Debt Deal Reached

[FlipPro]

http://www.msnbc.msn.com/id/43949638/ns/politics-capitol_hill/?gt1=43001

The bi-partisan deal pushes our debt ceiling till after the 2012 election and cuts $1 trillion over 10 years. NO NEW REVENUE unfortunately... Prepare for the biggest ideological fight this country has ever seen.

[Piper67]

Technically, Nancy Pelosi hasn't quite come out saying she likes it yet.

[TheBitMan]

 

[FlipPro]

Thats how I am feeling right now to . I hope that the knuckle heads in congress get together and vote for this extension. We can have our epic debates without the nations AAA on the line...

[Meatpile]

If the majority of Americans cant get their richest 1% to give up tax cuts by november, they are officially the dumbest people on the planet.

[TheBitMan]

Thats how I am feeling right now to . I hope that the knuckle heads in congress get together and vote for this extension. We can have our epic debates without the nations AAA on the line...

It's crazy how they couldn't come to an agreement earlier..

[Smalleyster]

Dream on. I'll believe it after the vote.

[TheBitMan]

Dream on. I'll believe it after the vote.

agreed

[pekv2]

I watched Capitalism by Micheal Moore film, I suppose because the govt stopped taxing the rich, everything went to shit. I do recall, a big banker telling the president to hurry up on a speech. The banks had govt in their pocket, our country went in a hole.

[FlipPro]

Dream on. I'll believe it after the vote.

It would be really stupid of the President to come on TV and announce a deal that didn't have a 99% chance of going through. The compromise already has guaranteed support in the Senate. All that has to happen now is for Nancy Pelosi and John Boehner to whip up some support for the bill from their respective party's in the House. America is not going into default,  no matter what all of these foreign nations or other competing entity's may think.

[Littleshop]

If the majority of Americans cant get their richest 1% to give up tax cuts by november, they are officially the dumbest people on the planet.

Some tax increases should be included OR stopping the wars.  Killing people 1/2 the world away is expensive.  You need to go after some big ticket items to make the budget even close to balanced. 

[Littleshop]

Dream on. I'll believe it after the vote.

It would be really stupid of the President to come on TV and announce a deal that didn't have a 99% chance of going through. The compromise already has guaranteed support in the Senate. All that has to happen now is for Nancy Pelosi and John Boehner to whip up some support for the bill from their respective party's in the House. America is not going into default,  no matter what all of these foreign nations or other competing entity's may think.

It will probably happen but...

A filibusterer could stop if.  The longer they wait to get it through the less chance it has of happening.  People will start to look into the details more and more (for good or bad) and then it could all fall apart again.

[Meatpile]

If the majority of Americans cant get their richest 1% to give up tax cuts by november, they are officially the dumbest people on the planet.

Some tax increases should be included OR stopping the wars.  Killing people 1/2 the world away is expensive.  You need to go after some big ticket items to make the budget even close to balanced. 

They will never give up military spending. It doesn't matter that there isn't really any other violent nations to "defend" against. They know they will never crawl out of debt. The only logical step is a world war based on the US deciding not to pay off china or whoever they owe all that money to someday.

[FlipPro]

If the majority of Americans cant get their richest 1% to give up tax cuts by november, they are officially the dumbest people on the planet.

Some tax increases should be included OR stopping the wars.  Killing people 1/2 the world away is expensive.  You need to go after some big ticket items to make the budget even close to balanced. 

They will never give up military spending. It doesn't matter that there isn't really any other violent nations to "defend" against. They know they will never crawl out of debt. The only logical step is a world war based on the US deciding not to pay off china or whoever they owe all that money to someday.

The President wants to cut military spending by almost 1/3. Republicans would never give him that kinda bill though.
America needs to make a CHOICE IMHO. Either America chooses to embrace a liberal Agenda that's smart and progressive. Or America chooses to go into a full blown capitalistic state where social safety nets are no more. I am a bleeding heart Democratic Socialist Liberal and I don't run away from who I am. People need to stop running away from who they are, eg. conservatives voting for tax cuts they will never benefit from.

[Anonymous]

We're still going to default but it's going to be through inflation... the worst kind of default.

The inevitable has been delayed. Besides, if the debt ceiling isn't raised we would still pay enough for interest and such. It's overblown. It's just party wars and bullshit. All they want to do is manipulate our emotions.

[The Script]

We're still going to default but it's going to be through inflation... the worst kind of default.

The inevitable has been delayed. Besides, if the debt ceiling isn't raised we would still pay enough for interest and such. It's overblown. It's just party wars and bullshit. All they want to do is manipulate our emotions.

I agree.  It was a colossal game of Politik Chicken with each side trying to manipulate the situation to give them a boost up during the election next year.  Not defaulting is bad for the nation, but good for me.  Now I have a few more years to prepare for the heavy devaluation of the dollar through inflation that is likely to occur.

[FlipPro]

It passed the house!

[Smalleyster]

It passed the house!

Color me amazed!

Now we get to see the awful details ooze out over the next few weeks.

EDIT

First interesting info shows it is just a bunch of "triggers".

EDIT 2

All they really did is kick the can down the road till January 2013

[lemonginger]

FlipPro: There's nothing good about this bill from a "Democratic Socialist Liberal" standpoint.

In fact, there's pretty much nothing good about this bill from ANYONE's standpoint, unless you like a combination of kabuki theatre, delaying the inevitable, and fucking over the poor even more.

Bet the stock markets will get a nice boost this week though. All you traders may want to sell into that rally since by any metric, the US economy is frigging screwed.

But hey, now we get to watch most of Europe default before the US does!

[FlipPro]

FlipPro: There's nothing good about this bill from a "Democratic Socialist Liberal" standpoint.

In fact, there's pretty much nothing good about this bill from ANYONE's standpoint, unless you like a combination of kabuki theatre, delaying the inevitable, and fucking over the poor even more.

Bet the stock markets will get a nice boost this week though. All you traders may want to sell into that rally since by any metric, the US economy is frigging screwed.

But hey, now we get to watch most of Europe default before the US does!

I never said the bill was good. The tea party held us at gun point and we had to go with whatever they demanded. I am disgusted by this entire process, and the unwillingness by some of the wealthiest among us to help their country has amazed me. But yes of course I am happy that my country didn't go to default, thus causing global crisis...