Republican bill passes, opening path to debt deal
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This one will never get through the Senate and they know it. It is just another bit of theater. Really. They're not going to raise the debt ceiling and preserve the nation's international financial confidence in the most fragile economy since the 1930s unless everyone agrees to pass a constitutional amendment? Please.
Tim
Tim
The bill won't get through the Senate and if it does the President has indicated that he will veto it.
Rich
Rich
I don't know, but I moved most of my money to cash today and the remainder to very conservative funds, if that's any indication of my confidence. I should have done it a week ago. Play out by Tuesday? That's going to take some emergency moves. This one is nothing more than the GOP House trying to keep their speaker from looking completely impotent. It won't become law and they know it. So all it really does is waste time when there's no time to waste. At this point, I honestly think the Republicans are trying to force Obama to find a constitutional excuse to raise the debt limit unilaterally just so they can claim no responsibility for it. Never mind that this is the House of Representatives' explicit, constitutional responsibility. I gotta tell you, I've been an independent and a centrist all my life and have often found people in both parties I could gladly support, but the radicalization of the GOP in the last several years has been very disturbing, and this? I may never vote for one of them again.
We need a third party where reasonable Americans can gather together and talk about healing this country. We need it badly.
Tim
The government is here to stay,but gross negligence has been the theme for too long. I would expect a path to lead to further extend and pretend,many have feared a debt debacle for years,were not there yet. Stagflation will continue unfortunately for some time.
As we post a class action lawsuit on behalf of all investors is being readied to be filed first thing Aug 2 against President Obama, all Senators and all Congressmen!
Should be interesting.
Should be interesting.
I don’t know what to think about what’s going on in our nation’s capital anymore!
On the one hand I’m encouraged this country is finally beginning what appears to be a serious dialog about the federal government’s deficit spending. There’s no question in my mind federal spending has been out of control for a very long time and our elected officials simply have been kicking the problem down the road.
On the other hand I’m concerned the “tea party” aggressive approach is reckless and may damage this county’s economy for a long time to come. I understand their mission to get federal spending under control, and their desire not to add anymore revenue to the mix. But I've read constraining federal spending too much in the short term is likely to have a disastrous affect on this country’s economy and could lead to another severe recession.
There’s no way deficits can be eliminated in the short term because of entitlement and military spending. And it seems to me raising taxes on the so called rich is likely to increase an already heavy burden on small businesses; and will fall miles short of solving the debt crisis.
Evidently we don’t have many reasonable representatives in congress that can work together to solve difficult problems. If one thinks the federal deficit is bad now, just wait to see what it looks like if the federal government has to pay much larger interest rates to borrow money!
On the one hand I’m encouraged this country is finally beginning what appears to be a serious dialog about the federal government’s deficit spending. There’s no question in my mind federal spending has been out of control for a very long time and our elected officials simply have been kicking the problem down the road.
On the other hand I’m concerned the “tea party” aggressive approach is reckless and may damage this county’s economy for a long time to come. I understand their mission to get federal spending under control, and their desire not to add anymore revenue to the mix. But I've read constraining federal spending too much in the short term is likely to have a disastrous affect on this country’s economy and could lead to another severe recession.
There’s no way deficits can be eliminated in the short term because of entitlement and military spending. And it seems to me raising taxes on the so called rich is likely to increase an already heavy burden on small businesses; and will fall miles short of solving the debt crisis.
Evidently we don’t have many reasonable representatives in congress that can work together to solve difficult problems. If one thinks the federal deficit is bad now, just wait to see what it looks like if the federal government has to pay much larger interest rates to borrow money!
Yes, if you read about the history of the depression, the fed tightened monetary policy and made things worse. I think it was around 1935, that the Fed relaxed monetary policy but then contracted again way too quick, eliminating a short lived economic rally. Sound like the Tea Party ideology?
More political theater. The lack of seriousness of the suit, or the ignorance of those behind it is, revealed by the fact that they don't seem to be aware that, at least at this point, it is totally the responsibility of The House of Representatives.
Tim
I disagree, the central bank monetises the debt increses passed by the House, It takes two tango.
The constitution clearly gives the House responsibility for making law, which they are currently shirking in a hundred different ways, and that's the issue between now and Tuesday. Who dances with that law and how is the next issue.
Tim
It's an interesting day when Chinese officials say “we understand politics, but your government’s continued recklessness is astonishing.”
It's an even more interesting day when they are right.....
http://www.bloomberg.com/news/2011-...alled-by-impasse-on-raising-debt-ceiling.html
It's an even more interesting day when they are right.....
http://www.bloomberg.com/news/2011-...alled-by-impasse-on-raising-debt-ceiling.html
Everyone knows that BO wants a deal that takes this issue past the 2012 elections, and he's not going to get it.
He'll be forced to sign some sort of bandaid and hope that the GOP can't
get their act together.
He'll be forced to sign some sort of bandaid and hope that the GOP can't
get their act together.
See, I see that from exactly the opposite POV. This is an issue to be addressed for a year...given what we're going through right now, perhaps a lot longer...and the House wants to pass a short-term solution for no other reason but to have this pissing contest going on right before a presidential election.
Tim
This has been for the last week, CYA. All about political positioning to take the blame when Congress takes strike 3. Read todays paper on how Geitner had an almost unheard of meeting with the heads of the 20 biggest banks on treasuries to avoid a Lehman like meltdown if Congress screws the country.
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