Washington (CNN) — Democratic and Republican congressional leaders unveiled new deficit reduction plans Monday as top officials scrambled to bridge a cavernous partisan divide and raise the federal government’s debt ceiling before an unprecedented — and potentially devastating — national default.
Both plans provide a path to raise the debt ceiling through the end of 2012, but differ sharply in terms of their requirements for future congressional action and both tax and spending reform requirements.
President Barack Obama is scheduled to deliver remarks on the state of the negotiations at 9 p.m. ET, according to White House press secretary Jay Carney.
If Congress fails to raise the $14.3 trillion debt limit by August 2, Americans could face rising interest rates and a declining dollar, among other problems. As the cost of borrowing rises, individual mortgages, car loans and student loans could become significantly more expensive.
Officials also warn that, without an increase in the debt limit, the federal government will not be able to pay all its bills next month. Obama recently indicated he could not guarantee Social Security checks would be mailed out on time.
Read the rest here http://www.cnn.com/2011/POLITICS/07/25/debt.talks/index.html
If Obama can’t guarantee SS checks will be mailed out on time why are we required to have SS money taken out of our checks? And why take money out when the value of a dollar bill taken out today will be worth so much less when it is “possibly” give back many years later? Why was the Pentagon never held accountable when Rumsfeld said he doesn’t know what happened to 2.3 Trillion dollars?
If Bush was still President, we wouldn’t have this problem because as vice-president Dick Cheney one famously said, and I quote, “Deficits don’t matter”.
And he proved they didn’t matter (to him and Bush) by increasing the deficit by reducing revenues (cutting taxes) and increasing expenses (by starting 2, count em, 2 wars). But that was just fine and dandy with the GOP. Of course, now that there’s democrat in the whitehouse (a black one with a funny sounding name no less) all of a sudden it’s a major crises.
And, yes, the deficit has increased the past 2 years but that was largely due to having to pass an economic stimulus plan to rescue an economy ruined by, oh yeah, Bush and Cheney. And for those who say that was a waste of money, well, all I know is we have negative GDP growth before the stimulus and now we have positive GDP growth.
So let’s cut government spending instead of raising a single penny in taxes which will result in the laying off of more cops, teachers, firemen and other govenerment workers and then when all these workers file for unemploment benefits we can blame Obama for the high unemployment rate!
It’s a win-win for the GOP!
(NL- WELL Written Ginger! e-mail me about writing for LIB, wd ya?)
Thats why we need to PUT you in office Jeremy!! and get this country back to who it belongs…the people not the politicians!
Vote for me and all citizens will get free credit cards and a free coochie coupon (or blow job voucher) redeemable at your local massage parlor. If the gov’t can live in debt and spend tax money on whores, why can’t we?
BAHAHAHAHAHAHAHAHA ! not laughing at any individual poster , laughing at all of them L M A O !
Travis, ewe just spit yor corn on me while laughing, watch it!