Debt Deal

[SDHornet]

http://news.yahoo.com/obama-congress-re ... 53348.html

So it sounds like it’s tentative, but assuming this passes it looks like a deal has been struck.

WASHINGTON (AP) — Ending a perilous stalemate, President Barack Obama announced agreement Sunday night with Republican congressional leaders on a compromise to avoid the nation's first-ever financial default. The deal would cut more than $2 trillion from federal spending over a decade.

Is $2 trillion over a decade even a drop in the bucket?

Obama underscored that point. He said that, if enacted, the agreement would mean "the lowest level of domestic spending since Dwight Eisenhower was president" more than a half century ago.

So the key word here is domestic. I assume the wasteful foreign aid and wasteful wars will be continued.

Obviously not many details out at this point, and this still is tentative but this looks like it doesn't even begin to address some of the issues to fixing this problem in the long term. What a surprise.

[ASUG8]

This needed to happen, but it's embarrassing to see a globally watched, real time demonstration of just how broken our political system is. In some ways I (reluctantly) applaud the tea party for sticking to their guns with regard to the fiscal ideals on which they were elected - without being this adamant about reining in spending I doubt the president and the Democrats would have approved anywhere near the spending cuts that are being hammered out.

That being said, this really demonstrated that there are nearly three parties in office - I didn't get the vibe that the more moderate Republicans believe they and the tea party reps are even on the same page. I don't think anyone really won here - the Dems seemed to break not bend, and the Reps seemed to be fractured as a party at the very best. It will be interesting in '12 to see how this is spun into some sort of win or loss for either party's candidate.

We'll have to see what S&P does regarding the US credit rating, but IMO even if there is no change to the numeric rating, we didn't win over any minds in the market that we're AAA rated in our ability to manage the business of US government.

[93henfan]

It's pretty frightening to have radical right-wingers that are unwilling to compromise now holding the Republican party hostage.

[bulldog10jw]

It's pretty frightening to have radical right-wingers that are unwilling to compromise now holding the Republican party hostage.

I'm not frightened at all.

[CID1990]

Worthless

Toothless

Useless

More

Of

The

Same

[OL FU]

Unfortunately, the debt ceiling has to be raised. and with the government divided there is not a solution that is going to make anyone happy.

We can debate the nature of government all day long (which of course is what this is about) but you can't yank the teat our of a three month's olds month for any length of time without the child dying. There has to be a weaning process.

[dbackjon]

Well, Obama and the rest of the right are going to be happy - fuck the poor and working class, keep the rich happy.


This "deal" will end any re=election hopes he had. Liberals will not support him

[Ivytalk]

Heck, my man John Stossel cut and slashed his way to an actual surplus at the end of his show yesterday!

This is can-kicking window-dressing.

[ASUG8]

Well, Obama and the rest of the right are going to be happy - fuck the poor and working class, keep the rich happy.


This "deal" will end any re=election hopes he had. Liberals will not support him

Really? In spite of all that's transpired in 2.5 yrs, I'll take that bet.

[TwinTownBisonFan]

Well, Obama and the rest of the right are going to be happy - fuck the poor and working class, keep the rich happy.


This "deal" will end any re=election hopes he had. Liberals will not support him

i disagree.

The GOP come out of this looking like out-of-control psychopaths bent on either having their way or destroying everything - a party beholden to their lunatic fringe. While I don't like the deal, the President acted as responsibly as he could while dealing with patently irresponsible people. While the far left seems particularly hung up on the fact that he lost this battle - I do believe he has set himself up to win the war.

[bulldog10jw]

Well, Obama and the rest of the right are going to be happy - **** the poor and working class, keep the rich happy.


This "deal" will end any re=election hopes he had. Liberals will not support him

i disagree.

The GOP come out of this looking like out-of-control psychopaths bent on either having their way or destroying everything - a party beholden to their lunatic fringe. While I don't like the deal, the President acted as responsibly as he could while dealing with patently irresponsible people. While the far left seems particularly hung up on the fact that he lost this battle - I do believe he has set himself up to win the war.

Obama looked weak and pathetic (and irrelevant). Probably because he IS weak and pathetic.

However, where are liberals going to go? Ralph Nader? Obama lost many independents, but not the liberal loons.

[GannonFan]

Well, Obama and the rest of the right are going to be happy - **** the poor and working class, keep the rich happy.


This "deal" will end any re=election hopes he had. Liberals will not support him

i disagree.

The GOP come out of this looking like out-of-control psychopaths bent on either having their way or destroying everything - a party beholden to their lunatic fringe. While I don't like the deal, the President acted as responsibly as he could while dealing with patently irresponsible people. While the far left seems particularly hung up on the fact that he lost this battle - I do believe he has set himself up to win the war.

If you only define winning the war as winning elections, then you could be right. However, Obama has just really added to the list of things that he's not handled well in his first term. He can win next year, but he's going to have a hard time getting things done in his second term. He's acted the lame duck part in his first term and he'll really be one in the second.

[TwinTownBisonFan]

i disagree.

The GOP come out of this looking like out-of-control psychopaths bent on either having their way or destroying everything - a party beholden to their lunatic fringe. While I don't like the deal, the President acted as responsibly as he could while dealing with patently irresponsible people. While the far left seems particularly hung up on the fact that he lost this battle - I do believe he has set himself up to win the war.

If you only define winning the war as winning elections, then you could be right. However, Obama has just really added to the list of things that he's not handled well in his first term. He can win next year, but he's going to have a hard time getting things done in his second term. He's acted the lame duck part in his first term and he'll really be one in the second.

The problem for the GOP will be holding the House... they don't have that big of a majority

[FargoBison]

Sorry but Obama looks weak again, but so does the field of Republican challengers in 2012. So I guess he still has that going for him.

[AZGrizFan]

So they cut seven tenths of one percent from our budget, and somehow we're supposed to be dancing in the streets?

I agree with IT, this is window dressing at its finest. Not a DAMNED thing was accomplished, and they have YET to make any of the really difficult decisions (like entitlement programs, military, foreign aid, etc)....

A collection of 537 buffoons.

[Ibanez]

It's a crappy deal. It is necessary but what I gathered is that out of the two, dems and repubs, the Republicans were the only party that were actively pushing forth a bill. Reid seemed to be sitting on his hands, pussyfooting around. Was he waiting for the Republicans to make a move? The 535 members of Congress acted like children.

[TheDancinMonarch]

So they cut seven tenths of one percent from our budget, and somehow we're supposed to be dancing in the streets?

I agree with IT, this is window dressing at its finest. Not a DAMNED thing was accomplished, and they have YET to make any of the really difficult decisions (like entitlement programs, military, foreign aid, etc)....

A collection of 537 buffoons.

I would gladly take buffoonery over what these guys "give" us. Someone playing the clown I can walk away from but what these folks do affects my life and the lives of those around me and not in a postive way.

But you are right that it is all of them. 100%. No exceptions. A pox on the lot of them!

[bulldog10jw]

The problem for the GOP will be holding the House... they don't have that big of a majority

The problem for the Dems, besides BO, is holding the Senate. They are defending, I believe, about 23 of the 33 seats up for election.

[89Hen]

fuck the poor and working class, keep the rich happy.

Amen.

[BDKJMU]

It's pretty frightening to have radical right-wingers that are unwilling to compromise now holding the Republican party hostage.

If you simply dont want the govt spending $1 for every $.60 they bring in, want a balanced budget and no more exploding national debt and interest you're a radical right winger. OK.

[BDKJMU]

This needed to happen, but it's embarrassing to see a globally watched, real time demonstration of just how broken our political system is. In some ways I (reluctantly) applaud the tea party for sticking to their guns with regard to the fiscal ideals on which they were elected - without being this adamant about reining in spending I doubt the president and the Democrats would have approved anywhere near the spending cuts that are being hammered out.

That being said, this really demonstrated that there are nearly three parties in office - I didn't get the vibe that the more moderate Republicans believe they and the tea party reps are even on the same page. I don't think anyone really won here - the Dems seemed to break not bend, and the Reps seemed to be fractured as a party at the very best. It will be interesting in '12 to see how this is spun into some sort of win or loss for either party's candidate.

We'll have to see what S&P does regarding the US credit rating, but IMO even if there is no change to the numeric rating, we didn't win over any minds in the market that we're AAA rated in our ability to manage the business of US government.

Dude, what cuts? There are NO CUTS, despite what all these idiots on TV, both conk and donk, keep saying. There is only slowdowns in the rate of growth.

When a cut is not a cut
http://thehill.com/blogs/congress-blog/ ... -not-a-cut" onclick="window.open(this.href);return false;

[AZGrizFan]

Dude, what cuts? There are NO CUTS, despite what all these idiots on TV, both conk and donk, keep saying. There is only slowdowns in the rate of growth.

When a cut is not a cut
http://thehill.com/blogs/congress-blog/ ... -not-a-cut" onclick="window.open(this.href);return false;

EXACTLY. This is fucking voodoo economics at its finest.

[CitadelGrad]

If you only define winning the war as winning elections, then you could be right. However, Obama has just really added to the list of things that he's not handled well in his first term. He can win next year, but he's going to have a hard time getting things done in his second term. He's acted the lame duck part in his first term and he'll really be one in the second.

The problem for the GOP will be holding the House... they don't have that big of a majority

And the Dems don't have a big majority in the Senate.

[BDKJMU]

Dude, what cuts? There are NO CUTS, despite what all these idiots on TV, both conk and donk, keep saying. There is only slowdowns in the rate of growth.

When a cut is not a cut
http://thehill.com/blogs/congress-blog/ ... -not-a-cut" onclick="window.open(this.href);return false;

EXACTLY. This is **** voodoo economics at its finest.

Yep-

$2.4 Trillion Would Be Largest Debt-Limit Increase in U.S. History
http://www.cnsnews.com/news/article/24- ... debt-limit" onclick="window.open(this.href);return false;

Fuck you to any Congressman who votes for this turd to continued to kick the can down the road.

[Appaholic]

So they cut seven tenths of one percent from our budget, and somehow we're supposed to be dancing in the streets?

I agree with IT, this is window dressing at its finest. Not a DAMNED thing was accomplished, and they have YET to make any of the really difficult decisions (like entitlement programs, military, foreign aid, etc)....

A collection of 537 buffoons.

A-fokking-men....