Debt deal could get support--gang of 6 turned into 50

[Steelplate]

The sensible center, and just to the right and left of it, are giving Boehner the hammer to use on the yayhoos of the Far Right. Once they realize that more 60 House GOP are on board, they will cave. If they do so, some of the yayhoos will have a chance at re-election next year.

The flaw in Jake's thinking is that he believes that there's "sense" in taking a "middle ground" when there ISN'T any sense there.

It is not sensible to drive just half way off a cliff at 100 mph instead of driving ALL the way off that cliff at 120 mph.

There is sense in turning the steering wheel AWAY from the course that takes you to the very edge of the damn precipice and in slowing the hell DOWN while you're at it.

NO new taxes and for GOD'S sake, no further permission/authority to spend spend spend.

The time has long since come to CUT spending. It's the only hope. The ONLY hope. THAT is where "sense" can be found.

This other "compromise" crap is just a different recipe for doom.

what a bunch of bullshit. a compromise that involves spending CUTS and some revenue increases to further reduce debt is a recipe for doom? I guess it's only doom if some loopholes get closed. But it's not if your grandma has to eat dogfood to pay for her Cardiologist and her medications... then it's prudent.

Shiites...

 

[Trajan]

are there any tax increases?

 

[JakeStarkey]

The sensible center, and just to the right and left of it, are giving Boehner the hammer to use on the yayhoos of the Far Right. Once they realize that more 60 House GOP are on board, they will cave. If they do so, some of the yayhoos will have a chance at re-election next year.

The flaw in Jake's thinking is that he believes that there's "sense" in taking a "middle ground" when there ISN'T any sense there.

It is not sensible to drive just half way off a cliff at 100 mph instead of driving ALL the way off that cliff at 120 mph.

There is sense in turning the steering wheel AWAY from the course that takes you to the very edge of the damn precipice and in slowing the hell DOWN while you're at it.

NO new taxes and for GOD'S sake, no further permission/authority to spend spend spend.

The time has long since come to CUT spending. It's the only hope. The ONLY hope. THAT is where "sense" can be found.

This other "compromise" crap is just a different recipe for doom.

what a bunch of bullshit. a compromise that involves spending CUTS and some revenue increases to further reduce debt is a recipe for doom? I guess it's only doom if some loopholes get closed. But it's not if your grandma has to eat dogfood to pay for her Cardiologist and her medications... then it's prudent.

Shiites...

Liability's recipe dooms the Tea Party in re-election. America will not support them causing a depression to rank with the Great Depression. All the electorate will hear is that "the Tea Party held the key to staving off depression and ending debt, yet they refused to turn it because of hate". Not only will they be defeated en masse, many will be investigated for any legitimate and trumped charges. Fair? Not all. Probable? Darn likely.

They will cave. They have to.

 

[oreo]

With growing concern that debt negotiations ahead of a debt ceiling increase are not likely to result in a large enough deficit decrease to stave off calamitous consequences in the markets, a bipartisan group of more than 50 senators gathered Tuesday morning for more than an hour to see if they could embrace a $3.7 trillion deficit reduction plan ahead of the Treasury-assigned August 2 default deadline.

Bounding out of the meeting, Sen. Tom Coburn, R-Okla., who took a sabbatical from the so-called bipartisan Gang of Six, which negotiated the yet-to-be-finished compromise, to deliver the news - he had returned to the table. "It's back," he said cheerfully of the gang.

"The plan has moved significantly. It's where we need to be," Coburn added, just one day after presenting his own plan to reduce the debt by a whopping $9 trillion, a plan he hopes will serve as a menu of options from which members can choose down the road to stem the tide of red ink.

What got the fiscal hawk senator, a pivotal gang member critical to GOP support, back to the table?

"We added $116 billion in health care-related savings," said Sen. Kent Conrad, D-ND, another member of the group, in reference to entitlement reform. Conrad said "the committees of jurisdiction" would determine exactly where the savings would come from. If that did not work, Conrad said, the group would have a provision whereby 10 senators could come forward with an amendment to make the necessary changes.

One after another, senators emerged from the first floor Senate meeting room to praise the plan, some signing on right away, others determined to get to "yes."

"I said, 'Sign me up', and I wasn't alone," Sen. Joe Lieberman, I-Conn, said.

"This is a very thoughtful, serious plan...I'm excited...This is the vehicle that gives us the best opportunity to get at a whole range of issues," said Sen. Mike Johanns, R-Neb.

Sen. Susan Collins, R-Maine, said she was "very encouraged," and said she would be "reviewing the details." The centrist Republican voiced the mood of many leaving the room, saying, "More than 50 senators went in and out of the room. Everyone felt a sense of relief."

The plan raises about $1 trillion in revenue through closing loopholes and ending tax breaks, with some of it used for deficit reduction and most used for rate reduction through tax reform. As it would take time to enact such changes, the plan calls for an immediate $500 billion in spending cuts, something both Conrad and Coburn called "a downpayment."

And though the plan would likely anger many Republicans and outside anti-tax groups, members were quick to note that though some revenue would be used for deficit reduction, because they do away with the Alternative Minimum Tax (AMT), among other measures, the plan would represent, in total, a "1.5 trillion tax cut," according to Conrad.

Members of the Gang of Six may be more likely to take a chance on a politically unpopular solution. The only senator in the group who is up for reelection in 2012 is Conrad, and he has announced he won't run again.

It is unclear if the group can act before August 2, before a fallback plan comes forward from Senate leadership that could allow the President to increase the debt ceiling by $2.4 trillion with no spending cuts, though the plan would try to at least get $1.5 trillion in spending cuts approved.

But it was clear, the preference is to have this plan, not the leadership plan.

Several senators who were in the room predicted that there would be the necessary votes, 60, to stave off a filibuster.

Sen. Kay Bailey Hutchison, R-Texas, said she "absolutely" supports the plan, and added, "They have come up with a plan that will get a majority vote, very likely 60 votes."

The newly-installed Coburn was even more certain, "In the next 24 hours, 60 senators will sign on."

But - and there's always a but - this is not a done deal. Aides to Gang members say they've still got a ways to go.

The group plans to meet again later today and gave their colleagues 24 hours to determine if they will support the plan.

Sen. Joe Manchin, D-W.Va., released a statement that stopped just short of supporting the plan, though the moderate Democrat said he's still reviewing it. "This morning, the Gang of Six truly became a Mob of Fifty, and I believe this proposal holds enormous promise as a commonsense solution to our long-term debt and deficit.

Support for Senate

Funny--how when Barack Obama out of the room--probably out on the golf course--we actually see democrats and republicans WORKING together--to solve a crisis.

Amazing isn't it?

the job is for Congress to accomplish. It is not the presidents. Will when you people learn about functions of government. Obama can't be the executive and legislative branch of the govt.

Oh--I forgot--Obama did have a plan--but he couldn't even get 1 democrat to vote for it--

 

[oreo]

are there any tax increases?

The article states closing loop--holes--but somehow do to this--it will actually amount to a tax cut?

 

[oreo]

The sensible center, and just to the right and left of it, are giving Boehner the hammer to use on the yayhoos of the Far Right. Once they realize that more 60 House GOP are on board, they will cave. If they do so, some of the yayhoos will have a chance at re-election next year.

The flaw in Jake's thinking is that he believes that there's "sense" in taking a "middle ground" when there ISN'T any sense there.

It is not sensible to drive just half way off a cliff at 100 mph instead of driving ALL the way off that cliff at 120 mph.

There is sense in turning the steering wheel AWAY from the course that takes you to the very edge of the damn precipice and in slowing the hell DOWN while you're at it.

NO new taxes and for GOD'S sake, no further permission/authority to spend spend spend.

The time has long since come to CUT spending. It's the only hope. The ONLY hope. THAT is where "sense" can be found.

This other "compromise" crap is just a different recipe for doom.

what a bunch of bullshit. a compromise that involves spending CUTS and some revenue increases to further reduce debt is a recipe for doom? I guess it's only doom if some loopholes get closed. But it's not if your grandma has to eat dogfood to pay for her Cardiologist and her medications... then it's prudent.

Shiites...

It's Obama that cut Medicare by $500 BILLION dollars to fund his Obamacare--so no complaining now- O.K.-

 

[hellofromwarsaw]

Um, this IS basically Obama's big idea...and that 500 billion is also in the Ryan plan....if this passes will the Pubs FINALLY let the recovery procede?

 

[8537]

The sensible center, and just to the right and left of it, are giving Boehner the hammer to use on the yayhoos of the Far Right. Once they realize that more 60 House GOP are on board, they will cave. If they do so, some of the yayhoos will have a chance at re-election next year.

The flaw in Jake's thinking is that he believes that there's "sense" in taking a "middle ground" when there ISN'T any sense there.

It is not sensible to drive just half way off a cliff at 100 mph instead of driving ALL the way off that cliff at 120 mph.

There is sense in turning the steering wheel AWAY from the course that takes you to the very edge of the damn precipice and in slowing the hell DOWN while you're at it.

NO new taxes and for GOD'S sake, no further permission/authority to spend spend spend.

The time has long since come to CUT spending. It's the only hope. The ONLY hope. THAT is where "sense" can be found.

This other "compromise" crap is just a different recipe for doom.

So you'd pass up 3.1 trillion dollars in spending cuts because the plan involves reducing rates and removing exemptions?

That's why the Tea Party will be summarily dismissed with this Gang of Six plan - it's basically Simpson-Bowles and we can't have that.

 

[8537]

are there any tax increases?

The article states closing loop--holes--but somehow do to this--it will actually amount to a tax cut?

yes, because it also involves reducing marginal rates.

 

[oreo]

The sensible center, and just to the right and left of it, are giving Boehner the hammer to use on the yayhoos of the Far Right. Once they realize that more 60 House GOP are on board, they will cave. If they do so, some of the yayhoos will have a chance at re-election next year.

The flaw in Jake's thinking is that he believes that there's "sense" in taking a "middle ground" when there ISN'T any sense there.

It is not sensible to drive just half way off a cliff at 100 mph instead of driving ALL the way off that cliff at 120 mph.

There is sense in turning the steering wheel AWAY from the course that takes you to the very edge of the damn precipice and in slowing the hell DOWN while you're at it.

NO new taxes and for GOD'S sake, no further permission/authority to spend spend spend.

The time has long since come to CUT spending. It's the only hope. The ONLY hope. THAT is where "sense" can be found.

This other "compromise" crap is just a different recipe for doom.

I agree--spending cuts--and I mean real cuts that are done with a very sharp knife is the only thing that is going to save this country. At the same time I am not opposed to closing loop-holes--and subsidies. The article states that by closing some of these loopholes--we actually get a tax cut. I don't know how they come up with that one--but they do.

But here is the real PROBLEM. There are 18,000 baby boomers entering social security/medicare on a DAILY basis and this will continue for the next 15 years. This adds another 64 trillion in unfunded liabilities on top of the 14.3 trillion in red ink we're at now.

There simply is not enough wealth in this entire country that the federal government could confiscate to pay this tab. Something has to be done--and the sooner the better.



1 billion dollars--$100.00 bills stacked on palets.



1 trillion dollars--$100.00 bills stacked on palets. NOTE--how small the man is in this chart.

We need about 80 of the trillion dollar chart to pay for the red ink now--and the 64 trillion in unfunded liabilites--due to baby boomers entering social security/medicare.

 

[B. Kidd]

The sensible center, and just to the right and left of it, are giving Boehner the hammer to use on the yayhoos of the Far Right. Once they realize that more 60 House GOP are on board, they will cave. If they do so, some of the yayhoos will have a chance at re-election next year.

The flaw in Jake's thinking is that he believes that there's "sense" in taking a "middle ground" when there ISN'T any sense there.

It is not sensible to drive just half way off a cliff at 100 mph instead of driving ALL the way off that cliff at 120 mph.

There is sense in turning the steering wheel AWAY from the course that takes you to the very edge of the damn precipice and in slowing the hell DOWN while you're at it.

NO new taxes and for GOD'S sake, no further permission/authority to spend spend spend.

The time has long since come to CUT spending. It's the only hope. The ONLY hope. THAT is where "sense" can be found.

This other "compromise" crap is just a different recipe for doom.

I agree--spending cuts--and I mean real cuts that are done with a very sharp knife is the only thing that is going to save this country. At the same time I am not opposed to closing loop-holes--and subsidies. The article states that by closing some of these loopholes--we actually get a tax cut. I don't know how they come up with that one--but they do.

But here is the real PROBLEM. There are 18,000 baby boomers entering social security/medicare on a DAILY basis and this will continue for the next 15 years. This adds another 64 trillion in unfunded liabilities on top of the 14.3 trillion in red ink we're at now.

There simply is not enough wealth in this entire country that the federal government could confiscate to pay this tab. Something has to be done--and the sooner the better.

View attachment 14222

1 billion dollars--$100.00 bills stacked on palets.

View attachment 14223

1 trillion dollars--$100.00 bills stacked on palets. NOTE--how small the man is in this chart.

We need about 80 of the trillion dollar chart to pay for the red ink now--and the 64 trillion in unfunded liabilites--due to baby boomers entering social security/medicare.

Shhhhhh!
Don't spoil the optimisim of those who still believe our idiot politicians can actually solve this mess! Buyin' more time (literally) IS still kickin' the can.