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GOP hopeful of debt-budget deal today

  • U.S. Republican Representative Pete Sessions, the chairman of the powerful House Rules Committee, is hopeful that the GOP and White House can strike a deal today to raise the debt limit and finance the federal government.
  • Last night, the sides were due to work on "defining parameters to see if we can make progress," Sessions said.
  • The Republican proposal to extend the cap by six weeks would reportedly ban the Treasury from using extra-ordinary measures to avoid default. The government has been using those steps since May to ensure that it doesn't fall behind on its payments, although the measures will only only last another six days.
Comments (26)
  • bbro
    , contributor
    Comments (9330) | Send Message
     
    If you take an oath to preserve and protect the Constitution of the United States that includes the 14th amendment Section 4....
    11 Oct 2013, 03:13 AM Reply Like
  • Rope a Dope
    , contributor
    Comments (531) | Send Message
     
    14 Sec 4 does not authorize the government to saddle American citizens with insane levels of debt that can never be repaid.

     

    It’s a shame we don’t have any laws requiring our elected representatives to allocate more than one brain cell to common sense.
    11 Oct 2013, 04:18 AM Reply Like
  • mitrado
    , contributor
    Comments (1948) | Send Message
     
    If you can print money, all debt can be repaid.
    11 Oct 2013, 04:39 AM Reply Like
  • sbeardsley702
    , contributor
    Comments (65) | Send Message
     
    "...that can never be repaid. "

     

    How did you draw this conclusion?
    11 Oct 2013, 02:10 PM Reply Like
  • BornIn87
    , contributor
    Comments (101) | Send Message
     
    It all makes so much sense now. Hang on, let me spend my savings...Ok, now I'm on board. Let's raise minimum wage as high as we want, give everyone healthcare, continue fighting wars everywhere, and pay all of our debts with freshly printed money. Hopefully our lenders are the only ones caught with dollars in their pockets.
    11 Oct 2013, 02:39 PM Reply Like
  • Rope a Dope
    , contributor
    Comments (531) | Send Message
     
    sbeardsley, current estimates put future obligations for just Social Security, Medicare, and Federal Government employees’ pensions at over $80 trillion. This is money they have promised to pay current Social Security contributors, etc. The Federal government would need to collect roughly $8 trillion a year in order to meet these future obligations. They currently collect roughly $2.3 trillion a year in taxes. The collective income for all US workers and all US businesses is roughly $7 trillion. So even if they take 100% of our income, they still won’t be able to pay out what they are promising.

     

    http://on.wsj.com/19PNQg1

     

    That’s also not to mention what future obligations the States are racking up. I’ve seen total estimates as high as $200 trillion (Fed & State) but I believe the number is closer to $100 to $110 trillion. The government isn’t even considering this let alone addressing the issue.

     

    Our current fiscal course is not sustainable.
    11 Oct 2013, 02:40 PM Reply Like
  • mitrado
    , contributor
    Comments (1948) | Send Message
     
    You may not like it but the ponzi scheme has been working ever since the banks got the power to create money out of nothing. :-P

     

    Why do you think it will end so soon? Let's keep on printing! :-D
    13 Oct 2013, 06:44 AM Reply Like
  • mitrado
    , contributor
    Comments (1948) | Send Message
     
    Let the kindergarten fight continue!
    11 Oct 2013, 03:30 AM Reply Like
  • Ron Reed
    , contributor
    Comments (280) | Send Message
     
    What I find is so inexplicable is that Congress is attempting to tell the Exec. branch that it cannot raise the debt limit to enforce the laws that Congress passed. So many people misunderstand that the debt limit only needs to be increased due to the laws that Congress has already passed and the Exec. branch is mandated to enforce. Don't get me wrong, I don't like this administration and I don't agree with its tactics or values, but the whole load a crap spewed by both sides on this is all misleading talking points to begin with. Then you have big weigh in from so called experts that express only opinion and no fact swinging to either the right or left political side, a public that doesn't have a clue, and a huge amount of fear mongering from all sides; I honestly wonder where the political machine gets these people in the first place. Most high school kids have a better grasp of civics and the constitution than Congress and the other elected bozo's. There is certainly no better country to live in, in my opinion, but I sure wish we could elect some folks in that care more about the people and less about themselves.
    11 Oct 2013, 05:51 AM Reply Like
  • sbeardsley702
    , contributor
    Comments (65) | Send Message
     
    Stop talking sense. You're making the conservatives feel insecure.
    11 Oct 2013, 02:11 PM Reply Like
  • Regarded Solutions
    , contributor
    Comments (15471) | Send Message
     
    If Obama wants to lead, he would enact emergency powers to avoid breaking the law; failure to uphold the Constitution, 14th amendment.

     

    Would he risk impeachment? Perhaps, but that would take 2 years at least and congress would face that impeachment if it allows the Constitution NOT to be upheld.

     

    In the meantime, all of this nonsense would be off the table for an extended period of time, probably wind up in the Supreme Court who will have NO CHOICE but to uphold our own Constitution, or face the possibility of literally voiding ALL of our Constitution by setting a precedent for lower courts to rule from.

     

    If anyone has ever seen an anarchy take hold in a nation, we just might witness it in the USA, as we would virtually become a land without Constitutionally binding laws.
    11 Oct 2013, 06:38 AM Reply Like
  • Rope a Dope
    , contributor
    Comments (531) | Send Message
     
    He would invite Civil War II.

     

    No other president has shown such blatant disregard for our Constitution.
    11 Oct 2013, 07:42 AM Reply Like
  • Michael Nau
    , contributor
    Comments (972) | Send Message
     
    What about Jefferson? Was the Louisiana Purchase constitutional? Or how about the alien and sedition acts? Or mass internment of Japanese Americans during WWII for no crime but their race?

     

    There is a difference between not liking Obama's policies and claiming that he is ripping up the constitution.
    11 Oct 2013, 08:00 AM Reply Like
  • Rope a Dope
    , contributor
    Comments (531) | Send Message
     
    He just disregarded the Constitutional powers granted him (or denied) when he alone decided to extend the employer mandate by 1 year. Congress enacts legislation, not the POTUS.

     

    You can find dozens of examples where this ‘Constitutional Scholar’ showed blatant disregard for the Constitution even after multiple court rulings that found the administration on the wrong side of the law.
    11 Oct 2013, 08:33 AM Reply Like
  • bdarken
    , contributor
    Comments (417) | Send Message
     
    The only reason POTUS does this is because Congress is unwilling to stand up against him---that is, they don't mind what he's doing.

     

    There is no "debt crisis". It's an accounting fiction.
    The U.S. government takes in about 250 BILLION per month.
    The interest on the (17 trillion) debt is about 20 Billion per month.
    That leaves 230 Billion to spend.

     

    There IS a spending crisis...

     

    Happy Trades to you, until we meet again...
    11 Oct 2013, 08:57 AM Reply Like
  • optionsexpert
    , contributor
    Comments (279) | Send Message
     
    Don't mind Rope a Dope. He doesn't have a clue about how economics works.
    11 Oct 2013, 10:12 AM Reply Like
  • Rope a Dope
    , contributor
    Comments (531) | Send Message
     
    And you could explain how Liberals plan to meet our future financial obligations? You can’t; no one can because it cannot be done. Even the CBO is stating our current fiscal path is not sustainable. Unless you believe the Tea Party hijacked the CBO, maybe you should heed their warning.

     

    http://1.usa.gov/17tZo67

     

    These warnings are not just coming from the CBO, they are coming from virtually anyone that has a basic grasp of mathematics.
    11 Oct 2013, 10:29 AM Reply Like
  • sbeardsley702
    , contributor
    Comments (65) | Send Message
     
    Civil War II? Hahahahahahaha! You're a loon.
    11 Oct 2013, 02:11 PM Reply Like
  • sbeardsley702
    , contributor
    Comments (65) | Send Message
     
    It's so easy to get you all worked up. You are representative of a very large, very paranoid segment of the human race.
    11 Oct 2013, 02:13 PM Reply Like
  • june1234
    , contributor
    Comments (2502) | Send Message
     
    Politicians worship gods of polling and reelection above all else.
    11 Oct 2013, 08:17 AM Reply Like
  • fat cat
    , contributor
    Comments (6) | Send Message
     
    does anyone ever get tired of bbro's comments? Irritating.....
    11 Oct 2013, 10:06 AM Reply Like
  • pmiller100
    , contributor
    Comments (353) | Send Message
     
    Why does the market seem to feel any proposal to kick this toxic can another six weeks down the road is a good thing? Also, what is in either party's interests with stripping Treasury of extraordinary measures flexibility?

     

    As a generally nostalgic type of guy, I miss the days of tar and feathers.
    11 Oct 2013, 12:18 PM Reply Like
  • sbeardsley702
    , contributor
    Comments (65) | Send Message
     
    It good in that you can work on building up cash reserves to buy the dip they've scheduled for Turkey Day.
    11 Oct 2013, 02:14 PM Reply Like
  • financeminister
    , contributor
    Comments (613) | Send Message
     
    When was the last time the market popped because of fundamentals?

     

    hmmm.. let's see -

     

    Summers decides not to run?
    Market pops.

     

    No taper?
    Market pops.

     

    Yellen nominated?
    Market pops.

     

    Debt cieling kicked down the road?
    Market pops.
    11 Oct 2013, 02:36 PM Reply Like
  • Lakeaffect
    , contributor
    Comments (978) | Send Message
     
    I finally asked my insurance company what a new individual healthcare policy will cost for myself and my wife. I'm self employed and don't have a company provided policy. The price is going to double. Checking on other healthcare insurers, the same thing or worse.

     

    Those with low incomes will get tax credits, but for folks who don't qualify for those tax credits are going to see increases in their healthcare costs of $5,000 to $10,000 per year.

     

    Not everyone is going to face this problem, especially if they are receiving a company paid policy. But, I'm thinking there will be enough of us in this position that consumer spending will have to be re-allocated away from discretionary things. Not a positive for the economy.

     

    I now understand why the GOP is so adamant about killing/delaying this program.
    11 Oct 2013, 03:15 PM Reply Like
  • mobyss
    , contributor
    Comments (1840) | Send Message
     
    Vote accordingly in 2014.
    11 Oct 2013, 04:22 PM Reply Like
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