The Washington Post: Boehner abandons efforts to reach comprehensive debt-reduction deal:
House Speaker John A. Boehner abandoned efforts Saturday night to cut a far-reaching debt-reduction deal, telling President Obama that a more modest package offers the only politically realistic path to avoiding a default on the mounting national debt.
GOP Senators and Representatives appear to be holding the line on their "no new taxes" pledge. They are also fighting for spending cuts. The Democrats are demanding more taxes and more spending. The two sides appear to be too far apart to reach a compromise on the debt ceiling. Then I saw this tweet from Zerohedge:
Two weeks from now: no tax hike, no spending cut, and debt ceiling rises by $2.5 trillion. PR spin - the "Great Compromise"
It feels depressingly likely.
We'll get to go through this all again next summer just a few short months before the November election.
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3 comments:
WE NEED YOUR HELP!
If you and YOUR spouse sat down at the end of the month with all of your bills/debts in hand, and you realized that your MINIMUM payments on those bills/debt payments were more than you brought in would you:
1. Call MasterCard and Visa and Discover and ask for a higher credit limit and then go spend more?
2. Have a serious discussion about what you can do to reduce your spending until things get under control?
3. There is no way you can do 1 & 2 together like the government is proposing.
TELL CONGRESS SAY NO TO RAISING THE DEBT CEILING! TELL THEM TODAY! BEFORE THEY MEET TONIGHT! POST THIS ON THEIR FB PAGE, EMAIL IT TO THEM. TELL THEM TO USE NORMAL COMMON SENSE!
START WITH YOUR STATE REPRESENTATIVES, TELL THEM YOU WILL VOTE THEM OUT, SURE AS LOOK AT THEM!
I say anything not visible to the public no longer should be funded. Black programs are non essential and in some cases TREASONOUS.
We absolutely need to cut funding, but I'm not sure how we do that.
@computer_user, I am sure that cutting "black programs" will not make a difference, though I could be convinced that it's a good idea.
The problem is that ten cents of every dollar goes to debt service. Defense, Social Security, and Medicare/Medicaid each consume twenty to twenty-five cents of every tax dollar maybe more. There's no way to have meaningful reform without taking the long knives to those three.
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