starts with the letter “A”, they have a pretty good chance of getting elected. I’m thinking the first step is a “Kick the Bums Out!” Facebook page.

Centrist

July 27th, 2011
1:20 pm

Bonds are going to be downgraded no matter what. Obama and Democrats will only settle for accounting gimmickry (smoke and mirrors) as they can’t stand real cuts in spending. The markets react to reality.

Centrist

July 27th, 2011
1:26 pm

Try as they might, politicians can’t repeal the laws of economics or physics.

Just Wait

July 27th, 2011
1:31 pm

@deegee I have to disagree with you about voting out incumbents. Those that call themselves Republicans or Democrats are going to vote party line, regardless of the quality of the candidate. Its the “silent majority” that will decide if the incumbents remain or not. You see the chaos we have in DC today, and that is with only a minority of new people in office. Can you even imagine what it would be like if everyone was new?

Ol' Timer

July 27th, 2011
1:33 pm

Two or three things occupy my thinking:

One, when Gingrich speaks, he fills the air with flatulence.

Two, those who worry about Obama leading us into socialism or communism should take a look at China. Seems the American businessman had rather do business with a communist than an American.

Three, the Chamber of Commerce is really quiet as the country moves closer to default. I wonder why?

Four, as we get closer to the default, watch the oligarchs are they start shorting the market. It’s good for them regardless of which way the market goes.

Lastly, unless I miss my guess, Mr. Boehner’s career as Speaker of the House will soon end and he might be the one who presides over the demise of the Republican Party.

Selah!

DannyX

July 27th, 2011
1:33 pm

Centrist, wouldn’t the centrist position be something like Cutty posted @12:56?

73% of all independents prefer that option, as do a large percentage of all Americans. Your view on this issue is extremist Tea Party, just like your views on immigration are extremist Tea Party. You seem more extremist than centrist.

End Hypocrisy Now

July 27th, 2011
1:34 pm

Tom Graves borrowed money from a bank he knew he could not guarantee, and blamed the bank for loaning the money to someone the bank knew could not repay it. Where’s the same outcry that was so loud blaming people for taking out mortgages ‘they couldn’t afford’? The difference here being that many people who took out mortgages actually could afford them until the market fell apart. Graves knew when he took the loan that he couldn’t guarantee it. Principles are only courageous when it’s convenient to have them, I guess.

Ol' Timmer

July 27th, 2011
1:39 pm

And, may I add most of the Georgia House and Senate members to the list, including Gingrich, who when they speak spew forth flatulence.

The folks that elected most of these yahoos ought to have their Voter Registration Card recalled.

No Longer Republican

July 27th, 2011
1:40 pm

Tom Graves is a joke. It is no wonder our country is in such shambles as to have a man like that sitting in Congress. He does everything based on one question: “How will this benefit me?” Nothing else matters in his world.

Thomas Jefferson

July 27th, 2011
1:47 pm

Enter your comments here

RetiredSoldier

July 27th, 2011
1:53 pm

Road-

Several points, Medicare Pard D, valid point. The rest of that story is the democrats wanted an even larger Part D program so they voted against the rep. plan. Started two wars? Ok, I buy your point on Iraq but the “good war” per Obama was forced on us.

Speaking of war, I assume then you are even more critical of Obama, Continued the Iraq war using the Bush withdrawal plan, expanded three fold the Afgan war and stared a new war in Libya. Or did I miss something?

Thomas Jefferson

July 27th, 2011
1:54 pm

Pardon me, I stuttered.

Fiscal restraint is needed. We must work together to deal with the debt and deficit. But you don’t have to tear down the barn to fix a hole in the roof.

All kinds of information is available over the internet — information that will help to see what brought us to this moment. And, it is a shared responsibility and it must be a shared solution.

But, if the hotheads can’t be put in their place. . . .if they continue to call the tune. . . .we gonna find ourselves in a place neither of us wants to be.

So, I guess we should stop acting like little boys seeing who can pee highest up on the side of the barn and get down to some serious problem solving and compromising which, inspite of Mr. Graves idiotic statement about compromise, is what politics is all about.

Mr. Graves is a puppet and those pulling the strings don’t truly understand the gravity of what there’re trying to accomplish.

RetiredSoldier

July 27th, 2011
1:54 pm

No Longer Republican-

Guess you prefer Wu or Weiner.

Disgusted Republican

July 27th, 2011
1:55 pm

A lot of us seniors who usually vote Republican are also on Social Security (which we paid for) and veteran’s benefits which we earned with disabilities incurred serving our country during time of war, I,for one. have had a bellyfull of Tom Graves threatening everything we worked for with his stupid hardline “no compromise” attitude and can’t wait until the Republican Primary next year to vote him out of office. I don’t mind giving up a little more to help the country out of this mess as long as Grave’s ultra rich buddies who finance tea party campaigns pay their fair share too! But not if Graves has his way! I hope the bank that is sueing him for non-payment cleans his clock!

John Wayne

July 27th, 2011
1:56 pm

@Retired Soldier — Yea, Pilgrim, you missed the truth.

Clinton "Skink" Tyree

July 27th, 2011
2:03 pm

The truth of the matter is that the Tea Party sent a bunch of idiots to Washington. They almost sent a woman who spent her whole campaign trying to convince us she wasn’t a dang witch.

So, they sent idiots to Washington to act like idiots and that’s what they have done.

Frankly, I’m not surprised, but will be surprised if we hear of the Tea Party in two or three years. I think the American people have just about had a belly full of stupidity! At least, I hope so.

td

July 27th, 2011
2:04 pm

Road Scholar

July 27th, 2011
1:03 pm

You do realize how many American jobs are produced by the “Industrial military complex”? Without these (mainly union jobs) what would our unemployment be?

One could look at it as the wars are a jobs program for Americans and if you really wanted to be cynical then you could also say they are saving the environment by population control.

Monroe Burbank

July 27th, 2011
2:04 pm

Graves is a nobody, and unfortunately this nobody represents my district in Congress. Nathan Deal was 9th district congressman, running unopposed 4 times. Do you know what Pickens County has to show for their blind allegiance to these Republican congressmen? Nothing.

RetiredSoldier

July 27th, 2011
2:05 pm

John Wayne-

I’m honored, you were always a hero of mine. What truth did I miss?

td

July 27th, 2011
2:09 pm

Clinton “Skink” Tyree

July 27th, 2011
2:03 pm

“I think the American people have just about had a belly full of stupidity!”

What are you calling stupid? A Freshman group of Reps that were sent to Washington to rain on the status quo and to balance the budget? Where is the proof that the Dems are going to balance the budget? Where is the proof that the establishment Republicans are going to balance the budget.

BTW: Just giving Obama a clean bill to rise the debt ceiling is the same as going into default. Either way our credit rating is going to be lowered.

deegee

July 27th, 2011
2:11 pm

Just Wait, the chaos to which you are referring is orchestrated. The four most powerful people in congress have a combined total of 101 years of experience in Washington and this is the best they can do? It’s time to clean house!

John Boehner, first elected in 1991. He has been reelected 10 times with no substantial opposition, and even ran unopposed in 1994.

Mitch McConnell, first elected in 1984.

Harry Reid, first elected in 1987.

Steny Hoyer, first elected in 1981.

td

July 27th, 2011
2:12 pm

Disgusted Republican

July 27th, 2011
1:55 pm

I thought RS explained to you that only Obama will have power to make sure you get your SS and VA check. What about that did you not understand?

RD

July 27th, 2011
2:16 pm

Please….Throw all these Bozos out at the next election. What could be worse?

Smart like a fox

July 27th, 2011
2:20 pm

that’s sooooo rich….Tom Graves is a crook from Calhoun….Following in Nathan Deals foot steps….oops…does that mean he’ll be the next Ga Gov?

Ghost Rider

July 27th, 2011
2:22 pm

”Compromise is what’s led us to the mess we’re in right now. We can’t compromise our way out of this….We should not be exempt from difficult decisions.”

You are absolutely correct, Congressman Graves! For too many years now, compromise meant doing what the Democrats wanted.

Hold firm! President Obama is only posturing for the upcoming Presidential election. He wants to raise the debt ceiling AND to continue to spend this country into oblivion. Any candidate opposing Obama for election should have no problem pointing out the outright lies he has told the American people and the harm he has already done to America. If an opposing candidate is unable or unwilling to point these out, he has no business becoming the President.

One upset American

July 27th, 2011
2:23 pm

This North Georgian can assure you he didn’t vote for this man for Congress. He needs some serious opposition to run him and his kind out of office. Shame on you North Georgia!

End Hypocrisy Now

July 27th, 2011
2:31 pm

TD- No arguments here. However, why all the movement toward lowering the credit rating now, as opposed to the many previous times the debt ceiling was raised. Any thoughts?

End Hypocrisy Now

July 27th, 2011
2:37 pm

Ghost Rider- Hey, am interested in the details behind your post. Can you point out the instances of ‘doing what the Democrats wanted’ and ‘outright lies’ Obama has told the American people?

GaBlue

July 27th, 2011
2:39 pm

Sorry to be late, but I left a SERIOUS question for the Gopper faithful downstairs. (If any of you should be faithful enough to answer it.) Thanks!

Big Hat

July 27th, 2011
2:41 pm

And what did Graves do to bring an impeachment against that illegal Kenyan in the White House? Nothing! So he has no one to blame except himself for the mess the country is in. Ooops, Graves can’t blame himself for anything, or accept responsibility for anything he did; can he?

td

July 27th, 2011
2:44 pm

End Hypocrisy Now

July 27th, 2011
2:31 pm

I do not have the total answer but a good guess would be because our debt to revenue ratio is out of control. Sort of like a persons FICO score goes down when a person charges to much on the credit card. How many cities as states in this country has had their credit rating dropped in the past few years. I know Cobb county is one of only a dozen or so counties in Georgia that continues to have a AAA rating.

clem

July 27th, 2011
2:51 pm

JSH

July 27th, 2011
3:00 pm

We need more people elected to Washington to stop this madness. The tea party people have to do something and draw a line in the sand. No more money to give away to hostile goverments or people not willing to work. No more free ride. Pay as you go, just like I do in my business and my home. The time to do something is now and its way over due.

clem

July 27th, 2011
3:03 pm

then you need to fix it thru the budget not the debt ceiling

End Hypocrisy Now

July 27th, 2011
3:23 pm

TD – Actually, I believe the Credit Rating bureau’s (Moody’s and S&P) have stated that the a credit rating drop would be due to a failureto pay interest in the ongoing or maturing debt, not the debt to revenue ratio. If that’s the case, then raising the debt ceiling now, as opposed to previous instances of raising the debt ceiling, would not necessarily be the driver. In essence, our credit rating could have been lowered any previous time the debt ceiling was raised if we had not raised it and defaulted on interest payments.

End Hypocrisy Now

July 27th, 2011
3:26 pm

Big Hat – Do you have any proof of Obama being an ‘illegal Kenyan’?

John Konop

July 27th, 2011
3:28 pm

When interest rates go up (tax increase on everyone) economy goes down further, all of you can give people like Erick Erickson a big thank you. You are holding out for the meaningless HOUSE GOP plan which does not deal with entitlements or military spending over the gang of 6 plan which does? Ron Paul is right you guys are selling lies! Why would you do this Erick?

……Erickson blogged Monday that he’s been receiving “call after call from members of the United States Congress” but did not reveal the names of any such callers. He wrote that he could not offer “absolution” to members seeking to make any debt ceiling compromise…….

Read more: http://www.politico.com/news/stories/0711/60027_Page2.html#ixzz1TKnFEUW8

THE TRUTH:

Ron Paul Shreds “Cut, Cap, And Balance”, And Basically Calls House Leaders Liars

……….First, it purports to eventually balance the budget without cutting military spending, Social Security, or Medicare. This is impossible. These three budget items already cost nearly $1 trillion apiece annually. This means we can cut every other area of federal spending to zero and still have a $3 trillion budget. Since annual federal tax revenues almost certainly will not exceed $2.5 trillion for several years, this Act cannot balance the budget under any plausible scenario.
Second, it further entrenches the ludicrous beltway concept of discretionary vs. nondiscretionary spending. America faces a fiscal crisis, and we must seize the opportunity once and for all to slay Washington’s sacred cows– including defense contractors and entitlements. All spending must be deemed discretionary and reexamined by Congress each year. To allow otherwise is pure cowardice.
Third, the Act applies the nonsensical narrative about a “Global War on Terror” to justify exceptions to its spending caps. Since this war is undeclared, has no definite enemies, no clear objectives, and no metric to determine victory, it is by definition endless. Congress will never balance the budget until we reject the concept of endless wars………..

Read more: http://www.businessinsider.com/ron-paul-slams-cut-cap-and-balance-2011-7#ixzz1TKqKR4kx

td

July 27th, 2011
3:32 pm

End Hypocrisy Now

July 27th, 2011
3:23 pm

“Standard & Poor’s warned earlier this month that there was a 50-50 chance of a downgrade, if Congress and President Obama failed to find a “credible solution to the rising U.S. government debt burden.” S&P said it may cut the U.S. rating to AA within 90 days. Passing a $4 trillion agreement could prevent a downgrade, S&P said”

http://patdollard.com/2011/07/deal-or-no-deal-u-s-credit-rating-downgrade-looking-likely/

Clinton "Skink" Tyree

July 27th, 2011
3:33 pm

td — And, one reason the debt to revenue ratio is out of whack is because $2.8 Trillion dollars of revenue went down the drain with the Bush Tax Cuts.

Our effective tax rates, based on taxes as a percentage of GDP is the lowest in 60 years. And, you wonder why we are in a financial mess. And, I wonder why the GOP/Tea Party is obsessed with more tax cuts.

Further, given these FACTS, I cannot understand the reluctance to close some of these lucrative loopholes for the oligarchs and increase the revenue along with massive cuts. A two prong approach is only logical given the circumstances.

RetiredSoldier

July 27th, 2011
3:40 pm

Clinton-

If the Obama tax cuts were so bad, why did Obama sign an extension of them last December? That’s why they are no longer the Bush tax cuts.