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They had about 10 days left before the government would run out of money. Given the global importance of U.S. Treasury securities, failing to extend the debt limit could trigger a worldwide economic meltdown.
Boehner said he believed that he and the others — Senate Minority Leader Mitch McConnell, Senate Majority Leader Harry M. Reid and House Minority Leader Nancy Pelosi — had a plan. He told Obama: We think we can work this out. Give us a little more time. We’ll come back to you. We are not going to negotiate this with you.
Obama objected, saying that he couldn’t be left out of the process. “I’ve got to sign this bill,” he reminded the leaders as they sat in the Cabinet Room off the Oval Office.
“Mr. President,” Boehner challenged, “as I read the Constitution, the Congress writes the laws. You get to decide if you want to sign them.”
This brings us to the most important aspect of the debt ceiling “crisis” that the Republicans are ignoring.
If Republicans become obsessed with their agenda and refuse a reasonable deal, and the Democrats do not cave, the executive branch will be faced with an inability to continue its operations. This could mean, for example, that the troops in the various wars could not be supplied or paid, that air traffic controllers could not be paid, that the US government could not roll over the debt that comes due or issue the new debt that pays for 43% of federal budget expenditures. A shutdown today would be different in its reach from the Newt Gingrich government shutdown in the 1990s. Then the federal government got by with shutting down "nonessential government.” A shutdown today would require halting 43% of federal expenditures. If we were to include the wars, nonessential spending might actually total 43% of expenditures. But, of course, Republicans don't want to include the wars with nonessential spending.
The US dollar could plummet in exchange value and lose its role as world reserve currency. The US would no longer be able to pay its oil bill in its own currency, and as its balance of payments is heavily in the red, the US has no foreign currencies with which to pay its oil import bill. Or its manufactured goods import bill, or any other bill.
We are talking about a crisis beyond anything the world has ever seen. Does anyone think that President Obama is going to just sit there while the power of the US collapses? He doesn’t have to do so. There are presidential directives and executive orders in place, put there by George W. Bush himself, that President Obama can invoke to declare a national emergency, suspend the debt ceiling limit, and continue to issue Treasury debt. This is exactly what would happen.
The consequences would be that the power of the purse would transfer from Congress to the President. It would be the end of the power of Congress. Congress, Republicans and Democrats alike, have already given away to the President Congress’ Constitutional right to decide whether the country goes to war. Now Congress would lose its power over debt, taxes, and the budget itself.
Republicans need to decide whether the advantage of delivering a blow against “leechdom” is worth such extreme risks.
Originally posted by sad_eyed_lady
reply to post by RealSpoke
Souce link:
Inside story of Obama’s struggle to keep Congress from controlling outcome of debt ceiling crisis
By Bob Woodward, Saturday, September 8, 5:57 PM
I know you are young, but this Woodward guy has some big credentials.
Originally posted by Wrabbit2000
End run around the White House? Why that arrogant little potentate! He needs to think back to all those Constitutional Classes he CLAIMS to have taken and passed. The White House has *ONE* role in the budget process and *ONLY ONE ROLE*. They either sign or veto what is presented to them by the joint houses of Congress following the House and Senate agreeing to the Congressional version for presentation to the President.
He doesn't get credit...he doesn't deserve blame. At least not in NORMAL times.... Now though, the lines are there to be blurred or erased entirely and divisions of power between branches seem only to mean something when it's the White House dividing power FROM the others, never respecting those lines where they CANNOT GO.
I say this for ALL of Congress. Not just the Republicans..and it sounds in all this as if Reid at least understands that. What is good for the Goose is good for the Gander and this new Presidential "authority" to force themselves upon the budget process WILL be done by the next Republican President just the same as THIS one. The Republican version will be just as wrong as Obama....but precedent being set is one more chunk of Congressional Authority ceded, if this is all allowed. Fortunately, it was NOT allowed in the end.
Even if the lack of a deal doomed us......making a deal under White House pressure would have been far worse. Not right now, perhaps...but who is the President next term or 3 terms from now? Precedent doesn't care.....just look at the Patriot Act for another example of EXCEPTIONALLY short sighted thinking by a President and the nation eager to support him.
Predatory Lenders' Partner in Crime
By Eliot Spitzer Thursday, February 14, 2008
Several years ago, state attorneys general and others involved in consumer protection began to notice a marked increase in a range of predatory lending practices by mortgage lenders. Some were misrepresenting the terms of loans, making loans without regard to consumers' ability to repay, making loans with deceptive "teaser" rates that later ballooned astronomically, packing loans with undisclosed charges and fees, or even paying illegal kickbacks. These and other practices, we noticed, were having a devastating effect on home buyers. In addition, the widespread nature of these practices, if left unchecked, threatened our financial markets.
Predatory lending was widely understood to present a looming national crisis. This threat was so clear that as New York attorney general, I joined with colleagues in the other 49 states in attempting to fill the void left by the federal government. Individually, and together, state attorneys general of both parties brought litigation or entered into settlements with many subprime lenders that were engaged in predatory lending practices. Several state legislatures, including New York's, enacted laws aimed at curbing such practices.
Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye.
Originally posted by Carseller4
Obama is such a terrible leader.
Leaders get things done. Obama is just full of excuses as why he can't.
Secondly...it is only IF and when a bill miraculously makes it through committee and passes a House vote AND a Senate vote that it finally makes its way to the President's desk for signing or vetoing. Considering the power over the flow of legislation that is given to the Speaker upon introducing a bill, there is a certain amount of power wielded by the Speaker regarding how long it takes for that bill to be presented for signing or vetoing by the President.
H.R. 872, the Reducing Regulatory Burdens Act • Introduced by Rep. Bob Gibbs (OH) on March 2, 2011 • Passed the House by a vote of 292-130 on March 31, 2011 • Senate has taken no action to date
H.R. 910, the Energy Tax Prevention Act • Introduced by Rep. Fred Upton (MI) on March 3, 2011 • Passed the House by a vote of 255-172 on April 7, 2011 • Senate has taken no action to date
H.R. 37, a Resolution of disapproval regarding the FCC’s regulation of the Internet and broadband industry practices • Introduced by Rep. Greg Walden (OR) on February 16, 2011 • Passed the House by a vote of 240 to 179 on April 8, 2011 • Senate has taken no action to date
H.R. 2018, the Clean Water Cooperative Federalism Act • Introduced by Rep. John Mica (FL) on May 26, 2011 • Passed the House by a vote of 239 to 184 on July 13, 2011 • Senate has taken no action to date
H.R. 1315, Consumer Financial Protection & Soundness Improvement Act • Introduced by Rep. Sean Duffy (WI) on April 1, 2011 • Passed the House by a vote of 241-173 on July 21, 2011 • Senate has taken no action to date
H.R. 2587, Protecting Jobs From Government Interference Act • Introduced by Rep. Tim Scott (SC) on July 19, 2011 • Passed the House by a vote of 238-186 on September 15, 2011 • Senate has taken no action to date
Originally posted by liveandlearn
In all fairness we should also take a look at the other side, the Senate. Here is just a partial list of the jobs bills that Harry Reid never allowed to come up for a vote in the Senate. Below is just 6 of 18 jobs bills.
H.R. 872, the Reducing Regulatory Burdens Act • Introduced by Rep. Bob Gibbs (OH) on March 2, 2011 • Passed the House by a vote of 292-130 on March 31, 2011 • Senate has taken no action to date
H.R. 910, the Energy Tax Prevention Act • Introduced by Rep. Fred Upton (MI) on March 3, 2011 • Passed the House by a vote of 255-172 on April 7, 2011 • Senate has taken no action to date
H.R. 37, a Resolution of disapproval regarding the FCC’s regulation of the Internet and broadband industry practices • Introduced by Rep. Greg Walden (OR) on February 16, 2011 • Passed the House by a vote of 240 to 179 on April 8, 2011 • Senate has taken no action to date
H.R. 2018, the Clean Water Cooperative Federalism Act • Introduced by Rep. John Mica (FL) on May 26, 2011 • Passed the House by a vote of 239 to 184 on July 13, 2011 • Senate has taken no action to date
H.R. 1315, Consumer Financial Protection & Soundness Improvement Act • Introduced by Rep. Sean Duffy (WI) on April 1, 2011 • Passed the House by a vote of 241-173 on July 21, 2011 • Senate has taken no action to date
H.R. 2587, Protecting Jobs From Government Interference Act • Introduced by Rep. Tim Scott (SC) on July 19, 2011 • Passed the House by a vote of 238-186 on September 15, 2011 • Senate has taken no action to date
remainder here
And as I recall, as soon as the full 'audit the fed' was passed the house 327 to 98, Reid said it would not be put up for vote.
What bill # is that one, do you know? I can look it up but later...I'm out of time for the moment.