Obama Announces Deal To Raise Debt Limit, Cut Spending

[Pakboong]

A first ever Fed audit completed a week ago, disclosed that the stimulus package totaled $16 trillion. That is a lot of money for a broke drunk to be throwing around. Much of that money was loaned to foreign banks at little or no interest.

I think you mean $1.6 trillion, right?

http://www.freerepub...s/2752150/posts

http://gangstergover...-fed-audit.html

http://sanders.enews...8.594&gen=1

http://mbcalyn.wordp...anders-vermont/

http://cryptogon.com/?p=23716

http://leconomistama.../fed-audit.html

These are blogs but a couple are a US Senator's site. No reason for this stuff to make the mainstream and you cannot make it up.

Those links are all just quoting the same article.

$16 trillion is one super helluva lot of money ($16,000,000,000,000). There is no way the US, EU and Japan combined could loan anywhere near that much to anyone.

Not an article, a GAO(Government Accounting Office) report released on 24 July. I hope you don't think these guys to include US senators are halucinating. I could probably dig up many more on this but if you are primed to not believe it, I am not going to try and convince you.

[uptheos]

I recently posted an article suggesting this is how the minority Islamic fundamentalist party in Egypt intends to take over power in their country. If this recent tea party terror action doesn't light a fire under the asses of the silent majority in the USA to become as passionate as this dangerous minority, yes, much more damage will be done.

Egypt's Muslim Brotherhood is pro-democracy*

* Until they win an election

[koheesti]

No tax hikes. Correct.

We win. Obama is weak & incompetent.

He should have let the terrorists force the US into default for the first time in history? However, I am sad to say I agree with you somewhat. He had a card he SHOULD have played. As he was dealing with terrorists, he should have announced he would rejected the no revenue demand and if he didn't get a REASONABLE compromise on his desk, he would order the lifting of the debt ceiling HIMSELF based on executive constitutional authority. I think he made a huge error not doing that. That also would have fired up his base as well. The left is stuck with him and it isn't realistic to oppose him in a primary. All we can do is hope he grows a bigger pair, and SOON.

I may be alone in this but by constantly throwing out the "terrorist" word like some nuts toss around "nazi" just discredits most of what you say. Well, probably all of it but I'll say "most" because even a broken clock...

[Jingthing]

Would you prefer hostage takers? Sorry but the terrorist label has become mainstream now; even mentioned by the Vice President, and no apologies.

The tea party should apologize for cramming this down our throats. I sure hope they pay for this outrageous action in 2012.

Edited August 4, 2011 by Jingthing

[Jingthing]

I recently posted an article suggesting this is how the minority Islamic fundamentalist party in Egypt intends to take over power in their country. If this recent tea party terror action doesn't light a fire under the asses of the silent majority in the USA to become as passionate as this dangerous minority, yes, much more damage will be done.

Egypt's Muslim Brotherhood is pro-democracy*

* Until they win an election

The link I mentioned compared them directly (tea party/Muslim brotherhood) as using democratic tactics for undemocratic goals.

[Pakboong]

Time for a great Mark Twain quote.

"If you do not read the newspaper, you are uninformed. If you do read the newspaper, you are misinformed."

What would he have to say about TV if he were alive today?

[Ulysses G.]

No tax hikes. Correct.

We win. Obama is weak & incompetent.

He should have let the terrorists force the US into default for the first time in history? However, I am sad to say I agree with you somewhat. He had a card he SHOULD have played. As he was dealing with terrorists, he should have announced he would rejected the no revenue demand and if he didn't get a REASONABLE compromise on his desk, he would order the lifting of the debt ceiling HIMSELF based on executive constitutional authority. I think he made a huge error not doing that. That also would have fired up his base as well. The left is stuck with him and it isn't realistic to oppose him in a primary. All we can do is hope he grows a bigger pair, and SOON.

I may be alone in this but by constantly throwing out the "terrorist" word like some nuts toss around "nazi" just discredits most of what you say.

Well said. The Vice President is a democrat and promoting this nonsense for political gain.

[Jingthing]

Hopefully, the tea party has overplayed their hand (based on ACTUAL public opinion and actual numbers in government) and we are due for a BACKLASH against them in 2012. However, we are clearly in for a battle royale.

[maiphedmaiaroi]

Nucleur war. Mass depopulation. One world goverment. This collapse of america and europe is exactly the plan the elite that really control the usa/uk/israel want all along.

and there is me worry about my new passport earlier today

Hard economic times always brings the wacko conspiracy theories out of the woodwork.

maybe but it all connects.

[Steely Dan]

Here's the onion's take on the vote. Though with the people who got us into the mess charged with getting us out of it using more of what originally caused the crisis things could hardly be more surreal.

P.S And I love the one about Tea party activists being blamed for the failure of an economic theory agreed to by the democrats.

http://www.theonion.com/articles/obama-debt-ceiling-deal-required-tough-concessions,21067/

[chuckd]

It's not that the minority view tea party shouldn't have full rights, it's about dictating to the majority. If they win the majority, they legitimately get to run the show. But what they recently did in threatening to blow up the global economy and totally destroy the credibility of the US government to pay debts, was indeed economic TERRORISM. Again, patriots they are not. More like very dangerous fundamentalists (hypocritical ones as well, but that's typical of fundamentalists of all kinds).

So the Tea Party is trying to destroy the "credibility of the US government to pay debts"? Are you being serious? That credibility is soon becoming a fairy tale and we have Congress (controllers of the purse strings) to blame.

You don't get it. The tea party FORCED their rigid ideology of no new revenue sources or they would have let the US default for the first time in history. That's what made the US a great power in the first place. Go back to history of Alexander Hamilton if you want to understand.

Has the United States Ever Defaulted on Its Debt?

Published: Monday, 23 May 2011 | 4:10 PM ET

By: John Carney

Senior Editor, CNBC.com

Not everyone sees history this way. Over at Business Insider, Polycapitalist writes that the “U.S. has defaulted or 'restructured' (a partial-default) at least once every century since the founding of the republic.” He relies on Carmen Reinhart's and Ken Rogoff's research in their book “This Time is Different” to make this claim.

Reinhart and Rogoff give four examples of US defaults/restructurings.

Let’s run through each of them.

The previous defaults are listed here:

http://www.cnbc.com/id/43140915/Has_the_United_States_Ever_Defaulted_on_Its_Debt

[Ulysses G.]

Nucleur war. Mass depopulation. One world goverment. This collapse of america and europe is exactly the plan the elite that really control the usa/uk/israel want all along.

and there is me worry about my new passport earlier today

Hard economic times always brings the wacko conspiracy theories out of the woodwork.

That's for sure.

[koheesti]

I think you mean $1.6 trillion, right?

http://www.freerepub...s/2752150/posts

http://gangstergover...-fed-audit.html

http://sanders.enews...8.594&gen=1

http://mbcalyn.wordp...anders-vermont/

http://cryptogon.com/?p=23716

http://leconomistama.../fed-audit.html

These are blogs but a couple are a US Senator's site. No reason for this stuff to make the mainstream and you cannot make it up.

Those links are all just quoting the same article.

$16 trillion is one super helluva lot of money ($16,000,000,000,000). There is no way the US, EU and Japan combined could loan anywhere near that much to anyone.

Not an article, a GAO(Government Accounting Office) report released on 24 July. I hope you don't think these guys to include US senators are halucinating. I could probably dig up many more on this but if you are primed to not believe it, I am not going to try and convince you.

$16 trillion (sixteen trillion)? Our national debt isn't even that much. If we had anywhere near $16 trillion to load out, would the debt even be a problem?

I actually downloaded the GAO 200+ page report that was linked on one of the pages and I haven't found any mention of anywhere near that kind of money. Of course, it's a big document.

Edited August 4, 2011 by koheesti

[Jingthing]

The sad truth --

[chuckd]

...and behind every dark cloud, there is a silver lining.

______________________________________________________

Deal could endanger health care law

By JENNIFER HABERKORN | 8/3/11 11:28 PM EDT

The debt ceiling agreement could jeopardize millions of dollars, and perhaps billions, in initiatives from President Barack Obama’s health care reform law if the super committee can’t come up with required spending cuts.

Many of the pots of money in the law — one of the Democrats’ most prized pieces of legislation — could get trimmed by the debt deal’s sequestration, or triggered cuts. The funds for prevention programs and community health centers, grants to help states set up insurance exchanges and co-ops, and money to help states review insurance rates could be slashed across the board if the panel can’t find enough cuts this fall.

Continue Reading

Read more: http://www.politico.com/news/stories/0811/60634.html#ixzz1U4fA4llx

[flying]

Has the United States Ever Defaulted on Its Debt?

Now now dont throw water on a certain posters parade.

Of course the US has defaulted before.

As I pointed out before the main ones being once in 33 when the right to be paid in gold was taken from the US citizens & then later in 71 when the US defaulted again on international debt settlement in gold. Forcing first its own citizens to accept their IOU & later forcing the world to do the same.

But you know facts take away from the sensationalism of FIRST DEFAULT IN US HISTORY

Or Tea Party members are TERRORIST who caused all of this & swayed the vote yada yada yada

These same folks would like to claim a tax break for homeowners that by buying homes do more to stimulate the economy in every sector from hone building on up are also villains. Yet turn a blind eye to the billions & billions spent on lining the campaign contributors pockets...Rich

The Liberal Dem's are in full campaign mode & need to paint the Tea Party as the villains as their jobs are threatened. All the while ignoring the real reason they feel threatened was brought on by none other than themselves.

Crying about a vote & claiming a minority swayed it is silly when you consider the big picture..the big problem is the reason they are having this vote in the first place

Who brought us there? Not the tea party that's for sure.

Edited August 4, 2011 by flying

[flying]

You can't fail to wonder whether it was a coincidence that this right wing VERY WHITE movement didn't get rolling until the black man with a Muslim name became president. We aren't children. The facts are there.

Yet those who make such claims can only be seen as children.

Disdain for incompetence is not determined by color of the incompetent ones.

The incompetent one could be yellow, green or purple & their name could be babaloo

for all we care. It is their actions or lack thereof that they are judged by as always

Your right though....The Facts ARE there & we are reaping the results.....

[Jingthing]

Tea party victory. America's loss. Look at the damage the hostage taking tea party did! They got 98 percent of what they wanted. As a commentator said before, they are bloody NIHILISTS (in the sense of nihilists impulse to DESTROY)! It's all about their irrational totally incorrect inflexible simplistic political ideology. The human suffering they cause, they don't give a dam_n --

http://www.washingtonpost.com/business/economy/markets-tumble-on-economic-turmoil-fears-of-another-recession/2011/08/04/gIQAXRDXuI_story.html

Markets plunge on economic turmoil; fears of another recession

If the market losses continue, it would complicate efforts to fix the nation’s ailing housing market and it would make it more difficult for hard-pressed state and local governments to balance their books. Already, both of those sectors have been cited as drags on the nation’s overall economic growth.

“If this economy were a bicycle, it would be about to topple over,” said Jared Bernstein, a senior fellow at the Center for Budget and Policy Priorities and formerly the top economic advisor to Vice President Biden. “We need to put pressure on those pedals, but the political system is pushing us in the other direction. The economy is crying out for help and the political system is deaf to those cries.”

An anecdote for the Murdoch/Fox News/Sarah Palin extremist right wing propaganda --

http://www.nationofchange.org/hostage-crisis-continues-why-obama-cant-pivot-jobs-and-growth-1312384046

But the sad truth is he and the na­tion re­main hostage to the ide­ol­ogy of right-wing Re­pub­li­cans who won’t let the gov­ern­ment spend more money. Yet if the gov­ern­ment can’t spend more – at least this year and next, until the pump is primed and the econ­omy is grow­ing again – we won’t see job growth. And with­out job growth, the econ­omy will re­main ane­mic.

That’s why even the stock mar­ket is re­act­ing badly to the end of the hostage cri­sis.

If you hadn’t no­ticed, the num­ber of peo­ple un­em­ployed or un­der­em­ployed keeps grow­ing. (We’ll know Fri­day how many it added in July, but re­mem­ber it needs to add 125,000 a month just to keep up with the growth of the labor force. Any­thing below 125,000 means we con­tinue to slide back­ward.)

The rea­son: Con­sumers, who are 70 per­cent of the econ­omy, haven’t been able to pick up the slack. That’s be­cause they’re still deep in debt. Their homes have plum­meted in value. They can’t bor­row. Their jobs are on the line and their wages are drop­ping.

So where will the de­mand come from if not gov­ern­ment? The rad­i­cal right points to the al­leged “fail­ure” of the stim­u­lus pro­gram as ev­i­dence that gov­ern­ment spend­ing doesn’t work. The fact is it did work – it saved at least 3 mil­lion jobs, and would have saved far more if the stim­u­lus was on the scale needed and di­rected to job cre­ation.

To be sure, pump-prim­ing is more dif­fi­cult when the well is al­most dry, as it is now. And widen­ing in­equal­ity – the rich tak­ing home an in­creas­ing share of the na­tion’s total in­come and wealth – has left the vast mid­dle class with even less pur­chas­ing power.

But the pump still needs to be primed.

And the well has to be filled: The na­tion must also push for real tax re­form that re­verses the surge to­ward in­equal­ity – rais­ing taxes on the wealthy, cut­ting them for the mid­dle, and ex­pand­ing the Earned In­come Tax Credit for the poor.

To do this, though, re­quires that Amer­i­cans un­der­stand the truth. But where will they learn it?

The rad­i­cal right has not only cap­tured the fed­eral bud­get. In con­vinc­ing so many Amer­i­cans the prob­lem is the size of gov­ern­ment rather than their shrink­ing pay­checks and grow­ing eco­nomic in­se­cu­rity, the rad­i­cal right has also cap­tured the Amer­i­can mind.

Of course their clear goal, after they totally destroy the global economy, is to starve off ALL US entitlement programs, Obamacare, Medicare, Medicaid, Social Security, unemployment insurance, even food stamps. The forces of tea party destruction are winning.

Edited August 4, 2011 by Jingthing

[Ulysses G.]

When one is broke, it is stupid to keep om spending. Blame Obama and company.

[cloudhopper]

The collapse of the global economy is the goal of no one. It is the mathematically inevitable result of unlimited credit money creation in the face of limited and declining physical resources.

[Steely Dan]

The stock market has spoken, we are now below critical levels meaning we are in a bear market. I compare the attempted blaming of the Tea party for this with the blaming of certain peaceful anti-Islamist writers for the Oslo murders - In other words blame those who speak the truth to excuse the failed policies of the powers that be.

When Obama is finally kicked out of office I predict he will have an approval rating even lower than Bush.

[flying]

When Obama is finally kicked out of office I predict he will have an approval rating even lower than Bush.

An Iraqi Journalist threw a shoe at Bush....I am betting it will be an American who throws a shoe at Obama

Ouch Americans have bigger feet too ..

[flying]

Tea party victory. America's loss.

Sigh................Same old song & dance spin.........

Let see.......How many Tea Party member? 79 or so? Out of how many in Congress that screwed the pooch so bad

that we are even having this vote?? 435 member correct?

So 79 held 356 hostage? Man they must be a bad a$$ bunch eh?

These 79 or so were voted recently into Congress in the largest influx of new members of Congress in the House in nearly 20 years....

getting the message yet?

Who do you think voted them in? My guess was a majority.

Get over it the mess was there & they made a promise to their voters to actually help fix it.

They get all kind of Dem heat over it like yours.....Which is just heat as in hot air.

Dems especially like to now say they do not even respect their leader Boehner....

Guess what? They actually think the voters are their leaders & rightfully so. Too bad the folks that made the mess

did not also realize that they are employees nothing more. They are their to do our bidding not their lobbyist bidding that lines their campaign chests.

Spin all you like but frankly your claims looks very childish & foolish when any light is shined on them.

Carry on....election coming again soon.....My guess the new influx will surpass the last one. Hence the fear tactics being thrown about

by you & yours.

Edited August 5, 2011 by flying

[snarky66]

4 out of 5 Americans supported the Dem's position on revenue increases. Dem's control 2/3 of government. But Tea Party wins. Democracy is broken.

Liberty & freedom wins.

Your statistics are rubbish. Where did you get them? From Soros?

[snarky66]

Would you prefer hostage takers? Sorry but the terrorist label has become mainstream now; even mentioned by the Vice President, and no apologies.

The tea party should apologize for cramming this down our throats. I sure hope they pay for this outrageous action in 2012.

In fact what will happen is that incumbents of both parties will be tossed out.

Enough of the career politicians like Schumer & Weiner.

We need more people like Rand Paul, Allen West, Mike Lee. And fewer Mike Enzi's Tom Coburn's, Lamar Alexander, Kay Bailey Hutchinson , John McCain & a myriad of other fake Conservatives.

Constitutional Government. Yippee.

Edited August 5, 2011 by snarky66

[up-country_sinclair]

When one is broke, it is stupid to keep om spending. Blame Obama and company.

It's somewhat shocking how utterly simplistic and uninformed this statement is. While it may be true for individual households or even small businesses, it most certainly does not apply to the world's largest economy at this moment.

The US economy is still struggling a mere two years after a near catastrophic collapse.

Consumers aren't spending.

Businesses aren't spending.

And now you want the government to stop spending?

What do you think is going to happen if no money is spent?

I guess you liked 1937 so much you want to re-live it.

Edited August 5, 2011 by up-country_sinclair

[snarky66]

No tax hikes. Correct.

We win. Obama is weak & incompetent.

He should have let the t.p. terrorists force the US into default for the first time in history? However, I am sad to say I agree with you somewhat. He had a card he SHOULD have played. As he was dealing with reckless terrorists, he should have announced he would reject the no revenue demand no matter what and if he didn't get a REASONABLE compromise on his desk, he would order the lifting of the debt ceiling HIMSELF based on executive constitutional authority. I think he made a huge error not doing that. That also would have fired up his base as well. The left is stuck with him and it isn't realistic to oppose him in a primary. All we can do is hope he grows a bigger pair, and SOON. As he is now, he is simply not inspiring.

Yes a nice shortcut to impeachment. 14th Amendment. I would have preferred a partial government shutdown. To see some terror in the presidents eyes. Not this phony fundraiser/ birthday bash ih chitown.

[Pakboong]

$16 trillion (sixteen trillion)? Our national debt isn't even that much. If we had anywhere near $16 trillion to load out, would the debt even be a problem?

I actually downloaded the GAO 200+ page report that was linked on one of the pages and I haven't found any mention of anywhere near that kind of money. Of course, it's a big document.

The US government actually has less cash than Apple Computer. The loans were made by the privately owned Federal Reserve Bank.

[flying]

When one is broke, it is stupid to keep om spending. Blame Obama and company.

It's somewhat shocking how utterly simplistic and uninformed this statement is. While it may be true for individual households or even small businesses, it most certainly does not apply to the world's largest economy at this moment.

The US economy is still struggling a mere two years after a near catastrophic collapse.

Consumers aren't spending.

Businesses aren't spending.

And now you want the government to stop spending?

What do you think is going to happen if no money is spent?

I guess you liked 1937 so much you want to re-live it.

Actually it appears to me simplistic to think he meant stop productive spending.

I do not speak for UG but bet he meant stop the stupid useless spending & instead spend on things that produce.

As in job creation, infrastructure etc.

The reasons consumers aren't spending is their jobs...those that still have them...is tentative at best.

Business's aren't spending....See above reason

Government is over spending in the wrong direction.

Look at the near catastrophic collapse as you called it & first realize it was not as they claim neither in reason it occurred nor the supposed fix they threw at it. I say supposed because as you can see they threw billions at it & cured nothing. Same as now & on & on.

Edited August 5, 2011 by flying

[chuckd]

Vice President of the United States Biden commented about the extremist radical tea party --

“We have negotiated with terrorists”

It just seems like you can't trust anybody these days...even Joe Biden.

______________________________________________________

Biden, Carney deny reports of VP’s ‘terrorists’ statement

The Daily Caller – Tue, Aug 2, 2011

White House spokesman Jay Carney and Vice President Joe Biden are refuting reports from Monday that Biden said Republicans “acted like terrorists” during the debt-ceiling debate.

“He didn’t say those words,” said Carney during a Tuesday White House briefing. “Any kind of comments like that are simply not conducive to the kind of political discourse that we hope to have.”

On Monday evening, Biden himself denied the report, which was first published in Politico.

Read more on denial here: http://news.yahoo.com/biden-carney-deny-reports-vp-terrorists-statement-201626248.html