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2011-07-01 Home Front: Politix

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Posted by Fred 2011-07-01 00:00|| || Front Page|| [11129 views ] Top

#1 Republicans have been demanding heavy spending cuts to narrow a $1tn budget deficit.

The federal government under Obama is spending about $1 trillion more than in 2008. Coincidence?

Posted by Eohippus Phater7165 2011-07-01 01:16|| 2011-07-01 01:16|| Front Page Top

#2 Has anyone considered that a failure to raise the debt limit is an instant balancing of the budget?

Posted by Anguper Hupomosing9418 2011-07-01 01:36|| 2011-07-01 01:36|| Front Page Top

#3 Had a long conversation with my pop about this last night. Call me on our logic:
1. Keep debt ceiling as it is today
2. Since there will be no more borrowing, find funds to service debt by reducing entitlement spending immediately (thus avoiding default and retaining AAA credit rating)
3. When populace bitches about shrinking feed trough, have the entitlements insolvency discussion that everyone's avoided for decades.

Besides, I'm not so sure that default would be a bad thing anyway. Busting us down to a 'B' rating would be a good (albeit painful) wake-up call for alot of people and force this country to confront a bunch of demons. We *are* a frickin credit risk.

Posted by Blossom Forkbeard2446 2011-07-01 11:20|| 2011-07-01 11:20|| Front Page Top

#4 Since there will be no more borrowing, find funds to service debt by reducing entitlement spending immediately I haven't found the figures that say that would be enough. The pundits all seem to take it for granted there isn't enough government income to maintain the current national debt, which I very much doubt. I would like to see the figures. Certainly some departments could have their funding terminated totally & the country would be better off for it, e.g., Dept. of Education. Unfortunately paying congressmen is a constitutional mandate. Obama is intransigent & would rather have the US default than let up on his agenda. Maybe default IS his agenda. Zero has shown zero intention of cutting his pet spending projects.

Posted by Anguper Hupomosing9418 2011-07-01 11:59|| 2011-07-01 11:59|| Front Page Top

#5 Zero's been patient for several weeks now. it's time to let him have his way.

I'm just afraid default is his way. He thinks he can blame it on the Pubs.

Posted by Bobby 2011-07-01 12:09|| 2011-07-01 12:09|| Front Page Top

#6 ...except default also is the result of the Donk plan anyways. It just kicks it down the road with even greater ruin when it hits.

Posted by Procopius2k 2011-07-01 13:50|| 2011-07-01 13:50|| Front Page Top

#7 I've been wondering the same thing about default. If borrowing ever increasing amounts is the problem, and defaulting makes it harder to borrow, it might hurt our pride but it sounds like a step in the right direction.

Certainly better to fix our own house though.

Posted by rjschwarz 2011-07-01 14:45|| 2011-07-01 14:45|| Front Page Top

#8 "shared sacrifice" means he plays golf and goes to Marthas Vinyard and you pay for it.

Posted by newc 2011-07-01 15:00|| 2011-07-01 15:00|| Front Page Top

#9 shared sacrifice

In olden times, when things would go badly, they'd try to propitiate the Gods by sacrificing the Royal family.

Posted by g(r)omgoru 2011-07-01 15:33|| 2011-07-01 15:33|| Front Page Top

#10 Link to great Economist article on America's Debt Ceiling. Warning: can get 'heavy' at times, but worth the read.
http://www.economist.com/node/18866851

Posted by Blossom Forkbeard2446 2011-07-01 15:50|| 2011-07-01 15:50|| Front Page Top

#11 The pundits all seem to take it for granted there isn't enough government income to maintain the current national debt...

Maybe not at the current level of spending.

Posted by Ebbang Uluque6305 2011-07-01 16:06|| 2011-07-01 16:06|| Front Page Top

#12 Presently, we're just looking at a technical default - like paying your credit card bill a few days late. Interest payments are far below revenues, so kicking the can down the road works for now. When it doesn't anymore, TRUE default will piss off our foreign creditors far beyond any of their posturing over that cowboy Boosh.

Frankly, I kinda like the idea. In his usual flip tones, B.O. could just shrug, "if I owe you $100, I have a problem. If I owe you a million dollars, you have a problem. See ya." Although that might put a dent in campaign donations from abroad.

Unfortunately paying congressmen is a constitutional mandate.
Yeah, but it doesn't say how much. $1 a year till we're back in the black seems like a good place to start.

Posted by RandomJD 2011-07-01 21:09|| 2011-07-01 21:09|| Front Page Top

23:14 Pollyandrew
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