How do you see the debt ceiling issue being resolved?
The U.S. National Debt Clock billboard is displayed on July 11, 2011 in the New York City. The national debt exceeds over $14.3 trillion.(PHOTO CREDIT: GETTY IMAGES)
FROM CNN's Jack Cafferty:
President Obama and Congressional leaders from both parties met behind closed doors at the White House this afternoon to discuss a deal on the debt ceiling - the second time in two days. All parties are still pretty far apart.
Both Republicans and Democrats have laid down ultimatums– Republicans have said everything's on the table except tax increases. Democrats have said they will not agree to a deal based solely on spending cuts. The President has proposed his own deal– a 10-year, $4 trillion plan that tilted 4-to-1 in favor of spending cuts. Boehner said it was dead on arrival.
And the clock is ticking...If they don't reach an agreement by August 2nd, the U.S. could default on some of its loans...and that could send stock markets tumbling, shoot interest rates sky high and cause the dollar to plummet. Both sides in the debate know this. Right now it seems to be a game of chicken - who will blink first. But this time the stakes couldn't be much higher. And it will be interesting to watch the head-on collision between politics and the reality of default. They're juggling hand grenades here.
The president has ruled out signing a short-term extension of the federal debt ceiling. And with just a few weeks left the rhetoric more resembles school yard trash talk than statesmanship. If you're not worried about the outcome of this, you probably should be.
Here’s my question to you: How do you see the debt ceiling issue being resolved?
Interested to know which ones made it on air?
Greg in Arkansas:
The question of raising the debt ceiling has been resolved for weeks. It will be raised. The only purpose of these 11th hour meetings is to come up with the best way to "spin" the announcement of an agreement so both sides can claim victory and hedge their position with the voters when the reality of spending cuts and tax hikes take effect.
Ed in Texas:
Reductions in spending and tax increases are both needed to reduce the deficit and the debt. That seems rational, which also means it won't happen.
Pat in Michigan:
If Congress had any sense (and they don't) they would cut all programs by 10% for the foreseeable future. Reduce tax deductions on all brackets by 10% of what they are now. Let our allies who we pay to be our allies know the faucet is shut off till we get our house in order. Have no new programs till the budget is balanced and we have a surplus. When we get a surplus, then refund social security to full benefits. We share the burden together or we go down in flames together.
Joe in Houston:
It won't be resolved... they'll just increase it and then they'll add more debt. It won't be resolved until the dollar is valueless.
James:
I see the debt ceiling, deficit, and political folly in general being solved by the American people deciding enough is enough. You'll know that when you see American people doing what the folks in the Middle East, Greece, and other countries have already shown the courage to do. The Democrats won't cut spending and the Republicans are living in some cutesy fantasy land where the rich have forgotten that if the middle class goes down, so does the wealth of this nation.
Russ in Pennsylvania:
History shows that Congress will kick the can down the road. At some point that poor can is going to find that said road ends where the precipice begins. We should probably wish that poor can well while we can, as continued spending by government will cost us our own cans as well.
@jackcafferty on Twitter
They have to while over spending got us here we can stop printing money and cut back on exspendes to hold off bankrupting our country . chuck paree anderson in
President should keep pushing the "Big Deal". Show that he's willing to do what he is hired to do. President should say "It is either the big deal, or no deal. Democrats will vote to raise the debt limit with no budget cuts IF Necessary. Republicans will be in the hot seat. They they play hard ball and cause the nation to default? I still want to see the BIG DEAL. Lets make it happen. Democrats and Republicans both need to step up, do their job.
President Benedict Obama will succeed in doing what no Republican president has been able to accomplish. Initiate the tearing apart of social security. I'm so sick that I ever endorsed, supported or campaigned for the Turncoat.
The French, oops Democrats will surrender again.
They way things are always settled in the modern United States: The Republicans risking the very existance of the US to get what their puppet masters want and Democrats, knowing that the media is in the hands of the Republicans and any crash will be blamed on them anyways, caving to their demands in the name of "comprimise" even though it's not a comprimise.
That's easy.............................LOWER it by at least 50%.
Republicans will stand firm and refuse to compromise, Wall Street will drop hundreds if not thousands of points in a matter of minutes, Republicans will agree to compromise.
I see it going one of two ways.
They'll either come up with a short term deal and keep arguing, which will just kick the can down the road, or they won't come up with a deal that will get through the House by Aug. 2, and Obama will invoke the 14th Amendment to prevent the government from defaulting.
This will allow the government to borrow to cover the debts Congress has already authorized (i.e. the national debt), and remove the Republicans' threat to destroy the global economy unless the Democrats give in to their blackmail demands.
The argument about spending cuts and revenue enhancement will move to the 2012 budget bill, where it really belongs.
It will be resolved as usual; a few hours past the deadline the congressional morons will raise the debt ceiling and Obama will have given away the farm.
He has made so many concessions, the only things left that he can still give away is to eliminate Social Security, Medicare, Medicade while giving corporations even more welfare. And the wealthiest Americans will no longer have to pay taxes – that is, those who haven’t found a good tax lawyer and are still paying one or two percent.
Jack: Politics and governance are two different things. The time for politics has been over on this issue for several months. Governance is a give and take proposition between elected officials in Congress and the Executive Branches to solve the issue. No one wants to default on United States debt, but this is what will happen, if the debt ceiling is not raised. It is time to give some and time to take some, but in the end the good faith and credit of this nation must be preserved. A bloody middle class revolt is possible, international failure of financial banks and lost fortunes of millions. Choas!!
I would urge the Republicans and the Democrats to just do a separate piece of legislation to raise the debt ceiling and resolve to address the the issues around the deficit within the next 60 days. The President and his Treasury Secretary initially asked that the raising of the debt ceiling be treated as a separate issue from the outset.
To the detriment of the American people. Both the President and Rep. Boehner have their preconceived notions about what is best for the American people, and neither has spent any appreciable time as one, both being part of the government, not-for-profit, academic world, where no productive work is ever done. How can people who have never worked for a living understand what we need?
The debt ceiling is my comment. The Republicans have stated how great it will be for the country to cut spending and not raise taxes. If this is so great then lets only cut funds going to those House districts for Republicans congressman. They say they are listening to thier local voters so they should have no problem going home with that as a huge victory for them. We can do really large spending cuts that way 4 trillion or 6 trillion. This should make thier districts really prosper if they believe what they are saying. If it is not good enough for your community then how can it be great for the country. I think if the debate gets put in these terms I think we will be able to get a balance approach. This way the people who voted for thier elected officials can feel the effects of thier vote. As a member of the House you represent your district so let your vote only effect your district. I am from Houston Texas
Jack,
With the ideology of the gop,the debt ceiling won't be resolved until Hell freezes over. With global-warming seeming to be happening,even Hell may never freeze over.
Greg M. FL
Jack,
Assuming Obama is serious about not wanting another stopgap measure, and the Republicans are serious about not voting for any new taxes, I don't see the two parties coming together before the deadline. That leaves two possibilities; either the country defaults on its debt obligations or Obama declares the debt ceiling illegal and ignores it. I suspect it will be the latter since default could have pretty terrible consequences.
Jim
Reno, Nevada
Democrats caving to the hostage taking terrorism of Republicans, who only serve the rich, while the rest of us, who have become useless to their corporate masters unless we can consume, can drop dead.
.The debt ceiling will be raised. Spending will be cut temporarily and then 6 months from now we will be revisiting the same issue because we are broke with no way to even pay just the interest on the money we borrowed. Since 1969 we have spent more then we have taken in from tax revenue. This did not happen over night. It has taken many years of wasteful government spending and the lack of political courage to just say NO!!. When you can no longer pay your bills your line of credit should be cut off. Enough is enough.
Stop trying to build a nanny state-stop spending-stop the massive waste-and balance the budget.............the American people do at home every day so why can't congress do that.Why are they not doing that???? Oh my Jack that is so simple.The good ole boys have a good deal and ITS NOT THEIR MONEY.NOTHING BUT NOTHING AND I MEAN NOTHING MATTERS TO THEM EXCEPT """RE ELECTION
I love this country and I feel awful about the people's pain.
David
in the utopian-esque interpretation, Tax the multi national shareholder every corporate year and cut out the shareholder (for profit) inflationary cost of healthcare ( medicare,medicaid,and pharmacuetical )But, most likely the 2 party monopolized "special interest"congress will allow for more printing of u.s. dollars , that u.s. citizen (except for wall st.) wontl get access to , other than the 3rd world industriallists skimming our foolish spending ways to powermongering feudality. all while repressing whole of u.s.
The return of 'Statesmen'. Congressmen who will compromise to do what's right for the country, leave their elected offices after a term or two. I know. Call me Pollyanna from Massachusetts.
That is a good question. We have a Pres in Campaign Mode (as though the American people don't know as he thinks we are all dumb)...however who really is the dumb one?
Joan B
Wi
President Obama is putting up more of a fight this time, but he will cave to GOP demands... again! He'll cave because he cares about every American and the heartless conservatives know it. Just like he caved last December so jobless Americans wouldn't lose their unemployment checks at Christmastime. Only this time the hostage is the world's economy.
I'm not sure: Tea Party folks in the House are adamant not to compromise stating they want to stop Obama and they want to uphold the Constitution. Unfortunatly they haven't read it. The 14th amendment states that our GOVERNMENT shall not put our DEBT into Question! Meaning you will not default on paying your bills! If Congress can raise the debt ceiling every time it has been necessary but not now, then I'd say they are very stupid to jepardize our country to prove some ideal. And congress should inform people that raising the debt ceiling does not mean spending more-it means we PAY the debt we already spent!!!! The Bush administration spent all this money!! Pay it!
How do you see the debt ceiling issue being resolved?
The Democrats are NOT going to touch Social Security or Medicare and the Republicans are going to continue to try to cut their way out of the mess that they left the nation in.
Obama is going to allow the nation to default because of the GOP unwillingness to compromise.
Once the nation is in a uproar over the REPERCUSSION of the GOP refusing to work with this president and Democrats the GOP will "come around". The GOP political capital will be lost.
Not only will Democrats take back the house, senate and WH, I could see a SUPER MAJORITY for the Democrats leaving the GOP in the dust.
The GOP has already been losing ground with Boehner and Cantor walking out on meetings..
Jenna
Roseville CA
As long as Obama is doing the negotiating It will never get solved. The Dems in the house should take him out and flog him. He is a back stabber to his own party. Social security has no business being touched. He can't even compromise with his own caucus. I can't support him anymore. Democrats are going to suffer in 2012 and he does't care. What a joke.
If Congress had any sense(and they don't) they would drop all expenditures on All programs by 10% for the forseeable future.Reduce tax deductions on All brackets by 10%of what they are now. That includes business and millionaires.
Let our allies who we pay to be our allies know the faucet is shut off till we get our house in order.
have no new programs till the budget is balanced and we have a surplus.
When we get a surplus Then refund social security to full benefits.
We share the burden together or we go down in flames together.
Speaker Boehner is operating as if there is such a thing as "Congressional Veto". In his speeches, he states flatly "unless it meets these qualifications, we will not sign." But last time I checked, the only person in any branch of our government that has ultimate Veto power is the President.
The Congress and Senate have the power to say "here are the things we went and here are the things we propose", but only the President gets to say "this is okay and this is not".
Yes, Obama needs to step up and remind the lawmakers of their true roles and duties. But the lawmakers need to get a realistic view of their true responsibility in our country and stop acting as if they've already won the presidential election next year.
Unfortunately, I see Obama caving again to everything the Republicans want without getting anything in return. I was never the biggest fan of Nancy Pelosi, but I am rooting for her now! I can't wait until all of people (who aren't already rich) screaming cut, cut, cut and no tax increase (not even a closed loophole), start seeing the results. Just this morning the local news was saying how much is going to be cut from NYC transit system, wait until those fares start increasing and lets see who is screaming.
Reductions in spending and tax increases are both needed to reduce the deficit and the debt. That seems rational, which also means it won't happen.
The question of raising the debt ceiling has been resolved for weeks,
It will be raised......
The only purpose of these 11th hour meetings is to come up with the best way to "spin" the announcement of an agreement so both sides can claim victory and hedge their position with the voters when the reality of spending cuts and tax hikes take effect.
The days of always getting "something for nothing" from the government.....(you know.....services without taxes) HAVE TO END and "it ain't going to be pretty" when realistic solutions finally replace rhetorical slogans.
Bankruptcy. Politicians do not want to actually solve problems, so they get postponed. Postponing this much debt just leads to one place.
Unitl the Hill takes a good hard look at the budget and the real steps that it will take to balance it, nothing will happen. All the entitlements will need to be cut or revamped. I know I can't spend money that I don't have and the government sure as hell better learn that as well.
I see the appointment of a joint committee with equal partisan representation to work out final compromises, including implementing language, by some date certain with fast track approval in both houses of Congress. I don't see it succeeding until it is clear to the GOP that barring compromise, Obama holds all the cards, from the Constitutional option to stop default to the ability to veto the end product and cut the deficit by simply letting the Bush/Obama tax cuts expire.
I don't.
With both sides dead locked on raising the debt limit lets agree to a temporary extension until we can take a national vote on whether or not to raise taxes on the wealthy. After all these morons were elected to represent the people not special interests. Give voters the choice when our so called leaders are deadlocked on issues. Run government like a business... what do oil companies do when they need to raise revenue?
Gary
Sioux Falls, SD
The only thing I see happening is some kind of patchwork so there is enough votes to get something passed so we won't default on our loans. In order to get something with teeth that will reduce our deficit and get us back on the right track, you need a house speaker that will lead and can stand up to the tea party and do the right thing. I don't see that happening speaker Boehner has become a puppet on strings for the tea party. The only one I see who is willing to negotiate an offering to give up anything is the democrat. The republicans continue to protect the wealthy which really makes them look bad in all of this
The debt crisis won't be resolved, because the GOP won't compromise, therefore, the US will default on its obligations, interest rates will soar and the economy will have a bigger recession than it experienced in the 1930's. Thank you Republicans! Marlene in Mich
I see the capitulator-in-chief caving in to the Teabagging Kochplicans. By raising Social Security to 90y/o, Medicare to 95y/o we don't deserve anything! And giving our Royal leaders (Congress and their families) a huge raise and lowering their retirement and medical benefits, to just running for office is good enough for taxpayer funded lifetime benefits!! It's good to be Royal!! Mr. Boehner....where are the jobs!!1
I'm so tired of hearing republicans trying to stop the tax increases on the rich. They said if they raise taxes they will not create jobs, well hell they haven't created many jobs lately anyways, so it's time to pay up. All the republicans are trying to do is protect there buddies from tax increases and screw the middle class. Congress needs to stop acting like little kids in high chair and remove there damn egos and raise the debt ceiling. I truly believe anything that they can do that negativly against President Obama they will do. Are they afraid that he is going to get relected. Maybe we should start the "Beer party" to beat the tea party clowns. Congress needs to act like grown adults and stop being greedy for once and take care of the American lower and middle class people and not there own pocketbook or the rich, Just for once Please for the average American!!!
GOP is totally unwilling to actually compromise–its their way or the highway. Ron Johnson,(R) WI says we should live within our means–how does that figure when he takes $10M from his company. I live in WI and with property taxes up 20%, gas up over 25%, cost of living up, utilities up, "fees" up, etc and my social security frozen you figure. how about our elected nonrepresentatives take a pay cut like the rest of us–then something will be fixed.
I see the debt ceiling being resolved about three ways:
There is a 50% chance that the U.S. will default!
There is a 30% chance that the Democrats will cave in and allow big cuts in the entitlements.
There is a 20% chance that the Republicans will compromise and allow tax increases along with some cuts in the entitlements–and this is the best deal and a compromise. Unfortunately, it is the least apt to occur.
the Wall Street bankers will tell their Republican congressional employees to STOP screwing around and RAISE to debt ceiling before they DESTROY the world financial markets.
remember the first TARP vote that failed in September of 2008, Jack? that lead to a record market decline not seen since the Crash of 1929. IF the so called "Tea Party" Republicans pull some foolishness like that AGAIN with the debt ceiling, you can expect a re-run complete with Speaker of the House John Boehner once again crying on the House floor for passage just like with TARP in 2008.
If no agreement is reached between Obama and the Congress the debt ceiling will resolve itself. I don't know what the full impact will be if we default and I don't think the government does either. As this debacle continues has anyone determined if Timothy Geithner has paid his 2010 taxes? Had the IRS been more deligent and the Geithners of this country paid their taxes maybe we wouldn't have to raise the debt ceiling. This fiasco certainly paints a bleak picture of our government in action.
Gerry
Ash Fork, Az.
Probably a temporary extensio and a hugh amount of time & effort contiuing to be wasted. We need budget reform. Crazy to argue endlesly about the budget and debe limit. President should submit the budget and Congress comment – end of process. If any appropriations are passed that require an increase in the debt ceiling it should be automatic – of you don't watnt to increse he debt, dn't vote the appropriation. We also need a balaced budget Act – tp be phased in gradually.
History shows that Congress will kick the can down the road. At some point that poor can is going to find that said road ends where the precipice begins. We should probably wish that poor can well while we can, as continued spending by government will cost us our own cans as well.
Ron Paul in 2012...
It won't be resolved... they'll just increase it and then they'll add more debt. It won't be resolved until the dollar is valueless.
The debt ceiling will collide with the moon. Then tthey will sell off the country to repay the money they loaned to themselves.
I just don't understand John Boehner!!!! Some of the wealthy people
and some big businesses have said to raise their taxes to help our
debt and he says NO! We the little people and the middle class have had
enough. Our SS doesn't increase and all our Ins., and expenses go up.
It seems we are doing our part and John Boehner needs to take
some hits. The Congress needs to delete their perks and PAY
their own Ins. They need to help us, not hurt us more than they've
all ready done. I know it will take a good while longer to get to
a place where it will be better for all. Please inform CONGRESS
that they need to do more and pay more of their own expenses and
NOT, I mean NOT, give themselves a raise for many years to come.
Thank You and God Bless America. SL
I think what happens here in the States affects the world and we need to realize vis versa. Manufacturing in Europe is steadily falling as it is here. We have to realize we are not an island. Even as Canada stands in good stead now they do quite a bit of trade with the States. This will bring Canada down too, as will what happens in Europe to a much esser degree. I would hope in trying to reach a consensus, both the Democrats and Republicans decide what the common denominator should be in this equation they are trying to arrive at. If taxes won't go and the rich want to keep what they have then debt forgiveness should be the new currency.
Why is it an issue now? The debt ceiling was raised how many times during the Bush years? Five or six. Nobody raised a fuss. We were told "deficits don't matter". Now they do? They did then. They do now. But they shouldn't be a reason to cut vital social services.
The debt ceiling will probably be resolved by again cutting back everything for those of use in the bottom 80%. The rich and the big corporations can breath a sigh of relief. They will win again.
Ruth from Indianapolis
Well, your guess is as good as mine. Perhaps it will go into Overtime, And Overtime, And Overtime. Obama and the Republicians will agree to disagree.
First, how about if all of the Senate and Representaives reduce their salaries by 20% and use the same benifit package as other Federal employees, I should think this would help to reduce the deficit drastically.
Second, cut off most foreign aid. We continue to send funds to the middle east who turn around and fund terrorism against us. Why do we send millions of relief funds when we cannot even take care of our own people. There are many private organizations that help in disasters globally.
I keep hearing, "This is what the American People Want." The American People want Social Security and Medicare left alone. We have paid into it for 30 or 40 years and I would say most of us have little or no other retirement funds to fall back on. We want our borders secured. We want the misuse of these programs to stop!
It is only the very wealthy that can serve our country, as an average middle class person does not have the funds to run a campaign. So you have people who are completely out of touch with middle class America saying what we want and need. They have no idea what it is to leave payday-to-payday, to provide for their families.
A month ago $250 billion was left under the cap. Today, maybe $30 billion. I see them contracting and trying to stretch the $30 billion for the next 1.5 years, till the 2012 election. After Obama wins and gains back the House, he and his buddies can raise the roof and go nuts spending again.
I predict the 2 parties will come to an agreement at the last minute, thereby "saving" our country...."saving" us from their game of chicken, of their unwillingness to compromise and asinine passive-aggressive behavior. I truly wish the Tea Party Republicans would just go away and let the rest of the responsible Republicans govern.
If Washington is serious about the debit and budget cuts, then it is time for them to prove it.
Cut all federal employeees (except active military) 20% across the board, starting with The President and Congress. The private sector and local governments have taken big hits, now it is time for Washington to do the same.
shut down ALL Federal government programs other than the military , soc sec and medicare for 90 days .................ALL states who do not have balanced budgets should do the same – we will save billions of dollars and find out that this country can run on it's own without government stimulus at every turn
With me and my fellow Americans ponying up more of our Social Security and Medicare. I am tired of the middle class and the poor getting kicked in the teeth by the Republicans and the mega rich. The American people should start demanding term limits and lets unload these do nothings and start with fresh minds that are willing to work with each other.
Well Jack, every person I have spoken to , who would be affected by a tax increase, doesn't have a problem with it..except politicians, of course. The debt crisis is a stunning example of how dangerous to our future "Professional Politicians" are. The long term solution to this problem is "Term Limits" . The short term answer will be the 14Th Amendment. By the way, taxes have been low on the so called job creators and there still are no jobs...no surprise there. They had their chance...reduce costs and raise taxes..the only answer.
Richard
San Diego
Jack,
The Republicans strongly want to undermine the current administration and when the debt ceiling is not passed and our economy collapses, they can blame the Democrats.
As Senate Minority leader Mitch McConnell said, his highest priority is to win the Presidency for the Republican Party, and then we can go back to the policies of the Republican party that 6 times did not blink when President Bush asked for a debt ceiling increase.
The middle ages are returning, in which, our President is too willing to compromise with the devil (those willing to do anything to obtain resources for the wealthy and powerful).
Joe, Binghamton, NY
I don't know how it will be resolved.But I know how it should be resolved . We need an income base since there are very little good paying jobs these day if any at all, than the only way is to tax the big money and the corporate world. Take away their bonuses. Some say this will lead to another recession got a news flash some have never come out of the last one. Hit them with win fall profits tax or create jobs their choice. poverty that's the American dream.
I don't know, perhaps by the use of conditional economic triggers, or delayed implementations or some other fancy term that will allow the GOP to save face in the light of the special interests they're supporting. Hopefully, at some point pragmatism will reign over posturing in order to prevent a crisis that will dwarf any possible effect a tax increase would have.
You shall know the truth and the truth will set you free.
Very intelligent words spoken by someone far more insightful than any one of us.
Absolute ideology can only be enslavement and produce lies as beliefs so strong without flexibility or concern for the entire populous can only forbid those wrapped in this absolute ideology from growing as they are tightly enclosed within high walls, and forbid us from helping all people not just a select few.
Good and evil, right and wrong, simply are products of truth and lies, let us all knock down these constraining walls of absolute ideology and be on the side of absolute truth. There are no words to describe truth, when we try we begin to form a lie with our perception or one sided belief. We shall know the truth.
When we can do this, the debt ceiling and all human issues can and will be resolved.
what could they possibly do in 10 days with a great outcome
Obama, exhibiting the amateur he is, has painted himself into a corner
on the debt fiasco.
He now must be willing to negotiate a short term solution or end up a One-Term has-been. He got himself into this mess (don't blame Bush!) and now must "Pay the Piper,"
I do not think the Republicans want it resolved. How else are they going to get elected or re-elected?
Why do the Republicans think the personal tax return rates for Kobe, Tiger, Oprah, and all of the Wall Street CEO's actually create jobs as implied by Britt and other Tickle Down Theorists? Silly me, I thought it was companies that created jobs, not the personal tax return rates for the people that run them.
Pat, from Townsend, Montana.
The President evokes the 14th Amendment for the welfare of people. Republicans impeach him. People support the President. Everybody salutes the Republicans.
I believe they will not resolve their differences. This is the presidential failure the GOP has been waiting for. Hope Im wrong.
unless the Republicans quit protecting their big business contributors from paying their fair share, they may see what it means to forget the middle class and poor people. The old saying "don't wish too hard, you may just get what you want " applies here. See how your support would hold up if you got your way and caused America to no longer be the world leader with a halt to any serious recovery. It would be virtually too late to backtrack if such a major disaster occurred I wonder why any young people even think about public service when polarization paralyzes our future.
It's a game of chicken, Jack. The first one who blinks will be the loser. Democrats want to protect entitlements and Republicans want to shelter the rich. Guess who's going to blink first.
Since the Republicans are so Bullheaded about raising taxes, ending loppholesfor the ultra-waelthy, and they don't seem to want to embrace and infrastructure spending – And we all know the infrastructure needs work plus putting some of the unemployed back to work at least temporarily, then I would hope the President this time holds a hard line on them and let congress bear the brunt of not raising the debt ceiling.
The government is shutdown (11 days so far) in my state for the same uncompromising reason from the legislative Republicans – and the voters are increasingly not happy. The polls are putting more of the blame on the Republican legislature. Washington Republicans – take note.
Jack – the Republicans prove once and for all they are for the elite and wealthy. Even Regan raised taxes on the rich. The Democrats again unfortunately prove that they are wimps and cant communicate to the American People. This is OBAMA's defining moment. He will need the Bully Pulpit and a full court press on the American Public to force the issue. If this fails then the Party responsible should be held accountable in 2012. There are no winners in any case.
There is one thing for sure and that is the fact that they will not raise taxes on those who are making in excess of a quarter million dollars. Most of those in politics are making in excess of that.This would be like shooting themselves in the foot as most of the politicians are too happy enjoying all their perks they have today.
As the saying goes, "Don't bite the hand that feeds you"..
The Republicans know that the debt ceiling must be raised just like they raised it 7 times under George Bush. What will happen is the Republicans will remain firm on tax cuts for the rich and the weak democrats will give in to their demands and our economy will continue along in the red as a result. Reality is there is really only one group running the country and they are the rich wealthy greedy folks..
The rich will continue to get richer and the ex-middle class will become the poor and the poor will rise up and riot when their benefits are cut off while we spend more on war than we do on our own. We will have to hit bottom before we can go up and we're not there YET!
fire every one in congress and put some adults in office plus allow the people to vote on a balance budget amendment.
Oh, President Obama will cave and give the Republicans everything they wish, which, like the renewal of the Bush tax cuts, will not do anything to help our economy or create jobs.
as long as business leaders send jobs oversseas we will never get rid of high employment in this country.all tax breaks do is give the rich more money.
America will default , The government will print so much money it will make the dollar worthless. Geithner should be in Jail along with the Federal reserve President. China currency will take over
How do you see the debt ceiling issue being resolved?
I see stripping every local, state, and federal government official, and employ of all their pensions, and entitlements; then putting them all on merit pay, and letting them make do with what the private sector has to settle with; or if they want to keep all the benefits, then set up special assessment taxes levied on them personally to pay for their golden parachutes!
Many times over equals certainty! I will keep telling you this until it counteracts what these leaches have done to us slowly for the last 50 to 60 years!
If there were some intelligent people discussing the problem .We might get this mess under control. But you have Bainer and McCollell trying to make desisions for America thats a ticket for desaster.Maybe President Oboma needs to take them to the wall on this. Or better yet fire them all and bring the white house janitors and cleaning staff after all they are high school graduates they can add and subtract.
I've heard in the past couple of days that the Debt Ceiling was raised under Reagan,Clinton, and Bush 43 7 times. What is the problem here? They all knew HOW to get the American people into this mess and now No One knows How to right this economy. Boehner needs to stop grandstanding and realize that the only way to settle this is to compromise. These power maniacs in DC are trying the American people's patience. I hope the people speak Loud and Clear in the next Congressional elections and get rid of ANY Congressperson who does not want to increase taxes on the wealthy while they are closing homeless shelters,putting higher education out of the reach except for the rich,and seeking cuts in Medicare,Social Security and Medicaid. Send them home and let them get a taste of WHAT it is like to be unemployed in 2011.
I don't see it being resolved till after the leaders see the country already in a crisis. I don't know why the Republicans have a problem having Warren Buffett, Bill Gates, Oprah Winfrey and the present and former presidents pay more in taxes to help this country. By raising the tax rate of multimillionaires and billionaires, those wealthy individuals will not feel the strain paying more in taxes that the average middle and lower income tax families and individuals do. There is talk that Medicare and Social Security are on the table for changes. Are there going to be changes in Congressional pay or Congressional Benefits equally so there is a shared sacrifice?
Jack,
The President should agree to Republican demands provided that any debt ceiling legislation follows passed legislation for term limits and public financing of campaigns.
A restoration to the purity of public service is necessary even if we need to rebuild the American economy from the ground up.
The U.S. debt ceiling will never be resolved with our current polarized political parties running the country. Moreover, the hole that they have dug for us (especially the GWB administration) is far too deep to climb up and out of. Add the debt problems within nearly each and every state in our country, the debt problem seems overwhelming and impossible to solve to me.
Dr. Donald B. Lee Burnell
St. Louis, Missouri
How do you see the debt ceiling issue being resolved?
]This is an impossible situation which can be overcome by faith.
James 1: 5 "If any of you lack wisdom, let him ask of God, that giveth to ALL MEN liberally, and upbraideth not, and it shall be given him".
GOOD LUCK, and BEST WISHES for successful decisions (smile).
Just as the President said, everybody meaning everybody has to give a little. Thats why Republicans can't be signing all these pledges which only ties their hands from doing the best thing. They could never say Everything is on the table, like the democrats, because revenues is never their. If the Democrats are willing to put medicare and other sacred cows, Republicans should put up their one trick pony-revenues.
It will be resolved only after the American public realizes that neither the Right nor the Left have any answers to the problem. It will be resolved when the public elects pragmatic independent candidate to the House, Senate and Presidency who are driven by the desire to solve problems rather then promote their foolish ideologies. It will be resolve when politicians stop pandering to the lunatic fringe.
First Of Jack Both Republicans And Democrats Have To Learn To Work Together And Republicans Have To Realize That Democrats Are In Control And They Should Be Working With Democrats And Coming Up With Some Sort Of Agreement! They Need To Roll Back The George W. Bush Tax Cuts For The Wealthy, Raise Taxes On Single People Making $150,000 Or More A Year And Couples Making $250,000 Or More A Year, Also We Need To Return To The Tax Cuts Of The Clinton Days It Worked Before So Why Can't It Work Now? This Isn't Impossible Or Hard To Figure Out Its Just That The GOP Needs To Get Their Heads Out Of The Sand And Work With The President! This Is Our Future There Playing With Doesn't Anyone Care?
Scott Stodden (Freeport, Illinois)
The argument put forth by both parties show why I believe both are bankrupt. Yes, we need to cut spending, especially for those who are capable, but don't work. We can also cut spending for esoteric "educational" pursuits, leaving that funding to engaged benefactors. At the same time, as a "free market" country we should require wealth to be linked to risk/reward. Today we allow corporate employees (CEO's, etc.) to make more than 1,000 time the average worker, but with no risk accompaning the huge reward. That's not capitolism, it's fasism. Repuginicans (yes it is spelled right) need to come of their position that "every rich man deserves a 1000 slaves" position and Democraps (correct again) need to stop being philothoric with my money. Just as a point of reference, every wage earner making less than $106,800 pays 12.4% for FICA. The higher wage earners pay less than 1% on their total income. Yes, half is paid by the employer, but if you believe that isn't calculated into what the employer pays the worker I have bridge to sell you
Unless the entire Congress suddenly grows up, it won't be. I can see a future (soon) when the Social Security check, military pay check, VA checks, and retired pay do not go out. Then maybe we common people can get together and fire the whole lot of them! Mary South Dakota
As soon as the fulfill the Dream of Dr. King, then progress shall begin!
Jack,
It just might not happen. Until the Republicans stop their whining about taxes and compromise like the Democrats are starting to do then we are heading for a brick wall.
And why are they doing this? They want a 1 term presidency for Obama. Talk about a bunch of immature cliche spoiled brats who would rather throw a fit than grow up and do the right thing. Mitch McConnell, John Boehner and Eric Cantor need to get a clue. Idiots!
Why don’t all the politicians agree on a deficit tax prorated to all tax payers, all entities including big businesses? Schedule the payments to a certain date to end the deficit forever. Then deal with the budget with accountability of spending. Tax National Emergencies monies for just what is determined by congress and the president and if it isn’t enough – then increase the tax – to make it right. That will save us billions of dollars each year wasted in interest given to China. Too simple isn’t it????
Mr. Cafferty:
Great question and it begs my question. Regardless of what the resolution would be, I wonder, who or what entity will be the "collection service" for any nation's default...? Likely instead it would be "no tickee, no washee"!?
Jack,
I don't see it being resolved. With GOP control of the House, the USA will remain the nation that protects the wealthy from the poor.
Bob
Fresno, CA
It will be resolved at the last minute after the Republican Drama Queens are done huffing and puffing and trying to scare us into thinking they actually know what is best for the country. Then there will be an 11th hour compromise, yes compromise, with copious public tears and heart wrenching babble, did I mention drama, from Speaker Boehner, and it will be settled. No one, especially the top 1% of the financial royalty in this country, wants the countries credit to go down the toilet and they will make sure it doesn’t. As for the specifics of the settlement, I doubt it will be a permanent fix, just another band-aid until next year at this time. The United States Congress; America’s favorite soap opera.
The debt ceiling issue will be resolved about three days after the August 2 deadline. Big time donors to the Congressmen are counting on the stock market to tank right before the default. They can then buy the stock at the depressed price. Congress will then get together and do a deal at which time stock prices will rise again making those already rich investors a pot load of new money. The fix is in. Congress has been bought and paid for.
Our politicians in DC are reality based so I'm sure they'll resolve this with the best interest of the average American in mind. Jack, what I'm most curious about is who catered this closed door meeting. I do hope there was a vegetarian alternative to pigs in a blanket and a gluten-free dish was available for those with digestive problems, personally I'm ready to puke.
Another Midnight miracle.
There is no debt ceiling for politician hacks bringing home lame pork spending the other 49 states pay for, it's a running joke to keep being re-elected.
I can't wait to see the earmarks attached to their so-called compromise. And Jack, have you noticed how the term trillion has replaced billion which not long ago replaced million? Just another zero, like the people who get elected. Unreal.
Ideally, this issue needs to be resolved within the next two weeks so the necessary legislation can be processed by both houses of Congress. However, I will be surprised if it is resolved prior to Aug 2.
Given the way the Republicans, Democrats and the President have essentially fenced themselves into different corners, I could see this impasse extending on through August into September before it ends.
At least that is how it looks here in Twin Falls, Idaho.
C'mon Jack, you know how this ends: a bunch of pig-headed ignoramuses, aka politicians, with no skin in the game get to claim victory after a well-publicized stare-down that leaves the middle class with nothing but heartburn and a stiffed check. If you believe otherwise, then grab your wallet. I might be able to sell you several CT bridges needing repair...at a steep discount!
Otis M.
West Hartford, CT
I don't see it being resolved. I expect default, because neither side has sense enough to find middle ground.
The Wall Street Business Community beating Republicans to the Table and making a deal. The Democrats don't seem to know how to make them bargain in good faith.
This is why I want the Democrats to call the Republicans Bluff on the Debt Ceiling.
Republicans are Blackmailing the whole Country on this NONESENSE and it will have to be the Business Community and World that have to make Republicans SEE THE LIGHT.
The debt ceiling issue will be solved. Just as soon as the liberals
understand social programs have to go. Canceling Social Security, Medicare, Medicaid would be a good start to getting our spending under control.
MICK
TEA PARTY MEMBER
WOLF CREEK MONTANA
Hi Jack … I have the answer to the dilemma of taxing the Rich that are supposed to MAKE jobs for everyone.
Republicans don’t want to tax the rich, because they are the ones the create jobs. Ok .. So here goes! If they don’t create jobs TAX THEM .. Then maybe they will start to create the jobs we so desperate need in this country. If they Create jobs then give them a tax break .
HOW easy was that? Sheesh!
Hi Jack
Just a bigger Band-aid . Jack wish all of us middle class american's good luck god knows we are going to need it. Oh sorry I forgot can't mention god on TV.
This political gamesmanship of simply saying NO and refusing to play ball has to stop sometime Jack. If thet can't get to the table and work out an earnest compromise for both sides that includes budget cuts and new taxes then we should plan to eliminate any and all of them that refuse to do so.
My 10 year old daughter knows better than to play like a spoiled rotten child. We elected these idiots to represent our country and its' needs. If they just want to play political games, then we should promise all those that refuse to work together a free trip to the unemployment line next election. Maybe there they can get in touch with what the rest of us everyday Americans already know.
Resolved? What makes you think they want to resolve it? They only raised the debt ceiling 5 or 6 times while Bush was in the process of tanking the economy. Why bother doing anything now that Obama's struggling to repair the damage? The Republicans see making the economy worse as the only way to get back in the White House. Re your question of last hour – settle in for the long haul, worse times are ahead.
Sure don't pay my lousy $747.00 in social security. But only after NOT PAYING the politicians their salaries and taking away their insurance. I earned my social security having worked for 58 years. These politicians have not earned their salaries. Might as well take away their August vacations too!!
It will be resolved as usual by temporary fixes and kicking the can down the road until the next election. Obama and congress could easily fix this problem and the jobs problem by a stock transaction tax, a 1% tax on the 700 trillion dollar derivatives market, and a 25% tariff on chinese imports. Unfortunately they would rather talk, and do nothing but cut programs for main street because they are both owned by wall street. As long as voters continue to elect these clowns nothing will change. Obama is a bigger corporotist than any republican. Don't believe a word obama says.
By not raising taxes the Republicans are telling me they don't give a crap (putting it nicely) about "we the people" or sound government. They only care about their job security and the "elite corporate America". And that my friends is Capitalism at work.
So, theres money Pakistan doesnt want? use it here, at home to help OUR country.
The Democrats cave and give the Republicans virtually everything they want. Isn't that how everything is resolved in Washington these days?
This is what happens when you have a bunch of rich guys who have never actually had to worry about running out of money. They don't really understand the consequences.
The tax burden in this country is the lowest it's been since the 1950s and hiring hasn't increased. There is no correlation between taxation and hiring. . There is a correlation between low taxes and high deficits. Why are we not talking about equating those two issues? The President has the most to lose... the GOP knows that. They will try to take the President down with this issue...and may. Their focus, I believe, is not to let the president look good...at any costs. A shame!
It's easy. Dramatically reduce spending and the there will be no cause to raise the debt limit.
How do 5 year olds solve ther fights?
Republicans will leverage their clout into large budget cuts which will cause a large short term job loss that they will try to blame on Democrats.
14th amendment
Boehner needs to become the true leader of his party and stop caving in to the right wing which is really a pain in the butt for him and his agenda. Obama needs to stop scaring us with putting social security and medicare on the table and speak frankly about which parts of it he is considering cutting. Stop being so secretive and let us know what you are considering so that we can weigh in as citizenry
After the default, the first paychecks to go unprinted should be Congress.
Debt problem to be resolved as follows:
On or about 8/2, Obama issues executive order to sell more debt.
Treasury complies
Congress sues
Supreme Court decides and holds the future in its hands.
The debt ceiling must be raised. Are we always doomed to be back at the partisam back biting and rhetoric? What about both parties, the White House and both houses of Congress releasing the list of "cuts" they will provide, albeit a small drop in the bucket, in the spirit of participating in the needed cuts? Dream on.
It's really simple. The American public need to exert pressure on the Republican party Stop playing stupid games with this country. People are just going have to accept Taxes have to go up. Taxes are what pay for medicare and medicaid and everything else we want,. It will also help for Democrats to stop handing out money to dead beats that are able to work and just refuse to work. Abolish the welfare system totally unless it helps the disabled and I'm talking about the REAL disabled not ghost diagosis such as ADHD and ODD and other nonsense.
If not increasing tax rates on the wealthy and corporations produced jobs and bolstered the economy, it would have done so by now as that is what the status quo has been for years and look where we are! The jig is up!
This political gamesmanship of simply saying NO and refusing to play ball has to stop sometime Jack. If they can't get to the table and work out an earnest compromise for both sides that includes budget cuts and new taxes then we should plan to eliminate any and all of them that refuse to do so.
My 10 year old daughter knows better than to play like a spoiled rotten child. We elected these idiots to represent our country and its' needs. If they just want to play political games, then we should promise all those that refuse to work together a free trip to the unemployment line next election. Maybe there they can get in touch with what the rest of us everyday Americans already know.
Easy Jack just raise the Debt. Ceiling to $$$30 trillion and pass some over this way north problem solved let our grand kids deal with it..... Ray GO YANKEES GO!
I think the Democrats should push through a deal using their cuts only and show up these lousy Republicans for what they are-a bunch of fools transfixed on saving the wealthy and the special interests while the rest of us go off a cliff.
You probably should ask the Koch Brothers that question. They seem to be financing this debate through the republicans in Congress and repubilcan governors as well. I honestly believe now we'll default. I don't think Obama will blink.
A good old fashion revolution, oust all the idiots and start over. Maybe appoint that kid who started Facebook President, he seemed to create a lot of jobs and make a billion dollars overnight.
With the Republican attitude of "let them eat cake", I foresee a new Bastille Day Party, much bigger than the "Tea Party". A lot of heads will get the quillotine.
Jack, there is going to be hell to pay, and this is just the beginning
I think it's disingenuous to equate the two sides of the debate. It's clear that Republicans don't really care about the debt ceiling or the deficit, but rather an ideological problem with so-called tax increases, probably having much to do with that lunatic ideologue Grover Norquist. The majority of Americans want to increase taxes on the rich, want to eliminate tax loopholes on oil companies, and certainly want to eliminate loopholes on corporate jets. The Republican side is clearly ridiculous, and should not be considered serious.
Follow the money. I think we should look at who stands to gain from default. As we have seen, there's lots of money to be made by failure. Who stands to gain a windfall?
That's the only reason I can think of for this incredible posturing. Find who will make money from this disaster.
Its as simply as it gets, any good thing that comes out of this deal reflects very good on the president which in turn makes him a very strong contender for the upcoming elections, any failure of this deal reflects very poorly on the president, which will in effect make him a one turn president, you tell me.. connect the dots what do you thing the republicans want the most ? Make president Obama a one turn president, so its in their best interest to do whats not right for the country.. politics as usually.
I see the debt ceiling, deficit, and political folly in general being solved by the American people deciding enough is enough. You'll know that when you see American people doing what the folks in the Middle East, Greece, and other countries have already shown the courage to do. The Democrats won't cut spending NOW (this spending doesn't have to occur even today) and the Republicans are living in some cutesy fantasy land where the rich have forgotten that if the middle class goes down, so does the wealth of this nation. God bless the USA (we'll need it).
At the last moment those over paid under-employed Washington top cats will say they have a deal and each will claim victory for the American taxpayer. AND then go out and spend more money!
What no one is talking about is that major economists and even Bill Clinton have said that big cuts in federal spending in the midst of an economic downturn are a stupid thing to do. So easy for CNN to play this out as a clash of personalities rather than looking at the wisdom of what is being proposed.. Obama and Boehner may get their grand bargain, but the average American will pay the price either way.
Jack,
They will talk about sweeping change and then do the very least possible to resolve the debt crisis. They are cowards and do not take their role as lawmakers seriously. I'm seriously considering a white house run myself.
When the 49% of Republicans wake up and see that the 1% are carrying buckets of money to their trunks under the guise that as long as the rich get richer, there will be more jobs. Well that lie has been circulating for a few years. When are the nitwits going to get it. Talking a day late and a dollar short, these folks can not even apply 5th grade reasoning to practical day situatons. Amazing and the dumbing down of America.
I see a bad outcome to the debt ceiling extension with most of the incumbents voted out of office. Along with the country, both chicken parties loose.
Jack, I see it being resolved the same way any economic disaster is resolved in our country. There will be cuts in medicare, social security and anything else that many people in our country depend on. In the mean time the wealthiest ones will send more businesses overseas so they can continue to profit from it all.
Republicans are not about to gibe the President anything resembling a "win" in this political season, therefore I imagine that America will pay the "minimum amount due" on its current debt, which can be paid with current revenues.
I don't see this being resolved. The Tea party and Republicans won't stand for Obama raising taxes for the wealthy. They are too stubborn. The obvious compromise is to cut some entitlement spending and raise taxes for the wealthy at the same time. The democrats have already conceded the cuts in spending, it's time for the republicans to raise some taxes. With the Tea Party influence in Congress, that won't happen, and our debt ceiling will stay where it is. It doesn't matter to them if it causes our economy to go into a double-dip recession.
I don't know! But I do know this.
The Chinese have a curse that goes something like this: May you live in interesting times.
If they don't raise the debt ceiling it's going to get rattling interesting-
Hey Jack,they will settle it like always,build the suspense,then raise the debt ceiling drop all the other issues,take a vacation and buisness as usual....
On the backs of the seniors.
LBJ stole the trust funds to finance his programs,
Carter defaulted on the payback by changing the COL for seniors and reducing the interest on that money to 1 percent.
Now it is Obama's turn
Jack,
It will be resolved on the backs of the middle class, with both sides claiming victory.
Tax the wealthier citizens at the slightly higher rate so we can meet our moral obligations as a country: provide health care, financially secure the elderly, feed/clothe/house all citizens through single payer health insurance, medicare/medical/, social security and social service programs. Some people might call these "entitlements". I call this basic morality as a human being.
Above all, Jack, it needs to be resolved quickly.
The problem with this sort of brinksmanship is that the country could end up going over the brink. Or as Ben Bernanke warned the leaders of Congress about TARP: "If we don't do this tomorrow, there won't be an economy on Monday."
I'd like to find one working American who would vote for a Republican who is trying to protect the rich from a tax increase. lets see a poll on this issue. Who thinks the rich can't afford a tax increase?
The Republicans need to stop being against everything the President is trying to do. In fact both parties need to stop being against whatever the other party wants, and start thinking what is in the best interest of the country. Closing tax loopholes, and asking the super rich to pay more in taxes is not asking too much.
I believe it will be resolved the evening of the deadline and the next big issue will be a foreign policy one involving syria. it will be a very bumpy summer and fall.
Like everything else that has been "Resolved" to help the American people..... they will give more money and breaks to the rich and everyone else will be expected to adjust to hard times.
The only thing left to do with all politicians is to fire them.
Frank
Simi Valley, CA.
I think they should default, and let's get everybody down here with us everyday people that are just hanging on. It can't get much worse for us homeowners. Com'on down!
This is clearly a political ploy by republicans: they will force the default, which will be blamed on Obama, giving them a trump card to topple his election. Jack, guess who loses in that one?
Peter
Camden, Maine
We need both spending cuts and increased taxes on the wealthy and corporations (especially corporations that our-source jobs). That way both Democrats & Republicans are both happy (i.e. equally upset).
Well, this is easy. It will be resolved the way things in Washington are always resolved. An agreement will be made that is acceptable to most people on both sides of the isle that accomplishes nothing. Both sides will get all pompous over their negotiating skills and one year from today we will be spending more than ever. Isn't this great?
Jack, at this point I am thinking that regular folks like me might get a better deal from the Chinese and our other creditors than the Republicans. So maybe we should just go ahead and default and let our creditors impose terms. My guess is that they would make us raise taxes on the wealthy and cut defense spending. Beats the heck out of gutting Medicare and Social Security, which is what our Republican friends seem locked in on.
My hope is that our political leaders will come to their senses before August 2 and get this done. The reality is that there is very little hope. Republicans don't want to do what is necessary to save the country, because they would rather have their campaign funders make it out unscathed so that they can keep their jobs while we lose ours. In all honesty, this crisis may not be resolved in time, and we'll be left holding the remnants of what was our economy, and our way of life. Everything is at stake, I just wish Congress would see that.
I don't have enough faith in any politician to believe that the debt issue will be resolved. They seem to forget that a compromise means none of them can leave the table happy.
The President should walk out of the negotiations and inform Boehner that either they accept the termination of the Bush tax breaks or he will allow the nation to go into default.
Te Republican base has, by far the most to lose, and they would lose a lot less accepting a tax increase than they would if the nation goes into default.
Call their bluff!!!
The way I see it, the president isn't letting the public see it being resolved. He is solving it behind closed doors with congressional leaders, which makes me question whether progress is being made. We'll just have to wait and see
Hi Jack,
Ugly, very ugly.
It seems that our so called representatives,and president, are more concerned of serving their sponsors than the American people. In the end, the losers will be the most vulnerable in our society,
What this country needed during this time was an arm twister like LBJ and FDR, we just got a twister.
The Rich will get Richer! No matter What!
Jack, watching from calgary, looks like the politicians are holding the citizens hostage over this issue, how many years since your last revolution?!!looks like the gop is willing to ruin your country in an effort to win the white house, simply gone too far on this one.
Hi Jack,
Maybe they should do what california did,
stop all pay and benefits for all these so called
politicians, until they reach an agreement.
How can these rich politicians possibly know
what it feels like to go without.
The American people need to stand up and
demand a resolution to this problem.
Pay as you go.
Pay treasury bonds first and all other obligations by rotating schedule. Eliminate all government pensions. Fee all senators who sponsored of spending bills its full cost. Eliminate all payment of medical bills by government. Low taxes. Fire Obama to jail. Legalize and tax drugs.
Jack: The President needs to tell members of congress, "Send me a bill I can sign by the end of the week. If it does not include cuts and tax inxcreases, it's dead on arriva. Amd I will direct the Sec.f the treasury to with-hold all payements to the members of congress, includinf staff, me and mine included, until you folks pass a bill I can sign.
Why dont we suspend most of the aid overseas for a couple of years to help our deficit? We seem so concerned about everyone else around the world, I think it's time we tend to our business at home. Perhaps when we have our house in order we can re-evaluate our taxes and entitlement programs, and then our aid overseas. Hard times are here, more are coming, and raising the debt ceiling is not an answer.
The debt ceiling will be resolved the way both Republicans and Democrats always resolve our financial problems: smoke and mirror stuff that does nothing, cuts to the poor and middle class and tax breaks for the rich. Once that is done both sides will say "Gee look what we did for America" as we continue down the road of a third world country. Business as usual.
Come on Jack, we've been paying into Social Security all our lives while the government robs it blind and they have the audacity to call it an "entitlement"... IT'S OUR MONEY NOT THEIRS!!!
Jack, first of all we should suspend the pay of our president and congressional leaders until a deal is made. Maybe, they would be a little more interest in doing the business of the people if their pay depended on results. Then the government should give all American workers a loophole so that we don't pay taxes and tax large corporations instead who have not had to pay their fair share for a long time. I'm tired of both sides pointing fingers at each other. Folks, you are paid to do a job, not point fingers. GET TO WORK CHILDREN!
C'mon Jack...
Most politicians can't get two braincells to work in unison, what makes you think they can get this done without having to solve it the old fasion way.Here's some ideas even THEY can do. Flip a coin... pick a number between 1 and 10...Rock, Paper, Scissors. One of those has to work...Maybe.
does it matter? someone wants the country in shambles so that they can be the people who "seem" to fix it all. Does human nature really still surprize you?
it will be resolved in a manner no american can understand. lots of finger pointing and a great distortion of the truth. If medicare can be cut why cant the wealthy pay more cant they afford it. i
Defalt–There aren't enough grown-ups in congress to solve this.
We better hope they do resolve it othewise we'll see a new Dark Ages.
I'm one of the "wealthy" people who the "Right" wants to protect from increased taxation. Let me tell you this: if the "Right" thinks that default is going to help me, they're smoking dope.It will move us to cash....no jobs get made when we go to cash!
Unfortunately, President Obama will blink first by giving in to massive entitlement spending without getting a hard-cap tax increase on the upper 2%. As soon as that happens, I will plan to stay home next November and not vote because the Dems don't have the guts to stand up to the GOP even though the Dems control the White House and the Senate. It's ridiculous that the majority Dems are letting the GOP drive the agenda.
Anybody ever thought that maybe if you put both side's solutions together, moderate spending cuts followed by moderate tax hikes while incrementally increasing said cuts and hikes over the next decade, changing a lot of the regulatory policy on spending issues like authorizations of leases, eligibility for entitlements, cutting unnecessary programs, selling unnecessary assets, etc...we could really accomplish something here. Rome was not built in a day and this 15 trillion dollar deficit cannot be whittled away in one fell legislative swoop, you can't just raise taxes when you're still bleeding green and you just can't tell millions of people to fend for themselves by significantly and immediately cutting entitlements, we need to gradually wean ourselves away from the government's teat. or we can all go on strike like Greece cause the people didn't want the government to get out of debt.
If any raise of the debt ceiling is approved, what will happen when that limit is reached? The situation will be much more severe. Stop now and take our lumps. It'll only get worse if we don't stop now.
Hodge
Here's a tip Jack. Obama's gonna let the country default so sell your stocks because when that happens, Wall Street's headed into the toilet. Obama's a one man wrecking crew and has done more damage to America in just 2 1/2 years than all the armies it's faced from its beginning. You've got 2 weeks to round up your investments and put them into gold. Then, stuff the gold in your mattress because there will no more banks.
Gary in Scottsdale, Arizona
In three words: "On Election Day".
The debt ceiling will be resolved when we vote all those idiots in Washington (both parties) out of office. Replace them with true Americans interested in our future, not politics.
Well, it will be resolved as it always has...cutting a little more into the pockets of the average American. It will be done on the backs of future social programs that the wealthy don't need sine they have enough to take care of themselves and their families. They don't need medicare and they don't need social security. It doesn't matter what side - D or R - none of these clowns care about anyone that lives in the Real America. Why are the Rs fighting any compromise? Posturing before next year - and they don't care if the bottom falls out - they will buy every defaulted property for cheap - bail out all their corporate buddies and run over any one they have to on their way to the bank. Throw all the bums out!
I have no doubts that the debt issue will be resolved. There will be a lot of sabre rattling until the deadline but resolution will occur because of one very simple truth. Congresspersons also have investments and to the best of my knowledge they have never been able to compromise their own personal wealth for any cause.
I hope everyone is paying attention to the power wielded over your country by Grover Nordquist and the Tea Party Gang...It is appalling to watch the lengths they will go to in order to get back in power..If anyone thinks its about anything else, they are horribly naive...If you think they give a Crap about anyone else but themselves , you are a fool...Meanwhile you are impacting markets all over the world. This includes MY retirement dollars..Keep it up, and you will not have to worry about protectionism...You won't be welcome anywhere....IDIOTS, you elect IDIOTS....
For a start, forgo the $1.6 Trillion in interest due to the FED in advance of repealing the Federal Reserve Act. Their irresponsibility and the misrepresentation of Bernake, Paulson and recklessness of Wall St. has caused this on-going crisis. Secondly, bring the troops home, end the wars we cannot afford, and the trillion dollar military budget. Stop bailing out the UN, The IMF and EC countries and rebuild the infrastructure and protect the borders of the US and not Afghanistan and Iraq. Desperate times call for desperate measures – so let us do something desperate like returning to the rule of the US Constitution and the principals of the founding fathers.
In a twelfth hour, crappy deal for Americans. Also, I vote no pay for congress and the President when they miss orginal dealines for any legistraion including a balanced budget! It worked in California like you wouldn't believe.
Very simple: Obama will do his usual song and dance of defiance and when it comes down to the wire he will cave on all the demands of the Republicans. Quite frankly, the Obama adminstration will bank on people being too exhausted to realize that Obama's defiance was just a show in this sad political theater of American politics. The Republicans control the debate, that is very clear. The fact that they can get away with calling the 1% of the population who control 40% of the wealth in our country "job-creators" says it all. Our country is in utter disrepair and our economic welfare hinges right now on begging for jobs from people that have millions of dollars hoarded away until we agree to their every want, whim and desire. Is that really freedom?
the only way we are going to see the "debt deal" be resolved, is to see dems. and rep. work together wich we have seen so well to this point. We aren't going to see a solution by just cutting spending, but that should be a part of it, close the tax loopholes. We as the middle class pay our taxes, fund the wars, PAY THEIR SALARIES, why can't the wealthy? Oh, that's right, the richest people in this country run the govt.
As an American, I feel that one appropriate way to enhance revenues and cover our debt would be to follow throughon the USA Today report on or about July 4, that said: "Obama and the Democrats say the government needs more revenue as well as budget cuts to reduce its massive debt..."
My thoughts on their concept of "Raising Revenues" would be to RETAIN revenues. In other words, for the remainder of President Obama's tenure, stop making all financial payments or aid to any country outside of the United States unless they are in 100% lockstep agreement and support of our initiatives.
If we were to utilize those massive funds to the benefits of our U.S. Citizens, the services to Americans would be priced and provided at a palatable government cost in providing those entitlement and necessary services to business leaders and financing local and state governments, starting with education for our children. Keeping that money in the US would allow us to pay down our debt service. Why should we continue to fund the rest of the world?
Raise taxes. Lowering taxes does not grow jobs.
Getting the economy going again is what grows jobs.
The middle class drives the economy, not corporations.
Raise taxes on the rich, not the middle class.
Raise taxes on the corporations.
The economy will recover, and then we can raise taxes on everyone and reduce the debt.
The republicans swore to uphold their office not some pledge to lower taxes.
The Democrats were elected on tax and spend and their philosophy is class hatred. They hate everyone who doesn't make minimum wage. They will never give up and we will default. I don't think it will be the tragedy that their scare tactics are designed to invoke. They just have to stop sending our money overseas and we will be fine. The elderly will not die, crippled children will not have to go without medical attention, and the world ecomony will surviive. It is all scare talk and they know it. They will do anything to keep supporting their constituant and buying votes. We have to balance the budget.
I'm optimistic. In fact I think the so-called big deal gets done.
Three reasons:
1. They’re still talking. Despite multiple so-called breakdowns in negotiations, the parties keep coming back. This in and of itself is an achievement, given how difficult the politics of this are. Both parties understand that a deal must be reached, but the Democratic and Republican leadership each has to find a deal that they can sell to moderates and hard-liners within their parties. That’s tough. Not impossible, but tough.
2. The big deal is still on the table. Not only is the big deal still viable, it’s necessary. Both parties need political cover to pull this off. A $4 trillion deal, requiring fundamental compromises on both sides and negotiated in a crisis-like atmosphere, is really the only way to get congressional support.
3. They don’t have a choice. Both sides know they need a deal with both tax reform and spending cuts. And they know they can't let the Aug. 2 deadline pass.
My idea for getting this resolved is simple.
1. Lock all negotiating parties in the same room
2. Nobody goes home until a deal is done.
3. Allow no showering, air conditioning, or change of clothes.
4. Feed them nothing but Chili.
5. Intall 1 port-a-potty for all to use.
2 or 3 days max and a deal will be hammered out. However, it's sad to think that it might take an idea like this to get it resolved.
jack, It wont. The top 2 percent rules the republican party and they wont upset them.You know ,the next election will need money in order for them to keep their sweetheart of a job so they can take care of the RICH. im only 58 years old but I can see a revolution on the horizon.There are alot more middle class than there are 2percent rich money geezers.
The way I see it, those politicians who want to bow to the super rich in this country, and offer them a ride on the backs of the middle class, will be gone, gone, gone in the next election. We can then fill their seats with reasonable people....if they are out there.
The idiot,greedy,psycho,arrogant out of touch republicans are drooling at the prospect of finally burying social security and medicare. This has been their aim ever since Barry Golwater sadly became so powerfull and influential.
A duel at sunrise August 2nd – Boehner vs Pelosi. He will be blinded by her teeth, she will drown in his tears. There will be no resolution, the U.S. will default, voters will wake up.
The dept ceiling will be resolved with the President agreeing to whatever the right demands – Don't forget the right went on record that priority #1 is making the president a 1 term president – not helping the country not helping the people of this country – their goal as stated is to take power. Say what you may but our president is the one who working to fix the problem. "Give them a solution and they will apply it everywhere". Yes – theology is a good thing to call it
There is an overwhelming case of ideology and demagogs, rather than the health of the nation and creating jobs. Everyone knows that a Government cannot operate without revenue, having the middle and poor class unemployed, large business and the rich are indifferent to wealth equity, thus the predators which created this economic morass, in a sense want to be held harmless, even in doing their duty to pay their fair chair in taxes. Greed is an evil serum, which will destroy our nation, this has nothing to do with capitalism, it has to do with doing the right thing which drives our economy, small business and the middle class.
That's an easy one. Obama will cave. Obama ALWAYS caves. It's his JOB to give the republicans everything they want plus MORE for good measure. The fact is, he already has caved. He let the republicans set the parameters of the entire discussion, which is why we're talking about "entitlements" and not the real budget buster, the endless and always increasing wars. But don't worry, this whole "impasse" is nothing but Kabuki theater. These liars already made their deal in secret, behind the closed doors of the most transparent administration ever. Don't you just love it?
Jack, Grover Nordquist, the Don Corleone of American politics has played an under reported and hugely troubling role in this fiasco. Virtually every republican legislator has taken a pledge to him that they will never, under any circumstances, vote for a revenue increase of any kind. As long as Republicans feel more beholden to Grover Nordquist and the power he posesses to make or break republican politico's than they do to the American people, we really are in serious trouble. No new taxes under any circumstances? This hardline thinking isn't even advocated by the most conservative economists in our current situation, and yet, the republican wing of congress won't budge. No one should have that kind of power. Where is Edward R. Murrow when we need him most?
Jack – the debt question will be resolved because these idiots on capital hill no matter what their political affiliation don't want to loose their election next year, miss all those perks, having taxpayers contribute 70% of our tax money to their health care plan, etc. etc.
This totally politically motivated crisis will not be resolved well. When does the budget crisis start? Are benefits for Congress on the table? I hear Dems. talk of shared sacrifice, but I haven't seen any austerity in Congressional perks.
Jack,
The lack of leadership by leaders in Congress is sad to say the least.
But it will be resolved with 18% revenue increases and 82% expenditure
reductions. I wonder in the long term if anyone won.
Ron
I think Obama should flip the bird to both sides, Jack, and give an executive order that passes his version of raising the debt ceiling. Republicans, such as John Bainer, and Democrats alike cannot and will not get over their differences. It worked for Roosevelt and it will work now!
PALEEEESE. Why do we think the republicans care about what happens to the average American. They are rich and probably have money stashed in other countries. Remember, they want President Obama to fail..."Liimbaugh" The President has stated tax hikes will affect the high earners and it won't even go into effect until 1913. I am tired of hearing the word "entitlement" when every hard working American has contributed to these programs throuoghout their working careers. They are not entitlements they are "earned" As I see it President Obama is bending over backwards to compromise. It is time to demonstrate and march on Washington. Maybe we should learn something from Egypt.
Unfortunately, Obama will probably have to give in to the intransigent school children that constitute the Republican Party in Congress. If he doesn't, the economy will go off the cliff, and he's the only one who seems to realize this. It's unfortunate that this is the case. When you have divided government, there should be compromise. But, instead of compromising, the Republicans would rather hold the economy hostage to their demands that the rich shouldn't pay their fair share. Why did a large proportion of the electorate think it was a good idea to elect (to run our government!) a bunch of people (the Tea Party) who had no interest in governing, and who in fact want to "drown our government in a bathtub" (Grover Norquist)? Well, this is what you get...
Politicians are trying to be economist just doesn't mix and leaves me wondering if they are learning on the job to be economist. If so, I certainly don't expect a good outcome.
I think the two partys won't give up, they want to see each other squirm. The only way things will get done is if the two partys stop playing the political game and start thinking about this country and what its going to do to the people.
Congress wants to play the blame game to each party to control votes in the next election. the country and the people in america is the ones who suffer, please work together and get this done like you were elected to do, james
I am so disappointed that our Congress and Senate have evolved into assemblies of myopic and self-centered adolescents who fail to understand the nation's duties they are charged with. The ineptness and pompous attitudes will result in an agreement that will marginally deal with the issues our country faces. It's time to change the Washington... and that will change the country!
Bill
San Antonio, Texas
I can't comprehend how these people running our country are blind to the fact that the cost of living has risen for all Americans, so how is Congress can think the Government can still just slide by on revenue that was set 10 years ago, it's time for wealthy of this country to stand up and help save the United States from collapse that will be due to their greed.
Hi Jack … I have the answer to the dilemma of taxing the Rich that are supposed to MAKE jobs for everyone.
Republicans don’t want to tax the rich, because they are the ones the create jobs. Ok .. So here goes! If they don’t create jobs TAX THEM .. Then maybe they will start to create the jobs we so desperately need in this country. If they Create jobs then give them a tax break .
HOW easy was that? Sheesh!
I hope President Obama realizes this time around that compromise doesn't entail just one side giving in to the other side's demands. If he does, he might gain some independent votes, but he will surely loose his base. Up until now I've been in his corner, but if he caves and sells out the middle class, I, for one, might simply not vote in the next election if that happens, and it would be the only time I have ever made such a decision since I was eligible to vote over 50 years ago. The middle class is barely holding on, (everything has gone up for us: health insurance, gas and food prices, etc.) and the wealthy keep getting bonuses, and hoarding the bailouts that they took from the coffers that our taxes filled. The Republicans keep saying that they have to keep the taxes low for that top one percent so they will be able to create jobs with the cash that's being taken from the kids and grandma. Hello out there: they haven't created any jobs whatsoever with the tax grants and loopholes left to them as a result of the last "compromise." As they say: the definition of stupid is to keep doing what's not working. Disgusted in Lake Orion!
The basic issue seems to be no tax increases on business by the Repubs versus no entitlement cuts in medicare/Social security by the Dems. Lets see! Carelessness and greed by the financial industry plunged this country into a recession. The bailouts were on the backs of the middle class, while the financial institutions gave out bonuses. Now oil companies and corporations are listing record profits, but we shouldn't tax them in case they won't hire anyone else. Again the middle class gets left holding the bag. Seems to me. The Repubs have sold out and could give a damn about the average citizen. Cantor and Boehner are shills for the coporations.
In the 40's our politicions won a World War, got the economy in great shape and everything was wonderful. Today our politicions can't even balance a budget or agree on what day it is. 2012 FIRE ALL POLITICIONS with over 6 years on the job and start anew before we turn into a second rate country.
Jack
I have this vision. Obama galloping across the National Mall on a white stallion, he carries two big brass ones, and he throws them through the halls of congress and as they land, they smash the debt ceiling. Obama whips out his trusty pen. Writes congress out of the loop and authorizes the treasury to do all that they have to do. In the end the republicans finally disappear from relevance, and this country finally returns to its position of a world leader, and not the court jester for the amusement of the world.
I can see this debt ceiling being resolved only if the Repubs stop being so pigheaded and filbustering everything the dems want to negotiate. Our country need the Congress to get about the peoples business and for the Repubs to stop using stall tactics!!!!! as a means of control. We are talking about massive issues affecting the lives of real people!! Hands off Social Security and Medicare. We have to protect our most vulnerable. The disabled and the elderly!!!!
Kim
Richmond, CA
As long as our elected officials believe "They can fool some of the people all of the time,
and all of the people some of the time”, I don't see it resolved at all.
Jack, I see this crisis ending us up right back where we started from. Neither side has of yet talked straight with the American people.
The Democrats claim they are cutting spending, but all they are really doing is slowing the growth of spending, not actually restricting the size and scope of the government.
The Republicans are completely unwilling to negotiate about possibly raising taxes, though in fairness to themselves Mr. Obama talks about making everyone sacrifice and all he ever pushes for is higher taxes on the rich.
Our fiscal situation will not improve until somebody has the guts to tell the American people that A: spending has to go down and B: everybody has to pay more in taxes; we have promised too much to too many for too long with too few people paying for what they get.
As I see it the Democrats are asking that rich people pay taxes and the Republicans, who insist on calling rich people 'job creators', find this intractable. Why not call the rich people 'tot moms', some of them probably are, some are basketball players and some are retired, certainly they ain't all creating a lot of jobs under the system they have been milking for the last ten years.
I am personally tired of the "peeing" match between democrats and republicans. If I was too not do my job, or not work with my fellow employees, I would be fired. With the way the economy is, employers don't have to care, or pay what people are worth because there are a line of people waiting to be underpaid and abused. Maybe we should cut the govt. pay, and treat them the way we the people are being treated.
We should be spending our way to employing our citizens, not cutting, so we have more people paying taxes and driving our economy.
We should be raising revenue on the ONLY sector of our population to have gains in wealth (aka the top 2% of earners).
This is only hard because our politicians rely on corporations to fund campaigns. We need election reform, not spending/tax reform. Without campaign reform we are going to be stuck with these corporate puppets and their sacred cows.
The first leaders of our country were great because they were just that... leaders, not politicians. Leaders don't care about public opinion, they do what is right for the people they are responsible for.
Easy...select a new congress that will get the job done. As Americans we elect individuals to represent us and pay them to do a job. Balancing a budget is part of their job. Shouldn't they be fired for not not fulfilling their job description?
President Obama has made some very tough concessions, angering many in his own party. Unless John Boehner is able to get the GOP to budge and make some necessary concessions, it won't get resolved and our elected leaders will have left the American people hanging out to dry, and all because they will have spent all of their time trying to assure re-election, rather than serving the people who elected them to do what is in the country's best interest.
Jack..It's pretty simple actually, let's first pass a resolution that MANDATES IMMEDIATE RESOLUTION or Face IMMEDIATE removal from office and or Mandatory Prison time. After all we voted them into office and should have the right to remove them..Don't you agree?
BTW I am writing from Klamath Falls, Oregon
Instead of doing something logical like perhaps selling the state of Mississippi, they will hem and haw and posture until the last moment, and then at that point, they will worry about their own investments in the stock market and in various other entities, and finally do something to save their own bacon.
I think this charade is just what B HO wants. He, in all likelihood, wrote the script for these two bumbling parties arguing over this foolishness like some silly school boys. He needs this to happen so he can do what he’s planned. To swoop in and declare the debt ceiling “unconstitutional”. This way he make this act look like something other than what it is.
Ha ha ha, who is going to blink first you asked? Obviously the President. The Republicans don't give a damn if we default and the dollar become worthless and the economy crash again. There is one thing and one thing that the Republicans give a damn about right now and that is winning back the White House and the Senate majority. If defaulting on our debt will weaken the Democrats and President Obama, so be it. Any seven grader will know that you need to raise the debt ceiling, cut spending and increase taxes to avoid national calamity and total disaster of the global economy. But do you think those guys in Washington now better than seven graders?
Eliminate Tax loopholes and get Republicans House/Senate to stop saying NO to everything. If Obama fails we all fail ! (and we are registered Republicans).
Jack,
Why are you focusing on tax cuts, tax increases, etc.? What about the damn entitlements? Get rid of them. I am sick and tired of supporting the folks who didn't earn it and choose not to work, in particular, the persons who sneak in across the border for the freebies!!
Mike
Soooo, the GOP wants to keep their rich friends in their pockets and put all the debt on the backs of the poor. People that are elderly or disabled. Gee I'm sorry I thoutht of my patient before myself. I'm sorry the nursing home I worked for didn't want to spend the 15 cents to fix the wheel chair that rolled over my foot.
They really need to get the money from their friends in their pockets. Oh and speaking of pockets, let them cut their salary before they take some of my 697.00 per month. That and medicare is all I have. They should try living on that.
The picture of your debt clock is weeks out-of-date. The national debt is now close to $14.5 trillion. Excluding federal pension funding doesn't make the "legal" debt lower. In any business, this would be illegal and subject to prosecution by the SEC. By several measures, the United States is already over the debt "ceiling".
I cant believe the republicans are willing to let the country suffer by not taxing the rich, its shamefull and what else is shamefull is that no millionaires are willing to come forward and suggest that maybe they should kick in a little more after all they got rich in this country,, its time to anti up alittle more,its not gonna kill em and that trickel down theory didnt work before why would it work now. dont cut any entitlements and stop wasting our tax dollars and if any polititian is caught useing any issues or stalling for election or reelection reasons, they should be delt with too.
Jack:
The debt ceiling and default may well be unconstitutional. The 14th amendment, section 4 states "the validity of the public debt of the United States...shall not be questioned." and Article 1. section 8 says " the Congress shall have power...to borrow money on the credit of the United States"
Obama needs to assert his executive power to keep from violating the Constitution. Or at least bring up the possibility. Thank of the firestorm it would create! This may solve the debt ceiling question question once and for all.
Too bad Obama does not have the guts to take such a bold action.
Jim in Texas
I hope "business as usual prevails" and we are given an excuse to arrest all the politicians just like the Third World country they are making us into.
Ship all of the Republicans off to Jekyll Island, Jack.
If the Democrats and Republicans do not hold a bipartisan White House Prayer Summit immediately, this issue will be resolved in a disastrous manner and all Americans will suffer. When will President Obama come to grips with what the Pray Without Ceasing Political Party has been telling him for months with our signs in front of The White House: Prayer is the answer to every problem in life. We have experienced the power of prayer. DIVINE INTERVENTION IS OUR ONLY HOPE. OBAMA, OPEN UP THOSE DEBT CEILING MEETINGS WITH PRAYER AND A SOLUTION WILL COME SOON.
ROCKY TWYMAN, FOUNDER
PRAY WITHOUT CEASING POLITICAL PARTY.
Under Eisenhower's Administration the rich were taxed in a 70% bracket and Nixon's administration had a 50% bracket for the rich. Now the elitetist are only being taxed in the 36th percentile bracket. So Speaker Bainard , the American people DO want a tax raise on THE RICH. I am sick and tired of "eating cake". I am ready to storm the Baseille of these super rich people. If they only paid a little more in taxes and stopped getting tax breaks on their private jets and stopped expecting the "middle class" to do it all, then the problem would be much more resolved.
President Obama will get cold feet and he will agree to another GOP sell out and call it a compromise and the recession will once a again be extended.
Jack,
The big problem is these so-called leaders can't count! Correct my math, but I count ten letters in the word compromise. Everyone in DC only counts four. Until the word is no longer a SWEAR WORD that will get you voted out of office, the abyss will move ever closer.
Neither party has the political backbone to do what has to be done. Each memeber is concerned about being re-eletced and thus concerned about not being perceived as out of touch with their own party.They are more concerned about not winning the next primary within their own party. taxes should be raised and entitlements should be cut.
Harvey
The French Revolution was coused by the refusal of the nobility to pay taxes and the demanding of concessions from the king. The nastiness of the August 2 default may make the collapse of Lehman Bros. like a picnic at Versailles. CEO's and other privileged people should bear in mind that the fury of the "entitled" should the whole game come apart may be directed at them. If history is any guide, that is.
Am I worried about the debt ceiling problem? You bet! And, Lee Iacocca stated it best when he asked the question, "Where have all the leaders gone?" I think we'll default on our debts, have a deep decrease in the value of a dollar, and experience terrible times. And I'm a natural optimist. We all let the problem get too big, and now we're over the threshold. I hope I'm completely wrong. Mike, Panama City
What seems to be getting lost in the coverage is that the congressional republicans are holding the country hostage over the debt cealing. This goes well beyond being irresponsible. If a terrorist is holding a gun to a hostage's head what should should the swat team do?
A solution is so imperative and soon for all of the good people who need work. If both parties would announce that they will set the example by freezing their own salaries. In fact, there would be so much encouragement if they would feeze the salaries of all government employees, starting immediately for quick results. Let us see how serious they are about solving the monumental problem for our dear country. Let them show good leadership by going first.
Jack
Clearely, we are spending beyond our means. We have to reduce spending. But that will result in American people losing jobs, won't it?
It seems to me that if the 2% rich people ARE American citizens, they must contibute to the debt reduction by paying more taxes, just like the other 98% is contributing by losing jobs.
Companies have record profits and liquidity. They should invest in the American people already. If they have not, why would I want to give them more money at my expense?
If the republicans insist, let the US default. It is too bad they are out of touch with the American people. They want to blame Obama for everything but canot see lint in their navels.
Regards,
No further comments
Through hypnosis Jack. Dangle a pendulum before both parties and have them repeat, "I work for the American people, not the fringe elements of my party." And poof! The issue is resolved!
The moment Boehner's stock broker calls him and tells him that his
portfolio will be decimated a deal will be made.
It goes along with the sign in congress that reads
"Have Pride Lose Profit"
The way it will be resolved is when the market starts to panic. Obama will cave to more cuts that further reduce the workforce and hurt job numbers which will just give the republicans more fuel for the next budget debate and cut more. They're ultimate goal is to keep chipping away at goverment so norquist can fit it in the bathtub and his corporate plutocrats can hold its head under water.
they will meet the deadline and jam it through both houses ala obama care and again we'll know very little of its content or long term implications until after its enactment.so once again the citizens of this country are kept in the dark while professional politicians force their ideology on us and fatten their wallets.so will they eat their peas..? of course bacause they want have to pay for them
A lot of money could be saved if the government would negotiate lower rates for Medicare as they have for the VA. With the large number of Seniors to continue to grow, there should be no reason for the medical industry to NOT lower rates, being they will have a constant source of patients. I have yet to hear anyone in government even mention this as a possibility. Apparently the deals have already been made with the lobbyists, and the medical industry will charge what they want to charge, and they don't care who pays.
Neither side wants to budge, because if they do, it'll be shown as a sign of weakness. Obama doesn't want a short-term deal done, Republicans don't want to raise taxes, Democracts don't want to scale back entitlements.
How about THIS for a compromise? Cut ALL entitlements to ALL members of Congress – including their staffs- and input "spending freezes" on things like the military (except for pay) and domestic programs. That way both sides can say: "See?!" "We care cause we cut our own entitlements, didn't raise taxes and didn't cut entitlements! Will it happen? No, but wouldn't it be nice if it did?
6 months ago the President said he could not increase taxes in a weak economy. The party reminded him to toe the party line: Tax and Spend.
On the record, why not ask the country’s richest 5% if they are willing to pay higher taxes. If the majority don’t object, why should the GOP.
Tell President Obama to stop the nice guy crap and start acting like a real executive. Point out that Republicans are not religious, not conservative and don't believe in the free market system. They are a bunch of political prostitutes paid by special interests to screw the American people. You allow anyone to cut social security or medicare and you are history. Hasta la bye-bye!!!!!
An unrelated opservation: Would someone please take away the republican soundbite "No Tax dollar ever created a job".
In 1980 I moved back from a several year – post grad romp in Europe aimed at 'finding myself. Returning and looking for something to do with my life, the Federal government invested $10 K in me via a CITA education (in computer programming). 5 years later we sold the software company that I went to work for right out of the 12 month training program – from my $60 K bonus I paid $30K in capital gains tax and – you know what – I was happy to pay it. I guess we call that a 300% return for the governments investment. Not too bad. And I was not alone in this – I was in training with 40 others most of whom have earned 6 figure saleries for many of the past 25 years. Finally, today I work at a major financial institution (winding down my career) – 80% of my fellow workere – foreign nationals – why – because India and China make the investment – we no longer do – too bad we have missed the boad. It's not just the low end jobs that Americans don't want to do, it's really all about the high end jobs that not nearly enough in the US are trained to do.
If the debt ceiling can be raised then it's not a debt ceiling. What's the point of a "ceiling" if it can be raised. And does the administration really believe raising taxes is the way to closr the gap? Anyone who has read history knows revenues never come in at the estimated amount, and we end up in more debt because of spending the "estimated" revenue. Maybe liberals would come around if they would read JFK's speech (I believe it was his inaugural) on spending and fiscal responsibility. Everyone knows a large middle class is good, everyone knows our middle class is shrinking, our "less fortunate" class is growing yet still think taxing the "rich" is the answer, but that's who creates jobs, provides venture capital etc AND raising taxes on the "rich" only takes $ from their future gains and they stay "rich" but the worst part is it insures the number of new "rich" will be less in the future and this cycle will repeat till you have only 2 classes, poor and old family (generational inherited wealth) "rich" as is the case with every empire since the beginning. The human race as a whole is ignorant, thinking it can't happen to us and U.S.
Through hypnosis Jack. Dangle a pendulum before both parties and have them repeat, "I work for the American people, not the fringe elements of my party." And poof! The issue is resolved!!
Why does Obama feel like he has to raise taxes. My boss doesn't give me a raise just so i can go out and spend more. I have to cut back on the things that I buy on the salary that I make. same thing for the government. One thing I don't see on the table is a cut in salary for all the people on capital hill....
Entitlements vs. Taxes...can't anyone think outside the box. With foreign aid running about 25%, Afgans not wanting us or appreciating us, and Pakistan aid being utterly ridiculous....not to mention our trade deficit....and a decade of war. Come on people...your scare tactics disgust me. Dumbing down this country seems to be your only agenda, along with keeping your job...this countries leaders are disgracing this entire nation. If you don't have enough sense and guts to think and act outside the box.....We are going to send you home because as a country we are sick of all of you. STEP UP OR GO HOME!!!!
Fiat currency has a long history of causing ecomonic collapse, and population pressures on resources are also feeding inflation. A trillion bucks is a lot of paper, and 14 trillion is a lot of worthless paper. Worldwide economic collapse is in the cards.
I am amazed of how our leaders are so stupid you want to raise revenue and lower taxes.
Answer flat tax,rates will be lowered, investment will increase make us more competitive will increase exports. reorganize Exim bank any finance for exports will create jobs. Support manufacturing let make made in the USA mean something.
Deal with the Chinese imports raise import tariff.
But, no they want to continue to give the rich their write offs
Congress will NEVER agree on a strategy for reducing the debt ceiling, Jack.
investors the world over will sell off the defaulting US government bonds and treasury bills. Aggrieved voters will then understand what it means to have a free-falling currency, underfunded, unreliable and decaying infrastructure, overcrowded emergency hospital rooms; unaffordable tertiary education; runaway inflation and skyrocketing instances of civil unrest.
In the end, the required debt reduction tactics will be determined by the IMF – not the divided and polarized US electorate.
Jack
How it always does.
The people who are in the pocket of republicans (rich people, wall street and big business) get what they want and the people who are in the pocket of democrats (unions, wall street and big business) get what they want while "we the people" get screwed.
John
San Jose, CA
It should be resolved by adults, not these elected children who claim to be ’Patriotic Americans’
Jack since the Republicans want to cut spending let start with their pay and cut it back to $0.00 per year. If anybody with a brain thinks we can just cut our way out of this mess without revenue they need to go back to math class. I also suggest they will need a caculator.
As an outsider who avidly keeps up with US ploitics, I continue to be amazed at how the Republicans can hold the whole country to ransom. It's not that "nothing is certain but death or taxes..", its that "its certain death or taxes" ... and this coming from the people that got you into the mess in the first place. WOW!!
The President is in a stronger position than most media outlets portray. He has a full cabinet of top leaders in US budget spending and revenue where decisions can be made without a Congressional vote. Certainly, he has a worst case scenario being formulated. Because of this, the Republican Congress from John Boehner on down have more to loose; and they know it. They will, however, continue to posture but in the end both parties will claim victory when an agreement comes. The Republicans will claim they held firm to no tax increases as only tax loopholes will be closed. And the Democrats will hail the strong leadership of President Obama upon success in closing the deal before the US defaults, but certainly not with 4 trillion in cuts the genesis of which was merely a negotiation tactic.
I am sick of the media, sick of politicians, and sick of ignorant people.........it is unthinkable that the US Gov. go into default.....we should go for the 4Trillion deal, cut spending, raise taxes on the wealthy.....it can be done.........BTW the debt limit was raised 7 times during the GWB years alone.......seems like the GOP is a bit hypocritical......
After spending my day looking for a job, it is quite disturbing that the filthy rich Republicans are trying to hold on to all their loop-holes and tax breaks, while they are contemplating on cutting services to regular Americans who need social security and basic programs that help them get by, day to day. They (Rep) say that any tax break cut will slow the economy, well I am not seeing any rich corporation or republican trying to stimulate the economy. If fact, they are taking their money and playing the stock market and making more money. Proving that the rich get richer and the poor get poorer, no matter what they decide in Congress!
The republicans claim they are for spending cuts and reducing Govt debt. Well now is the time to put or shut up. All Govt spending should be on the table including Tax Expenditure/ Tax SPENDING. Playing chicken with the debt ceiling is playing with danger that will effect EVERYONE inclduding with such irony I might add, the wealthy they claim to blindly protect. Their assets including sadly our retirements accounts suffer unprecendented losses. Expect the 08 crash to multiply 10 fold!! We bear witness as to who is RESPONSIBLY dealing with Govt business.
Republican Robin Hood Obama is out there collecting money for the rich from the poor. Watch out everybody!!
The issue will be resolved exactly as everything else is – poorly and solely in the interest of the party who has the upper hand. This decision is not about what's best for Americans or it would have been resolved long ago. It's about positioning for 2012 to support the "new lies" candidates want to tell AND more sadly, it is about bending to the will of the rich whose dollars were spent to "buy" the results they want.
I fear the only way to fix this situation is to eliminate the cause, namely the current form of government representation. I have long wondered why we pay these greedy self-centered "representatives" when we live in a time where it is possible to put a box on top of the tv and let the American public press a button and say yes or no to these decisions by popular vote.
By the way, I hope the first bills NOT paid if this isn't addressed is payroll for congress. Bet that gets their attention!
President Obama has proven that he doesn't have the heart to stand up to the GOP. He blinked to the GOP by extending the Bush Tax Cuts and he will blink again by allowing the GOP to dictate the terms of a debt ceiling deal (no tax increases for the top 2%). Since the Democrats are allowing the GOP to set the agenda, then we might as well have a GOP President in 2013 because the Democrats are already implementing GOP policies anyway!!!.
I am a staunch Republican. But I must disagree with their opposition to reaching a deal on real debt reduction on the order of 4 trillion. OK, keep your promise not to raise taxes – but, for heaven's sake, do reduce the tax loop holes, and the oil and farm subsidies (ethanol in particular), and whatever else can be described as not raising taxes. As for democrats, increase the eligible age for social security and medicare (I am presently 70 yrs old) – peolple are living longer and this should be taken into consideration. And aggresively pursue the repeal of environmenat regulations which prevent the expansion of more oil and gas production. We MUST become independent of foreign oil. As for President Obama, I did not vote for you, but I now think that you are the only realist in Washington willing to compromise to resolve this issue – stick to your guns!
When the negotiators working on this budget issue allow the missing person to sit the table with them. The missing person is the American Public. The American Public has sent the best re[resentatives they could assemble (at election time) to manage and care for all of our interests and we are not at the table., We expect consideration, and thought and comon sense to resolve the issues we sent you to manage instead of political jockeying, backbiting and personal goal seeking. We – the public – are being stabbed in the back because of the general absence of the Patriotism our forefathers mandated for our elected leaders. For Shame!! How can any American have confidence in you when fiscal disaster is being calmly ignored?
The debt deal is not one party issue. The two partie need to put away their poltical difference and do what is right for the country. The President should bring both Democrat and Republican notions to the table and work on what is needed to address this issue.
I would solve the Budget crisis by withdrawing unconditionally from Iraq and Afghanistan, and reducing drastically our defense budget. The two wars waged by the Bush administration, spent trillions of dollars and accomplish nothing, in a decade. The terrorist are close to bankrupt the most powerful economy which, in the name of national defense, squander trillions that could be invested internally to create jobs, renovate our infra-structure and rebuff our economy.
Luis Montero – Brazil
Unfortunately, this conflict has become more about spin and political positioning rather than doing what's right for the country. Which makes no sense considering this is a significant crisis with an outcome that will have long term consequences. Republicans will ultimately get their way (yet again) because they're so enthralled in their own ideology that they would prefer to watch the country go to flames rather than raise taxes. So I think a variation of Obama's proposed deal will utlimately pass: a deal that is focused primarily on spending cuts and he might be able to close a few tax loopholes to raise revenue and spin the deal so that the GOP can uphold their pristine image with their constituents and claim they haven't raised taxes (and that they've all been faithful to the pledges they signed). What a shame that in the same year, the U.S. government has come to the verge of shutting down and defaulting on its own debt, and both conflicts are centered around ideology with both sides unwilling to do what they are paid and expected to do: compromise.
1. Group a few dozen mathematicians and economists
2. Group all the politicians with advanced degrees in math, physics, and engineering
3. Lock these two groups into a room until they've created several solutions based solely on pure mathematical logic and rational instead of the politicians with a clear lack of science and mathematics
In other words, if you want this problem of economics, a form of applied mathematics, solved, bring in the experts, not politicians who are either unwilling or unable to understand the mathematics of their actions and their repercussions.
We've had no problem raising the ceiling before, especially under our previous administration. I think that Boehner is holding out to see if Obama will cave to his demands because it's win-win for the Republicans. Either they, the Republicans, will get more of what they want now, or Obama stands firm and they use it to call him unpatriotic. The Republicans will probably raise it later and claim it was their idea. They believe Obama will lose the election so why not get some of their policies on the table so the American people can mentally prepare for the new administration? Honestly these issues won't get resolved until after the election. Wait, isn't that what we thought last election?
greetings Jack,
with the rep. wanting to close federal jobs;
do you not see unemployment quadruple?
demo, wanting to tax/close/levy...what happened
to when the government help their citizens?
Resolution? let us see D.C.-Capital, do as we
all have had to do,TAKE YOUR CUT give up your
salary for four years. Zero income from us. you
are already millionaires, and lobbied Billions.
Big Business, Insurances,Unions, International.
WILLIAM
The debt issue will not be resolved....our leaders want us to move toward Global this and that ie a third world country of the haves and the have nots. By not resolving the issue that is exactly our direction..more government control, a middle class without knowledge or skills to compete. Fear paralyzes nations and both our people are fearful as are the politicians. There is more fear of failure than desire for success. Stick a fork in us...we're done
Well Jack, the HELL NO CAUCUS (both house and senate) want Obama to be One Term, even if it brings the entire world into a major economic crash.
Compromise? Boehner said he doesn't allow even the word to be spoken. Get the message?
I see adult children running my country.
I think we should send top of the class 5th graders to represent us. They will do more and bicker less. They don't start being moronic until middle school and judging by the American electorate and their "representatives" most never leave middle school.