2 things from article...

- Crazy that Obama and others waitied this long, as it needed a longer hash out as people are on such opposite sides.

- Currently the debt limit is $14.3 trillion. And they want deficit cuts in the range of $2.4 trillion over the next decade = Future generations are screwed with this deficit.

http://news.yahoo.com/obama-warns-again ... 35046.html

Obama said he opposed a stopgap, short-term increase, as suggested by some lawmakers. He did not rule out a limited extension, however, and his spokesman, Jay Carney, later refused to say whether the president would veto such a measure.


The men spoke as the Aug. 2 deadline for raising the U.S. borrowing limit came closer. Experts say lawmakers must waste no time in making a deal if they are to have any chance of getting it completed and passed through both chambers of Congress in time


Despite calling on others to leave ultimatums at the door, Obama stuck to his — that any deal must include new tax revenue.


All told, lawmakers and the administration are seeking deficit cuts in the range of $2.4 trillion over the coming decade to balance a similar increase in the debt limit — enough to keep the government afloat past the November 2012 election. Currently the debt limit is $14.3 trillion.

Is this how you win all those debates? Pretty Sad!


Anyway....back to the topic....

Seems very unfair to put so much hate on bush, when he had to deal with 9/11, about 7 1/2 months after coming into office....and then for almost 8 years after that.


Clinton In office
January 20, 1993 – January 20, 2001

Succeeded by
George W. Bush
January 20, 2001 – January 20, 2009

You do know that you are talking with Goldie, right?

Wow, you and Groucho should team up in debates.

Pretenders Not Contenders. Just like Obama, who is on the clock with the August 2 deadline fast approaching!

Yep. But my policy is always that I will debate rationally so long as he does, too. It works maybe 3% of the time.

It doesn't mean I can't make a sarcastic comment every once in a while, though. And the Bush thing doesn't really warrant a response. It doesn't mean he "won the debate" simply because I ignore him. (That is indeed one aspect he has yet to figure out)

Whatever...as you say my Bush comment doesn't deserve a reply. Yeah, you are the great debater!

Guess I will have to wait for others to answer...on why Bush's Presidency can't easily be looked at due to 9/11 happening 7 months into his 1st Presidency.

Well they waited too long as now he is going to screw people to get a deal....too bad

>>>> The Obama administration, in seeking $4 trillion in spending cuts in a debt limit deal, has put major changes to Social Security and Medicare on the table if Republicans agree to increased tax revenues.

Obama waited too late to deal with debt crisis
The president is a Johnny-come-lately to any talk of responsible budgeting.

http://www.startribune.com/opinion/othe ... 45209.html

Here we go again. An approaching crisis. A looming deadline. Nervous markets. And then, from the miasma of gridlock, rises our president, calling upon those unruly congressional children to quit squabbling, stop kicking the can down the road and get serious about debt.

This from the man who:

• Ignored the debt problem for two years by kicking the can to a commission.

• Promptly ignored the commission's December 2010 report.

• Delivered in February a budget so embarrassing -- it actually increased the deficit -- that the Democratic-controlled Senate rejected it 97-0.

• Obama has run disastrous annual deficits of around $1.5 trillion while insisting for months on a "clean" debt-ceiling increase, i.e., with no budget cuts at all. Yet suddenly he now rises to champion major long-term debt reduction, scorning any suggestions of a short-term debt-limit deal as can-kicking.

.... article continues with more points.....

So this has been on the President's Plate since May 16...and in July, Obama starts getting serious about it, when the deadline in August 2!

http://english.people.com.cn/90001/9077 ... 36308.html

from the article.....

The borrowing limit, currently at 14.29 trillion, was reached on May 16 this year. The U.S. Treasury Department said the world's largest economy would default without an agreement to lift the limit by August 2.

Obama stressed that the top priority for this administration is to put the economy back on track and people back to work, adding that debt reduction should be carried out in a balanced way to facilitate investment in key industries and boost job creation.

Obama warned he would not sign a short-term and temporary stopgap measure to avoid debt default, saying that the United States could not threaten its credit and economic prosperity on a first-ever possible default in history.

With the debt ceiling deadline approaching, some Republicans suggested a temporary stopgap debt ceiling to give both parties more time for negotiation, but Obama was strongly against the approach.

Not that facts matter to you, but just in case anyone who does pay attention is reading this:

Obama made a deal earlier in the year the first time this came up wherein he gave in on the Bush tax cuts in exchange for the GOP being willing to give up something as well in the future.

Many of us on the left criticized him for that, because we knew the GOP would lie. And we were right.

Obama is now willing to give up things concerning social security and is willing to negotiate but the GOP is once more refusing to consider any tax increases on their billionaire buddies in the slightest. Apparently they believe the burden of our country should be bourne only on the backs of the poor and middle class, who are definitely suffering right now.

This GOP action is tremendously harmful to the country. The Wall Street Journal, the Nation, and other conservative leaders are saying that it is ridiculous that they are refusing to budge on this. Got that? Their own side is worried.

If there's one thing I've learned, it's that things get accomplished in this world through compromise (ask anyone who is married). Each side gives something up and neither side gets everything they want, but it's better to get 50% of what you want than 0%.

The GOP has, for quite a while now, refused to compromise. Obama has been a spineless President who gives in to them, so of course they do it again. He's finally showing some backbone now.

So to summarize -- one side is willing to negotiate, the other is not. Who then do you lay the blame upon?

Not that facts matter to you, but just in case anyone who does pay attention is reading this:

Obama made a deal earlier in the year the first time this came up wherein he gave in on the Bush tax cuts in exchange for the GOP being willing to give up something as well in the future.

Many of us on the left criticized him for that, because we knew the GOP would lie. And we were right.

Obama is now willing to give up things concerning social security and is willing to negotiate but the GOP is once more refusing to consider any tax increases on their billionaire buddies in the slightest. Apparently they believe the burden of our country should be bourne only on the backs of the poor and middle class, who are definitely suffering right now.

This GOP action is tremendously harmful to the country. The Wall Street Journal, the Nation, and other conservative leaders are saying that it is ridiculous that they are refusing to budge on this. Got that? Their own side is worried.

If there's one thing I've learned, it's that things get accomplished in this world through compromise (ask anyone who is married). Each side gives something up and neither side gets everything they want, but it's better to get 50% of what you want than 0%.

The GOP has, for quite a while now, refused to compromise. Obama has been a spineless President who gives in to them, so of course they do it again. He's finally showing some backbone now.

So to summarize -- one side is willing to negotiate, the other is not. Who then do you lay the blame upon?

First, you are bitching how the other side won't budge on taxes.....but now you are fine with Obama and everyone screwing the poor on Social Security and other needed programs.

Hearing that the poor could be losing any needed $ is a travesty and a joke and an Obama sell out!

No, I never said that, and in fact, if you read my comments it's pretty obvious that I am pissed at Obama for making so many compromises.



Yep. It is, and he should be ashamed.

This, of course, has absolutely nothing to do with your original comments, but I guess you probably don't have a real point to make except to bash Obama whenever you can --even if you agree with what he is doing.

It is directly related. If Obama didn't wait so long as he should have started the talks in May, he could do longer neg, and not sell out, as time is now running out.

Understand?

I understand that you don't understand, yes. Please re-read my earlier post, and if you don't want to do that, read ANYTHING and you will see that these negotiations began long before May and you do not have any idea what you're talking about.

well the end result is, Obama is letting it get too close to the deadline....and he is giving up too much....like social security.

Well Tea Party has its pistol on his head. Thats the future America. If you dont stop the wierdos. Oh but well I am sure Palin and Co is gonna kill the economy and debt with an M4 Carbine. Difficult problems need easy solutions right.

One thing Obama definately failed was that he didnt grap the finacial institutes by its nuts. Money is there in the US but is awfully focused on a very very rich elite.

This is like the first episode of Futurama with the suicide booth

Would you like it fast or slow? Fast = default, dramatic drop in USD value and international use, catastrophic results. Slow = Fed prints money and lowers interest rates, USD goes down slowly, world moves away from it more and more. Eventually Yuan or Euro becomes reserve currency and US Empire dies (clearly the option chosen is Slow, not that it isn't the right option)

But Obama will be on a ranch by then so whatev

Empires rise only to fall. Canada is where it is at.

The more I read and watch, the more it becomes obvious that China is going to bail on buying the US debts, like really soon. It's a financial black hole for them. For one, they're not getting that money back under any circumstance. Two, letting the USD fall means the Yuan rises to fill its place and likely become the next reserve currency. It makes no financial sense to keep buying US Treasuries and when something makes no financial sense for a country, they don't do it long. They've already started to move away from it and replace its USD reserves and invest in other countries for trading. Bailing on the USD has to be in the works.

This is my JFK assassination now. Feds are already printing too much money and commodities are all rising through the roof, China leaving the USD would both cause everyone to jump off the boat and force the Fed to take more and more of a share of the debt itself, which would lead to massive inflation, which would lead to more and more investors and countries bailing, etc.

The dollar is like the housing market, it's value is not based on real production and demand, it's based on a phony bubble - of a country instead of people this time spending money it doesn't have because of a bank that will lend them anything. Except the results of this one popping will be surely worse. Worse than a default. Though I'm fairly certain the last resort to stop them both is exactly the same (immediately cut SS, Medicare, most of the Defense funds and raise taxes/interest rates through the roof and hold a candlelight vigil for the economy)

If I was a 40 year old American with savings, I would be buying gold and silver right now.

Actually does the USA still get tripple AAA rating from the (US) ratings agencies?
Shouldnt be the case in such a situation right?

Gold and silver? I'd start investing in food.

Well unless there is a miracle?

The USD might drop today the first time below 0.80 Swiss franc.
10 years ago it was 1USD=1.8 Swiss franc.

Both parties should stop their dick comparision and come to a deal.

http://www.youtube.com/watch?v=OTSQozWP-rM

we used to mock this ad but it coming true...