Plan C McConell - Give Obma Authority to Raise Debt Limit

[Scataphagos]

Quote from rcj:

Heh Heh.

Lets do it.


McConnell fall-back plan leaves debt ceiling hikes to Obama
By Alexander Bolton - 07/12/11 03:07 PM ET

Senate Republican Leader Mitch McConnell (R-Ky.) on Tuesday laid out a plan that puts the responsibility for increasing the debt limit squarely on President Obama.

McConnell has called for Congress to pass legislation authorizing Obama to make successive requests to increase the debt limit.

Under the legislation, Congress could only block those requests by passing resolutions of disapproval, which would have to be supported by two-thirds of both the Senate and House to overcome an expected presidential veto.

http://thehill.com/homenews/senate/...k-plan-that-leaves-debt-ceiling-hike-to-obama

What a TURD! Planning for the trouble and wanting to say, "It wasn't our/my fault.. blame Obama". That's BS. Congress needs to grow a pair and start living up to their Constitutional mandate and THE OATH TO UPHOLD IT!

If Congress goes along with this... they might as well just line up on the White House steps and cut off what's left of their balls!!

 

[rcj]

Quote from GTS:

Umm, this is a temporary measure not a permanent change in handing the power to raise the debt ceiling to the executive branch.

I don't like the way it sounds either but considering the alternatives I don't see how the republicans have much choice - they don't want to be seen as causing the gov't to stop making SS and veterans payments which is what the dems are already prepping the blame for and I fully agree that they should not have to raise taxes when what we need is to reign in govt spending.

Obama pretended to offer to make sweeping spending cuts so that he can claim that he is a great leader but the details of his offer were (as always) to back-load the suffering so that the real heavy lifting wouldn't come until later....so its more taxes now and deferred spending cuts (that could easily be overturned later on) Remember that everyone is talking about a 10-year plan - what a joke.

The republicans don't want to hand Obama anything that looks like a victory that he can use to bolster his credibility going into next years elections....that's what this is all about.

Pretty much what im thinking, GTS. The game is all about 2012
elections.
Sen McConell may be the NEW Carl Rove.

 

[rcj]

Bloomberg Editorial ...

Congratulations to Senator Mitch McConnell for suggesting a strange but plausible device to avoid a U.S. government default, should talks on a debt-limit deal break down. Let’s agree to forget the recklessness, cynicism and intellectual incoherence that have characterized this debate and just say: Good, now let’s get on with the hard work. ...
http://www.bloomberg.com/news/2011-...s-new-political-seriousness-on-debt-view.html

 

[Random.Capital]

Quote from GTS:

...the republicans have much choice - they don't want to be seen as causing the gov't to stop making SS and veterans payments...

Neither party is proposing a meaningful, detailed plan.

Obama successfully called the GOP bluff, and defanged the Tea Party wing of the GOP in the process. This proposal was McConnell's concession speech, and in all likelihood, a 9 inch nail in the coffin of the GOP's 2012 presidential chances.

I don't view any of this as a positive development for the future health of the US economy.

"Intellectual incoherence" is a perfect descriptor for what we've witnessed.

 

[schizo]

Simply put, Republicans are retards. They don't know how to govern; all they know is how to point score politically. And yet, they don't and/or can't even do that without a major hiccup. For instance, they want to gut entitlements to the poor and the elderly but they want to keep tax cuts for the wealthy. Everything they spit out is one contradiction after another. Lets not forget, most of these tea-partiers are quite well off financially.

But more importantly, we ALL care about the economic health of this country, regardless of our political affiliation. However, the Republicans sound as if only they care. That is plain false. Democrats equally worry about the national debt and what the future might hold for their indebted great-great-grandchildren.

 

[Scataphagos]

Quote from schizo:

"... Democrats equally worry about the national debt and what the future might hold for their indebted great-great-grandchildren.

Yet they advocate for ever increasing transfer payments to present recipients which will be a lifelong burden on their own children and grandchildren.

You're Leftist whining doesn't fly.

 

[achilles28]

Great great grandchildren?

It won't be 4 years until the national debt wrecks the economy.

 

[zdreg]

Quote from achilles28:

While Canadas federal debt is the envy of the G20, it's economy is still heavily reliant on exports to trading partners who are nearing a severe Depression. Namely, the US and Europe. Further, Canadas economy is overweight in resource extraction and FIRE (Financial, Insurance, Real Estate). Therefore, the inevitable collapse, if deflationary, will route commodity prices, equities, banks, and Canadas 30-year housing bubble which has yet to pop. Canadian consumer debt-to-income is making all-time highs. Not exactly a bullshit indicator. It's only a matter of time before Europe contagion sinks global markets. On the plus side, Canada does have room for a shitload of deficit spending, once the perfect storm hits.

that's the problem. people,like yourself, who believe that deficit spending is the answer to a problem which is nonexistent in the 1st place i.e. deflation. deflation should be allowed to take place as it is a normal part of the business cycle. it cleans out the excesses of the previous boom and allows for the proper reallocation of economic resources. if not we will end up destroying the currency.

 

[achilles28]

Quote from zdreg:

that's the problem. people,like yourself, who believe that deficit spending is the answer to a problem which is nonexistent in the 1st place i.e. deflation. deflation should be allowed to take place as it is a normal part of the business cycle. it cleans out the excesses of the previous boom and allows for the proper reallocation of economic resources. if not we will end up destroying the currency.

lol Where did I say deficit spending is the answer? Please show me.

 

[GTS]

Quote from schizo:

For instance, they want to gut entitlements to the poor and the elderly but they want to keep tax cuts for the wealthy.

Gut entitlements? Oh I think you meant to say force entitlement spending down to a level that this country can actually afford vs the fantasy levels of giveaways that we have grown accustomed to.

Keep tax cuts for the wealthy? Oh, you mean maintain the status quo. Funny you didn't say anything about them wanting to keep tax cuts for the middle-class or maintaining no income tax for the poor. Liberals: Never pass up a chance to demagogue.

Its funny how liberals treat other people's money like it belongs to the gov't and they should be thankful that the gov't lets them keep any of it.

Here's a clue - you could tax the top earners any rate you want and you still won't come close to closing the budget deficit. So that means you have to "gut entitlements" or tax the middle-class to balance the budget - can't wait to see which poison the democrats wish to take.