Obama, Congress Reach a Debt Deal

WASHINGTON (AP) — President Barack Obama and Republican congressional leaders reached historic agreement Sunday night on a compromise to permit vital U.S. borrowing by the Treasury in exchange for more than $2 trillion in long-term spending cuts.

Officials said Republican Speaker John Boehner telephoned Obama at mid-evening to say the agreement had been struck. No votes were expected in either house of Congress until Monday at the earliest, to give rank and file lawmakers to review the package.

news.yahoo.com...
www.reuters.com...
Obama Video Announcement

Congress still needs to vote on it, and that could still be a tricky proposition. However, a "last minute" deal has been struck. Lets see where this goes.

Personally I am of the opinion that this is just giving an addict more "crack", so to speak. Politics has become the art of obtaining money from the rich and votes from the poor on the pretext of protecting each from the other. This whole discussion (if you could call it that) shocked me a bit. Instead of coming up with real solutions, this just divided the country upon typical party lines, to the extent that it degraded into childish political name calling and "my team is better than your team" theatrics.

reply to post by METACOMET


It was always going to happen, our future has already been planned out for us by the puppet masters.

reply to post by METACOMET


And your thoughts on this? Tis courtesy and T&C to add something besides a quote and link. Seize the moment yo! Anyhoo, glad some middle ground was reached, now let's see how the voting goes.

spec

reply to post by michaelmcclen


Well, I personally agree with that up to a point. Though, I think it is more likely that a deal was struck at this time due to fears on both sides of the aisle as to what the market would have done tomorrow if they hadn't made some kind of positive announcement .

reply to post by METACOMET
Whoooo Hooooo!!!!!

Let's go run that tab up again.

"Honey..... We're goin to Red Lobster!!!!!"

i predicted that this would happen on august first...oops off by 1 day...

I am not convinced.
1 Trillion over 10 years will not be enough to keep our credit rating from being downgraded. And the whole trauma behind default is to keep the credit rating.

The TP no folk have been on my nerves the last couple of weeks. But they should say no on this one and I hope that there are enough of them

If we don't have at least 3 trillion in reduced debt over ten years we will not keep our rating.

This isn't going to cut it.

Originally posted by METACOMET

WASHINGTON (AP) — President Barack Obama and Republican congressional leaders reached historic agreement Sunday night on a compromise to permit vital U.S. borrowing by the Treasury in exchange for more than $2 trillion in long-term spending cuts.

Officials said Republican Speaker John Boehner telephoned Obama at mid-evening to say the agreement had been struck. No votes were expected in either house of Congress until Monday at the earliest, to give rank and file lawmakers to review the package.

news.yahoo.com...

Congress still needs to vote on it, and that could still be a tricky proposition. However, a "last minute" deal has been struck. Lets see where this goes.

edit on 31-7-2011 by METACOMET because: fxlnk

water is wet

sky is blue

women cheat

and the republicrats decided to screw the middle class some more.

tomorrow is monday.

Well yipee.... 2 trillion in long term spending cuts. I suppose that might sound dandy if we hadn't added nearly that much in ANNUAL spending within the last few years. Obama and Bush did it, but this 2 trillion over the long term doesn't even bring us back to spending levels at the time Obama took office.

If this is the final arrangement, I believe this is one of the plans Moodys said won't even make a difference to their downgrading U.S. debt ratings...and why should it? This is smoke and mirrors with stinky smoke and rather filthy old mirrors.

Amazing that this manufactured crisis was solved right before the Asian Markets opened! I'm stunned that they were able to "work out a deal" at the 11th hour before the US defaulted!

I'm simply speechless.

reply to post by METACOMET


$1 trillion in cuts is BS. What that means is that instead of being $25 trillion in debt in 10 years, we're $24 trillion in debt. BS and total political BS. What we need is to balance the budget by raising revenue for the rich, closing tax loopholes, and cutting spending to have a balanced budget or slight surplus.

Originally posted by mossme89
reply to post by METACOMET

 

$1 trillion in cuts is BS. What that means is that instead of being $25 trillion in debt in 10 years, we're $24 trillion in debt. BS and total political BS. What we need is to balance the budget by raising revenue for the rich, closing tax loopholes, and cutting spending to have a balanced budget or slight surplus.

Ding! Ding! Ding! We have a winner! Somebody get that man elected.

Kinda sick how many of you where hoping America would fail.

Willing to put so many through so much all because of a political ideal you hold.. Meh, people act like children, its no wonder we have been on pause for so many years. Its a team sport, you cheerleaders should be proud of yourselves.

I just listened to Boehner on Rush Limbaugh. Rush asked him..."So this means Obama gets his $2.4trillion immediately, but the spending cuts are spread out over 10 Years?" Boehner said Yep, that's the way things are done in Washington. Then he wallowed in some talk of a balanced budget amendment.

Same ol' same ol'.:shk:

Originally posted by METACOMET
reply to post by michaelmcclen

 

Well, I personally agree with that up to a point. Though, I think it is more likely that a deal was struck at this time due to fears on both sides of the aisle as to what the market would have done tomorrow if they hadn't made some kind of positive announcement .

Dow futures up 155 points. Doom averted and kicked down the road again. Looks like the Wall Street banksters got to the corrupt politicians. Corruption just trumped corruption to make everything just peachy again with this do nothing debt deal.

This bill is complete BS and I think everyone knows it. But hey, they had to appease the Wall Street banksters at the last minute!

Originally posted by mossme89
reply to post by METACOMET

 

$1 trillion in cuts is BS. What that means is that instead of being $25 trillion in debt in 10 years, we're $24 trillion in debt. BS and total political BS. What we need is to balance the budget by raising revenue for the rich, closing tax loopholes, and cutting spending to have a balanced budget or slight surplus.

Where is Slick Willy when we need him?

reply to post by Stargate2012


So you have already read the bill? Or you just jumping the gun?

I was hoping for default. I was looking forward to burning down Washington, eating rabbits and living of the fat of the land.

reply to post by METACOMET


2 trillion over 10 years, that's 200 billion a year.

a half honest foreign policy could save that much just in military spending.

the USA has between 500 to 700 military bases around the world.

the cold war ended 20 years ago, yet we are still in Guantanamo.

is there a sane person on this planet who believe Cuba could or would attack the USA.

it's all just layers of corruption.

the corrupt politics of the right wing in Florida is why we are wasting american tax dollars in Cuba.

with so much dishonesty, how can you balance a budget?

This is nothing but a plaster on an amputated leg. It's just kicking the can down the road, this will do nothing but prolong the inevitable - Uncle Sam can't pay his bills, I can hear moody's at the door...
seekingalpha.com...