Tick, tick. August 2nd is the Debt Limit Armageddon. Or Not.

Good morning, Miller, whom I don't know. And hi to Jaye and Thomas whom I have met.
It was an interesting ploy by President Obama and Speaker Boehner: they couldn't get over increasing the debt ceiling by a short term fix in cutting the deficit by $2.5Tn. Most of that would be done with spending cuts along with modest increases in tax revenues.
They scaled up, not down, the goals. They went for the home run: $4Tn in spending cuts (including looking at Medicare and SSAE) as well as restructuring the tax code over 10 years.
Boehner gave up on that when he realized he couldn't muster the votes in his party. That is the headline this morning, but I think that there should have been a sub-headline suggesting that Obama might also not have support from his party for such a "bold" plan.

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@realjohnboy,

I see that sub-headline in what I'm reading, rjb. This is beyond politics, to me. They're all responsible for the future stability of this nation. I don't fear default. I think the 14th Amendment will be invoked and we'll pay our bills. The "brink of default" story is political gamesmanship with each "side" trying to make sure the other guys take the heat. I'm sick of it. Downright, goddam sick of it.

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Quote:

The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better

Chant with me:
O-bam-a
O-bam-a
O-bam-a
O-bam-a

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@JPB,

JPB wrote:

I think the 14th Amendment will be invoked and we'll pay our bills.

I doubt it. Laurence Tribe, a professor of constitutional law at Harvard, had an Op-Ed in the New York Times, arguing that this line of argument doesn't pass muster; the 14th Amendment doesn't stretch that far. Because Tribe's judicial philosophy is generally liberal, and quite approving of stretching the 14th Amendment in other cases, I'm inclined to believe that he's right.

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@Thomas,

It might be interesting for moot courts at law schools to take up, but I cannot see this coming up in this cycle. It is, though, something to consider. We are likely to see the debt ceiling issue come up again in 2 or 3 years.

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@JPB,

I sympathize, but also will argue that california has been hurt by term limits re the learning curve and lack of collegiality/presence of early bluster in Sacramento. I'm mixed on it all, but more against term limits than for.

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@Miller,

Let 'em die if they don't starve first..
Be sure to fund endless war.

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@ossobuco,

I agree - with both of you.

I'm against term limits because it clearly limits my right to vote for my choice. Eliminate enough choices and you've essentially told me for whom I have to vote.

Boy, am I in favor of term limits. Seems like once these guys get into office, they build up build up their machines and use their office to insure reelection regardless of what they've actually done for their country/state/whatever. It's pretty much conventional wisdom that the first priority of an elected official is to get reelected.

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@roger,

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Why can't or won't Obama cut spending?

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Supply Side Economics was voodoo in 1980 and the proof is in the 30 year old pudding.

US National Debt Graph: What They Never Tell You

National debt by fraction of GDP

http://zfacts.com/metaPage/lib/US-National-Debt-GDP.gif

For those that can't read (I'm looking at you waterdude) there's a viddy.

Rap

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Eliminate the department of education and save big bucks.

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Why is Obama so against ever doing the right thing?

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The best thing that could happen to this country is to not increase
the debt limit and force the government to make cuts in spending.

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@H2O MAN,

Too bad the US congress didn't do that for any of the 20 times they had that opportunity under Reagan, Bush and Bush.

THE LIE OF SUPPLY SIDE ECONOMICS (Or "How to Rack Up $13 TRILILION in National Debt in 30 Years")

Rap

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@H2O MAN,

Quote:

The best thing that could happen to this country is to not increase
the debt limit and force the government to make cuts in spending.

The way I see it, especially sinceour fiscal position is at least 75% perception, should anything in the realm of the unknown happen, it will be at the peril of the GOP and especially "The tea baggers".
They will be percieved as the crew that sunk the USA while fiddling. They will become the new Taliban.

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Obama should compromise his way to victory in this debt limit debate by making Obamacare 100% null and void immediately.
This single move on his part will remove a lot of uncertainty, make a huge cut in the budget and generate new jobs.

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Obama brings out the big guns.

http://www.cbsnews.com/8301-503544_162-20078789-503544.html

Quote:

President Obama on Tuesday said he cannot guarantee that retirees will receive their Social Security checks August 3 if Democrats and Republicans in Washington do not reach an agreement on reducing the deficit in the coming weeks.

Obama will hang the Republicans with this if they keep pushing it.

Cycloptichorn

1 Reply

@Cycloptichorn,

... and fires off some blanks

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@H2O MAN,

If they dont reach an agreement, the TEa PArty will be the big losers because you think the GOP wont throw them under the bus?

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Tick, tick. August 2nd is the Debt Limit Armageddon. Or Not.

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