McConnell Offers 3-Stage ’Last Choice’ Debt Option

[Modbert]

The United States receives almost $175 billion every single month. For some reason I do not see them having a problem covering a few checks for $23 billion.

You seem to be making the assumption that they receive it all at the beginning of each month.

 

[Quantum Windbag]

Sure there is.

It the same right that allows corporations to lobby the government.

You really are ignorant of the Constitution aren't ya?

Not as much as you, which is not a very high standard.

Why don't federal employees have collective bargaining rights?

Erm..probably because of some unconstitutional unitary executive power wrangling?

What's your point?

It is actually because Congress exempted the federal government from federal collective bargaining rules, but it is nice that you are blaming it on some random president at some point in history.

 

[Quantum Windbag]

McConnell Offers 3-Stage





I would hope everyone can see through McConnell's plan and see his true intentions are just to play politics in order to make sure his plan of Obama being a one term President comes true. Despicable and irresponsible.

According to the bolded, above, the debt-ceiling increase would occur regardless of whether spending cuts were actually enacted.

Why does Obama and the Dems have such an aversion to cutting spending?

They don't. The offer is on the table to cut $4 trillion but with elimination of certain tax benefits (not even raising the rate on the richest). As long as the "T" word is there, the pubs will just say no. They'd rather go with the $2 trillion just in cuts. Silly, isn't it?

There is no such offer on the table. Obama threw out that number, and the negotiations got to a bit less than $3 trillion in "savings" that actually included some tax increases. Obama then decided to throw in $1 trillion more in tax hikes.

But thanks for falling for his lies, again.

 

[Trajan]

The United States receives almost $175 billion every single month. For some reason I do not see them having a problem covering a few checks for $23 billion.

You seem to be making the assumption that they receive it all at the beginning of each month.

soooo, the United states gov. doesn't have a float?

 

[Remodeling Maidiac]

The United States receives almost $175 billion every single month. For some reason I do not see them having a problem covering a few checks for $23 billion.

You seem to be making the assumption that they receive it all at the beginning of each month.

soooo, the United states gov. doesn't have a float?

The loonyleft is desperate to give Obama cover for his latest gaff and, to date, biggest lie.

There is no reasoning, only more myths and lies

 

[Toro]

The United States receives almost $175 billion every single month. For some reason I do not see them having a problem covering a few checks for $23 billion.

You seem to be making the assumption that they receive it all at the beginning of each month.

soooo, the United states gov. doesn't have a float?

I heard tonight that the US has $70 billion on hand, though it was on Larry Kudlow, so one should be skeptical! However, the debt ceiling has been pushed back because they were able to shift cash around. There is a point where they can't do that anymore - hence the skepticism of the $70 billion! - and that date right now is estimated to be August 2. After that, I believe the US government no longer has a float, and has to live on cash day to day. That's why if the US only has $12 billion on hand and has to disburse $23 billion in SS, checks could bounce, absent any forwarding by banks.

Funnily, I found a government check tonight I forgot to cash. Better cash it soon while I still can!

 

[Quantum Windbag]

McConnell Offers 3-Stage

Senate Republican Leader Mitch McConnell proposed a “last choice option” to avoid a default on U.S. debt obligations that effectively would grant President Barack Obama power to unilaterally raise the debt limit in installments.

McConnell’s plan would let the president raise the limit in three stages unless Congress disapproves by a two-thirds majority, while Obama would also be required to propose offsetting spending cuts. The spending reductions would be advisory, and the debt-ceiling increase would occur regardless of whether lawmakers enact the cuts, McConnell said.

Don Stewart, a spokesman for McConnell, said the plan would allow Obama to raise the debt limit while putting the onus on him and congressional Democrats to cut spending.

At the same time, Republicans wouldn’t have to agree to tax increases. The proposal would force Democrats to cast multiple votes to raise the debt ceiling before the next election, while giving Republicans the chance to vote against it without risking a default.

I would hope everyone can see through McConnell's plan and see his true intentions are just to play politics in order to make sure his plan of Obama being a one term President comes true. Despicable and irresponsible.

Ok Q-bert I read your link. Let me highlight the first paragraph:

Senate Republican Leader Mitch McConnell proposed a “last choice option” to avoid a default on U.S. debt obligations that effectively would grant President Barack Obama power to unilaterally raise the nation’s debt limit in installments.


Isnt that the very thing Obama floated, as well as half of you on this board discussing him doing not more than a week ago? I dont get the rub, other than your upset that the republicans were smart enough to craft the idea in a way that give them political cover? The very thing the democrats would do were the rolls reversed.

The way I see it is:

Obama is insisting on tax increases despit the fact that he has them built into the healthcare bill already to the tune of 770 billion.

Republicans are insisting no new taxes as they feel they we told by voters in November to REDUCE spending.

Were clearly at an impasse

Mc offers a way out to avoid a debt crisis because the democrats weren't smart enough to do it themselves.



If the democrats had crafted a plan like this to give themselves political cover you would be slapping your knee and laughing at the dismay of the republicans.
Your pretentious moral reaction is completely transparent.

AND IM STILL PISSED

 

[Quantum Windbag]

The United States receives almost $175 billion every single month. For some reason I do not see them having a problem covering a few checks for $23 billion.

You seem to be making the assumption that they receive it all at the beginning of each month.

You seem to be making the assumption that they don't.

It really doesn't matter if they get it at the end of July or the beginning of August, does it? They take that much in every single month of the year. They can easily cover $23 billion in SS payments.

 

[Modbert]

I heard tonight that the US has $70 billion on hand, though it was on Larry Kudlow, so one should be skeptical! However, the debt ceiling has been pushed back because they were able to shift cash around. There is a point where they can't do that anymore - hence the skepticism of the $70 billion! - and that date right now is estimated to be August 2. After that, I believe the US government no longer has a float, and has to live on cash day to day. That's why if the US only has $12 billion on hand and has to disburse $23 billion in SS, checks could bounce, absent any forwarding by banks.

Funnily, I found a government check tonight I forgot to cash. Better cash it soon while I still can!

Go after August 3, maybe they'll pay you in bottle caps.

 

[Modbert]

You seem to be making the assumption that they don't.

It really doesn't matter if they get it at the end of July or the beginning of August, does it? They take that much in every single month of the year. They can easily cover $23 billion in SS payments.

Of course they don't. As Toro has pointed out numerous times, the revenue and payments that the government deals with is not on a smooth basis.

 

[Trajan]

You seem to be making the assumption that they don't.

It really doesn't matter if they get it at the end of July or the beginning of August, does it? They take that much in every single month of the year. They can easily cover $23 billion in SS payments.

Of course they don't. As Toro has pointed out numerous times, the revenue and payments that the government deals with is not on a smooth basis.

I have been dealing in maybes, glad you have some inside info.

 

[Trajan]

Saw some interesting scenarios being bandied about by krauthammer liasson hume and a guy whose name escapes from the NY times to wit;

The House can if they choose take a numbers of courses to kick this to the senate;

A- pass say 400 billion in cuts and grant 1 trillion in the rise in the debt ceiling
B- pass a huge amount of cuts and give them all the money
C- try and pass a bal. budget amend. IF they can get 2/3s which is possible with say option A in the mix then pass it on….
D- Pass a bal. budget amend. with say 500 billion in debt celing money, no cuts.


Liasson actually had a really good comment imho, when congress was passing all of this spending last year, why didn’t they just go ahead and raise the ceiling then? They knew they had maxxed out the ‘card’, Answer- because they didn’t want to spook the voters before the election, not that it did them any good.

 

[Modbert]

I have been dealing in maybes, glad you have some inside info.

I've been dealing with what I think is going to happen for the most part as well. However, what I do know for sure is if we do not raise the debt ceiling before August 2 then someone is going to get stiffed by the Federal Government. And whoever is getting stiffed certainly isn't going to take it quietly very long.

Considering how many maybes and unknowns there are and what could happen if we don't raise the debt ceiling, I'm not willing to risk the economy by not raising it. It's insane to not raise the debt ceiling, plain and simple.

 

[Trajan]

I see, so why did they spend so much? they k new when they wrote those expenditures last year they would be here and knew pretty much when too...why did they wait?

 

[RetiredGySgt]

Nope. Though they are effectively doing their best to avoid voting anyway with this proposal.

All you're trying to do though is deflect because you do not have a good argument to refute what I said.

that's fuckin funny,, when the demonRats fled Wisonsin to avoid the vote they were fraking heroes..

They fled to block a law that would strip workers of their Constitutionally protected rights. Certainly you can see the difference here.

Collective Bargaining is NOT a Constitutionally protected right dumb ass.

 

[Sactowndog]

If the debt ceiling is funded minus a deal for re-structure and cuts, what happens in oh, say 2016 when Medicare especially, forget the what 25-28% gdp spending for a minute, is backing us into a corner that we will not be able to pull back from? What will the “bond markets” say then? What will grandpa say then?

I posted a simple timeline last page, this could have been hammered out months earlier, we are up against this deadline cheek to cheek because they PLANNED along to put the reps in this position, you know it, I know it, and for what?

My belief is Obama isn't a true believer like Pelosi. He would be happy to modify Medicare because history will look favorably on it and all Presidents want to look good for history.

But the Democratic Senators needed for the vote have to have some political cover which is eliminating the Bush tax cuts. Problem is none of the Republican constituants are supportive of a deal. Something like 70% of Republicans are against any compromise. So the Republicans won't take a historic deal to deal with entitlements that everyone knows needs to be addressed.

They would rather hold firm on the tax increases and let the country run over a cliff.

 

[Flopper]

I think some Wall Street Republicans got to McConnell. Listening to the Tea Party members in the House, this would be a tough sell.

The Democrats haven't really said that much. I think it's still too early for any agreement. Both sides want this to go down to the wire.

Both the Democrats and the Republicans think they can blame any resulting financial crisis on the opposition. That's what makes this game of chicken pretty scary.

I think Obama's comment that he couldn't guarantee social security checks would go out in Aug. was interesting. He knows quite well that the administration can't default on the bonds held in the trust fund without congressional approval. Those checks will go out. Of course the government may default on other debt obligations.

 

[Annie]

Obama offered 4 trillion in cuts, which is more than the GOP is offering up and he alienated his own party by offering up entitlement cuts. Maybe it was a bluff but still the GOP won't budge to call his bluff.
I can see Obama as a one-termer but I also see the GOP losing their majority in the House too. People are not going to put up with this gamesmanship come November, 2012. If the debt ceiling isn't raised and the business world experiences what they predict they will experience, the GOP could lose their biggest allies.
All of this just because of narrow-minded partisanship by both parties and party over country. Egads,, what a bunch of losers!

You mean they won't play his game.

Obama is saying the conservatives are hardening their position, no tax increases.

He's asking for a raise in debt ceiling.

They will do so, conditions of no new taxes and cuts in spending projections. He refuses to budge on Obamacare entitlements that are core of escalating debt, even before they take effect.

The conservatives should hold the line on this, especially when it's very likely to be eviscerated by the courts down the line.

 

[NYcarbineer]

Well, I'm not going to jump the gun here, but I detect the faint aroma in the air

of total Republican capitulation.

 

[editec]

McConnell Offers 3-Stage ’Last Choice’ Debt Option

or what?