Even with Deal, Debt Still on Track to Grow by 7 Trillion Over Next 10 Years

[ScreamingEagle]

This is why it is all smoke and mirrors...

If a deal emerges from the Senate, GOP and Democratic leaders in the House will face another tough round of arm-twisting to secure enough votes from both parties to achieve passage.

"From the Republican Party's point of view, I think we can declare victory in a limited fashion," Sen. Lindsey Graham (R-S.C.) said on ABC's This Week. "This is the first time in my lifetime that I know of that we're paying for future debt increases dollar for dollar, and that would not have happened without the 2010 election."

Still, Graham said the proposed deal does not go far enough for many conservatives because the debt is still on track to grow by about $7 trillion over the next 10 years


Read more: The Hill Mobile - GOP ready to declare victory in debt fight

 

[Zoom-boing]

And according to S&P and Moodys we need to cut the deficit now by 4T -- and that's just a down payment. Not doing so could still have us downgraded . . .at least that's how I read it.

This plan only reduces the deficit by about 2.5T. How are they touting this as a solution?

Standard & Poor’s reiterated that a $4 trillion deficit cut would be a “good down payment” toward stabilizing U.S. finances, according to John Chambers, chairman of the company’s sovereign rating committee.

S&P

Makes a nearly $1 trillion down payment on deficit reduction and an expedited process for balanced deficit reduction in a longer term process for an additional $1.5 trillion in savings through both tax and entitlement reform.

Read more: Raw Data: Democratic Fact Sheet on Reducing the Deficit, Raising the Debt Limit and Avoiding Default - FoxNews.com

 

[JWBooth]

Yep, some deal.
Grab the Vaseline, the politicians have a "deal".

 

[Oddball]

Boehner & the repubs are getting rolled again....They've learned nothing since '95.

 

[ScreamingEagle]

This is good for America...?

In ten years our national Debt is on track to grow from 14 Trillion to 21 Trillion

It's time to kick the phony liberal sobster mobsters out of Washington....and elect a whole bunch of Tea Party types...

 

[Full-Auto]

This is why it is all smoke and mirrors...

If a deal emerges from the Senate, GOP and Democratic leaders in the House will face another tough round of arm-twisting to secure enough votes from both parties to achieve passage.

"From the Republican Party's point of view, I think we can declare victory in a limited fashion," Sen. Lindsey Graham (R-S.C.) said on ABC's This Week. "This is the first time in my lifetime that I know of that we're paying for future debt increases dollar for dollar, and that would not have happened without the 2010 election."

Still, Graham said the proposed deal does not go far enough for many conservatives because the debt is still on track to grow by about $7 trillion over the next 10 years


Read more: The Hill Mobile - GOP ready to declare victory in debt fight

7 trillion is severely underestimated.

 

[Quantum Windbag]

And according to S&P and Moodys we need to cut the deficit now by 4T -- and that's just a down payment. Not doing so could still have us downgraded . . .at least that's how I read it.

This plan only reduces the deficit by about 2.5T. How are they touting this as a solution?

Standard & Poor’s reiterated that a $4 trillion deficit cut would be a “good down payment” toward stabilizing U.S. finances, according to John Chambers, chairman of the company’s sovereign rating committee.

S&P

Makes a nearly $1 trillion down payment on deficit reduction and an expedited process for balanced deficit reduction in a longer term process for an additional $1.5 trillion in savings through both tax and entitlement reform.

Read more: Raw Data: Democratic Fact Sheet on Reducing the Deficit, Raising the Debt Limit and Avoiding Default - FoxNews.com

It does not reduce the deficit, it increases it. What it reduces is the projected growth of the increase.

 

[ClosedCaption]

Im wondering how so many repubs can be for this deal that just passed without having read it themselves? I guess just whispering sweet narratives in their ear is enough.

 

[C_Clayton_Jones]

Even with Deal, Debt Still on Track to Grow by 7 Trillion Over Next 10 Years

Meanwhile you’ve got investors scratching their heads wondering what Congress is doing; why are lawmakers trying to balance the budget and cut spending on the back of a fragile economic recovery, risking stalling that recovery with no prospect of job growth.

No wonder the roller coaster ride today.

Pimco's Gross: Don't Kill Recovery With Hasty Deficit Cuts

Bill Gross, co-chief investment officer of Pimco, the world's biggest bond fund manager, Thursday urged U.S. lawmakers to cut the massive federal deficit but not so swiftly as to choke off the nascent U.S. economic recovery.

Speaking exclusively to Reuters Insider, Gross said: "Let's cut the deficit, but let's do it gradually," so that real economic growth can take hold.

Pimco's Gross: Don't Kill Recovery With Hasty Deficit Cuts

 

[WillowTree]

This is why it is all smoke and mirrors...

If a deal emerges from the Senate, GOP and Democratic leaders in the House will face another tough round of arm-twisting to secure enough votes from both parties to achieve passage.

"From the Republican Party's point of view, I think we can declare victory in a limited fashion," Sen. Lindsey Graham (R-S.C.) said on ABC's This Week. "This is the first time in my lifetime that I know of that we're paying for future debt increases dollar for dollar, and that would not have happened without the 2010 election."

Still, Graham said the proposed deal does not go far enough for many conservatives because the debt is still on track to grow by about $7 trillion over the next 10 years


Read more: The Hill Mobile - GOP ready to declare victory in debt fight

Yep, you got it. The retardeddimocrats are holding future generations hostage.

 

[LordBrownTrout]

This is why it is all smoke and mirrors...

If a deal emerges from the Senate, GOP and Democratic leaders in the House will face another tough round of arm-twisting to secure enough votes from both parties to achieve passage.

"From the Republican Party's point of view, I think we can declare victory in a limited fashion," Sen. Lindsey Graham (R-S.C.) said on ABC's This Week. "This is the first time in my lifetime that I know of that we're paying for future debt increases dollar for dollar, and that would not have happened without the 2010 election."

Still, Graham said the proposed deal does not go far enough for many conservatives because the debt is still on track to grow by about $7 trillion over the next 10 years


Read more: The Hill Mobile - GOP ready to declare victory in debt fight

7 trillion is severely underestimated.

Exactly. We just went from 10.5T to 16.7T in 2 and a half years. We won't survive another 10 years at this rate.

 

[SFC Ollie]

Again I say, kick them all out and start over..... Washington full of Freshmen........ That could help...

 

[WillowTree]

I predict the unemployment figures will top 10% by 2012. Business now knows that the Bush tax cuts will expire.. they will not hire. sucks to be a retardedanitbusinessdimocrat.

 

[Steelplate]

This is why it is all smoke and mirrors...

7 trillion is severely underestimated.

Exactly. We just went from 10.5T to 16.7T in 2 and a half years. We won't survive another 10 years at this rate.

16.7? where did that number come from? I've been pretty astute and the worst number I've seem was 14.

The truth is... we could pay that 14T off in 30 years or so with minimal pain to the populous and minimal pain to the wealthy. But your side wants the populous to pay for it entirely with Draconian cuts to SS and Medicare and want the wealthy to pay nothing in additional revenues.

Most people want a balanced solution where everyone gives up something. SS and Medicare get minimal cuts, the wealthy give up minimal tax adjustments.

 

[LordBrownTrout]

7 trillion is severely underestimated.

Exactly. We just went from 10.5T to 16.7T in 2 and a half years. We won't survive another 10 years at this rate.

16.7? where did that number come from? I've been pretty astute and the worst number I've seem was 14.

The truth is... we could pay that 14T off in 30 years or so with minimal pain to the populous and minimal pain to the wealthy. But your side wants the populous to pay for it entirely with Draconian cuts to SS and Medicare and want the wealthy to pay nothing in additional revenues.

Most people want a balanced solution where everyone gives up something. SS and Medicare get minimal cuts, the wealthy give up minimal tax adjustments.

We're currently at 14.3T and the bill calls for a raise of 2.4T.

I've never seen the debt limit decrease. Have you? And, these last two increases have been the largest in our history. You certainly have more confidence with the incompetent miscreants than I do.

 

[Avorysuds]

Anyone that supports this bill supports hurting our credit rating... Intersting that the whole reason to pass this debt ceiling was to avoid what? Oh that's right, to avoid a lowering of the credit rating...

 

[Steelplate]

Exactly. We just went from 10.5T to 16.7T in 2 and a half years. We won't survive another 10 years at this rate.

16.7? where did that number come from? I've been pretty astute and the worst number I've seem was 14.

The truth is... we could pay that 14T off in 30 years or so with minimal pain to the populous and minimal pain to the wealthy. But your side wants the populous to pay for it entirely with Draconian cuts to SS and Medicare and want the wealthy to pay nothing in additional revenues.

Most people want a balanced solution where everyone gives up something. SS and Medicare get minimal cuts, the wealthy give up minimal tax adjustments.

We're currently at 14.3T and the bill calls for a raise of 2.4T.

I've never seen the debt limit decrease. Have you? And, these last two increases have been the largest in our history. You certainly have more confidence with the incompetent miscreants than I do.

Wow... so... if you get a credit card with a $5000 limit, that automatically means you are $5000 in debt...even before you buy your first Velvet Elvis Painting?

The truth is, both sides are talking about debt reduction. Only fear mongering, paranoid right wingers are assigning debt where there is none... oh yea.. like YOU.

 

[rdean]

The economy needs to grow. We need "Jobs Jobs Jobs". Will Republicans run on that a "second" time? Will America believe it a "second" time.

 

[LordBrownTrout]

16.7? where did that number come from? I've been pretty astute and the worst number I've seem was 14.

The truth is... we could pay that 14T off in 30 years or so with minimal pain to the populous and minimal pain to the wealthy. But your side wants the populous to pay for it entirely with Draconian cuts to SS and Medicare and want the wealthy to pay nothing in additional revenues.

Most people want a balanced solution where everyone gives up something. SS and Medicare get minimal cuts, the wealthy give up minimal tax adjustments.

We're currently at 14.3T and the bill calls for a raise of 2.4T.

I've never seen the debt limit decrease. Have you? And, these last two increases have been the largest in our history. You certainly have more confidence with the incompetent miscreants than I do.

Wow... so... if you get a credit card with a $5000 limit, that automatically means you are $5000 in debt...even before you buy your first Velvet Elvis Painting?

The truth is, both sides are talking about debt reduction. Only fear mongering, paranoid right wingers are assigning debt where there is none... oh yea.. like YOU.

I don't but the government does because they're unaccountable and irresponsible. Yes, they will max out that 2.4T.

 

[Full-Auto]

16.7? where did that number come from? I've been pretty astute and the worst number I've seem was 14.

The truth is... we could pay that 14T off in 30 years or so with minimal pain to the populous and minimal pain to the wealthy. But your side wants the populous to pay for it entirely with Draconian cuts to SS and Medicare and want the wealthy to pay nothing in additional revenues.

Most people want a balanced solution where everyone gives up something. SS and Medicare get minimal cuts, the wealthy give up minimal tax adjustments.

We're currently at 14.3T and the bill calls for a raise of 2.4T.

I've never seen the debt limit decrease. Have you? And, these last two increases have been the largest in our history. You certainly have more confidence with the incompetent miscreants than I do.

Wow... so... if you get a credit card with a $5000 limit, that automatically means you are $5000 in debt...even before you buy your first Velvet Elvis Painting?

The truth is, both sides are talking about debt reduction. Only fear mongering, paranoid right wingers are assigning debt where there is none... oh yea.. like YOU.

Is an unfunded liability a debt?