Debt Ceilinged

[Hoss]

Arithmetic is not subject to ideology. Or do you think that Krugman gets 5 when he adds two and two while you get three when doing the same calculation?

Remember that budget bill that we had to go to the 11th hour to get signed?  The one the Republicans wanted so badly?  Well, now it would seem that it actually INCREASES spending.

Like I'm surprised at all....

http://blogs.wsj.com/washwire/2011/05/17/cbo-budget-bill-actually-increases-spending/

[nathanm]

Unsurprising. The Republicans have zero credibility when it comes to the budget and haven't since Eisenhower said that we should be wary of the military-industrial complex.

[Gaspar]

Remember that budget bill that we had to go to the 11th hour to get signed?  The one the Republicans wanted so badly?  Well, now it would seem that it actually INCREASES spending.

Like I'm surprised at all....

http://blogs.wsj.com/washwire/2011/05/17/cbo-budget-bill-actually-increases-spending/

Ahh, yes the "Obama Compromise" bill.


Goes to show that even when you compromise and add just a few of President Obama's ideas you get an increase.

But, in all seriousness, the bill the Republicans presented even without the Obamaization was watered down and weak.  They had an opportunity to cut far more, but didn't have the balls to stand up to the Administration.  It was disappointing.  Quite a victory for President Obama.  He made the republicans look like wimps.

[we vs us]

http://blogs.wsj.com/economics/2011/05/21/number-of-the-week-95-days-to-wipe-out-2011-growth/

Treasury Secretary Timothy Geithner has warned that if the debt limit isn't increased by August 2, the government will no longer be able to spend more than it collects in revenue. That means it will have to cut spending by about 35%, probably choosing among such items as payments to contractors, soldiers' salaries, social security and Medicare.

On average, the cuts would amount to about $3.8 billion a day, according to our own estimates based on projections from the Congressional Budget Office. At that rate, over a period of only 95 days, the cuts would add up to 2.9% of gross domestic product, adjusted for inflation*. That's just enough to negate all the economic growth forecasters expect in 2011.

So, if the debt ceiling isn't raised by November, the entire year's recovery would be erased.  Good times.

[Red Arrow]

So, if the debt ceiling isn't raised by November, the entire year's recovery would be erased.  Good times.

That means it will have to cut spending by about 35%, probably choosing among such items as payments to contractors, soldiers' salaries, social security and Medicare.

Excellent first choices if you are trying to scare the crap out of everyone.

I would suggest starting with Federal legislator and Executive branch salaries.  It wouldn't make too big a dent but the symbolism would be great.

[Conan71]

"Treasury Secretary Timothy Geithner has warned that if the debt limit isn't increased by August 2, the government will no longer be able to spend more than it collects in revenue."

Mr. Turbo Tax makes it sound as if that's a bad thing. Earlier today, talking heads were speculating on whether or not the U.S. should try and help out with the EU debt crisis by giving or lending them money we would have to borrow to loan or give them.  I can't believe that kind of thinking is even on the table. Not sure if this was simply "what if" speculation by the heads or if its actually being debated in the Admin.

[nathanm]

As long as you're aware that 35% is the vast majority of the discretionary budget, which includes the military. It would leave us with about $100 billion worth of discretionary spending, or 1/8th of what we presently spend on the military and homeland security (and the nuclear weapons related part of the DOE's budget)

[guido911]

Just saw that the House voted against raising the debt ceiling. Apocalypse expected in hours.

[Conan71]

Just saw that the House voted against raising the debt ceiling. Apocalypse expected in hours.

The GOP is starving school children and killing the elderly again, aren't they?

[guido911]

The GOP is starving school children and killing the elderly again, aren't they?

More than 300 voted against raising the debt ceiling. This includes numerous democrats that also support starving school kids and killing the elderly.

House Minority Whip Steny Hoyer, D-Md., blasted Republicans before the debate began for playing games when defaulting on government loans is at risk.

"If we were adults and acting as adults, we would come together and give certainty to the markets that, 'Of course, America's going to pay its bills," said Hoyer, who planned to vote against the so-called "clean" debt limit increase.

Democrats were split on the vote: 97 lawmakers rejected the bill, while 82 voted for it. Seven Democrats voted "present," to avoid taking a stand.

http://content.usatoday.com/communities/onpolitics/post/2011/05/house-debt-limit-vote/1

I just love how Hoyer throws a fit over the GOP voting against raising the debt ceiling while just a few years ago he did the same damned thing.

[Conan71]

More than 300 voted against raising the debt ceiling. This includes numerous democrats that also support starving school kids and killing the elderly.
http://content.usatoday.com/communities/onpolitics/post/2011/05/house-debt-limit-vote/1

I just love how Hoyer throws a fit over the GOP voting against raising the debt ceiling while just a few years ago he did the same damned thing.

Yeah, well, it's different when THEY do it Greedo

[RecycleMichael]

Of course the same republicans voted to raise the debt ceiling seven times under President Bush. But not now.

Hypocrites.

[Red Arrow]

Of course the same republicans voted to raise the debt ceiling seven times under President Bush. But not now.

Hypocrites.

Surprise!  Both sides play party politics.

[nathanm]

Surprise!  Both sides play party politics.

whocouldanode? 

[RecycleMichael]

I have to agree that most members of Congress, regardless of party, are hypocrites.

One of you guys needs to run next time.