Obama Announces Deal To Raise Debt Limit, Cut Spending

[venturalaw]

I'm going to put my 2 cents in on this one as my attitude towards the USA has gone from extreme one polar to the other. When I left CA. in 1996 I felt as though I was being forced to leave; by the tax man. I had a small business and honestly I was always the last person paid; the city, the vendors, the staff, the utilities and then the crumbs for me. The tax man always wanted more. I finally said FO and left for Bali. For years I paid no attention to current events in the states and i was not disturbed by the many europeans I met who loved slagging the USA political system. I did not care, I had washed my hands of the place, sold all my interest, parent were dead the USA was dead to me. Then came 911; when I watched the news coverage of the event my blood boiled and I was reminded of all the good the USA has to offer. I had lived around enough europeans to understand and see fault with their wealth distribution, public services and chronic dole abuse. I always explained that America has a working dole, america is about work, the military is a driving force behind the economy, and neighbors and churches took care of the poor before welfare. Americans were free to create, and free to make money. Today??? kids can not even open a cool aid stand. the govt has put it's nose into it's peoples life to the extent that it is smothering the flame that made America great. Liberals think about taking, conservitives think about making. IMO the only hope for America is for it to return to it's roots and let people make money with out the fear of being penalized for taking the risk. At this point in time a flat tax down to a 10k per yr income would go a long way to change an attitude of what is social justice and social injustice. I am a proud American and I can say that 10 yrs ago people may have hated and distrusted the States but in the last 2 yr it has become a topic of laughter more than respect and the latest action by S&P is only a suprise to the Americans living in America. thats my rant, Get rid of big government get rid of controls, get rid of liberal free loaders and OBAMA MUST GO!

Well said. :jap:

[chuckd]

This is hardly the way to start cutting federal spending.

Now it seems the Vice President's wife is empowered to hand out $100 Million. I guess the Tea Party made her do it.

_______________________________________________________

Aug 8, 10:58 AM EDT

US set to announce $100M in Somalia famine funding

By JASON STRAZIUSO

Associated Press

DADAAB, Kenya (AP) -- Hundreds of thousands of Somali children could die in the country's famine unless more help arrives, a top U.S. official said Monday as Washington prepared to announce $100 million in new famine aid.

To highlight the crisis, the wife of Vice President Joe Biden visited a refugee camp on a patch of desert in eastern Kenya where tens of thousands of Somalis have massed. A drought has turned into famine because little aid can reach militant-controlled south-central Somalia.

Jill Biden is the highest-profile U.S. visitor to East Africa since the number of refugees coming across the Somali border dramatically increased in July. Biden arrived in a C-130 military transport plane and said she wants to raise awareness and persuade donors to give more.

More here: http://hosted.ap.org/dynamic/stories/A/AF_EAST_AFRICA_FAMINE?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-08-08-10-58-31

[snarky66]

Yeah & I just noticed a mistake I made. A.I.G. is into the government for 186 billion; not 86 billion as I said earlier. A billion here a billion there ; pretty soon you are talking real money.

[flying]

Listen to the markets continue to speak...Against this raising yet again of the debt.

Which in turn bought a S&P credit rating downgrade for the first time in history.

Gold up $65 USD/oz

DJIA down another 300+ points

Treasuries dropping as less & less want to buy this new debt...again

Those that wanted this increase of the debt ceiling once again can see clearly the result

as the loss of faith continues.

Would you as a proprietor have faith in extending credit to one who you can clearly see already cannot pay.

Or when they do pay they pay in what is basically devalued counterfeit printed out of thin air.

Realize gold is not going up but the currencies it is measured in are going down in purchasing power.

The same reduction in purchasing power that you will feel when exchanging your currency for Baht or coffee,rice,wheat & many other commodities.

This continued devaluation of your currency by the drunken sailors who have basically committed treason/betrayal of their own country with their unbridled spending of what they did not have.

They now pillage the savings of those who lived their life within their means.

Edited August 8, 2011 by flying

[koheesti]

Those that wanted this increase of the debt ceiling once again can see clearly the result

as the loss of faith continues.

You can't see clearly if you are already blind. Those people will surely blame the loss of faith on the "terrorist" tactics of the Tea Party.

[flying]

Those that wanted this increase of the debt ceiling once again can see clearly the result

as the loss of faith continues.

You can't see clearly if you are already blind. Those people will surely blame the loss of faith on the "terrorist" tactics of the Tea Party.

Sad but true ....They have eyes but cannot see

They can basically understand credit ratings yet are incredulous at the rightful downgrade of their own ratings.

Even now Zobama will speak & say it was only due to waiting till the 11th hour to once again dig the hole deeper.

Even though anyone with ears heard it repeated time & again as they asked for more that they would still be downgraded

because they are well beyond any reasonable amount or reasonable ability to repay.

They themselves have just given themselves another NINJA loan that they have many times claimed caused the initial collapse.

Edited August 8, 2011 by flying

[flying]

Obama just spoke on Live TV here in the states & the markets immediately voted

Dow now down +500

Gold up +$70/oz

The citizens are showing their lack of confidence in the continued hollow promises

The credit rating system did the same with their downgrade

Edited August 8, 2011 by flying

[Jingthing]

I am not arguing the right or wrong of the whole fiasco, or whose fault it is--some would blame the Tea Party, some the President and poor leadership. My point is, it was a very polarized fight--a little like some wars--difficult to figure out who really won and who lost.

Now we have a nation that has been viewed by others and certainly by itself as being the best, strongest and largest economic powerhouse getting a downgrade.

That's a slap in the face (perhaps deserved, but a slap none-the-less).

I've been around for a while and I don't recall anything similar.

Who lost? America. Who won? Those who would like America to decline RAPIDLY (at least a mild decline is inevitable).

The slap is deserved. The market is crashing because it is clear America can't compromise in a non-partisan way to reasonably solve very real problems.

It is like a war mentality now without the shooting, but remember the tea packagers have the GUNS.

[flying]

Who lost? America. Who won? Those who would like America to decline RAPIDLY (at least a mild decline is inevitable).

The slap is deserved. The market is crashing because it is clear America can't compromise in a non-partisan way to reasonably solve very real problems.

It is like a war mentality now without the shooting, but remember the tea packagers have the GUNS.

To say anyone won is silly. They all have bills in the same devalued once again currency.

The market is crashing because of a lack of confidence.

War like mentality? Rich considering the unfunded wars being waged by the current admin.

As for who has guns? Americans have guns & always have.

It is often quoted the reason the Japanese did not come ashore after pearl harbor is the knowledge that behind every blade of grass in America is a gun.

But also realize that never in America's history were so many guns & ammunition's purchased by American citizens than after Obama took office.

In just 3 months American Citizens bought enough guns to outfit the entire Chinese and Indian army’s combined.

Once again you try to pin the actions of the many on the few.

Facts do not agree with your star struck views.

Edited August 8, 2011 by flying

[Jingthing]

Here's why it will go down in history as the TEA PARTY DOWNGRADE --

http://www.slate.com/id/2301119/

Beyond the math, S&P flunks our political system:

[W]e have changed our view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us pessimistic about the capacity of Congress and the Administration … to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government's debt dynamics any time soon. … The political brinksmanship of recent months highlights what we see as America's governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed. The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy.

And what radical right wing extremist group did that exactly?

Edited August 8, 2011 by Jingthing

[Ulysses G.]

Here's why it will go down in history as the OBAMA DOWNGRADE --

http://www.mrctv.org/videos/krauthammer-today-us-credit-downgrade-would-be-due-democrats-unwillingness-make-real-cuts

Appearing on The O'Reilly Show last week, Charles Krauthammer refuted the host's argument that the "uber-left legions are well-coordinated" especially when it comes to attacking the tea party. Krauthammer scoffed, suggesting that O'Reilly was giving the illiberal left too much credit.

I don't think these people have the wherewithal to orchestrate a three-car motorcade... much less an actual media conspiracy. The reason for the repetition is the lack of intelligence...and lack of originality.

[flying]

Here's why it will go down in history as the TEA PARTY DOWNGRADE --

http://www.slate.com/id/2301119/

And what radical right wing extremist group did that exactly?

Libs never have an original thought based in reality.....only dogma & rhetoric

If that cartoon is the choice then what is reality?

This?

Followed by this?

Edited August 9, 2011 by flying

[snarky66]

Maybe it's time for some fireside chats. That is if we can get him off the golf course long enough.

[Jingthing]

People really should read this entire link. I feel it is very astute. It asserts we will have NO CHOICE but to do both major cuts AND revenue increases. I totally agree, and this is another reason I despise the tea party for blocking this obvious reality. President Obama knows this and pushed this, the BALANCED approach. The tea package people are really not facing reality.

http://www.slate.com/id/2301119/

Edited August 9, 2011 by Jingthing

[Ulysses G.]

Obama wanted to raise taxes and spend MORE - liberal spin aside.

The Tea Party is the reason why some cuts were finally agreed on.

Edited August 9, 2011 by Ulysses G.

[cloudhopper]

From his speech -

Calling the situation a "legitimate source of concern," Obama said the "good news" is that "our problems are eminently solvable. And we know what we have to do to solve them.

Sadly the cheerleader in chief is mistaken on both counts.

[flying]

President Obama knows this and pushed this, the BALANCED approach.

2.2 Trillion in & 3.7trillion out.....Now not when revenues are increased.

That is balance?

All the while promising 4T cuts in 10 years? Yet asking for at least 2 trillion more for each of those 10 years???

Yes balanced mmmm uh huh

He should have thought about the balance when he went into Libya at a cost of $$$$$$ again which he did not have congressional permission nor the funds to do so.

Impeach ASAP

The debt limit will through their own doing be hit again before his re-election campaign

Edited August 9, 2011 by flying

[venturalaw]

I heard the following analogy of the lack of logic in blaming the Tea Party for America's current financial problems:

"Blaming the Tea Party is the same as blaming the person who dialed 911 to report a fire."

[Ulysses G.]

The lamestream media and the democrats are trying to put the blame on the Tea Party for their mistakes.

[Steely Dan]

They've changed tack now, if Obama can't screw more tax money out of people uncle Ben will rob them by diluting the dollar. To further this agenda the U.S market has wiped off a year of gains in a matter of days and when QE3 is announced to 'rescue' the markets everyone will applaud as their 401k's are 'saved' but the net result is the same, slow death of the economy.

[BuckarooBanzai]

It seems like the politically oriented on TV get along just the same as the politicians in the US Congress. Like watching two mountain rams butting heads, not getting anywhere, but definitely generating a lot of headaches. When we can put all our rutting representatives in a row boat heading over Niagara Falls maybe they would learn to work together to save their own skins. The sad thing is they apparently don't give a hoot about the skins of their constituency.

So many arguments here confuse debt with new spending and both sides revel in blaming the presidents.

http://www.nytimes.com/2011/07/24/opinion/sunday/24sun4.html?_r=2&ref=todayspaper

The fact of the matter is Congress controls the purse strings and could shut down any presidential expenditure in a very short time. Blame the presidents for poor leadership but blame congress for lack of budgetary control and our current debt.

End of rant . . .

[Scott]

It's time to get your Thesaurus out, further references to the loony-left and similar references will be deleted. Same as has been the policy for those referring to the Nazi right. We get it; some of you really don't like them. Point taken. Don't insult a lovely water bird.

The lack of originality is matched only by the boredom of repetition.

[snarky66]

They've changed tack now, if Obama can't screw more tax money out of people uncle Ben will rob them by diluting the dollar. To further this agenda the U.S market has wiped off a year of gains in a matter of days and when QE3 is announced to 'rescue' the markets everyone will applaud as their 401k's are 'saved' but the net result is the same, slow death of the economy.

Correct Sir. The calls will be coming today for "The Fed to Rescue Us" How? by dropping interest rates to below zero, printing money like you are Milton Bradley, & by buying Treasuries. I remember Ben saying under oath that would never happen.

So what is the cure? More of the same stuff that got us in this mess. Ron Paul looking better every day.

[Wallaby]

The reports we are getting seem to back Jingthing's take on all this. S & P made a 2 trillion dollar error and basically called the downgrade because of political bickering.

Mr Chambers argued that the US deserved the downgrade because the political bickering and paralysis leading to the US debt deal had pushed the economy over the brink.

http://www.theaustralian.com.au/news/world/chaotic-countdown-to-grenade-from-standard-and-poors/story-e6frg6so-1226111213461

[snarky66]

Nope. The downgrade came because of no real efforts to reduce spending. The debt just continues to pile up with no end in sight.

[Wallaby]

Nope. The downgrade came because of no real efforts to reduce spending. The debt just continues to pile up with no end in sight.

I take it you don't believe the reasons S & P gave the downgrade? Would you only believe them of they said what you wanted to hear. He did say earlier that that successive governments has not tried to reduce debt. I can do no more than to repeat what he said were the reasons for the downgrade. If you do not wish to accept their reasons then that is a matter for you.

[venturalaw]

The reports we are getting seem to back Jingthing's take on all this. S & P made a 2 trillion dollar error and basically called the downgrade because of political bickering.

Mr Chambers argued that the US deserved the downgrade because the political bickering and paralysis leading to the US debt deal had pushed the economy over the brink.

http://www.theaustralian.com.au/news/world/chaotic-countdown-to-grenade-from-standard-and-poors/story-e6frg6so-1226111213461

The downgrade was not the result of 'political bickering'. That is nonsensical.

[Wallaby]

The reports we are getting seem to back Jingthing's take on all this. S & P made a 2 trillion dollar error and basically called the downgrade because of political bickering.

Mr Chambers argued that the US deserved the downgrade because the political bickering and paralysis leading to the US debt deal had pushed the economy over the brink.

http://www.theaustra...o-1226111213461

The downgrade was not the result of 'political bickering'. That is nonsensical.

I didn't write it, take it up with S & P, that is the reason they gave.

[flying]

Sometimes a picture is worth a thousand words or in this case trillions

[Wallaby]

Sometimes a picture is worth a thousand words or in this case trillions

Yes it will take many years to pay the debt from George W Bush's foreign incursions. Perhaps this isn't the time for Obama to be making the changes. Perhaps they should have been done earlier.

Edited August 9, 2011 by Wallaby