#1
Good find, Sherry! Of course we're going to lose our AAA rating soon enough.
Posted by: Steve White ||
07/31/2011 20:22 Comments ||
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#2
ScreenCap that! Your Grandkids will be sooo happy, reminiscing about those days when we didn't have to barter goods
Posted by: Frank G ||
07/31/2011 20:54 Comments ||
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#3
I took another look at the national debt clock. I looked at it too long and began to get a huge headache, my eyeballs began to spin, and my head started to explode. I figure I will have to work for the next few thousand years and will never get out of the debt hole. Fortunately, I will die first. Thank goodness.
#4
we've bailed out 3 out of those 7 countries. takes some balls. australia can look upon it's own rich. (Britain won't be looking to seek a bail out on Austrailian's, look at this whole murdoch crisis which has been going on for many years ((check out many copies of private eye during the years 1989-1994)) so therefore.... where the fuck does the USA stand as the world saviour!!!) sorry but for this and get bent, this is a pro US website, well look give me info, give me great intel. the details are looking savage. I have posted since 2006. nothing. not a thing, britain bails out europe with very little world support, China buys sovereign european debts because it can... it outpaces you guys hugely! massively! it jumped $4 trillion in under ten years! They're buying the world while you squabble! Show me the light guys, I now very very much feel you guys feel beyond over confident, and I always had some belief that the USA knew what it was doing - I dont now, really. Bizzare the euro fails. the pound falls further (it's genious because i have fucking shares in that shit, and i understand it well) HONESTLY!! this website gives great stories, but false hope. What you read is a small percentage! The new american century is dying and it fell infront of you guys. sell your shares now! no kidding. take what you can. this is bail now and bail big, it's gonna go anyway. the chinese will sell industrial rights ton africa which will make china a middleman of the whole situation. if you need to ask questions on my opionion freeely e-mail me on tomasaddison@gmail.com (sorry for spelling errors, shit happens)
#5
by the way, what the hell japan is so far in debt they could shake and rattle the foundations of new world order just because they have been debt ridden since the 80's! Christ Japan got made number 4th richest in the world in 1980 but truth be told that smal island you see in the middle (yeah you silly US citizens that believe you came from the Irish sea etc) is still number 5 richest in the world, and by population it's big! i want you guys to know that well, at least i think you have failed at freedom and democracy... that will fight itself, but on your terms (those days are over) it's not hate on this website, but those days are closing. sorry, drastic measures or nothingness. Your GDP is made for weapon systems and, that market will fall. Only africa can make good of this because as i say China will sell industrial rights over to them. then Africans will be selling goods to the Chinese (which they already own because the chinese own the mines) and then the chinese sell onto us, so when we stop buying because China charges too much money, China will turn over to Africa who will see the best out of a cheap labour crisi!
#6
Calm, dear devilstoenail, calm. As your own Winston Churchill said, "You can always count on Americans to do the right thing - after they've tried everything else.. Your lot had your fling with socialism for two generations; we've only been at it for 2 1/2 years, although we're working at catching up. Soon we'll have something in as much trouble as your National Health Service, if we keep on as President Obama and his colleagues in Congress so strongly desire.
#7
bollocks the NHS got stripped badly, and so did the army etc... cuts mean cuts! bring em on. so we had some greedy bankers. you have more then your fair share. get out now. hmm, this can pinch me if im wrong, but 4 days on many US stocks. 4-3-2-1. your boned, you guys are so fucked. and it's your own debt ceiling. a
President Barack Obama and Republican congressional leaders reached urgently for a compromise Sunday to permit vital borrowing by the Treasury in exchange for more than $2 trillion in long-term spending cuts phased in over a decade. Thousands of programs -- the Park Service, Internal Revenue Service and Labor Department accounts among them -- could be trimmed to levels last seen years ago. Can't trim the IRS; it has to be expanded to enforce Obamacare.
No Social Security or Medicare benefits would be cut, but the programs could be scoured for other savings. So after all this posturing, they will still fail to do anything about the real structural problems? Read on; it's punted to another "commission".
As contemplated in talks that McConnell and Vice President Joe Biden were negotiating, the federal debt limit would rise in two stages by at least $2.2 trillion, enough to tide the Treasury over until after the 2012 elections.
Taxes would be unlikely to rise. Unlikely. Read my lips.
The first step would take place immediately, raising the debt limit by nearly $1 trillion and cutting spending by a slightly larger amount over a decade.
That would be followed by creation of a new congressional committee that would have until the end of November to recommend $1.8 trillion or more in deficit cuts, targeting benefit programs such as Medicare, Medicaid and Social Security, or overhauling the tax code. See? Overhauling the tax code is not the same as raising taxes!
Those deficit cuts would allow a second increase in the debt limit, which would be needed by early next year.
If the committee failed to reach its $1.8 trillion target, or Congress failed to approve its recommendations by the end of 2011, lawmakers would then have to vote on a proposed constitutional balanced-budget amendment. Oh, good. They can't vote before that?
If that failed to pass, automatic spending cuts totaling $1.2 trillion would automatically take effect, and the debt limit would rise by an identical amount.
Social Security, Medicaid and food stamps would be exempt from the automatic cuts, but payments to doctors, nursing homes and other Medicare providers could be trimmed, as could subsidies to insurance companies that offer an alternative to government-run Medicare. Single payer system, here we come. Stephen Den Beste called it!
The best news?
As details began to emerge, one liberal organization, Progressive Change Campaign Committee, issued a statement that was harshly critical.
"Seeing a Democratic president take taxing the rich off the table and instead push a deal that will lead to Social Security, Medicare and Medicaid benefit cuts is like entering a bizarre parallel universe -- one with horrific consequences for middle-class families," it said.
Posted by: Bobby ||
07/31/2011 17:52 ||
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#1
I agree with others that this has been a drama to distract us from all the bad economic news. We are being played or managed so to speak. Look now how bad things are. We must now consider actions that we never would have agreed to before. Tarp, TSA, too big to fail,QE 1,2,3 and what's next? anything is possible.
#2
If the committee failed to reach its $1.8 trillion target, or Congress failed to approve its recommendations by the end of 2011, lawmakers would then have to vote on a proposed constitutional balanced-budget amendment.
Chicken scat! If the House and Senate had the political courage to pass a balanced budget amendment without all this attendant claptrap and it went to the States, I believe 3/4 of the States would pass it also.
#3
At last check, AFAIK the US DEBT-TO-GDP RATIO remains officially at 102%, so iff the Congresscritters truly hope to avoid GREECE-STYLE 154% andor JAPAN-STYLE 226%, ETC. THE TIME IS NOW.
Most Anaylsts believe that the US has more than enough Social Programs + could prolly easily stand to lose or consolidate a few.
Post-911/GWOT USA = UK-NATO = one day will depend on another Foreign Power, e.g. [post-US?]Rising China, for our National, Geopol Security? OWG NUCLEAR CALIPHATE?? PROB IS THAT BY ITS HISTORY AMER IS SOCIOCULTURALLY + POL LINKED TO THE UK + EUROPE, NOT CHINA + ASIA, ETC. - IN ADDITION, AFAIK 2050-2080 HISPANICS, NOT CHIN OR ASIANS, MAY COMPRISE THE LARGEST DEMOGRAPHIC GROUP IN AMERICA AT THAT TIME.
IMO ANY FUTURE "HISPAMERICA/HISPANAMERICA WILL LIKELY N-O-T PREFER TO MILPOL DEPEND ON CHINA + ASIA FOR ECON OR SECURITY.
And the above does not count Radical Islam's = MilTerr's desire to attack + expand its Jihad agz the US, nor GWCC.
A "BALANCED BUDGET" IS ALREADY STRONGLY INFERRED IN THE US CONSTITUTION.
#4
The coming deal is sold either as a) a terrible deal for Pubs since we'll get played in the negotiations, and the spending cuts happen so far in the future as to be meaningless or b) a great deal for Pubs since we're finally changing the terms of the debate.
In the meantime, Mr. Obama's budget is $1000 billion above that of Mr. Bush, just three years later. I can't figure out what we're getting for that extra trillion. And it's not like Mr. Bush was exactly frugal.
So why not cut a couple hundred billion from the 2012 budget? That would be the price I would extract from Mr. Obama for a debt ceiling extension. I'll go 4 for 1: give me $100 billion in cuts in 2012 and I'll extend the ceiling by $400 billion. Mr. Obama wants $2.2 trillion in extension to get past November 2012? That'll be $550 billion in cuts now, please.
I want my spending cuts up front. Anything else is smoke and mirrors.
Posted by: Steve White ||
07/31/2011 20:16 Comments ||
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#5
There are NO spending cuts. It's reduction from fantasy numbers that the economy cannot support. It's like me saying I project making $500K in a few years so I will begin $450K now. All this does is delay the date of US collapse for 1 year.
#6
really? You've read it? WOWOW!!11!! Or are you just knee-jerking from the speculation on the intertubes? I'll wait and judge the actual document
Posted by: Frank G ||
07/31/2011 21:57 Comments ||
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#7
Budget projections have the US gov spending $4.5 trillion in FY2016. Take out $200B or even $300B and the gov still spends $4200B-4300B come 5 years. That's an 11-13% increase from the $3800B from this year.
Meanwhile, from 2008-2011 total taxes declined as peoples' incomes are shrinking. Project that out and it means even if the Federal did not grow at all, the deficit would still increase because jobs are still being shipped overseas and incomes are declining. And the chance of the Feds not growing at all? Well the odds are better of a snowball in Hell.
#8
Of course its all speculation until it passes and is signed. It another bill which has to be passed ASAP without proper scrutiny.
I think the lower gov take is appropriate. Not only does the fed no garnish wages, but all the associated takes such as gasoline tax take a hit. No job no money no vacation, with the takes associated with that, so forth. It reminds me of the tobacco racket, started programs which were funded by tobacco taxes then with the tobacco priced out of range of the cost/demand intersection along with an anti-smoking campaign the bean counters were shocked, shocked when the revenue fell short. Same with this business environment with the absurd EPA and potential health insurance discoveries to be made.
#9
to Joseph Mediola. If you belive Nato would like to sit in the comfort of a foreign power well think again. Not all of them do, China recently anouced a rise in aircraft carriers to deploy world power, a similar time after (displayed on this website days after the world knew) Australia would like to deploy subs and a good number as a counter to the coming threat (under my breath) using the help of many NATO allies
He tried to coax lawmakers into striking a grand deficit-reducing bargain. Then he tried disappearing for a week to let Congress figure it out. Was he golfing, or on vacation? I missed it.
Neither approach worked.
Now, with time running out before a possible U.S. government default, President Obama is back at the center of the drama. Only this time, he's been dragged back on terms that are anything but his own. Now he's forced to try to come up with a solution over the next 48 hours that has not been apparent in weeks of negotiations.
The announcement of Obama's reemergence came late Saturday -- not in a triumphant announcement from the White House but from Republican congressional leaders who suddenly seemed eager to hand the baton back to a president they have spent weeks accusing of failing to lead.
Senate Minority Leader Mitch McConnell (R-Ky.) revealed that he had spoken Saturday with Obama and Vice President Biden and that he was confident that a deal was possible. House Speaker John A. Boehner (R-Ohio) agreed, saying that "we're dealing with reasonable, responsible people." Whoa! When did that start? As the GOP leaders spoke, Obama and Biden huddled for about 90 minutes at the White House with Senate Majority Leader Harry M. Reid (D-Nev.) and House Minority Leader Nancy Pelosi (D-Calif.) -- presumably to see what maneuvering room, if any, the president might have in his talks with Republicans. Harry and Nancy. If they got to talk, we're doomed.
How Obama handles himself between now and Tuesday has implications for the country's economy and for his own seemingly fragile political standing, which has taken a hit in recent polls as voters grow more dissatisfied with his economic stewardship. And the rest of his hopey-changy "leadership"
Averting possible disaster and signing legislation to make deep cuts in federal spending could hand Obama a quick boost -- particularly with the independents who supported him in 2008 but appear to be favoring a Republican in next year's election. Yeah, a quick boost! Just like when he (single-handedly) killed that dude in Whatchamacallit-stan.
But success means achieving a politically precarious task: finding a formula to win over battle-weary skeptics in both parties and marginalize purist tea party conservatives and liberal Democrats. Not really, you just have to find something half of the Congress-critters will accept.
Even ending the immediate crisis is likely to set the stage for more difficult battles this year over trimming entitlements and raising taxes -- a process laid out in both the House and Senate bills that seemed to be forming the basis for eleventh-hour negotiations. Push it off until after the election? What if the election does not go the Chicago Way of the One?
"Being president is haaaaaaaaaard!"
"There's very little room for miscalculation here," Rep. Chris Van Hollen (Md.), the senior Democrat on the House Budget Committee, said of the president's role. The most difficult question facing Obama may come down to how much farther to the right he is willing to move when it comes to enforcing calls for deeper cuts, particularly to Social Security, Medicare and Medicaid, and for eliminating special tax breaks and exemptions.
The White House and lawmakers agree in general that a improved bipartisan commission should be formed as part of any deal to explore those dicier propositions as the second step in addressing the debt, probably by the end of this year. Obama and lawmakers must now agree on what type of "trigger" to establish to force deficit reductions if the commission process were to fail.
Where will Obama draw the line when it comes to enforcing cuts vs. requiring tax increases? He has repeatedly called for a "balanced" approach, meaning cuts and revenue increases. In remarks Friday, the president said he was ready to support "some kind of enforcement mechanism to hold us all accountable for making these reforms . . . if it's done in a smart and balanced way. My way."
White House officials were tight-lipped about the president's intentions. They have said in recent days that Obama spent much of the week with his aides working through endgame scenarios. It remains to be seen whether the president will need to use them. Cut off little Timmy's oxygen first. Are we ready with the attack ad? Then misfile all the checks for the states that voted against me. Pay Bank of America a week late, and all British banks two weeks late. Furlough the DOT, but put the EPA on overtime. Lay off the Education folks for the rest of the fiscal year - is that still October 1st? Let's see if the kids can go back to school without Federal permission! They'll drive the parents insane!
Posted by: Bobby ||
07/31/2011 06:41 ||
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#1
The bankers are in charge not Washington D.C. and if they do raise the debt limit Obammy gets new sub-woofers for his low rider and air force one. Those leopard skin seat covers and crown air fresheners have really take a big bite out of the defense budget.
#2
no, he's standing in the ditch drinking a slurpee. Get an agreement done and see if he has the balls to veto it
Posted by: Frank G ||
07/31/2011 8:50 Comments ||
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#3
This is one administration that has done everything wrong so far in my opinion. Media enablers have protected him and will continue to do so. He will do what he thinks should be done and blame the Tea party and Republicans for all the mess. He is unable to adapt to his office. He is not growing into a functioning president. He is very capable of vetoing any legislation that is not what he has wanted. He wants carte blanche.
Urban dictionary: unconditional authority.
#7
For the ONE, it about getting the debt limit raised now, and then postponing doing anything substantive until after elections--if then. He might have a budget by the end of his second term. Can't be losing any votes afterall. Meanwhile, the country/economy are further in the dumper.
what a disgusting pig
The U.S. Secret Service does more than protect Vice President Joseph R. Biden Jr. -- the agency also pays him rent.
Since April, Mr. Biden has collected more than $13,000 from the agency charged with protecting him and his family, for use of a rental cottage adjacent to the waterfront home he owns in a Wilmington, Del., neighborhood. Has he paid tax on the income? Perhaps an enterprising conservative blogger or reporter could find out.
Mr. Biden, listed not as vice president in federal purchasing documents but as "vendor," is eligible for up to $66,000 by the time the government contract expires in the fall of 2013, the records show.
Officials say the arrangement came about when a previous tenant moved out of the cottage and the Secret Service moved in. I say we withdraw all Secret Service protection from this asshat
Posted by: Frank G ||
07/31/2011 19:03 ||
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#1
This will make the Secret Service really want to jump out and take a bullet for this creep.
I'm sure they will - they are all honorable men who respect the office - if not the turd in it.
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
Now, with time running out before a possible U.S. government default, President Obama is back at the center of the drama. Only this time, he's been dragged back on terms that are anything but his own. Now he's forced to try to come up with a solution over the next 48 hours that has not been apparent in weeks of negotiations.
As the GOP leaders spoke, Obama and Biden huddled for about 90 minutes at the White House with Senate Majority Leader Harry M. Reid (D-Nev.) and House Minority Leader Nancy Pelosi (D-Calif.) -- presumably to see what maneuvering room, if any, the president might have in his talks with Republicans.
