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  1. #12
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    Don't Get Caught Holding Dollars When The U.S. Default Arrives
    By Addison Wiggin | Forbes – Sat, Jul 23, 2011


    Greece can’t solve a problem of too much debt by taking on even more. We will note, however, that by some measures, the United States is even more deeply in hock than Greece.

    Greece’s debt-to-GDP ratio is 143%. America’s is officially 97%. But the $14.3 trillion national debt, stacked up against a $14.7 trillion economy, doesn’t tell the whole story. Look at these numbers:

    • $14.3 trillion: “official” national debt

    • $5 trillion: Amount Uncle Sam is on the hook for Fannie Mae and Freddie Mac

    • $62 trillion: Total liabilities and unfunded obligations for Social Security and Medicare

    That doesn’t count the black box of bailouts.

    We know how much the Federal Reserve doled out in emergency loans: $16.1 trillion between Dec. 1, 2007, and July 21, 2010. We know that because yesterday the Government Accountability Office completed its first-ever audit of the Fed, made possible largely through the persistence of Rep. Ron Paul (R.-Tex.) making that audit, however incomplete, the law.

    What we don’t know is how much of that has been paid back. “We have literally injected about $5.3 trillion,” said Dr. Paul earlier this month during his questioning of Fed chief Ben Bernanke, “and I don't think we got very much for it. The national debt went up $5.1 trillion.”

    Bernanke did not challenge those figures.

    “To get our overall fiscal gap under control,” writes Boston University professor Laurence Kotlikoff in Bloomberg, “the U.S. must cut spending or raise tax revenue by $20 trillion over the next decade, far more than either the president wants or the House Republicans seek.”

    Yep: The latest number we see bruited in Washington is $3 trillion. Whatever the final number -- and there will be a last-minute deal; there always is -- it will be substantially less than $20 trillion over 10 years. The can will be kicked as it keeps getting kicked in Greece.

    We note here that the total of outstanding credit default swaps on U.S. Treasuries crested $4.8 billion this week. Uncle Sam has now surpassed Greece in this category.

    Measured in year-over-year change, America is number one: Net notional CDS outstanding grew 109%. That means there’s double the bets out there on a U.S. default compared with a year ago.

    “You may not know this, but the U.S. has actually defaulted a number of times already,” writes Chris Mayer this morning. He cites five instances:

    • 1779: The government was unable to redeem the continental currency issued during the Revolutionary War

    • 1782: The colonies defaulted on the debt they took out to pay for the war

    • 1862: During the Civil War, the Union failed to redeem dollars for gold at terms stated by the debt contracts

    • 1934: FDR defaults on the debt issued to finance World War I, refusing to redeem it in gold. The dollar is devalued 40% against gold

    • 1979: A bureaucratic snafu results in interest going unpaid on some small bills.

    “With the exception of 1979,” Chris says, “which was mostly due to administrative confusion -- the U.S. simply ran out of money each time. The end result was the dollar had to be devalued. Meaning it lost significant purchasing power.

    “My guess is that the U.S. will default again. It may not technically be called that, but the only way for the U.S. to meet its financial obligations is to print a lot of money.”

    What does that mean in practical terms? In Greece, professor Savas Robolis at Panteion University in Athens reckons that by 2015, the average Greek employee and pensioner’s standard of living will have fallen 40% compared with 2008.

    Even now, Americans are turning to their credit cards to pay for groceries and gas. According to First Data Corp., the volume of gasoline purchases put on credit cards jumped 39% over the last 12 months.

    You don’t want to be the average American in a default scenario, whenever it arrives. Ray Dalio, the head of Bridgewater Associates, the world’s biggest hedge fund, puts that day in “late 2012 or early 2013.”

    http://news.yahoo.com/dont-caught-ho...191153227.html

    Comments

    Where is the equal pain when it comes to the politicians wages and benefits?

    ~~~

    If common folks have to live within a budget, it's way over time that our government does the same thing. Cuts have to be made and continuing to fund illegals, felons, and professional welfare recipients has to end.

    ~~~

    Consider this idea: CONGRESSIONAL REFORM ACT, 2011

    1. No Tenure / No Pension.
    A Congressman collects a salary while in office and receives no pay when they are out of office.

    2. Congress (past, present & future) participates in Social Security.
    All funds in the Congressional retirement fund move to the Social Security system immediately. All future funds flow into the Social Security system, and Congress participates with the American people. It may not be used for any other purpose.

    3. Congress can purchase their own retirement plan, just as all Americans do.

    4. Congress will no longer vote themselves a pay raise. Congressional pay will rise by the lower of CPI or 3%.

    5. Congress loses their current health care system and participates in the same health care system as the American people.

    6. Congress must equally abide by all laws they impose on the American people.

    7. All contracts with past and present Congressmen are void effective 1/1/12. The American people did not make this contract with Congressmen. Congressmen made all these contracts for themselves. Serving in Congress is an honor, not a career. The Founding Fathers envisioned citizen legislators, so ours should serve their term(s), then go home and back to work.

    THIS IS HOW YOU FIX CONGRESS!!!!!
    If you agree with the above, pass it on.

    ~~~

    The banks caused all of these problems by indiscriminately lending to people whose source
    of income were not fully verified. Why? The banks' management promised them hefty commissions for every loan they initiate. Result: foreclosures. And we used taxpayers' dollars to bail them out?

    ~~

    What the article is suggesting will cause anarchy. Can you imagine the poor losing 40% of their buying power right now? I guarantee you they will band together to redistribute the wealth - buy robbing anyone with goods or money.
    Laissez les bon temps rouler! Going to church doesn't make you a Christian any more than standing in a garage makes you a car.** a 4 day work week & sex slaves ~ I say Tyt for PRESIDENT! Not to be taken internally, literally or seriously ....Suki ebaynni IS THAT BETTER ?

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  3. #13
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    The Hate-GOP Machine
    By L. Brent Bozell | Brent Bozell III – 14 hrs ago


    The latest polls show the people are not happy with President Obama's handling of budget matters, but Republicans look even worse. And yet, while the GOP delivers one idea after another, Obama has offered nothing, instead just attacking, attacking, attacking, blaming everyone but himself in utter denial of the reality that no man on the face of this Earth is more responsible for our debt catastrophe than he.

    Why then is the public blaming Republicans more? It is because of the ceaseless, shameless and oftentimes utterly dishonest attacks on them coming from Obama's media hit men. A day doesn't go by without a leftist "news" media outrage. They come in all shapes, too.

    First, there is the asinine. Think MSNBC anchor Mika Brzezinski. There she was broadsiding the Republicans for having refused Obama's proposal. "I think the Republicans look stupid and mean," she declared. "This is stupid. This is a no-brainer in terms of a deal. This is a no-brainer, and they look mean, and they look difficult, and they're going to lose this." But what is "this"? What was Obama's proposal? There was none, just nebulous language about the "wealthy" needing to pay their "fair share," of "revenue," which in the English language means a massive tax hike, which the GOP, correctly, rejects.

    There is the inaccurate. MSNBC daytime anchor Thomas Roberts loudly complains that the party of the "super-rich" is to blame. "We haven't had tax increases over the last 10 years. We've had a recession; we've had two wars to fight. Why do you think the top 2 percent of America has a chokehold on the other 98 percent?"

    That's almost exactly upside down. The Tax Foundation has estimated that the top 1 percent pays 38 percent of the entire income-tax burden, and the top 5 percent pays 58 percent. The bottom 50 percent pays nothing in federal tax. With these numbers, it could be argued that the bottom 50 percent has a chokehold on the top 5 percent.

    There is the "I've lost all sense of sanity and class" crowd, and yes, we're talking Chris Matthews here. On "Hardball," Joan Walsh of Salon.com said the Republican resistance to new taxes is "deadly and it's wrong and it's hostage-taking, and you shouldn't negotiate with hostage-takers." Matthews had a chance to step in with a gentle, "Whoa, cowgirl." Instead it just carried him away, and he could only add: "I agree. It's terrorism!" A pundit who looks at the debt talks and sees deadly terrorism doesn't need a math class. He needs psychological help.

    There is the obsequious. Obama is painted as the perfectly reasonable negotiator who has bent over backward. NBC's Matt Lauer wants to know, "Where is the shared sacrifice going to come from on the Republican side?" CBS's Bob Schieffer insists Obama talks compromise, but "I don't hear any concessions from people on the other side. They just say no taxes, and that's their negotiating posture."

    No one, but no one in the media (outside of Fox News, of course) is calling this double-talking president of ours on the carpet. This president who now tells us we must raise taxes to save the Republic is the same president who just seven months ago was telling us that everyone agrees the worst thing one could do during a crisis is raise taxes. Republicans agreed then and hold to that position now. That makes them unreasonable, unbalanced.

    And where did this sudden spurt of media fiscal discipline come from, anyway? Where were they when America needed someone to ask Obama, Pelosi and Reid how they were going to pay for TARP? Where were the media demanding to know where the trillion bucks for the anti-stimulus program was coming from? How about the trillion for Obamacare?

    They went along for the ride on all these budget-busting disasters. And now they have the temerity to lecture us on fiscal discipline?

    There is the oblivious. Some journalists refuse to acknowledge that spending has soared under Obama. When Grover Norquist factually noted Obama's binge, CNN anchor Ali Velshi erupted in protest. "Wait a minute! 'He created with his spending'? You didn't just suggest that our budget problem is because of President Obama, did you, Grover?" Norquist said yes, he wasn't kidding. Velshi dismissed this concept as unreasonable: "OK, we're going to pass by that question because that's an unreasonable position."

    In round numbers: In fewer than four years, Obama has increased the debt by $4 trillion. He proposes we raise it another $2.3 trillion. This makes Obama responsible for almost half the debt of the United States. But it is "unreasonable" to say so.

    The leftist news media aren't coming to this debate to be an honest broker. They're just trying to break one side apart, and never mind that it's their vision that is driving us right over a cliff.

    http://news.yahoo.com/hate-gop-machine-070000918.html
    Laissez les bon temps rouler! Going to church doesn't make you a Christian any more than standing in a garage makes you a car.** a 4 day work week & sex slaves ~ I say Tyt for PRESIDENT! Not to be taken internally, literally or seriously ....Suki ebaynni IS THAT BETTER ?

  4. #14
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    All 53 Senate Dems sign letter to Boehner: Your bill will never pass

    Awfully nice of them to give Boehner one more little boost on the eve of tomorrow’s vote by calling the House GOP’s bluff like this.

    Default it is, then ... http://thecaucus.blogs.nytimes.com/2...tics&seid=auto

    Dear Speaker Boehner,

    With five days until our nation faces an unprecedented financial crisis, we need to work together to ensure that our nation does not default on our obligations for the first time in our history. We heard that in your caucus you said the Senate will support your bill. We are writing to tell you that we will not support it, and give you the reasons why.

    A short-term extension like the one in your bill would put America at risk, along with every family and business in it. Your approach would force us once again to face the threat of default in five or six short months. Every day, another expert warns us that your short-term approach could be nearly as disastrous as a default and would lead to a downgrade in our credit rating. If our credit is downgraded, it would cost us billions of dollars more in interest payments on our existing debt and drive up our deficit. Even more worrisome, a downgrade would spike interest rates, making everything from mortgages, car loans and credit cards more expensive for families and businesses nationwide.
    In addition to risking a downgrade and catastrophic default, we are concerned that in five or six months, the House will once again hold the economy captive and refuse to avoid another default unless we accept unbalanced, deep cuts to programs like Medicare and Social Security, without asking anything of the wealthiest Americans.

    We now have only five days left to act. The entire world is watching Congress. We need to do the right thing to solve this problem. We must work together to avoid a default the responsible way – not in a way that will do America more harm than good.
    So that’s how this story ends. With the party of endless spending and entitlements unto death lecturing fiscal conservatives on how they’re leading the country into a credit downgrade. Perfecto.

    Politico reports that Mitch McConnell is huddling with Biden to forge some sort of face-saving deus-ex-machina compromise. http://dyn.politico.com/printstory.c...8-BF0E236832D6 The story’s thin on details, but since McConnell’s involved and the only big remaining stumbling block is whether the final deal is short-term or long-term, I assume they’re trying to work out a way to combine McConnell’s original proposal about giving Obama more unilateral control over raising the ceiling with Boehner’s bill. E.g., instead of making next year’s debt-ceiling increase contingent upon Congress enacting the new commission’s debt-reduction recommendations, it might grant Obama the power to increase it himself in return for deeper, front-loaded cuts. http://keithhennessey.com/2011/07/27...-boehner-bill/ But that’s just me speculating. We’ll know more tomorrow.

    As a late evening dessert, here’s Chris Christie dumping on Obama for not producing his own plan. http://twitter.com/#!/RichLowry/stat...89751388643328 According to Rich Lowry, Boehner’s getting closer to 218 — but he’s not there yet. http://www.youtube.com/watch?v=ptpSM...layer_embedded


    http://hotair.com/archives/2011/07/2...ll-never-pass/

    If the Dem’s, in the Senate or otherwise, think that this isn’t going to blow back on them as well as the GOP, I’m pretty sure they’re in for a rude awakening.

    They are the ones who haven’t passed a budget in THREE YEARS. A lot of people are paying attention to this Kabuki, and most are either disappointed, mad as hell, or bleeding out of their eyeballs.

    All of these fools need to be sent to bed without any supper; either that or vote them out in ’12.
    Laissez les bon temps rouler! Going to church doesn't make you a Christian any more than standing in a garage makes you a car.** a 4 day work week & sex slaves ~ I say Tyt for PRESIDENT! Not to be taken internally, literally or seriously ....Suki ebaynni IS THAT BETTER ?

  5. #15
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    Lawmakers who signed 'cut' pledge will decide fate of Boehner bill
    By Bob Cusack - 07/28/11 05:49 AM ET

    House Republicans who signed a "cut, cap and balance" pledge are expected to decide the fate of Speaker John Boehner's (R-Ohio) new debt and deficit reduction bill.

    Thirty-nine House Republicans embraced the pledge, which vows to oppose any bill that raises the debt ceiling unless it calls for major cuts, spending caps and a balanced budget amendment.

    Nineteen of those 39 have said they will oppose, or will likely oppose, Boehner's bill. Only six of them have publicly committed to backing the bill, or are leaning toward supporting it.

    Then there are 14 others who have not said how they will vote. Republican leaders must convince most of these members to vote yes, or the bill will die on the House floor Thursday, according to an analysis by The Hill.

    If every Democrat votes against the Boehner legislation, Republican leaders need to minimize defections to 23 in order to pass it.

    The vote is, without doubt, the most important roll call of Boehner's reign as Speaker. Passage would boost Boehner and his colleagues. A defeat would represent a devastating blow to the Ohio Republican.

    According to The Hill's whip list, there are now 22 Republicans who are planning to vote no, or are leaning no on the bill. Boehner and his lieutenants have little wiggle room because many of those 22 members are firm "nos."

    Boehner has made the case that his new bill adheres to the cut, cap and balance bill that passed the House last week. But others disagree strongly.

    FreedomWorks, a Tea Party group headed by former Majority Leader Dick Armey (R-Texas), is lobbying against the Boehner bill, arguing it violates the pledge "because it neither cuts nor caps nor balances federal spending."

    The 14 GOP members who have signed the pledge and are publicly undecided on the bill that will hit the floor Thursday are:

    Joe Barton (Texas)
    Dan Benishek (Mich.)
    Dan Burton (Ind.)
    Trent Franks (Ariz.)
    Randy Hultgren (Ill.)
    Raul Labrador (Idaho)
    Jeff Landry (La.)
    Tom Latham (Iowa)
    Tom Marino (Pa.)
    Jeff Miller (Fla.)
    Jean Schmidt (Ohio)
    David Schweikert (Ariz.)
    Tim Scott (S.C.)
    Joe Wilson (S.C.)

    Seven of these 14 members are freshmen, and at least one of them (Scott) has inched closer to a yes vote. Hultgren, Landry and Latham are expected to face incumbents in 2012 because of redistricting. That doesn't help GOP leaders.

    There is more bad news for Boehner: Four of the 14 defected on a high-profile continuing resolution bill in March and again on the final 2011 fiscal budget deal. The four are Barton, Labrador, Schmidt and Wilson.

    Barton ran briefly against Boehner for minority leader following the 2006 elections. Schmidt hails from Boehner's home state.

    http://thehill.com/homenews/house/17...f-boehner-bill

    why are you personalizing this?
    "fate of BOEHNER?"

    isn't this about the fate of the deficit?

    ~~~

    THE COUNTRY wants the cuts.
    Boehner is merely carrying out the wishes of the citizens of America.

    if this what decides his fate he has a fantastic future to look forward to. he could run for president in 2012 and beat obama without raising a finger.
    [/i]
    Laissez les bon temps rouler! Going to church doesn't make you a Christian any more than standing in a garage makes you a car.** a 4 day work week & sex slaves ~ I say Tyt for PRESIDENT! Not to be taken internally, literally or seriously ....Suki ebaynni IS THAT BETTER ?

  6. #16
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    Republican bill passes, opening path to debt deal
    By Andy Sullivan and Richard Cowan | Reuters – 20 mins ago

    http://news.yahoo.com/vote-delayed-d...010308473.html

    WASHINGTON (Reuters) - The House of Representatives approved a Republican deficit plan on Friday that has no chance of becoming law but could pave the way for a last-ditch bid for bipartisan compromise to avert a crippling national default.

    With time running short ahead of a Tuesday deadline to raise the debt ceiling, the Republican-controlled House pushed the deficit-cutting plan through by a vote of 218-to-210 after the party's leaders reworked the bill to appease anti-tax conservatives in their ranks.

    The legislation, denounced earlier by President Barack Obama who had admonished lawmakers to stop wasting time and find a way "out of this mess," was doomed to defeat in the Democratic-led Senate where all of Obama's Democrats have vowed to vote against it later on Friday.

    But the House vote broke weeks of political inertia and opened the door to talks on a compromise that could pass Congress before Tuesday. That is the deadline to lift the $14.3 trillion U.S. debt limit or else render the world's largest economy unable to pay all of its bills.

    Delays and procedural hurdles will now make it all but impossible for Congress to strike a deal and send it to Obama's desk until the 11th hour, injecting a dangerous level of uncertainty into already rattled global financial markets. A late deal also raises the prospect of the United States losing its top-notch AAA credit rating.

    Both sides have been at impasse for weeks with lawmakers locked in a blame game that has brought the country to the brink of an unprecedented default, which could plunge America back into recession and trigger economic turmoil globally.

    World leaders have been stunned by the dysfunction in Washington. World Bank President Robert Zoellick on Friday said the United States was playing with fire.

    America's largest foreign creditor, China, has repeatedly urged Washington to protect its dollar investments and its state-run news agency on Friday said the United States had been "kidnapped" by "dangerously irresponsible" politics.

    BOEHNER PLACATES ENOUGH RECALCITRANTS

    House Speaker John Boehner's failure on Thursday to quell a rebellion among Tea Party-affiliated conservatives in his party and bring his proposal to a vote exposed a rift among Republicans that complicated efforts to reach a compromise.

    But Boehner brought enough of his recalcitrant Republicans onboard on Friday with a retooled plan that included a requirement for Congress to pass a balanced budget amendment to the Constitution and send it to the states for ratification, a long-time core demand of fiscal conservatives.

    "I stuck my neck out a mile to try to get an agreement with the President of the United States," Boehner said on the House floor shortly before the vote, his voice rising.

    "Where are other ideas?" he asked as he accused Obama of failing to come up with a plan of his own. Republicans applauded loudly and Democrats hissed.

    Boehner's two-step plan would cut spending initially by about by about $900 billion and lift the debt ceiling only enough to last a few months. That would mean a re-run of the acrimonious debate which Obama is determined to avoid at a time when he will be deeper into 2012 re-election campaign.

    Top Senate Democrat Harry Reid has said a short-term solution is unacceptable and is pushing his own bill that would cut $2.2 trillion in spending over 10 years.

    Reid's plan is expected to be amended to make it more palatable to moderate Republicans in the House, and, with Democratic votes, offset the inevitable loss of support from anti-tax Tea Party-aligned Republicans.

    Jittery financial markets will be watching what is expected to be a weekend of hard bargaining and further brinkmanship.

    "This is just a signal that Republicans have rallied around a common set of ideas. But they still have to negotiate with Democrats," said Michael Woolfolk, senior currency strategist with BNY Mellon in New York. "We're going to have to wait until next week."

    Obama, who has been sidelined in recent days by the debt battle on Capitol Hill, said the parties were not that far apart on spending cuts. "There are plenty of ways out of this mess but we are almost out of time," he said earlier.

    Shortly before the House vote, ratings agency Moody's signaled it probably will not downgrade the United States' triple-A credit rating immediately, even if there is no deal to raise the debt ceiling, but a cut could come in the medium term.

    Moody's said the United States would still have enough money to pay its debts to bondholders after Tuesday.

    Rival ratings agency Standard & Poor's has warned it could cut the rating soon if there is no deal to address the underlying budget problems, a move which could push up U.S. borrowing costs and further hobble the weak economic recovery.

    Fears about the health of America's economy multiplied after a government report showed weaker-than-expected growth in the first half of the year, raising the risk of recession.

    The government reported U.S. gross domestic product grew at an anemic pace of 1.3 percent in the second quarter. Growth during the first quarter was revised sharply down to a meager 0.4 percent pace.
    Laissez les bon temps rouler! Going to church doesn't make you a Christian any more than standing in a garage makes you a car.** a 4 day work week & sex slaves ~ I say Tyt for PRESIDENT! Not to be taken internally, literally or seriously ....Suki ebaynni IS THAT BETTER ?

  7. #17
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    White House says Republicans want to steal Christmas
    By Rachel Rose Hartman Political Reporter The Ticket – 6 hrs ago

    There's quite a lot of spin coming out of Washington this week concerning the debt ceiling, but here's a real doozy: Republicans want to destroy Christmas.

    "Happy Holidays America: Boehner plan would have the debt ceiling all over again during the holiday season, which is critical for the economy," White House Communications Director Dan Pfeiffer tweeted Thursday about House Speaker John Boehner's two-step plan to raise the debt ceiling. "It's like the debt ceiling debate that would ruin Christmas," senior White House advisor David Plouffe said yesterday on MSNBC's Daily Rundown. "Let's throw into doubt whether or not the United States is going to go into default around Christmas. Brilliant," White House press secretary Jay Carney said at a press briefing Wednesday.

    The White House is claiming that because the first phase of Boehner's plan--a $900 billion extension--expires around the beginning of next year, it will throw Congress into another debt ceiling debate and default scare during the holiday season.

    The Republicans, of course, are the evil Grinches of this scenario.

    But Republicans deny any potential return of the debt ceiling discussion in December. Boehner's office and the plan's supporters say the first-round extension will carry the government through at least late January.

    In a blog post entitled, "Yes, David. There will be a Christmas," Boehner spokesman Brendan Buck responded specifically to Plouffe's interview by accusing the White House of "grasping for any excuse" to criticize Boehner's plan. He reiterated that the extension won't expire near the holidays. "Certainly, no one wants to ruin Christmas. And thankfully for Mr. Plouffe, Americans have nothing to fear," Buck wrote.

    http://news.yahoo.com/blogs/ticket/w...173931785.html

    comments

    This is what the meaning of Christmas has become in America : "vital to the economy"

    ~~

    I keep asking the question, where is the president's plan?!? The budget plan he submitted last spring to the senate was voted down 97-0! Not one Democratic Senator voted for it since he asked for outrageous spending! Why must only Republicans come up with plans? It is time for journalists to be more neutral and do their jobs to hold the executive and legislative branch more accountable. Also, over 800 days without a passed budget from the Senate!

    ~~~

    Are the Democrats suggesting that this is completely out of their control? It takes two sides to make a stalemate. Just saying.

    ~~~

    Why does the white house always use scare tactics? Let's see, no checks for social security recipients, vets, retired military, active military and now no Santa Claus. Once again, instead of the idiots in government working together to figure this out they use the blame game. Stop trying to make the public upset and figure this out!

    ~~

    How petty can the White House get? It's the Executive Branch of The United States government. Is there no dignity or respect to be found in this administration? Disgusting !
    Laissez les bon temps rouler! Going to church doesn't make you a Christian any more than standing in a garage makes you a car.** a 4 day work week & sex slaves ~ I say Tyt for PRESIDENT! Not to be taken internally, literally or seriously ....Suki ebaynni IS THAT BETTER ?

  8. #18
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    glitch ...
    Last edited by Jolie Rouge; 07-29-2011 at 08:53 PM.
    Laissez les bon temps rouler! Going to church doesn't make you a Christian any more than standing in a garage makes you a car.** a 4 day work week & sex slaves ~ I say Tyt for PRESIDENT! Not to be taken internally, literally or seriously ....Suki ebaynni IS THAT BETTER ?

  9. #19
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    glitch ...
    Laissez les bon temps rouler! Going to church doesn't make you a Christian any more than standing in a garage makes you a car.** a 4 day work week & sex slaves ~ I say Tyt for PRESIDENT! Not to be taken internally, literally or seriously ....Suki ebaynni IS THAT BETTER ?

  10. #20
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    House approves debt bill; Senate rejects it
    By DAVID ESPO - AP Special Correspondent | AP – 57 mins ago

    WASHINGTON (AP) — In an unforgiving display of partisanship, the Republican-controlled House approved emergency legislation Friday night to avoid an unprecedented government default and Senate Democrats scuttled it less than two hours later in hopes of a better deal. "We are almost out of time" for a compromise, warned President Barack Obama as U.S. financial markets trembled at the prospect of economic chaos next week. The Dow Jones average fell for a sixth straight session.

    Lawmakers in both parties said they were determined to avoid a default, yet there was little evidence of progress — or even significant negotiations — on a compromise during a long day of intense political maneuvering. The House vote was 218-210, almost entirely along party lines, on a Republican-drafted bill to provide a quick $900 billion increase in U.S. borrowing authority — essential to allow the government to continue paying all its bills — along with $917 billion in cuts from federal spending.

    It had been rewritten hastily overnight to say that before any additional increase in the debt limit could take place, Congress must approve a balanced-budget amendment to the Constitution and send it to the states for ratification. That marked a concession to tea party-backed conservatives and others in the rank and file who had thwarted House Speaker John Boehner's attempt to pass the bill Thursday night. "Today we have a chance to end this debt limit crisis," Boehner declared, his endgame strategy upended by rebels within his own party.

    But the changes he made to the House GOP bill further alienated Democrats. And they complicated prospects of a compromise that could clear both houses and win Obama's signature by next Tuesday's deadline. At the other end of the Capitol, Senate Democrats rejected the measure without so much as a debate. The vote was 59-41, with all Democrats, two independents and six Republicans joining in opposition.

    Moments later, Senate Majority Leader Harry Reid, D-Nev., unveiled an alternative that would cut spending by $2.4 trillion and raise the debt limit by the same amount, enough to meet Obama's terms that it tide the Treasury over until 2013. Reid invited Republicans to suggest changes, saying, "This is likely our last chance to save this nation from default."

    The Senate GOP leader, Mitch McConnell of Kentucky, accused Democrats of "rounding up 'no' votes to keep this crisis alive," and noted the House had passed two bills to raise the debt limit and the Senate none.

    The House, eager to return the Senate's favor rejecting the Boehner bill, set a vote to reject Reid's proposal on Saturday. The Senate set a test vote at about 1 a.m. on Sunday, a middle-of-the-night roll call that underscored the limited time available to lawmakers.

    At the same time Reid appealed for bipartisanship, he and other party leaders accused Boehner of caving in to extremists in the GOP ranks — "the last holdouts of the tea party," Sen. Richard Durbin of Illinois called them.

    Republicans conceded that the overnight delay had weakened Boehner's hand in the endgame with Obama and Senate Democrats. But the Ohio Republican drew applause from his rank and file when he said the House, alone, had advanced legislation to cut deficits, and that he had "stuck his neck out" in recent weeks in hopes of concluding a sweeping deficit reduction deal with Obama.

    Boehner's measure would provide a quick $900 billion increase in borrowing authority — essential for the U.S. to keep paying all its bills after next Tuesday — and $917 billion in spending cuts. After the bill's latest alteration, any future increases in the debt limit would be contingent on Congress approving the constitutional amendment and sending it to the states for ratification. "With conservatives insisting on the addition of a balanced-budget amendment requirement, Speaker Boehner's bill will now cut, cap and balance" federal spending, said Rep. Jeff Flake of Arizona as Friday's scheduled vote approached.

    The White House called the bill a nonstarter. Press secretary Jay Carney issued a statement that called it a "political exercise" and said congressional leaders should turn their efforts to a compromise that Obama can sign by Tuesday. The developments occurred one day after Boehner was forced to postpone a vote in the House for fear the earlier version of his measure would suffer a defeat. But by forcing a delay the conservative rebels upended the leadership's strategy of making their bill the only one that could clear Congress before a default and win Obama's reluctant signature. "Everybody acknowledges that because of the dust-up yesterday we've lost some leverage," said Rep. Steven LaTourette, R-Ohio, an ally of the speaker.

    The rebels said they were more worried about stemming the nation's steady rise of red ink.

    Rep. Jeff Landry, R-La., a, a first-term lawmaker, issued a statement saying his pressure had paid off. "The American people have strongly renewed their November calls of bringing fiscal sanity to Washington. I am blessed to be a vehicle driving their wishes to fruition," he said. "This plan is not a Washington deal but a real solution to fundamentally change the way Washington operates."

    Administration officials say that without legislation in place by Tuesday, the Treasury will no longer be able to pay all its bills. The result could inflict significant damage on the economy, they add, causing interest rates to rise and financial markets to sink. Executives from the country's biggest banks met with U.S. Treasury officials to discuss how debt auctions will be handled if Congress fails to raise the borrowing limit before Tuesday's deadline.

    But Carney said the administration did not plan to provide the public with details Friday on how the government will prioritize payments. The day's economic news wasn't very upbeat to begin with — an economy that grew at an annual rate of only 1.3 percent in the second quarter of the year. The Dow Jones industrial average suffered through a sixth straight day of losses, and bond yields fell as investors sought safer investments in the event of a default.

    At the White House, Obama cited the potential toll on the economy as he urged lawmakers to find a way out of gridlock. He said that for all the partisanship, the two sides were not that far apart. Both agree on initial spending cuts to take effect in exchange for an increase in the debt limit, he said, as well as on a way to consider additional reductions in government benefit programs in the coming months. "And if we need to put in place some kind of enforcement mechanism to hold us all accountable for making these reforms, I'll support that, too, if it's done in a smart and balanced way," he said.

    That went to the crux of the conflict — his insistence that Congress raise the government's borrowing authority by enough to avoid a repeat of the current crisis during the heat of the 2012 election campaigns. Republicans have resisted, accusing him of injecting purely political considerations into the debt limit negotiations.

    But Boehner's failure to line up the votes for his legislation Thursday night seemed to embolden Democrats.

    Obama asked his 9.4 million followers on Twitter to send tweets to Republican lawmakers. "The time for putting party first is over. If you want to see a bipartisan (hash)compromise, let Congress know. Call. Email. Tweet," Obama wrote in a tweet, signed "-BO."

    http://news.yahoo.com/house-approves...002614064.html
    Laissez les bon temps rouler! Going to church doesn't make you a Christian any more than standing in a garage makes you a car.** a 4 day work week & sex slaves ~ I say Tyt for PRESIDENT! Not to be taken internally, literally or seriously ....Suki ebaynni IS THAT BETTER ?

  11. #21
    Jolie Rouge's Avatar
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    Boehner bill "dead on arrival": White House
    By Alister Bull and Tabassum Zakaria, editing by Anthony Boadle | Reuters – 3 hrs ago


    WASHINGTON (Reuters) - The White House on Friday urged lawmakers to begin immediate work on a compromise to lift the debt limit after passage of a bill by Republicans in the House of Representatives it said was "dead on arrival."

    "Now that yet another political exercise is behind us, with time dwindling, leaders need to start working together immediately to reach a compromise that avoids default and lays the basis for balanced deficit reduction," White House press secretary Jay Carney said in a statement.

    President Barack Obama, a Democrat, wants the Senate to hammer out a deficit reduction deal to lift the country's $14.3 trillion before an August 2 deadline that will give the Treasury enough borrowing room to carry the government into 2013.

    The bill in the Republican-controlled House, which passed with no Democratic support, will now face defeat in the Democrat-controlled Senate, whose leader Harry Reid will put a competing debt limit plan up for a vote. "Senator Reid's proposal is a basis for that compromise," Carney said. "The President urges Democrats and Republicans in the Senate to find common ground on a plan that can get support from both parties in the House - a plan the President can sign by Tuesday," he added.

    http://news.yahoo.com/boehner-bill-d...234611861.html

    comments

    Obama's statement shows no real chance of true compromise, just his usual "My way or the highway.

    ~~~

    Largest "enterprise"in the world and 2 YEARS no budget passed by fully Democrat controlled legislative .. and they do NOT get called on it ? There is no press just propaganda!

    ~~~

    The Republicans are passing plans. The party of no keeps rejecting them because the President of No is a complete and utter failure.

    ~~~

    Has the bill presented by Obama been sent to CBO to see how it compares?oh , my mistake, there is no Obama bill.

    ~~~

    It is amazing. The debt is $14 Trillion. Even more staggering the unfunded obligations of the US Government is actually $211 Trillion. And this government wants to keep on spending.

    ~~~

    Harry Reid having tabled both House passed bills has me really wondering: if he knew the bills would fail in a Senate vote, he would have quickly brought them to the floor...so did he think they might pass in the Senate? If so, we could have this whole fiasco behind us already

    ~~~

    Reid refuses to allow a vote on ANYTHING the House sends over. So now we know the dim-o-crat "plan". Do nothing, wait for the GOP to act, shut it down. Dispicable.

    ~~~

    "President Barack Obama, a Democrat", like nobody knows, :
    Laissez les bon temps rouler! Going to church doesn't make you a Christian any more than standing in a garage makes you a car.** a 4 day work week & sex slaves ~ I say Tyt for PRESIDENT! Not to be taken internally, literally or seriously ....Suki ebaynni IS THAT BETTER ?

  12. #22
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    Obama's statement shows no real chance of true compromise, just his usual "My way or the highway.
    "I win, I trump"......

    He's complaining about others not compromising...meanwhile....he clearly states he will veto/not sign....where is the bipartisan to say, "what did you come up with, can we make this work?"
    Mrs Pepperpot is a lady who always copes with the tricky situations that she finds herself in....

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