The madness that is Republican

[Ravi]

Since 1939, Congress has raised the debt limit 89 times. That’s not a typo. The issue has come up 89 times, and in 89 instances, Congress passed a clean bill. In fact, in two-thirds of these instances, there was a Republican president, and no one ever used the vote as leverage for a reward.

During the Bush presidency, Republicans raised the debt ceiling, without strings or preconditions, seven times. The current GOP leadership in Washington has voted to raise the debt limit 19 times. Bush’s former budget director said this “ought to be treated as the housekeeping matter it is.”

But we’ve now reached the point at which routine housekeeping, which didn’t even give conservative Republicans a second thought as recently as 2008, is considered beyond the pale. This is madness.

Political Animal - The easiest, most effective way to resolve the crisis

 

[WillowTree]

Since 1939, Congress has raised the debt limit 89 times. That’s not a typo. The issue has come up 89 times, and in 89 instances, Congress passed a clean bill. In fact, in two-thirds of these instances, there was a Republican president, and no one ever used the vote as leverage for a reward.

During the Bush presidency, Republicans raised the debt ceiling, without strings or preconditions, seven times. The current GOP leadership in Washington has voted to raise the debt limit 19 times. Bush’s former budget director said this “ought to be treated as the housekeeping matter it is.”

But we’ve now reached the point at which routine housekeeping, which didn’t even give conservative Republicans a second thought as recently as 2008, is considered beyond the pale. This is madness.

Political Animal - The easiest, most effective way to resolve the crisis

there's one tiny bit of information that seems to pass a dimocrat by.. that word is UNSUSTAINABLE.. ponder that.

 

[Valerie]

5 Consequences If America Doesn’t Raise the Debt Ceiling

Today's Daily Ticker guest David Walker -- the former Comptroller General of the United States and head of the Government Accountability Office -- says it's imperative both sides of the aisle find a compromise that also sets conditions to lower our long-term debt and get us back on track. If they don't, the rest of us will pay.

Here's what he says will happen if the federal government can't reach a deal:

1. $4 billion-plus a day will come out of the economy.

2. Government and civilian military workers will be laid off temporarily. That will result in penalties for late payment, to be paid by taxpayers.

3. Social security payments will be delayed.

4. No one knows how bad the reaction will be, but Walker is confident it will be negative for the stock and bond markets and the economy.

5. Interest rates will rise. For every 1% rise in interest rates, taxpayers will be on the hook for an additional $150 billion in debt payments.


5 Consequences If America Doesn

 

[WillowTree]

5 Consequences If America Doesn’t Raise the Debt Ceiling

Today's Daily Ticker guest David Walker -- the former Comptroller General of the United States and head of the Government Accountability Office -- says it's imperative both sides of the aisle find a compromise that also sets conditions to lower our long-term debt and get us back on track. If they don't, the rest of us will pay.

Here's what he says will happen if the federal government can't reach a deal:

1. $4 billion-plus a day will come out of the economy.

2. Government and civilian military workers will be laid off temporarily. That will result in penalties for late payment, to be paid by taxpayers.

3. Social security payments will be delayed.

4. No one knows how bad the reaction will be, but Walker is confident it will be negative for the stock and bond markets and the economy.

5. Interest rates will rise. For every 1% rise in interest rates, taxpayers will be on the hook for an additional $150 billion in debt payments.


5 Consequences If America Doesn

Unsustainable Valerie.. Ponder that.

 

[Shoey]

I have heard many comments that basically state that if the debt ceiling is not raised that we will face the end of the world as we know it but I just don't see that happening. Often cited is that the US would default on it's financial obligations related to T-Bills causing world-wide financial chaos. I see nothing but fearmongering by those that say that failure to raise the debt limit would cause an international monetary crisis because the US would default on its contractual obligations related to the current national debt. It doesn't need to happen as we have more than enough federal revenue to meet those financial obligations. It would mean that the President would be forced to make the spending cuts necessary to balance revenues and spending. Of note President Obama is now referring to the potential failure to raise the debt ceiling as "Armaggadon" and if that is not fearmongering I don't know what is.

According to a study by the Bipartisan Policy Center (BPC), Treasury could indeed avoid a debt default by prioritizing payments, but failure to raise the debt ceiling would mean deep and immediate cuts.

“It all depends on what you mean by default. I don't even want to get into the labeling contest,” BPC's Jay Powell told me in an interview. “It is clear that there is enough cash coming in to let you pay interest on the debt. That is a true fact.”

“It's also clear that there's nowhere near enough money to pay all of your legally mandated obligations, so one might say you’re defaulting on your non-debt obligations. But again I don’t want to get into the labeling contests,” said Powell who served as Under Secretary of the Treasury for Finance under George H.W. Bush.

The BPC study found that the United States is likely to hit the debt limit sometime between August 2 and August 9. “It’s a 44 percent overnight cut in federal spending” if Congress hits the debt limit, Powell said. The BPC study projects there will be $172 billion in federal revenues in August and $307 billion in authorized expenditures. That means there's enough money to pay for, say, interest on the debt ($29 billion), Social Security ($49.2 billion), Medicare and Medicaid ($50 billion), active duty troop pay ($2.9 billion), veterans affairs programs ($2.9 billion).

That leaves you with about $39 billion to fund (or not fund) the following:

Defense vendors ($31.7 billion)

IRS refunds ($3.9 billion)

Food stamps and welfare ($9.3 billion)

Unemployment insurance benefits ($12.8 billion)

Department of Education ($20.2 billion)

Housing and Urban Development ($6.7 billion)

Other spending, such as Departments of Justice, Labor, Commerce, EPA, HHS ($73.6 billion)

The decision to prioritize payments would fall on the Treasury department, and Powell points out it would be chaotic picking and choosing who gets paid (in full or partially) and who doesn't.

 

[dblack]

But we’ve now reached the point at which routine housekeeping, which didn’t even give conservative Republicans a second thought as recently as 2008, is considered beyond the pale. This is madness.

I'm not sure it was your intent to do so, but you've really provided no evidence as to why we should consider it 'madness'. Simply because we've done something habitually in the past is no reason to continue the 'tradition'.

I'm honestly not sure what to think about the whole debt ceiling thing, but I'm certainly sympathetic to the idea of saying 'enough is enough' on exploding federal spending. It's also common practice for the powers-that-be to tell the sky will most certainly fall if we don't acquiesce to their demands.

 

[editec]

Since 1939, Congress has raised the debt limit 89 times. That’s not a typo. The issue has come up 89 times, and in 89 instances, Congress passed a clean bill. In fact, in two-thirds of these instances, there was a Republican president, and no one ever used the vote as leverage for a reward.

During the Bush presidency, Republicans raised the debt ceiling, without strings or preconditions, seven times. The current GOP leadership in Washington has voted to raise the debt limit 19 times. Bush’s former budget director said this “ought to be treated as the housekeeping matter it is.”

But we’ve now reached the point at which routine housekeeping, which didn’t even give conservative Republicans a second thought as recently as 2008, is considered beyond the pale. This is madness.

Political Animal - The easiest, most effective way to resolve the crisis

It's not madness, it the GOP working to make Obama a one term POTUS.

That is fairly obvious, isn't it?

 

[Article 15]

Since 1939, Congress has raised the debt limit 89 times. That’s not a typo. The issue has come up 89 times, and in 89 instances, Congress passed a clean bill. In fact, in two-thirds of these instances, there was a Republican president, and no one ever used the vote as leverage for a reward.

During the Bush presidency, Republicans raised the debt ceiling, without strings or preconditions, seven times. The current GOP leadership in Washington has voted to raise the debt limit 19 times. Bush’s former budget director said this “ought to be treated as the housekeeping matter it is.”

But we’ve now reached the point at which routine housekeeping, which didn’t even give conservative Republicans a second thought as recently as 2008, is considered beyond the pale. This is madness.

Political Animal - The easiest, most effective way to resolve the crisis

It's not madness, it the GOP working to make Obama a one term POTUS.

That is fairly obvious, isn't it?

To anyone with a half a brain who understands hyper partisan politics? Yes.

 

[peach174]

The GOP doesn't have to do anything, it's the POTUS himself and his policies that will make him a one term president

 

[Stephanie]

waaaaaaaaa, those pesky Republicans are getting in the way of giving our beloved Obama and his comrades in arms, MORE TRILLIONS TO WASTE before he leaves office. Hell, TWO TRILLION wasn't enough in just THREE YEARS.

And they want to PREVENT him raising TAXES on people to pay for his spending spree...oh those DAMN REPUBLICANS. they are meanies

 

[Article 15]

waaaaaaaaa, those pesky Republicans are getting in the way of giving our beloved Obama and his comrades in arms, MORE TRILLIONS TO WASTE before he leaves office. Hell, TWO TRILLION wasn't enough in just THREE YEARS.

You must be the most blissful woman on the planet.

 

[Mad Scientist]

If the deficit is 1 Trillion dollars and I raise it to 1.5 Trillion I've raised it only 50%.

But if the deficit is 1 dollar and I raise it to 10 dollars then I've just raised it 1000%! ZOMG!

You see how we're gettin' played?

 

[California Girl]

Who was it who called raising the debt ceiling a 'sign of failed leadership'?

Oh yea, that was a Democrat.

Actually, it was the current President. So, please explain how it was a 'sign of failed leadership' then, but not now?

And.... just because we've been really stupid previously does not mean we should continue to be stupid.

 

[Stephanie]

waaaaaaaaa, those pesky Republicans are getting in the way of giving our beloved Obama and his comrades in arms, MORE TRILLIONS TO WASTE before he leaves office. Hell, TWO TRILLION wasn't enough in just THREE YEARS.

You must be the most blissful woman on the planet.

And you must be the most hateful, so?

 

[Article 15]

Who was it who called raising the debt ceiling a 'sign of failed leadership'?

Oh yea, that was a Democrat.

Actually, it was the current President. So, please explain how it was a 'sign of failed leadership' then, but not now?

And.... just because we've been really stupid previously does not mean we should continue to be stupid.

Because cutting taxes while running two wars off the books IS a sign of failed leadership.

Inheriting a trillion dollar deficit and a crumbling economy in the wake of a disastrous Presidency just aint the same, toots.

 

[Dot Com]

Since 1939, Congress has raised the debt limit 89 times. That’s not a typo. The issue has come up 89 times, and in 89 instances, Congress passed a clean bill. In fact, in two-thirds of these instances, there was a Republican president, and no one ever used the vote as leverage for a reward.

During the Bush presidency, Republicans raised the debt ceiling, without strings or preconditions, seven times. The current GOP leadership in Washington has voted to raise the debt limit 19 times. Bush’s former budget director said this “ought to be treated as the housekeeping matter it is.”

But we’ve now reached the point at which routine housekeeping, which didn’t even give conservative Republicans a second thought as recently as 2008, is considered beyond the pale. This is madness.

Political Animal - The easiest, most effective way to resolve the crisis

It's not madness, it the GOP working to make Obama a one term POTUS.

That is fairly obvious, isn't it?

No one does "putting party before country" better than contemporary republicans

 

[California Girl]

Who was it who called raising the debt ceiling a 'sign of failed leadership'?

Oh yea, that was a Democrat.

Actually, it was the current President. So, please explain how it was a 'sign of failed leadership' then, but not now?

And.... just because we've been really stupid previously does not mean we should continue to be stupid.

Because cutting taxes while running two wars off the books IS a sign of failed leadership.

Inheriting a trillion dollar deficit and a crumbling economy in the wake of a disastrous Presidency just aint the same, toots.

Twit.

 

[Dot Com]

Who was it who called raising the debt ceiling a 'sign of failed leadership'?

Oh yea, that was a Democrat.

Actually, it was the current President. So, please explain how it was a 'sign of failed leadership' then, but not now?

And.... just because we've been really stupid previously does not mean we should continue to be stupid.

Because cutting taxes while running two wars off the books IS a sign of failed leadership.

Inheriting a trillion dollar deficit and a crumbling economy in the wake of a disastrous Presidency just aint the same, toots.

 

[uscitizen]

Since 1939, Congress has raised the debt limit 89 times. That’s not a typo. The issue has come up 89 times, and in 89 instances, Congress passed a clean bill. In fact, in two-thirds of these instances, there was a Republican president, and no one ever used the vote as leverage for a reward.

During the Bush presidency, Republicans raised the debt ceiling, without strings or preconditions, seven times. The current GOP leadership in Washington has voted to raise the debt limit 19 times. Bush’s former budget director said this “ought to be treated as the housekeeping matter it is.”

But we’ve now reached the point at which routine housekeeping, which didn’t even give conservative Republicans a second thought as recently as 2008, is considered beyond the pale. This is madness.

Political Animal - The easiest, most effective way to resolve the crisis

It's not madness, it the GOP working to make Obama a one term POTUS.

That is fairly obvious, isn't it?

That is the Republican party's only current goal.

 

[Dot Com]

Since 1939, Congress has raised the debt limit 89 times. That’s not a typo. The issue has come up 89 times, and in 89 instances, Congress passed a clean bill. In fact, in two-thirds of these instances, there was a Republican president, and no one ever used the vote as leverage for a reward.

During the Bush presidency, Republicans raised the debt ceiling, without strings or preconditions, seven times. The current GOP leadership in Washington has voted to raise the debt limit 19 times. Bush’s former budget director said this “ought to be treated as the housekeeping matter it is.”

But we’ve now reached the point at which routine housekeeping, which didn’t even give conservative Republicans a second thought as recently as 2008, is considered beyond the pale. This is madness.

Political Animal - The easiest, most effective way to resolve the crisis

It's not madness, it the GOP working to make Obama a one term POTUS.

That is fairly obvious, isn't it?

That is the Republican party's only current goal.

The Teapublicans might get a rude-awakening in '12 All these "show-votes" and boy scoutesque "pledges" sure are getting a lot done