Who will win the Debt Ceiling debate?

[Remodeling Maidiac]

Who will blink?

Republicans cough up some taxes?

Democrats swallow only cuts?

Neither do anything and we wait to see what shit storm hits us?

Thoughts on the outcome?

 

[LibocalypseNow]

No one. Just go back and read this current President's own past words on opposing raising Debt Limits. Hopefully there will be some real spending cuts attached but i'm not optimistic. Probably just more business as usual. It's very sad.

 

[Avorysuds]

We will lose so does it matter? It's Rich Dems babbling at rich Reps about how both of them feel the best way to waste our money will be.

 

[Remodeling Maidiac]

Close loopholes is fine by me but no tax increases to the rates.

 

[Sallow]

Close loopholes is fine by me but no tax increases to the rates.

Actually..this is reasonable.

 

[American Cowboy]

We are all losers, our children are losers and their children are losers.

It would take every man, woman and child to cough up $50K each to pay off the debt Obama ran up.

 

[Conservative]

interesting take on the GOP position on this from Jay Cost...
Morning Jay: Why Won't the GOP Agree to a Tax Increase? | The Weekly Standard

Turn down the volume on the liberal hyperbole, where every Republican in Congress secretly wants to destroy Social Security, and it is not hard to discover the position of the Grand Old Party. Over the last forty years, the federal government has taken in about eighteen percent of GDP in taxes and spent about twenty percent of GDP in outlays, so why not just keep doing that?

If, on the other hand, we allow the Bush tax cuts to become permanent, we permanently patch the Alternative Minimum Tax, and so on, then the federal government would collect an average of about 18.4 percent of GDP in revenues over the next seventy years, or about what the average has been over the last forty years.

and in the interest of fairness...

If anything, the GOP earns a fair share of the blame for this impending disaster because the party didn't do anything about it between 2003 and 2007, when it had full control of the government and knew full well that, thanks to the baby boomers and out-of-control medical costs, our terribly outdated Medicare system was set to blow up the budget. At least now, Republicans are no longer a party to making it worse, by demanding -- at last! -- some fiscal restraint and some sensible reforms.

 

[Soggy in NOLA]

Didn't Obama and the Dems run on a platform that included get the debt under control?

 

[AquaAthena]

No one. Just go back and read this current President's own past words on opposing raising Debt Limits. Hopefully there will be some real spending cuts attached but i'm not optimistic. Probably just more business as usual. It's very sad.

Since when does Obama need the support of Congress for anything other than a photo-op? He will pass it by decree, somehow

 

[Remodeling Maidiac]

Sallow I think that's our first agreement

 

[rdean]

Republicans will win.

The US will lose.

That was the plan all along.

 

[Remodeling Maidiac]

Republicans will win.

The US will lose.

That was the plan all along.

You guys were in control and ran up all the damn debt and you saying that was the gop plan? I think there may be a nice piece of property for you in France. That is after all where all the cry babies live...

 

[Remodeling Maidiac]

Republicans are willing to close loopholes if its off set by lowering taxes in other areas. Seems currently the gop is standing their ground.

 

[Liability]

Close loopholes is fine by me but no tax increases to the rates.

Closing "loopholes" is just another way of saying "increase taxes."

For example, as I noted yesterday, the home mortgage deduction is a "loophole." Is there ANY doubt that if you "close" that particular "loophole" you will be raising the taxes on LOTS of home owners?

 

[Liability]

Republicans will win.

The US will lose.

That was the plan all along.

The HUGE "if" here is the Republicans standing firm. That's never a solid bet.

But if they DO manage to stare down the inept President and his cadre of overly "liberal" Democrat stalwarts, the the Republican "win" would be the US winning.

And that has indeed been the plan all along.

 

[Remodeling Maidiac]

Close loopholes is fine by me but no tax increases to the rates.

Closing "loopholes" is just another way of saying "increase taxes."

For example, as I noted yesterday, the home mortgage deduction is a "loophole." Is there ANY doubt that if you "close" that particular "loophole" you will be raising the taxes on LOTS of home owners?

Well they are proposing closing the loopholes and balancing it with cuts to other areas. And I'm sure there are loopholes that are not necessary.

[ame=http://www.youtube.com/watch?v=7KatxaaIXuE&feature=youtube_gdata_player]YouTube - ‪Sen Barrasso & Cantor on debt and tax loopholes‬‏[/ame]

 

[Liability]

Close loopholes is fine by me but no tax increases to the rates.

Closing "loopholes" is just another way of saying "increase taxes."

For example, as I noted yesterday, the home mortgage deduction is a "loophole." Is there ANY doubt that if you "close" that particular "loophole" you will be raising the taxes on LOTS of home owners?

Well they are proposing closing the loopholes and balancing it with cuts to other areas. And I'm sure there are loopholes that are not necessary.

[ame=http://www.youtube.com/watch?v=7KatxaaIXuE&feature=youtube_gdata_player]YouTube - ‪Sen Barrasso & Cantor on debt and tax loopholes‬‏[/ame]

Closing loopholes is (imho) easy cheap talk.

Why are there "loopholes" in the first place? The answer is found within that mountainous miasma we call the Tax Code.

Let's fucking short circuit this entire damn thing.

Get rid of the income tax entirely in favor of a national FAIR Tax or Sales Tax.

But until we do that (and it will be a long time coming and may require an Amendment to the Constitution), to speak of closing loopholes is to speak of raising taxes. And set-offs to that are a waste of time. IF they did it perfectly, closing one "loophole" which in effect then raises a tax is pointless if it is set-off by getting rid of some other tax. Why spend time netting zero?

No.

There is no need to tinker with how much we pay. The need is to cut spending massively and as fast as possible.

 

[Remodeling Maidiac]

Closing "loopholes" is just another way of saying "increase taxes."

For example, as I noted yesterday, the home mortgage deduction is a "loophole." Is there ANY doubt that if you "close" that particular "loophole" you will be raising the taxes on LOTS of home owners?

Well they are proposing closing the loopholes and balancing it with cuts to other areas. And I'm sure there are loopholes that are not necessary.

[ame=http://www.youtube.com/watch?v=7KatxaaIXuE&feature=youtube_gdata_player]YouTube - ‪Sen Barrasso & Cantor on debt and tax loopholes‬‏[/ame]

Closing loopholes is (imho) easy cheap talk.

Why are there "loopholes" in the first place? The answer is found within that mountainous miasma we call the Tax Code.

Let's fucking short circuit this entire damn thing.

Get rid of the income tax entirely in favor of a national FAIR Tax or Sales Tax.

But until we do that (and it will be a long time coming and may require an Amendment to the Constitution), to speak of closing loopholes is to speak of raising taxes. And set-offs to that are a waste of time. IF they did it perfectly, closing one "loophole" which in effect then raises a tax is pointless if it is set-off by getting rid of some other tax. Why spend time netting zero?

No.

There is no need to tinker with how much we pay. The need is to cut spending massively and as fast as possible.

Nice explanation.

 

[Political Junky]

Boehner: 50-50 shot at debt-ceiling deal in next 48 hours « Hot Air

House Speaker John Boehner, R-Ohio, informed fellow House Republicans on Thursday that the chances of congressional leaders and President Obama reaching a tentative debt-ceiling deal within 48 hours are “maybe 50-50.”

That prognosis from Boehner was relayed by several House Republicans as they left a morning briefing with the speaker — and later confirmed by a GOP leadership aide. Boehner and other Republican and Democratic congressional leaders are set to continue negotiations at the White House on Thursday on a deal to raise the nation’s $14.3 trillion debt ceiling.

 

[LibocalypseNow]

They'll both claim a Win but the American People will Lose. Serious cuts are going to have to happen at some point. A $14.5 Trillion Debt isn't gonna just magically disappear. The Government will have to get serious at some point. Putting it all off on future Generations isn't the answer. Time to end all of these Wars and begin seriously addressing our Government's spending addiction. I know some love the petty politics but it's time to put that aside and do what's right. They have to start focusing on getting their House in order. I really do hope this happens soon.