So, we're fucked, right?

[solemole]

Actually, here is 2010 budget breakdown:

19.23% Social Security
18.74% DoD
16.13% Unemployment, welfare, and other mandatory spending
12.79% Medicare
8.19% Medicaid...
4.63% Interest on National Debt

[Dfit00]

Of course we don't want it to be unconstitutional if it goes to that extreme. The nature of the debate centers on the issue of divided government and opposition between both parties; they will never make it to a compromise in situations like this because that's how the system was made, inefficient and corrupt.

[solemole]

Ahhh... this is what i wanted to find... from @westwingreport

[solemole]

Raising the debt ceiling is imperative...

Financial consequences, political games.

Raising the debt ceiling is NOT the end of the world. It is, if we don't.

[solemole]

How many increases in the debt ceiling have Presidents presid... on Twitpic

^broken pic

[BVS]

Originally Posted by Dfit00

Of course we don't want it to be unconstitutional if it goes to that extreme.

But Dfit, I was commenting specifically to INDY about his comment on how we needed a "Balanced Budget Ammendment".

[MrsSpringsteen]

F you Trump. What do you care, sitting on your wealth.


On Monday, Donald Trump urged Republicans to reject any deal with Democrats to raise the debt ceiling and let the country risk default. Economists and administration officials have warned that defaulting on our debt would have dire economic consequences, but for Trump there is an upside: the crisis would prevent President Barack Obama from being reelected.

"Frankly the Republicans would be crazy unless they get 100 percent of the deal that they want right now to make any deal,” Trump said on "Fox and Friends" Monday. "If this happens, for instance if this stuff is going on prior to an election, he can’t get reelected. He possibly can’t get elected anyway. … The fact is, unless the Republicans get 100% of what they want, and that may include getting rid of Obamacare, which is a total disaster, then they should not make a deal other than a minor extension which would take you before the election which would ensure Obama doesn’t get elected, which would be a great thing."

Host Brian Kilmeade pointed out that Americans currently blame Republicans more than Obama for the debt ceiling crisis, but Trump responded that, in the long run, the blame will fall on Obama, not Republicans.

"I don’t care about polls," Trump said. "When it comes time to default, they’re not going to remember any of the Republicans' names. They are going to remember in history books one name, and that’s Obama."

[kramwest1]

He does know his leveraged empire will go down in flames if the U.S. defaults right?

[Earnie Shavers]

‪West Wing from s06e20 - Debt Ceiling‬‏ - YouTube

[maycocksean]

Originally Posted by MrsSpringsteen

F you Trump. What do you care, sitting on your wealth.


On Monday, Donald Trump urged Republicans to reject any deal with Democrats to raise the debt ceiling and let the country risk default. Economists and administration officials have warned that defaulting on our debt would have dire economic consequences, but for Trump there is an upside: the crisis would prevent President Barack Obama from being reelected.

"Frankly the Republicans would be crazy unless they get 100 percent of the deal that they want right now to make any deal,” Trump said on "Fox and Friends" Monday. "If this happens, for instance if this stuff is going on prior to an election, he can’t get reelected. He possibly can’t get elected anyway. … The fact is, unless the Republicans get 100% of what they want, and that may include getting rid of Obamacare, which is a total disaster, then they should not make a deal other than a minor extension which would take you before the election which would ensure Obama doesn’t get elected, which would be a great thing."

Host Brian Kilmeade pointed out that Americans currently blame Republicans more than Obama for the debt ceiling crisis, but Trump responded that, in the long run, the blame will fall on Obama, not Republicans.

"I don’t care about polls," Trump said. "When it comes time to default, they’re not going to remember any of the Republicans' names. They are going to remember in history books one name, and that’s Obama."

It's unbelievable how blatant they are about it. . .It's as ugly as I've ever seen politics in this country. And what's worse is Trump and the like feel they CAN be this open about it, they believe it won't hurt the Republican's standing with the public.

[LPU2]

Originally Posted by ntalwar

Russia in 1998 is an example of this - fortunately for them, oil prices rebounded pretty quickly. At the individual level, however, a currency devaluation could wipe out savings accounts. Retirees and those close to retirement would be hit pretty hard.

But it doesn't matter where this money is, right? Say, worst case scenario occurs. It doesn't matter whether you have your money in a savings account or tucked under a mattress, devaluation happens regardless. Right?

I have a father in law who withdrew all his money out of savings because of the potential calamity. He's a bit of an alarmist—all of this money is insured by the FDIC up to 250K, I told him—but now I'm worried. These republicans would rather see the world burn than betray their deluded and repeatedly disproven philosophy.

Should I consider pulling money out before 8/2?

[INDY500]

‪Steny Hoyer says House Republicans want to shoot the President‬‏ - YouTube

Well... that bit of violent rhetoric is unfortunate.

[MrsSpringsteen]

Originally Posted by kramwest1

He does know his leveraged empire will go down in flames if the U.S. defaults right?

I don't know how leveraged he is but something tells me people like him will not go down in flames. People like my parents who basically live off of Social Security and VA benefits-they will. Businesses that depend on credit and people getting credit-they will. People who get laid off as a result or don't get a job because any hiring that might have happened won't happen now-they will. Not people like Trump. He might have to lay some people off, but he won't be bringing the gaudy gold fixtures in his apartment to the mall gold kiosk.

These are seriously the people representing us and playing politics with our economy?

House Majority Whip Kevin McCarthy, R-Calif., chose to fire up the members Tuesday with a clip from the cops-and-robbers flick "The Town," in which Ben Affleck's character tells his cohorts, "We're gonna hurt some people." Someone else asks, "Whose car we gonna take?"

Democrats pounced.

"Politics isn't a gang fight," White House spokesman Dan Pfeiffer tweeted.

Florida Rep. Debbie Wasserman Schultz, chairwoman of the Democratic National Committee, said that the movie choice underscored "a barely veiled interest in hurting the president politically" and showed the Republicans meant to incite "vitriol and (a) negative tone."

"Who are they planning to hurt?" she said.

"Given how serious the situation is – and the situation is serious – why is the congresswoman moonlighting as a movie critic?" Boehner spokesman Michael Steel responded.

[maycocksean]

Originally Posted by INDY500

Well... that bit of violent rhetoric is unfortunate.

Oh, I don't think the Republicans would stoop so low as to threaten the life of the president.

However, they're clearly not above threatening the economic life of the American people though. See below:

Originally Posted by MrsSpringsteen

I don't know how leveraged he is but something tells me people like him will not go down in flames. People like my parents who basically live off of Social Security and VA benefits-they will. Businesses that depend on credit and people getting credit-they will. People who get laid off as a result or don't get a job because any hiring that might have happened won't happen now-they will. Not people like Trump. He might have to lay some people off, but he won't be bringing the gaudy gold fixtures in his apartment to the mall gold kiosk.

These are seriously the people representing us and playing politics with our economy?

House Majority Whip Kevin McCarthy, R-Calif., chose to fire up the members Tuesday with a clip from the cops-and-robbers flick "The Town," in which Ben Affleck's character tells his cohorts, "We're gonna hurt some people." Someone else asks, "Whose car we gonna take?"

Democrats pounced.

"Politics isn't a gang fight," White House spokesman Dan Pfeiffer tweeted.

Florida Rep. Debbie Wasserman Schultz, chairwoman of the Democratic National Committee, said that the movie choice underscored "a barely veiled interest in hurting the president politically" and showed the Republicans meant to incite "vitriol and (a) negative tone."

"Who are they planning to hurt?" she said.

"Given how serious the situation is – and the situation is serious – why is the congresswoman moonlighting as a movie critic?" Boehner spokesman Michael Steel responded.

[MrsSpringsteen]

I just hope they don't all start walking around with Ben's new BieberTomBradyCarolBrady hairstyle. I can't believe they are showing clips of The F'ing Town (even though it IS an awesome movie) and hootin and hollerin in some sort of bizarre juvenile pep rally. Have a freaking Ben Affleck film festival right up to the deadline. Start with Gigli. It's just surreal, but it's real. What the hell?

[MrsSpringsteen]

Hobbits I shouldn't be laughing because it's all just so absurd and depressing. But I can't deny that's a good one.

LA Times staff and wire reports

July 28, 2011
Sen. John McCain on Wednesday took on conservatives reluctant to raise the national debt ceiling, calling them "tea party hobbits" and saying that if they reject the House Republican plan, they will help reelect President Obama.

At times reading from a Wall Street Journal editorial during his floor speech, the Arizona Republican also ridiculed Democrats, saying Senate Majority Leader Harry Reid's plan is "full of smoke and mirrors."

But he directed the most biting sarcasm at his own party.

The "hobbits" remark came from the Journal editorial, a reference to the little people of Middle-earth in J.R.R. Tolkien's "The Lord of the Rings" trilogy.

McCain said conservatives' insistence that an increase in the debt ceiling be accompanied by a balanced budget amendment was "worse than foolish" because it couldn't get through the Senate.

Reading from the editorial, McCain continued:

"The idea seems to be that if the House GOP refuses to raise the debt ceiling, a default crisis or gradual government shutdown will ensue and the public will turn en masse against Barack Obama.... Then Democrats would have no choice but to pass a balanced-budget amendment and reform entitlements, and the tea party hobbits could return to Middle-earth having defeated Mordor.

"This is the kind of crack political thinking that turned Sharron Angle and Christine O'Donnell into GOP Senate nominees," he said, referring to the failed tea-party-backed candidates from Nevada and Delaware.

"The reality is the debt limit will be raised one way or the other.... If conservatives defeat the [GOP] plan, they will not only undermine their House majority, they will go far to reelecting Mr. Obama and making entitlements that much harder to reform."

Mark Meckler of the Tea Party Patriots responded via CNN. "Clearly he's been corrupted by the ring of power," Meckler said.

[KhanadaRhodes]

Originally Posted by MrsSpringsteen

"Frankly the Republicans would be crazy unless they get 100 percent of the deal that they want right now to make any deal,” Trump said

glad to see he admits this isn't about money or what would happen if a country defaulted. it's a deal to be made, like we're bartering for something at a store or negotiating with a criminal.

if people don't look back in 20 years and realise this was the republicans' doing i'm going to be sad and disappointed. i won't be surprised, though.

i am glad to see some republicans (including mccain, that's a nice surprise) realise this is something that has to be done. sure no one wants to raise the ceiling, but it's better than the alternative.

[maycocksean]

Whats sad is that everyone agrees the debt ceiling should be raised. . .its just both sides (well, especially the Republicans--Obama has already made concessions to the Republicans) are essentially saying, we'll only do what we all agree must be done if and only if you do exactly what we want.

"Just give me what I want and no one gets hurt."

One other thing. . .how fucked up is it when the Republicans are getting themselves pumped up to do battle by comparing themselves favorably to the CRIMINALS in The Town. (Loved the film by the way but that hardly means that Affleck's character is now my role model!)

[Diemen]

Originally Posted by MrsSpringsteen

"This is the kind of crack political thinking that turned Sharron Angle and Christine O'Donnell into GOP Senate nominees,"

Says the guy who brought Sarah Palin to national prominence.

[U2DMfan]

Originally Posted by maycocksean

Whats sad is that everyone agrees the debt ceiling should be raised. . .

Not the Freshman Tea Party Republicans. Or people like Michelle Bachmann.
There's still a group of 120-150 (whatever it is) that think nothing will happen.

The scary thing is that they might just believe this.

As Cue Ball Carville said on CNN last night - this is the same group that doesn't believe in Evolution or Global Warming, so what do you really expect?

I hate to play that card...but my God, the Flat-Earthers get on my nerves (to say the least).