Theodore's World: Another Day At The Debt Ceiling Drama

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August 01, 2011

Another Day At The Debt Ceiling Drama

Obama announced on Sunday that Democrats and Republicans leaders have reached an agreement to reduce the U.S. deficit and avoid default.

Obama said the agreement will cut about $1 trillion over 10 years.

The bipartisan plan will be presented to Congress on Monday, Senate Majority Leader Harry Reid said.

"Leaders from both parties and in both chambers will present this agreement to our caucuses tomorrow," Reid said on the Senate floor.


The Wall Street Journal

House Speaker John Boehner (R., Ohio) appears to be balking at the debt ceiling deal that Senate Democratic Majority Leader Harry Reid of Nevada has signed. Mr. Boehner is concerned about provisions in the deal that could lead to sharp cuts in military spending, say people familiar with the situation. House aides have warned that just because Mr. Reid has signed off on the deal doesn’t mean the deal is done.

House Dems 'May Not Be Able to Support' Deal : Pelosi

International Business Times

A deal to raise the federal debt ceiling and avoid the first ever U.S. default is "very close," but House Democratic Leader Nancy Pelosi said Sunday there is a chance they may not pass it.

"We all may not be able to support it, or none us may be able to support it," Pelosi told reporters late Sunday night.

Pelosi has scheduled a Democratic caucus meeting for Monday. Both that meeting and the GOP’s noon confab will be crucial for both parties to gauge the support of their members.

“I look forward to reviewing the legislation with my caucus to see what level of support we can provide,” Pelosi said in a Sunday night statement.

Rep. Emanuel Cleaver , current leader of the Black Caucus, says the debt deal is a “sugar-coated Satan sandwich.”

Roll Call

Barack Obama’s rightward lurch to reach a $3 trillion deficit reduction deal with no guarantee of additional revenues had liberals fuming and Republicans all but declaring victory Sunday afternoon.

With time running out to reach an agreement to raise the debt ceiling before Tuesday’s default deadline, Obama moved dramatically in the direction of the GOP, according to Senators and aides in both parties…

Rep. Emanuel Cleaver, chairman of the Congressional Black Caucus, said early reports of the new deal appeared to be “a sugar-coated Satan sandwich.” The Missouri Democrat said the CBC hadn’t yet made a formal declaration that the group would oppose it, “but this is a shady bill.”


Wild Thing's comment........

What a soap opera this all has been and continues to be.

Can you imagine if everyone of the elected politican in both parties, everyone of them loved our country, was NOT a socialist, communist, Marxist, racist you name it like so many we know are to the would be a breeze to get this all done. It would not have happened in the first place.

Posted by Wild Thing at August 1, 2011 03:50 AM


This ain't over !

The fiscal problems of the government of the United States have just begun.

Posted by: Carlos at August 1, 2011 05:29 AM

They talk about the raising the debt ceiling but no details. Is there a balanced budget Amendment somewhere in this, or is this all smoke and mirrors again. What logic is there, if you raise the debt ceiling by 2 Trillion dollars, and cut 2 trillion dollars. Why raise it at all, go with what you got and just cut the 2 Trillion dollars. It seems to me obama won another one. And we the people got rolled again, to the tune of 2.2 Trillion bucks. They say the Treasury is going to borrow this money. From whom? From the Fed. Where'd they get it. This is where the smoke and Mirrors comes in, They are printing paper money. What is backing up this new found cache of paper, why nothing, the value of the United States government. What cuts do they intend, why Military Cuts.

This whole thing is bullshit.

Posted by: Mark at August 1, 2011 07:41 AM

It all boils down to one simple phrase “Lack of accountability by the American Voter and public”.
I split Voter and public because of the large amount of people who chose not to vote for what
Ever reason. There is no excuse for not voting unless you’re dead. From the Executive to the
Judicial and on to the legislative they have the warped concept that we work for them not the
Other way around. Till the American voter holds government accountable nothing will change.
We have the power and we need to use it, not only in the voting booth but in the venues of
Impeachment and Recall elections. Life is a compromise and both parties need to work together
And if they don’t then remove the problem, eventually it will come to their attention that we are
Serious. America has voted centrist forever and this country is centrist and neither party can win
Without the independent voter. So pay attention to what is going on and act on it and vote in your
City ,school board ,state and national elections and remember unless you’re dead Vote. I don’t
Care if it’s 105 or 40 below go vote…

Posted by: Gator at August 1, 2011 09:47 AM

No winners here, if this goes through.

I would not be so sure that the Obama Administration and the Democratic controlled Senate will abide by the content of this.

It is not part of the Democratic/Progressive political belief that the economy can be sustained, without raising taxes.

Like Mark said, what is gained by raising the ceiling by 2 Trillion and then executing 2 Trillion in cuts. The large percentage of which concern the military.

Very predictable to watch the welfare promoting Black Caucus immediately get in front of the mikes and play the race card.

Next up, getting rid of Obamacare, although I think it may be too late.

Posted by: Sean at August 1, 2011 10:30 AM

Looks like obama got a free ride. This compromise puts off the next debt ceiling/deficit spending debate until after the 2012 elections. So this is one less frustration for him to deal with as he campaigns for reelection.

Ah, yes! Compromises have worked so well for Repubs over the years.

Posted by: TomR, armed in Texas at August 1, 2011 01:09 PM

Thanks everyone, such great input.

I agree too, I will never trust Obama and his democrats to abide by any of this.

Posted by: Wild Thing at August 2, 2011 04:24 AM