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Since 1939, Congress has raised the debt limit 89 times. Thats 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. Bushs former budget director said this ought to be treated as the housekeeping matter it is.
But weve now reached the point at which routine housekeeping, which didnt 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
To anyone with a half a brain who understands hyper partisan politics? Yes.
[Emphasis added]Federal Budget Math: We Can’t Repeat the Past
I was pleased to talk last Thursday at the Federal Reserve Bank of New York. I began my presentation by showing that, under current tax and spending policies, federal debt held by the public would be roughly equal to our annual economic output by the end of the decade—a level that has been exceeded in the United States during only a few years in the 1940s. By “current policies,” I mean policies that are in effect now, even though they might be scheduled, by law, to expire or change in the next few years. Those policies include the tax cuts originally enacted in 2001 and 2003, the indexing of the parameters of the alternative minimum tax, and maintaining Medicare’s payment rates for physicians’ services. (Under current law—which includes the expiration in 2013 of the tax cuts originally enacted in 2001 and 2003, a sharp expansion in 2012 in the reach of the alternative minimum tax, and a nearly 30 percent cut in 2012 in Medicare’s payment rates for physician services—debt would rise only slightly relative to GDP during the rest of this decade.)
Thus, under current policies, the federal budget is quickly heading into territory that is unfamiliar to us and to most other developed countries as well. As policymakers and citizens think about this challenge, many wonder whether it is possible to return to a configuration of federal spending and revenues that, in earlier years, led to a stable trajectory of federal debt. Looking for historical reference points is natural. However, as I said in my talk, we cannot repeat the past when it comes to the federal budget: The aging of our population and the rising cost of health care have changed the backdrop for federal budget policy in a fundamental way.
....
Putting fiscal policy on a sustainable path will require significant changes relative to our historical experience in popular programs, people’s tax payments, or both.
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.
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.
It's all Bush's fault!
WHAAAAAAAAAAAAAAAAAAAAA!!!!
Those two wars only constitute about 7% of the deficit. Obama didn't inherit any $trillion dollar deficit. at most he inhereted about a $700 million deficit. Instead of bringing it down, he accelerated federal spending.
Then don't default and do what NEEDS to be done - balance the budget.The insane part is they are weilding the threat like an axe and then saying the threat of default wont harm the country.
They cant have it both ways yet thier insane tea party base accepts both ideas
No one does "putting party before country" better than contemporary republicans
Madness is thinking you can keep writing checks with no consequences.
"The definition of insanity is doing the same thing over and over and expecting different results."
Yeah like cutting taxes ie revenue and spending like a drunken sailor.
All the while finiancing a war or three.
We'll see stpehieI was under the impression that Representatives were sent to Washington to do things
NOT sign pledges & cast Show-votes.
So, the argument is that because we have been reckless and insane in the past, we should be reckless and insane.
Yup, that's madness - by definition.
So, the argument is that because we have been reckless and insane in the past, we should be reckless and insane.
Yup, that's madness - by definition.
Threatening to not raise the debt ceiling.
Threatening to cut Medicare.
Threatening to cut people's unemployment unless the rich get more tax breaks.
Slashing funding for education.
Clearly that describes "reckless", "insane" and "madness".
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.
It's all Bush's fault!
WHAAAAAAAAAAAAAAAAAAAAA!!!!
Facts make you cry?
Pussy.....
Those two wars only constitute about 7% of the deficit. Obama didn't inherit any $trillion dollar deficit. at most he inhereted about a $700 million deficit. Instead of bringing it down, he accelerated federal spending.
Hookay, moron.
But weve now reached the point at which routine housekeeping, which didnt even give conservative Republicans a second thought as recently as 2008, is considered beyond the pale. This is madness
So, the argument is that because we have been reckless and insane in the past, we should be reckless and insane.
Yup, that's madness - by definition.
Threatening to not raise the debt ceiling.
Threatening to cut Medicare.
Threatening to cut people's unemployment unless the rich get more tax breaks.
Slashing funding for education.
Clearly that describes "reckless", "insane" and "madness".
Only thing I remember was Obama threating that he wouldn't get Social Security checks out.
"No, I can't promise that Social Security checks will go out in August if we don't reach a deal."
Now thats threatening.
Not when the CBO says we can't do what Obama wants.So, the argument is that because we have been reckless and insane in the past, we should be reckless and insane.
Yup, that's madness - by definition.
Threatening to not raise the debt ceiling.
Threatening to cut Medicare.
Threatening to cut people's unemployment unless the rich get more tax breaks.
Slashing funding for education.
Clearly that describes "reckless", "insane" and "madness".
Since 1939, Congress has raised the debt limit 89 times. Thats 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. Bushs former budget director said this ought to be treated as the housekeeping matter it is.
But weve now reached the point at which routine housekeeping, which didnt 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.
Since 1939, Congress has raised the debt limit 89 times. Thats 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. Bushs former budget director said this ought to be treated as the housekeeping matter it is.
But weve now reached the point at which routine housekeeping, which didnt 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.
Everytime we do ponder it, pointing out that the rich & corporations should pay their fair share, you forget about unsustainable and want to go start a war somewhere.
Not when the CBO says we can't do what Obama wants.So, the argument is that because we have been reckless and insane in the past, we should be reckless and insane.
Yup, that's madness - by definition.
Threatening to not raise the debt ceiling.
Threatening to cut Medicare.
Threatening to cut people's unemployment unless the rich get more tax breaks.
Slashing funding for education.
Clearly that describes "reckless", "insane" and "madness".
What Obama wants is the opposite of what the CBO says we need to do.
So, NO...N-O to Obama.
Spending more than we have is reckless and insane. Continuing to do so when the situation is dire, makes some wonder if ruination is the goal of Obama.
....
Despite the low projected figure for defense spending and all other spending, the high costs of the major health care programs and Social Security mean that total outlays apart from interest on the debt are projected to be 20.5 percent of GDP in 2021, nearly 2 percentage points above the 40-year average. After interest payments are included, total outlays are projected to be nearly 24 percent of GDP, 6 percentage points more than the average amount of revenues during the past 40 years.
Therefore, given the aging of the population and the rising cost of health care, the United States cannot achieve all of the following objectives in the future:
Keep federal revenues at their average share of GDP during the past 40 years.
Provide the same sorts of benefits for older Americans that we have provided in the past 40 years.
Operate the rest of the federal government in line with its role in our economy and society during the past 40 years.
....
(link above for CBO Director)
