You have commented 339 times on Rantburg.

Your Name
Your e-mail (optional)
Website (optional)
My Original Nic        Pic-a-Nic        Sorry. Comments have been closed on this article.
Bold Italic Underline Strike Bullet Blockquote Small Big Link Squish Foto Photo
Submit your comments on this article
Home Front: Politix
Parties strike deal to raise US debt limit
2011-08-02
[Daily Nation (Kenya)] President Barack B.O. Obama on Monday said Republican and Democrat leaders have struck a deal to raise the US debt limit.

Under the proposal, which is set for debate and votes in Congress on Monday, the US debt ceiling would rise by up to $2.4 trillion from the current $14.3 trillion. The US government deficit will be cut by a similar amount over 10 years, and a special bipartisan committee will also be set up to agree spending cuts.

Without a deal the US would face the prospect of defaulting on its debts.

Party leaders in the House of Representatives and Senate still have to present the deal to their members on Monday, before the package goes to a vote.

The House could begin voting on the agreement from around midday local time, with the Senate working to a later timetable, the Washington Post reports.

The BBC's Jane O'Brien says the package is still likely to be a tough sell, with some Republicans and Democrats in the House remaining opposed to different aspects.
Posted by:Fred

#11  "That would cause just about every elected federal offical's head to explode."

That's a feature, not a bug, CF. ;-p
Posted by: Barbara   2011-08-02 22:51  

#10  PEOPLE'S DAILY FORUM > [Jacob S.Hather & Oona A. Hathaway = Yale University] US: A CRISIS OF DEBT, AND OF DEMOCRACY.

ARTIC = New Debt Deal threatens the Constitutional balance = "separation of powers"? between the Executive Branch [Obama] + the Legislative Branch [Congress].


POLITBURO-VERSUS-PRESIDIUM???

[PENN STATE = RUSSIAN FSB SPY BABE ANNA CHAPMAN-N-GUN PLAYBOY SPREAD here].

* SAME > ANALYSTS: DEBT DEAL WILL HAVE LITTLE IMPACT ON US ECONOMY [Jobs], DEFICIT. | REAL MEANING OF DEBT DEAL IS THAT US [Govt = Bammer, Congress] AVOIDS DEBT FIASCO FOR A FEW MORE WEEKS.

* DAWN.PK > CHINESE STATE MEDIA CRITICIZES US DEBT DEAL, arguing that resolution of longstanding US sovereign debt problems will merely be "deferred" for a time while US Govt. "tendencies" to expand or increase its debt will be empowered., wid poten detrimental consequences as per US + GLOBAL INFLATION. AS ITS ECON WOES CONTINUE UNABATED, THE US IS LIKELY TO TAKE STEPS TO FURTHER LOWER THE VALUE OF ITS OWN ALREADY DEVALUED USD [Dollar].

versus

* DAILY TIMES.PK > [Analysis]PAKISTAN RELYING TOO MUCH ON CHINA AGZ US.

ARTIC = As Rising China has its own GLOBAL = SUPERPOWER AMBITIONS, Pakistan may be naively or seriously overestimating its intrinsic value to "Big Brother" + new BFF China vee Beijing's geopol relations wid the US. MORE, THE LATEST XINJIANG VIOLENCE INVOL CHINA-ALLEGED PAK-TRAINED UIGHURS HAS NOW PUT CHINA IN SAME BOAT AS POST 9-11 US AS PER SUFFERANCE FROM COMMON SINO-US ALLY PAKISTAN'S DIRECT LINKS TO VIOLENT REGIONAL, INTERNATIONAL MUSLIM TERRORISM.

> US = "Core" Al-Qaeda [Osama Bin Laden], PAK Taliban.
> China = ETIM, post-Osama/2014 Taliban???
Posted by: JosephMendiola   2011-08-02 22:10  

#9  Heck Thing - I can think of one right off the bat.

* Flat 18% tax - no exemptions - everyone pays. If you are on welfare - you pay your share out of that. If you have a paper-route - you pay 18%. If your the CEO of Goldman Sachs - you pay 18% of *all* your income, bonuses, stock-payments, etc.. Flat means flat. If you are a crack dealer making 20K a month - you pay your 18% or face tax evasion.

* Everyone writes a check for their taxes - no 'automatic withholding'. Does allow automatic payment from *your* bank account - but you have to set it up and you have to deduct it from your register.

That would cause just about every elected federal offical's head to explode.
Posted by: CrazyFool   2011-08-02 21:50  

#8  I'm sure that with the help of a good tax attorney and accountant that I could find lots of prospective "tax the rich" schemes that the left is going to hate.
Posted by: Thing From Snowy Mountain   2011-08-02 19:53  

#7  CNN + FOX NEWS AM > most Panel Perts agree or infer that this Debt Deal, which has formally bee passed the US Senate + now quickly signed by POTUS Bammer into law, is mostly ABOUT PDENIABILITY GOING INTO THE 2012 US ELEX, I.E GETTING RE-ELECTED.

AFAIC, 08/02/2011 = OCTOBER 1917 = BIRTH OF AMERICAN BOLSHEVIKISM + AMERIKAN SOCIALIST-GOVTIST STATE ["Command" Govt-Econ].

ME "JASMINE" REVOLUTIONS/UPRISINGS = BIRTH OF OWG ISLAMIST GLOBAL SOON-TO-BE-NUCLEAR
"CALIPHATE", HOWEVER IMPERFECT; while 08/2/11 = BIRTH OF RED AMERIKA, HOWEVER IMPERFECT.

Amerikan "Lenin", "Trotsky", + ultimately "Stalin", etal. to be forthcoming in due time.

Lest we fergit, 1990's NET > CLINTONISM > FASCISM = merely "LIMITED COMMUNISM", NATIONALISM [National Socialism] = merely LIMITED "GLOBALISM" [Global Communism-Socialism], AUTHORITARIANISM = LIMITED TOTALITARIANISM, WELFARE STATE = LIMITED ARMY-POLICE "COMMAND" STATE.

And we all know how the Cold War Left absolutely positively categorically undeniably ....@etc. desired to see a OWG Mighty USSA, not a OWG Weak USRoA!
Posted by: JosephMendiola   2011-08-02 19:52  

#6  I think it's a start. Republicans (and the vast majority of conservatives) control just over 1/2 of a third leg of the Legislative/Executive branches. Elect more next year and take control of the Executive and the Senate, and you've got your stomping boots on
Posted by: Frank G   2011-08-02 19:20  

#5  Liberals hate this Satan sandwich. Conservatives hate it because it doesn't end DOE, BATF, HUD etc. and looks like it will end up raising taxes. I don't think it does a damned thing towards solving any of our problems.
Posted by: Glenmore   2011-08-02 19:15  

#4  Dunno, usually behind the scenes process made transparant, el prez on TV waiving his arms about, fiscal conservatives stood the line; not a bad first outing in major conflict.

Have not read the bill and/or been about good breakdown of, so no real comment available. All I know is no matter what the Dims will attempt to spin this to look poorly upon the Pubs, oh sometime in February or March with a preview reminder in November/December, likely with the Dims hooking arms and forcing the across board cuts looking tough and cutting defense, maybe give more cover for chinooks over kabul (my theory is not if or when ISF leave Afghan, but How).
Posted by: swksvolFF   2011-08-02 18:28  

#3  There are real concerns here, but running in circles and flapping your hands isn't going to help.

It just gives him a chance to flog his prose.
Posted by: Pappy   2011-08-02 11:35  

#2  First you slow the runaway train, then stop and back it up, Mr. de Medici. it took this much jumping up and down and screaming to get the Democrats to even accept the idea of not significantly increasing spending. And they'll get to come up with even more cuts in December, which should prove an amusing exercise for some involved.

As for the rest, do sit down next to me on the fainting couch while I rub your temples with my handkerchief bathed in cologne. And after a bit I'll make you a nice cup of chamomile tea. There are real concerns here, but running in circles and flapping your hands isn't going to help.
Posted by: trailing wife   2011-08-02 08:55  

#1  WHAT? no comments? I am disappointed and surprised that there are no comments to this post. Is this a situation of Where Angels fear to Tread?
Well Fools rush in:

Is it just my mis-understanding of this wonderful "Victory" for the Democratic process....or AT the rate we are solving our debt problem... it will take about 130 years for us to pay our debts down ....at the rate we are going?

Or am I wrong, we are actually just fine and our Courageous Leaders are now "IN CONTROL" of the situation. Reminds me of Alexander Haig when he was there to calm everyone's fears with his Sarg. Preston impersonation.

And dont I recall a Reagan Tax Bill Act, the largest tax CUT bill back in 1989 ( was it?) that set off the longest Boom in the economy in American history? Nah....must be my imagination.

Educate me. They have just kicked the can down the road again, havent they? Until after the elections, now is it? We STILL are in the hole for the next Century at least. Our fiscal ass belongs to the Interest we are going to pay and THAT will amount ( in the long haul) to more than the Debt itself, by a long shot. Yeah?

And Obanana is taking a victory Lap around the Rose Garden?
The American people sure are good judges of Character.

Meanwhile, Standard and Poors is still going to clip the Credit Rating and nobody ever goes Up on that once they go DOWN. You go down from Triple AAA and you never go back up. Name one.

How would you like to be in a Platoon with Obama as your steely-eyed Lieutenant and all your squads packed with the best fighting Congressmen that courage and competence can provide?

Your'e dead meat, Chuckie, ... and this time tomorrow when we meet the enemy you get to meet Custer and shake his hand.
Cause clue you, the Chinese R&D is growing 29% faster than ours is and they will not hesitate to eat our Lunch.
The Messiah sez: "Hope and Change, suckahs."
You out of a job? get a Donkey to get you one.
Posted by: de Medici   2011-08-02 08:01  

00:00