Debt deal done, all eyes on the House

Everyone seems to have got what they wanted, ceiling increased, light budget cuts, but no new taxes. Too bad the cuts won't mean anything over the course of a decade.

So is this official as in it has already passed, or was there just an informal agreement by each respective leader?

So is this official as in it has already passed, or was there just an informal agreement by each respective leader?

EntropyWins

[QUOTE="EntropyWins"]

So is this official as in it has already passed, or was there just an informal agreement by each respective leader?

MAILER_DAEMON

[QUOTE="MAILER_DAEMON"][QUOTE="EntropyWins"]

So is this official as in it has already passed, or was there just an informal agreement by each respective leader?

EntropyWins

Everyone wanted no new taxes? :?DroidPhysX

[QUOTE="QuistisTrepe_"]The republicans to have got what they wantedgameguy6700

This guy gets it! The Republicans wanted cuts, the Dems wanted taxes. The Republicans got cuts, the Dems didn't get taxes, and now Republicans are crying because they didn't get ALL the cuts they wanted, how is this a comprimise? The Republican agenda is basically cut spending and cut taxes, it seems like they got all of that in this deal, what is there to complain about?

[QUOTE="gameguy6700"][QUOTE="QuistisTrepe_"]The republicans to have got what they wantedtheone86

This guy gets it! The Republicans wanted cuts, the Dems wanted taxes. The Republicans got cuts, the Dems didn't get taxes, and now Republicans are crying because they didn't get ALL the cuts they wanted, how is this a comprimise? The Republican agenda is basically cut spending and cut taxes, it seems like they got all of that in this deal, what is there to complain about?

[QUOTE="theone86"]

[QUOTE="gameguy6700"] Fixed that for ya.savebattery

This guy gets it! The Republicans wanted cuts, the Dems wanted taxes. The Republicans got cuts, the Dems didn't get taxes, and now Republicans are crying because they didn't get ALL the cuts they wanted, how is this a comprimise? The Republican agenda is basically cut spending and cut taxes, it seems like they got all of that in this deal, what is there to complain about?

Cutting spending and cutting proposed new spending, seems like a matter of semantics to me. Of course you're not going to cut into CURRENT spending because that's already been approved as part of the last budget that was passed. The issue is that going into the future Republicans got everything on their agenda, and Democrats basically had to make all the sacrifices. As far as deficit increasing, that's a matter of how savings are used. If you draw down future spending that means less money going to increase the deficit, so it is still a means of deficit reduction.

So is this official as in it has already passed, or was there just an informal agreement by each respective leader?

EntropyWins

The Senate vote is a shoo-in, but the House, not so much. There are some concerns that the Tea Party faction just might be enough to scuttle the deal, but I cannot imagine that even they could be so foolish. The Republicans got most of what they wanted, for them to push on at this point would be political suicide while making Bohener look like a bigger ass than he already is.

I don't think this is going to be a problem, the House Democrats will go along with the WH to seal the deal to just get rid of the issue. Their numbers will drown out the Tea Party faction's resistance.

small immaterial back loaded cuts that will NEVER MAKE IT TO FRUITION? check. debt ceiling increased? check.

the only good thing here is that taxes were not raised, we are still spending like politions with other peoples money and still set to run out of money by the election in a year. cheer for the crap your leaders shovel you.

[QUOTE="DroidPhysX"]Everyone wanted no new taxes? :?scorch-62

Anyone else upset that there won't be tax increases for the rich? I don't even live there and i'm still upset that the rich got away yet again. Stavrogin_

Bush tax cuts set to expire 2013. Once those expire, the debt may be tackled. Can't have 2 wars and not expect to pay for it.

[QUOTE="Stavrogin_"]Anyone else upset that there won't be tax increases for the rich? I don't even live there and i'm still upset that the rich got away yet again. BMD004

[QUOTE="BMD004"][QUOTE="Stavrogin_"]Anyone else upset that there won't be tax increases for the rich? I don't even live there and i'm still upset that the rich got away yet again. Stavrogin_

The fact that America has maintained a AAA credit rating during all this, while the likes of Moody's rampages across the world; downgrading everyone. Shows how illegitimate the system is right now.

America has been abusing their position as the world reserve currency for decades, there should be consequences. Why do they get off scott free, while EU countries are being asset stripped, despite doing everything that was asked of them? America has shown far less will to do anything about their debt than other countries.

The fact that America has maintained a AAA credit rating during all this, while the likes of Moody's rampages across the world; downgrading everyone. Shows how illegitimate the system is right now.

America has been abusing their position as the world reserve currency for decades, there should be consequences. Why do they get off scott free, while EU countries are being asset stripped, despite doing everything that was asked of them? America has shown far less will to do anything about their debt than other countries.

Why do they get off scott free? Because our economy is the largest. I'm sure once China takes the cake that the preferential treatment will cease.BrianB0422

America's economy hasn't been healthy for a long time. They kept putting off recessions by cutting interest rates, which just increased the indebtedness of the country.

The only reason the US has been able to get away with this for so long; is because they are the world reserve currency. They were chosen as the world reserve currency, because they were the worlds strongest and most stable economy. But not any more. If any other country, even healthy economic power houses like China and Germany, were to pull what the US did; they would suffer severe consequences. But there is always demand for dollars, artificially, because they are needed for world trade.

That is going to change, and the US is going to feel the impact of their abuse.

china alarmists are as funny as global warming alarmists..... or really any alarmist who sees the world as an unintelligible mess

[QUOTE="BrianB0422"]Why do they get off scott free? Because our economy is the largest. I'm sure once China takes the cake that the preferential treatment will cease.AnnoyedDragon

America's economy hasn't been healthy for a long time. They kept putting off recessions by cutting interest rates, which just increased the indebtedness of the country.

The only reason the US has been able to get away with this for so long; is because they are the world reserve currency. They were chosen as the world reserve currency, because they were the worlds strongest and most stable economy. But not any more. If any other country, even healthy economic power houses like China and Germany, were to pull what the US did; they would suffer severe consequences. But there is always demand for dollars, artificially, because they are needed for world trade.

That is going to change, and the US is going to feel the impact of their abuse.

[QUOTE="AnnoyedDragon"]

[QUOTE="BrianB0422"]Why do they get off scott free? Because our economy is the largest. I'm sure once China takes the cake that the preferential treatment will cease.BrianB0422

America's economy hasn't been healthy for a long time. They kept putting off recessions by cutting interest rates, which just increased the indebtedness of the country.

The only reason the US has been able to get away with this for so long; is because they are the world reserve currency. They were chosen as the world reserve currency, because they were the worlds strongest and most stable economy. But not any more. If any other country, even healthy economic power houses like China and Germany, were to pull what the US did; they would suffer severe consequences. But there is always demand for dollars, artificially, because they are needed for world trade.

That is going to change, and the US is going to feel the impact of their abuse.

[QUOTE="gameguy6700"][QUOTE="QuistisTrepe_"]The republicans to have got what they wantedtheone86

This guy gets it! The Republicans wanted cuts, the Dems wanted taxes. The Republicans got cuts, the Dems didn't get taxes, and now Republicans are crying because they didn't get ALL the cuts they wanted, how is this a comprimise? The Republican agenda is basically cut spending and cut taxes, it seems like they got all of that in this deal, what is there to complain about?

[QUOTE="theone86"]

[QUOTE="gameguy6700"] Fixed that for ya.stanleycup98

This guy gets it! The Republicans wanted cuts, the Dems wanted taxes. The Republicans got cuts, the Dems didn't get taxes, and now Republicans are crying because they didn't get ALL the cuts they wanted, how is this a comprimise? The Republican agenda is basically cut spending and cut taxes, it seems like they got all of that in this deal, what is there to complain about?

/sigh... Size of Economies (GDP): 1. EU - 16.4m 2. US - 14.1m 3. Japan - 5.08m 4. China - 4.9m The US is the largest single-nation economy and will stay that way for a good while. I agree with your statements, but you're a bit over the top I feel.BrianB0422

Those figures aren't important. China has a tiny debt to GDP and a strong export economy, the US is a pale shadow of it's former industrial self and is suffering from massive indebtedness. The US's biggest export is dollars, they pay for things by abusing their world reserve status; and creating even more debt. How are these economies comparable? Those figures don't paint the whole picture.

What's the point in a higher GDP if they go into a international panic every few months, because they cannot pay to run the country using that GDP? Other countries are going to get sick of this and dump dollars, using some other currency for international trade. Then the US is in real trouble.

They focus so much on their own internal affairs, they are not considering that the rest of the world is tired of the USA's antics. What's the point in raising the debt ceiling, if countries and banks decide they don't want to loan them any more money? Yes there are countries that are worse off, but they are using severe austerity measures and cuts, or worse case; default. The US just keeps piling on more debt, and yet somehow continues to maintain their AAA credit rating.

They cannot cut interest rates below 0%, every time they pull this debt ceiling nonsense; other countries lose confidence in the US. It's going to come to an end at some point.

Bush tax cuts set to expire 2013. Once those expire, the debt may be tackled. Can't have 2 wars and not expect to pay for it.

sonicare

Hopefully the House gets some sanity and votes this thing down. maheo30

Hopefully the House gets some sanity and votes this thing down. maheo30

[QUOTE="maheo30"]Hopefully the House gets some sanity and votes this thing down. -Sun_Tzu-

[QUOTE="maheo30"]Hopefully the House gets some sanity and votes this thing down. chessmaster1989

[QUOTE="EntropyWins"]

So is this official as in it has already passed, or was there just an informal agreement by each respective leader?

QuistisTrepe_

The Senate vote is a shoo-in, but the House, not so much. There are some concerns that the Tea Party faction just might be enough to scuttle the deal, but I cannot imagine that even they could be so foolish. The Republicans got most of what they wanted, for them to push on at this point would be political suicide while making Bohener look like a bigger ass than he already is.

I don't think this is going to be a problem, the House Democrats will go along with the WH to seal the deal to just get rid of the issue. Their numbers will drown out the Tea Party faction's resistance.

[QUOTE="QuistisTrepe_"]

[QUOTE="EntropyWins"]

So is this official as in it has already passed, or was there just an informal agreement by each respective leader?

Tetrarch9

The Senate vote is a shoo-in, but the House, not so much. There are some concerns that the Tea Party faction just might be enough to scuttle the deal, but I cannot imagine that even they could be so foolish. The Republicans got most of what they wanted, for them to push on at this point would be political suicide while making Bohener look like a bigger ass than he already is.

I don't think this is going to be a problem, the House Democrats will go along with the WH to seal the deal to just get rid of the issue. Their numbers will drown out the Tea Party faction's resistance.

Imagine if she blocks it (Wouldit bepossible?).:lol:

[QUOTE="-Sun_Tzu-"][QUOTE="maheo30"]Hopefully the House gets some sanity and votes this thing down. chessmaster1989

It is contingent on the debt ceiling being raised (or the exploitation of some legal loophole). Even if this bill doesn't pass through congress (and if this bill can't pass then no deficit reduction bill can pass), there's still plenty of time to raise the debt ceiling before midnight (and even after that the treasury will most likely be able to pay all of our bills for the next few days - the bipartisan policy center has projected that the treasury is going to completely run out of money sometime between August 2nd and August 10th, so there is still some wiggle room for a debt ceiling raise after that, but going into August 2nd without a debt ceiling raise is still very risky). All congress has to do is pass a one sentence bill that says that they are raising the debt ceiling by 2 trillions dollars.

Every congressional leader agrees that the debt ceiling has to be raised. So if this bill gets struck down, the next question is simply when is the vote on a clean debt ceiling raise. And if that can't pass (which I think is very unlikely), then the administration considers its legal options (trillion dollar coins, 14th amendment, ect)

There's no reason why this specific bill has to pass. I don't really see why it should pass in the first place - no one seems to like it all that much.

There's no reason why this specific bill has to pass. I don't really see why it should pass in the first place - no one seems to like it all that much.

-Sun_Tzu-

There's really not much more that can be done at this point.

[QUOTE="QuistisTrepe_"]

[QUOTE="EntropyWins"]

So is this official as in it has already passed, or was there just an informal agreement by each respective leader?

Tetrarch9

The Senate vote is a shoo-in, but the House, not so much. There are some concerns that the Tea Party faction just might be enough to scuttle the deal, but I cannot imagine that even they could be so foolish. The Republicans got most of what they wanted, for them to push on at this point would be political suicide while making Bohener look like a bigger ass than he already is.

I don't think this is going to be a problem, the House Democrats will go along with the WH to seal the deal to just get rid of the issue. Their numbers will drown out the Tea Party faction's resistance.

As the chair of the Tea Party caucus and the matriarch of smaller government she probably wanted to make sure that none of her ethanol subsidies got cut.

Joe Biden heeding Obama's call for civility: Tea Party "acted like terrorists."

Joe Biden heeding Obama's call for civility: Tea Party "acted like terrorists."

QuistisTrepe_

Joe Biden heeding Obama's call for civility: Tea Party "acted like terrorists."

QuistisTrepe_

[QUOTE="QuistisTrepe_"]

Joe Biden heeding Obama's call for civility: Tea Party "acted like terrorists."

xaos

What if they use crosshairs as points on a map?