Do you buy government's so-called solution to debt ceiling crisis?
The Capitol building was illuminated last night as President Obama announced congressional leaders had reached a tentative agreement to extend the federal debt limit while enacting spending cuts. (PHOTO CREDIT: GETTY IMAGES)
FROM CNN's Jack Cafferty:
The government is selling snake oil - again.
Look closely and this so-called "deal" on the debt ceiling crisis is a triumph of sleight-of-hand over substance.
Sunday night it was, "We will cut a trillion dollars in the first 10 years." By this morning a trillion had become $917 billion, which means we lost $83 billion in cuts overnight. Makes you afraid to go to bed.
In the first three years of the Obama presidency, the deficits will total about $4.2 trillion. Cutting $917 billion over 10 years, or $91 billion a year, is chump change.
Then there's the commission, another one. Remember the commission President Obama ordered to come up with answers to this stuff last year?
They did. Their report was full of a lot of good ideas. It was ignored by the president and Congress. But they want us to believe this commission will be different.
Baloney. There has been no attempt to address tax reform or entitlement reform. That will be left for "The Commission." My guess is they won't touch it anymore than the current crop of folks tackled it. And without those two things, we are doomed.
Supposedly there will be triggers in the legislation that will require additional cuts totaling $1.4 trillion across the board if the committee and Congress cannot agree. Color me skeptical.
We are facing more than $61 trillion of unfunded liabilities from Medicare, Medicaid, Social Security and other obligations - $61 trillion.
There is no money to meet those obligations and our government knows it. But they have the unmitigated gall to march out Sunday night as though they had found a cure for cancer and expect us to break down in uncontrolled adulation. They make me ill.
Here’s my question to you: Do you buy the government's so-called solution to the debt ceiling crisis?
Interested to know which ones made it on air?
Chris in New Jersey:
No. It was the easy way out that doesn't reform much of anything. The Republicans should have offered up tax reform by way of a fair tax and the Democrats should have allowed entitlement reform.
B.:
These guys are such phonies. I darn near barf every time they try to convince us that they have solved the problem. Hells bells, how stupid do they think we are?
Andrew:
The can just got kicked a little further down the road or further down the "election cycle" so to speak... Our elected leaders don't care about the long term fiscal solvency of this country. They care about Nov. 2012 and keeping our heads above water for a few minutes longer.
Kait:
Baloney. Roll back taxes to what they were under Clinton. The rich need to pay their share.
Rob in Saratoga Springs, New York:
No, the problem of too much borrowing, too much spending, and too much printing of money, cannot be solved with more borrowing more spending, and more printing.
Eric:
I think we should borrow some money from China to fund a nationwide party celebrating the resolution of the debt crisis. Why isn't your segment longer? Thanks, Jack.
Jim:
Jack, Yeah, I'll buy it. But can I put it on my credit card?
@jackcafferty on Twitter
I have as much faith in this debt ceiling solution as I do in the government's belief that Obamacare will lower health care costs; or that if we passed the 2009 "stimulus" that the unemployment rate would not go over eight percent. The REAL question is: Why do people who call themselves extremely intelligent keep believing in the government "solutions" to problems?
If the government is selling , no way am I buying. This won't go away, and in 2012 it wont matter because a democrat today will be a republican tomorrow and vice versa. Noone can predict the severe impact the politicians have caused on the American people.
Nothing changed, but greater distrust in our leaders (if that is possible)
No. If people had jobs – the debt crisis probably wouldn't have happened. Maybe the politicians don't know this but if you borrow money, it has to be paid back. Duh!
Jack,
The face of evil is the Tea Party and their coherts the Republican Party.
10 trillion passed on by Bush and Obama's 4 trillion to assist people who really didn't need it, ( could be wrong on this point), where on earth were these people when we really needed a voice in American. Now they claim fiscal responsibility to the people of this country. They are so transparent, the irresponsible congress is simply portecting their own jobs and the pockets in which they are owned.
I'm like everyone else, not happy but hopeful for something better.
It has been proved repeatedly that raising revenue through removing tax breaks does not kill jobs, it increases revenue. It has also been proved that cutting into spending without new revenue actually can hurt job development and the economy.
No. Nothing wikk change untill Medicare and SS are no more.
The only thing that has changed is that the republican party cane no longer be blamed for thier actions, it is now the fault of the "T" party.
I just hope that repblicans on SS and using medicare will use thier vote to rectify a huge mistake they made in the last election in 2010
Vote the bums out or give up rhier medicare andSS to save them for those who need them.
METALWORKER in IL
In a word, yes. I think everyone got everything they could possibly get under the circumstances. Hiking the debt limit should have been routine, but it wasn't. So we'll start addressing the deficit. About time, I'd say. Just wish this business hadn't been the vehicle for addressing it!
When the congress is due a pay raise, I suggest that it be withheld. They have a spending problem and don’t need an increase. This seems be the thinking of some leaders. And they should accept
that, what is good for their country and it should be good enough for them.
If my kids acted like our politicians are acting, I would cut off their allowance and they wouldn’t get it back until their chores were done.
Like or not, they are being paid to accomplish actions required to move this country and our economy forward. Another strange word, “JOBS”, which seems is being ignored during this whole Three Ring Circus.
Donkeys and Elephants can both be classified as work animals. Get to work. If they’re not capable or willing to do this job they should not run for another term. If you don’t understand compromise, there was a young girl on TV who explained it very well. “If you really want something, then you may have to sacrifice“. (May be slightly paraphrased) Disgusted, disgruntled and disenfranchised are words that describe my feelings and probably define the feelings most Americans right now.
No I don't. Nothing substantial has changed. Congress continues to abdicate it's responsibility, there's no guarantee that a balanced budget amendment will survive, the debt is increasing as far as the eye can see.
Nero fiddled and congress diddled as the country goes up in flames.
They wont lower the debt ceiling at all. All they do is take, take, take. What I'm wondering is what did the millitary, our senior citizens, and the middle class lose? If they really wanted to lower the debt ceiling, they need to get rid of the over staffed government agencies. My mother recieves three statements monthly on her medicare. then she gets three more from the county. Get rid of the paperwork. What really gets me is when you ask these various agencies a question. It takes them from three days to a week to get back to you and then they never seem to have an answer. Simplify these various agencies.
Bob from Minnesota
I think that when it's all said and done, nothing has or will change.
No! The democrats will renege on the deficit cuts, and will never pass a balanced budget amendment until they are forced to.
Do I have choice? While I am not a Tea Partier, I understand the desire for a smaller federal government, there's just too much money at stake for the people who are paying it, the taxpayers, to fit into the equation, it's become all political interests and corporate interests, and none of it in the interests of the people.
Buy it or not we are stuck with it. The real solution should be repeal of the Bush tax cuts and oil subsidies, but of course that is out of the question. Lets see how this plays out if the old Tea Party crowd gets their Medicare cut and other subsidies they fail to recognize. Small government, my behind, they were brainwashed and hopefully the spell will dissolve by next election and we can get a Congress that at least pretends to represent the people of America.
Not yet - I expect the HELL NO CAUCUS to rare their heads again about ANY plans the committee comes up with.
They got by with holding their breath this time, so they'll do it again (remember your 2-year-olds?).
No. Ignorance won the day. Most economists have said the government should be increasing spending to get things moving rather than decreasing spending. They also believe we need additional sources of revenue. There is real suffering in the country right now and this "solution" will make it worse.
Whether in a Good or Bad economy, this solution only occurred because they remembered that those neighbors around D.C. aren't all that friendly. No need for a revolt like in the middle east.
Not for one secondJack!It will be business as usual.Cries on the left and lies on the right.The rich will keep theirs and the poor and hardly working will lose theirs.
The right has won this round. We get our say in November.
If it is class warfare you want ,so be it!
Not a bit! This is just more of kick the can, and spend, spend, spend without accountability! Who cares if government employees lose their jobs! Let them go get real jobs!
This is a joke. The rich keep getting richer and now they have Tea Party Stooges holding America hostage. Weren't the rich paying more in taxes under Clinton? Economy was going very well... Why can't they pay more now? Because these idealistic clowns won't budge.
Stick to your campaign pledge of raising taxes on the upper class and you will have a runaway election, Obama. Stick to it – the Tea Party won't last, the cuts are going to hurt the economy in the short term. CALL THAT OUT! If it was a great idea, wouldn't the markets be rising?!?
Great, we have a super committee of more buffoons that will stagnate everything, that flush you are hearing is the economy going down the drain.....
No I do not. This plan lacks a revenue raising strategy and cuts too much into critical programs for poor and middle class Americans. The plan lets wealthy individuals and corporations off the hook.
Do you buy the government's so-called solution to the debt ceiling crisis?
Since the people who say they love their country contributed nothing,
we prayed that any solution possible would be better than a DEFAULT
to cause destruction to the world, president and people.
The people who condemn most are those who are no benefit to the World.
No! It only kicks the can a little further down the road. The government is still growing only just 30% less than before
If you call kicking the can down the road a solution then our politicians are spot on. Unfortunately borrowing as much money as you cut does not get us out of the hole we are already in. This in my opinion is no solution at all. The worst part about their plan is that they promise to cut spending. We have heard those false promises many times before and our current debt of over 14 trillion dollars is the result of all those promises.
This so called "solution" has about as much validity as the hot air and rhetoric that produced it. They parade in front of the media every 24 hrs. with new and improved means of deception and deviousness continually insulting our intelligence.
Some things never change, Jack.
What solution? We continue to be involved in 2, or is it 3, wars that cost billions of dollars each week, Congress gets lots of perks that we pay for, and big business continues to get tax breaks that rob the Treasury. Maybe when the above goes away we can really manage the debt that Congress and the past two administrations have thrust upon us.
Matt
Rockford
No, because it's basically the Republican plan.
Obama asked for a balanced solution, and didn't get a single dollar in plugging tax loopholes and giveaways.
Obama caved and gave the Republicans 99% of what they wanted, and didn't get anything at all in return.
NO, Jack
the primary reason that the country has the debt crisis we have now is because of the Bush Tax cuts AND special interest tax loopholes for corporations and wealthy people not to mention the two unpaid wars.
you can NOT cut enough from the federal government without doing even WORSE damage to the current economy. and cutting Medicare or Social Security is STEALING from SENIORS that paid into these programs all their working lives.
My comment is that at least somehing positive is beening done.It is a start in tghe right direction. Good luck.
No, not at all. Now, you can really hear the sucking sounds of jobs being bled off to communist China. Ross Perot was so right. Very,very sad!!
No! These politicians ingenuity cry over our future children and their children, being stuck with taxes to pay for today's debt. Then they say no to taxing the wealthy who prospered and got the lions share of the money the government borrowed, and spent.
It makes no difference to me what they do anymore. What I have learned from our government over the last 10 years is to not rely on government. I keep my own fiscal house in order so I don't have to rely on any government programs to survive.
This is no solution. It's a hornet's nest. They say if nobody likes a deal, it's good. Not in this case. It's just bad. Not only for the Dems, but for the country and its economic growth.
Carol in Northampton, Ma
The Government doesn't have a solution. They have a compromise. Not until the conservatives retake the power in all three branches will we get a solution to our problems and that includes job growth through reduced regulations, reduced spending, entitlement reform, health care reform with elimination of Obamacare, and overall reduction of waste in all government programs by cutting government interference in our lives. Free enterprise will get us back to a robust economy if we can get businesses to return to the USA and keep the ones here from leaving. Reduced taxes, reduced regulations, smaller government. That's how we grow the economy.
Not at all!! We really need a cut of $9 Trillion over ten (10) years to even do any thing to our Debt, let alone the deficit! (1) Why don't we start with a real committment like a reduction of 15% FROM THE PRESEDENT AND HIS STAFF, as well as the total congress;
(2) a reduction of the people that were hired since Obama took office,
(3) a reduction of all pay raises and bonuses they received – maybe an actual reduction of 10% – (they froze Soc.Sec. which they now threaten with no pay!);
(4) get rid of all those extra luxury cars now used,
(5) require congress & Pres. to use the citizens Health Care, –
No, we haven't gotten anything yet!!
Jack: It is definitely a deal from hell, but it stops a default. A default would result in a 1000 point drop in the stock market. The first cut of a trillion dollars is easy over 10 years, but the next cut of $1.5 trillion will cause a great deal of concern. Cutting social security and medicare will result in getting their collective heads cut off in 2012. The committee of 6 senators and 6 representatives will have to devise a bill which passes both houses. Good luck! Or automatic cuts begin done by a computer. Disaster!! Sad!!! Disaster!!!
Jack,
It sounds like a joke, and that the only reason they went with this solution, which has yet to be approved by congress, is because of the 2012 election. My understanding is that, as part of the agreement, there will be a committee to discuss further spending cuts, and possible closing of tax loopholes/tax hikes. What about the committees that came before? And what ever happened to the recommendation they gave? Ooops, I forgot, those recommendations were ignored. No, Jack, I don't buy what the government is trying to sell.
Yes I do if you believe we are still kicking the can down the road.
When the very entity (Congress) that created the debt ceiling crisis is the one to resolve it, I do not buy its solution. For their own personal gains, they will continue their pork barrel spending which will, sooner or later, create the same "crisis". To prevent this in the future it is imperative that Congressional members or their family members not be allowed to receive any financial or property gains from lobbyists.
The debt ceiling will be raised with the agreed budget cuts to be about equal to the increase in the debt ceiling. Short term – no one loses. During the next six months or so a bipartisan panel will negotiate which cuts will be made to lower the debt ceiling gradually to facilitate job creation an minimize economic disruption to those currently receiving entitlement funding.
Cooler heads have prevailed over the Congressional freshman's exuberance at actually having the power to turn this country upside down within a matter of weeks. Something Osama bin Laden tried but was unable to do.
Who's winning the debt ceiling is questionable, because foreign affairs, and wars are rasing it. Also the goverment has to pay for the wounded soldiers that get injured in the wars. To praise are victories is costing us money in claims, causing a financial 911.
It could have been worse. They could have required anyone poor, old, and sick to commit suicide within 5 days or have their whole family sold to Thai brothels as sex slaves. They didn't do that.
Absolutely not. The idea of it all was based on good intentions but in the end it will only make things worse for our struggling economy. We need JOBS and fast. In the meantime we need to raise taxes which I know sounds crazy to most. Raising taxes would really effect the wealthy. It makes sense to heavily tax those who have it and can afford it than to do these budget cuts that everyday folks use to stimulate the economy daily anyway. So you see we don't GAIN by budget cuts but we do by raising taxes which the wealthiest people have gotten away with for a long time. It's time to pay up.
Wall streets not buying it, job creators don't buy it. You just can't buy something that doesn't work. They wait till the last minute to rush through bad legislation. They complain every step of the way. The say in the end it's not what they wanted and it took to long. And while all this is taking place they say the world will end at midnight tuesday if we don't do this. Our goverment is a complete failure. What a joke you are president Obama.
Apparenly the debt ciln wll be inceased – this was an obvious action but involed rediculos time ffort, and cost. So-alled is appropriate since the revission to a commission is the typical Washing way of avoidance. A big piece of he prolem would be accomplshed by eliminatin the Social Security cal but lmiting benfits to the ammount correspon to $200, 000. At preent soeone earning $116,000/75 pays a full tax (3.35% OR WHATEVER), BUT FOR SOMEONE making $1,160,000 the prcentag is.0335%, becasue of h cap. Removal of the cap secures th program fovever.
Jack,
No, not at all do I buy the so-called debt ceiling solution. When you are jumped by a bunch of angry wolves in a pack ... do you really believe you can trust them as they say, go with us to our home, and we will take care of you next time.
EVERYONE should have voted on the Simpson-Boles recommendations and then perhaps we would not have this manipulation by extortionists.
Joe, Binghamton, NY
No. It was the easy way out that doesn't reform much of anything. The Republicans should have offered up tax reform by way of a fair tax and the Democrats should have allowed entitlement reform.
Raising the ceiling is not a solution, it is failing to learn from mistakes. Do you extend your kids curfew because they are constantly abusing it or do you cut it back? Yes or no answer Jack.
No, because it is not a long term solution, it is a compromise. Those 12 people will argue again like spoiled children in a few months. The hard fact is that without taxing wealthy people and companies there will not be enough money for the Government to operate, but the Americans that vote are such narcissists, that they cannot see what's happening – image borrowing from China and Japan? to pay bills, who would have thought that would happen!
I don't have a problem with the solution the Government proposes but I have a serious problem with the 7 month process the Government employed to arrive at this solution. It is blatantly clear that the proposed solution could have easily been achieved last March 2011, so all of this bickering and political theater and posturing for several months has only resulted in international embarrassment for America on the way the U.S elected politicians behaved in the face of carrying out routine business on behalf of our country.
Jack,
Not exactly. What a debacle for no reason except to make the president look bad. Thank you Republicans! And I'm just going to do like the Penguins of Madagascar do... "Smile and waive boys, smile and waive."
no i do not buy it at all. what a bunch of crooks. why do they not give up some of the money and benefits they will always get no matter what happens. they had said that there may be a gang of 12 people to oversee that new cuts are proposed and carried out. maybe we can call them the new Washington's " DIRTY DOZEN " i am in Dalton Georgia
Jack,
The Debt Ceiling was a Republican manufactured crisis that could have had a Really Bad Outcome, but now will probably just have a Bad Outcome.
The budget reductions in the so-called Debt Ceiling Bill are meaningless in terms of the annual Federal Deficit. The real crisis is the roughly $1.5T deficit that remains because of high unemployment, an unfair tax system, and mismanagement of the financial sector.
If you enjoyed the Debt Ceiling crisis you will love the Federal Shutdown that will start October 1 when no Appropriation Bills have been passed.
Carl from Pahrump, Nv
Without raising taxes to create revenue it will not work. I suppose if they recommended that every person that makes less than $100,000 should have their taxes raised the republicans would be all for it. These people our a bunch of jerks and should be replaced.
Jack,when it's the only thing on the shelf,you have to buy it.
No i don't, I vote conservative, and I know that we are going to have to raise taxes, now what I want is a fair way to do it, "Everyone" is going to have to pay their share, from the lowest income to the very rich. We need to take care of the poor, but we should not have people living on the system all their life, somewhere and somtime we have to tell them that they have to do some on there own. We have become a nation of can't do without, we have got to learn that we don't need the latest item out. Also, we have got to get jobs back in this country, that means tax breaks for industry and investors, but they have to be investing in this country.
Baloney. Roll back taxes to what they were under Clinton. The rich need to pay their share.
I can't believe anything, anyone in office, tells me anymore. Our whole system is corrupt and broken. I want to punch those people in the face that say it's still the best system in the world. Maybe if you are rich. If not, it never was.
I don't buy this solution. It's time for President Obama to take charge and address the Nation: I don't take tea, thank you.
David, Cincinnati
Mr. Cafferty:
Which government and what solution are you referring to. I cannot identify either.
I wonder at this whole thing. It would seem that the strict constructionists don't read the Constitution:
Amendment 14, Section 4 says: "The validity of the public debt of the United States, authorized by Law, including debts incurred for payment and bounties for services in suppressing insurrection or rebellion, shall not be questioned...."
A deal must be cut weather it is real we will see in the future. the crisis was made by the republicans and their tea party only because the want to bring this president down. just think the last three republican president raised the debit limit over twenty times plus never balance the budgets with out a crisis or media fanfare. the republican confederacy is rising from its sleepy grave to try to take our country down! Independents were sold a bill of lies but hopefully they will do their own home work like I did before I voted in this last election and will due in future elections.
Of course not Jack. This is just pablum for the party bases and the financial markets.
When did giving up everything become a compromise?
Jack,
I live in Minnesota where I just experienced the political PR campaign that is evident, but on a smaller scale. The sides were as far apart as they are in Washington. Our deal here includes gimmicks such as withholding payments to schools and accounting shifts...and add borrowing to that. The Federal solution, from what I've seen so far, is full of gimmicks, tricks, smoke and mirrors. Will there be any reform? I highly doubt it. After all, it's election season.
No, the problem of too much borrowing, too much spending, and too much printing of money, cannot be solved with more borrowing more spending and more printing.
No. One party represents the rich and big business. The other represents the interests of the middle class and elderly. What is needed is jobs to reduce the national debt. Neither party is trying to do that. It's like the man who was starving, so he stop going to the grocery store to save money.
You need more income. There can be no other option. When a family is looking to make ends meet, they cut costs as much as possible, but they still have to eat. At that point, they try to work extra hours or get another job.
The can just got kicked a little further down the road or further down the "election cycle" so to speak... Our elected leaders don't care about the long term fiscal solvency of this country. They care about Nov. 2012 and keeping our heads above water for a few minutes longer....
The biggest problem with the debt solution is the trigger in case of failure to meet deficit reduction targets. Rather than across the board cuts, let's go with term limits – that will get their attention.
No, Jack I don't buy it. It's two words and one of them is bull.
Arkansas
These guys are such phonies. I darn near barf every time they try to convince us that they have solved the problem. Hells bells, how stupid do they think we are??????
Jack,
Yeah, I'll buy it. But can I put it on my credit card?
Don't worry. I'm sure the next group of politicians voted into office will fix it.
I think the more important question is, will the Tea Party caucus buy it?
Until we have term limits on all members of congress nothing will ever get done in Washington. Our so called "representatives" who should be doing what is best for the country are too busy doing what is best for themselves.
No.. I do not. Plain and simple. It's slap-dash and last-minute.
Great job! I'd more buy the "job creators' argument when politicians talk about not removing these TEMPORARY tax breaks to corporate America if they were actually interesting in (and actually) creating jobs in the U.S. Close the loopholes and lower our spending already. It's common sense.. Oh.. wait............ duh.. what am I saying?
Solution???? Kicking the can down the road is not a solution. No additional revenue from the only citizens (including corporate america) is tragic. No 'means testing' for S.S. and Medicare, no elimination of the limit for those who make millions and only pay S.S. taxes on $106k? The fixes are SO simple, but they take courage and vision. We need to vote ALL of these idiots out and then march on the Supreme Court until they find 'bribery' (unlimited campaign contributions) illegal. Then, and only then we will be in a position to tackle our fiscal problems or any number of other problems, such as funding education.
I wouldn't call it a first bite at the problem. More like a nibble. I don't blame the politicians. I blame their bosses:The People. Sadly we've become a culture based on fulfilling all our wants regardless of costs, but the problem is there are no free lunches. Somewhere along the way we've conveniently decided to forget that fact. I'd feel better if they just promised to raise/cut $100B a year every year until the deficit is gone, then at least we could track some progress. Oh well look on the bright side, in 10 years according to this deal we'll only be about $24T in debt instead of $26T. I know I'm breathing easier.
Any deal is better than default Mr. Cafferty...or did you miss that part?
They can call this deal the lost chapter of the bible as far as I concern... its all about reelection for them and its all about my 401k for me. I thought we had an understanding about this.
Jack, very soon, we in the middle class, will have no more money left to "buy the government's so-called solution to the debt ceiling crisis." We are broke out here Washington. Broke and tired.
Geoff Hancock in Phoenix Arizona.
"Solution?" What solution!
I love this country but I despise the current state of how of our government operates. This is not government as usual. This is elected officials at their self-centered worst. "As usual" would be welcome at this point. Do I buy the solution? No. It's a mess that is designed to create more of a mess.
We did not get in to this mess over night and we are not going to fix it overnight. The way Congress went about this was wrong. It should have never come down to a last minute agreement not liked by either side. Lets hope Congress has the intelligence to realize they must work together to find a long term plan to reduce our debt, starting with cutting the waste in government spending and closing the loop holes that allow large corporations to pay no taxes.
For the first time in a long time I agree with you. This agreement is simply more political smoke and mirrors because the Obama and the Democrats absolutely refuse to recognize the need to cut spending.
Do I buy the government's solution to the debt crisis? Maybe if it was on clearance. We all have watched Washington over the last few weeks go on and on about the situation and come up with no reasonable solutions, and I doubt this going to be any different. However we have come to a point in time where a reasonable solution is out of the question. Washington has allowed the debt problem come this far, which is in itself is embarrassing. I don't doubt that this "solution" might pass in the house and senate and be signed by the president, but I'm sure the American People will now be even more skeptical of our elected leadership.
There is only one solution to the economic and political issues that face this country and that is to "Recall Them All"! If we want to change the way Washington works and solve problems we need to start with a clean house in the Congress, Senate and Presidency and abolish the two party system. Now is the time to start the petition to recall them all and start fresh.
The past few weeks have been nothing more than political theater. All the networks have been more than willing participants in this charade. A bill will get passed. Politicians from both sides will take credit. Sadly, no substantive change will come of it.
Shaen
Bentonville, AR
I believe that they are playing politics as usual. However, one can only hope that there is some sense of urgency with the new committee in the future, BEFORE another "the sky is falling" crisis-mode that got them to do what bickering they just did the last few weeks. I think both sides need to be practical and, while I'm pretty in the middle (maybe a little right) on most issues, I have to say the President did seem to offer more compromise than the Republicans seemed to ... When I heard, a few weeks ago, about roughly 3 trillion in cuts and 1 trillion in loophole closures (not tax increases, per se), I thought the Republicans would be doing a dance of joy and calling it a victory! The TRUE millionaires and billionaires could do more – but from my experience earning $250k is no more being 'rich' than simply standing next to a picture Einstein is defining someone as 'smart'!
Smoke and Mirrors, for the most part. Without tax reform on the wealthy, no package is an honest attempt.
1. Lets vote them all out of office next election....a group of housewives could do a better job then these bozos and I'm tired of it!
2. I think the president should use Amendment 14 and just pass it without congressional or senate acknowledgement – isn't this what Bush did when he wanted more money for something or wanted to skirt the constitution.
2. Revolution on the horizon...the weatlhier keep getting wealthy and the poorer go deeper in debt – please rescind the BUSH tax cuts for the weathy – won't that add billions to the coffers
3. These guys should not be worried about re-election; because none of them should be re-elected no matter what their current party or how they vote at this point. They let it get this far and that's enough said.
This solution is smoke and mirrors. As usual, our politicians, Democrat and Republican alike have failed us again and kept their pockets lined and their benefits intact! We Americans are fed up with both parties. They care only about them selves and their big donors. Both parties have failed America. They should be ashamed of themselves, but they have no shame, just greed!
As long as it is not balanced–cuts and revenue–it's just a giveaway to Republicans. These guys will not listen to the people. It would be nice if we had a third party. Perot made folks listen even if he came nowhere near winning. And if we could get away from extremists and focus on not repeating things we have already done.
perhaps it all needs to fall apart–as hard and scary as that will be.
we've been in sore need of fundamental changes for a long time now, and typically, you have to wait til a system is destabilized before you can make any concrete changes.
oh. .. and while we're going about making changes, allow senators 1-2 terms, and then send them on their way without their life-long entitlement packages.
Probably the best they could do at the last minute. We will be faced with the same thing later this year as the "commission" fight it out on spending cuts. Obama and the dems want to keep the entitlement society in tact to insure Dem votes and the repubs will be viewed as the bad guiys for trying to make Amercians work for a change.
The folks that need to bite the bullet is the various Gov. Unions that are sucking their states and federal govement dry with no desire to change. The Auto works etc are no exception.
We need to fix this debt and spending problem soon or plan on having it fall down in the near future and then everyone loses.
As long as you people in the press keep pitting one party against the other and forget we are all Americans in a boatload of financial trouble, there will never be a rational solution to this crisis. Forget the partisan bickering and let's put our brains together to reach a "possible solution". We have so many power-hungry selfish people out there who wants to play one-upmanship on each other instead of us having a national debate and really seeking the best interest of the people of this nation and of the world.
Consultation is what its all about guys! Let's look for good ideas all over.
Jack:
The President and Congress is selling, but I'm not buying!
The U.S. is approximately $14.4 trillion in debt, we are spending in excess of $4 trillion annually with revenues of approximately $2.7 trillion. Over 10 years they HOPE to save in the best scenario's $4.0 trillion! This is of course with no adjustment for inflation (spending or revenue).
My math tells me that in 2021 we will be $25.4 trillion in debt! Has no one figured this out!
Dave, Englewood, CO
Hi Jack, Yeah I buy this solution... as the least onerous path for each principal to cover ones own political, um... butt. This never-ending game of kick-the-can (now until the end of this year) is exactly why I tore up my card and became Independent last December. I'm thoroughly disgusted.
No, I don't buy. I don't the American people buy, and I'm sick and tire of (both sides) claiming the American people do. "Constituents"; they don't care what we think, and any average American–making under that 250 grand mark–that thinks they do has been badly misled.
We are slowly but sure headed toward the mark they are really aiming for, and some people better mark this: 2 classes of people in this country...the very wealthy, and the very poor. That is the bottom America. Like it? Do something about it, or it will not matter whether you like or not. Many third world citizens can tell you all about it.
No more than I do the distortion about 47% of households pay no taxes. 12.7 % of the population is over 65. 6.9% is under 19. at least 5% are disabled. Should they be paying income taxes? Only 9% of the revenue received last year came from business.. but I am supposed to believe that business is interested in this country.. not in this lifetime.. They are interested in profit margin. Period.. No Jack I don't buy it. I think tax laws HAVE to be reformed to get out of this mess. Corporate America has screwed over the labor force for long enough and it is time for them to pay up.
The commision will present the same finding as the previous commision and again congress and president will pass on it as not possible. We need reform that makes sense. Neither side is correct in their approach. We need a balanced agreement that actually makes an impact.
I don't like it one bit, I mean this is all a temporary solution to a permanent problem, why are the rich not being taxed. Once again how can we claim we are a christian nation when nobody follows the phrase, "what would Jesus do." If people are wealthy, how would it hurt for them to pay taxes because they love and respect their neighbors? Or what does the Bible say, "Give to Caesar what is due to Caesar." I think We do need to draw down the wars, limit pay increases in legislation, and cut back on spending. what even might be a solution that nobody wants to tackle is, immigration. How can we turn this into an advantage. People that want to become citizens should be maybe given a mandate, pay taxes, take some tests, probationary periods, if they can do this they can become citizens. Now by doing this, we bring in revenue, we have citizens that are paying taxes and using programs that are citizens. By not doing this we are not addressing the problems and money is being spent anyway. But at least we would be able to have taxes coming in to the country.
I think my Idea makes alot more sense and I'm not even a politician.
The only way we will ever get out from under this deficit is to raise taxes back to where they were in the Clinton era. We could raise taxes on those making more than $250,000 without disturbing the economy. Most small businesses don't clear $250,000 for the owner. Profit from a business is not the same as the gross income of the business, even if Republican politicians like to confuse the voters. President George W. Bush set us on the road to destruction with his stupid tax cut and two wars.
Steve
Austin, Texas
It's a lousy deal for regular folks like me but what can we do? We can't recall the clowns - so, can we sue them for redress of grievances? They have taken away "The right to life, libery, and the pursuit of happliness." At least for the biggest majority of us.
Chattanooga, TN
Jack, I'd like to believe this "solution", but I'd also like to believe we have clean air, cheap gas and free internet. It's just more of the same dialogue from the dysfunctional blowhards inside the Beltway. I voted for hope and change and am getting business as usual with no end in sight. And it's no different at the state level. CT is broke and nobody's trying to fix it. I can't even remember when there was an elected official who actually represented his people and not the lobbyists. We're doomed!
Hartford, CT
And in the end, they kicked the can down the road.
Well the fact that the Bush tax cuts expire in 2013 – the same time the commission will need to look at that – is some hope. The situation is ridiculous, but its the 'Tea Party Hobbits' that are causing much of the issue, and the GOP in general. If the Dems hadnt lost the House we wouldnt be going through this nonsense. Its sad.
No and to be honest, I'm getting really tired of congress demand that the president do there job for them. Congress is supposed to make the laws not the president. The president can make all the suggestions in the world but unless congress backs him up it's not going to do any good. Congress needs to get their heads out of the clouds and do the job they were sent there to do. How bout we cut their paychecks until they get it right? That would save us a lot of money.
Bait ans switch...don't look at the little man behind the curtain..if you can't do your job fake a crisis and fake a fix then tell everyone what a great job you did...It's like Munchausen syndrome ,ony millions suffer so a few can feel good about what they did..it's about time for a revolution and a guillotine on the mall.
Jack, all of our Government Officials and elected leaders should wear uniforms just like Nascar. That way, the American public would know who their corporate sponsors are....... I think that it is time to start considering America 2.0. No, I do not buy it.....Duane from North Dakota
We have had 17 commissions in the past several years!!! Why is this one going to be any different??? O yea, forgot these are going to be our "non-paritson" congressman. (makes me feel better already) Let's cut these clowns pay by 50% and then make it back up to them as their approval rating from the American people rises above 50%.
If we want to fix Social Securtiy and Medicare, put all goverment employees on these plans and see how fast they come up with a solution.
Whats really sad is that approx. 550 people are determining the destiny of over 300+ million. Why do we let this happen???
Don Plano, TX
Oh, yes–This is a brllliant plan. By omitting the "job-killing tax increases" we will now see corporations and the wealthy go on a hiring spree–just like they did when the Bush tax cuts were extended for them. With all the jobs they created at that time plus the new employment gains from this brilliant plan, surely the Republicans will now take well-deserved credit for the rapid end to this recession, Could my tongue be any further into my cheek?
Jan from Portland, Oregon
No! At best this bill is a band-aid, at worst its a job destroyer. Can someone please tell me how making deep cuts in government spending is going to create jobs? What's needed is both a cut in spending and tax reform that will generate more revenue. The biggest contributor to the national debt over the past decade has been the Bush tax cuts that the Obama administration extended, even bigger than both the Afgan and Iraq wars put together. All we are doing is lining the pockets of the rich while saddling the middle class with the burden. Give me one good reason why our tax code allows multi-billion dollar profit companies like General Electric and Exxon to get away without paying any taxes? Whatever happened to "the land of equal opportunity"???
I'm not sure bad processes can produce good solutions. This solution with its new commission and up-or-down vote is designed to diffuse accountability–and it perpetuates a broken process.
We don't live in an era in which leaders want to be held accountable for the leading they were put in place to do.
You ask "Do you buy the government's so-called solution to the debt ceiling crisis?"
What options does the American public have - right now - if we do NOT buy it? Unfortunately, this will be history by the time November 2012 rolls around. It will be business as usual - my fellow voters voting in the SAME impotent "leaders" into Congress.
The question is NOT whether we buy into it........the question is, how will we unite to bring about REAL CHANGE in 2012 by voting out ALL INCUMBENTS regardless of political party.
I think it is better than defaulting raising the debt ceiling which would have been a lot more of a problem if not catastrophic. The nation and the government has become hostages to a bunch of teaprty nuts in the congress who are dug in deep in opposing any type of change if it is not their way. I hope american voters wise up and boot these guys in the next election.
Nobody will be completely happy with this which means that compromise was achieved. Compromise is a poor man's collaboration. If only Congress and the President had the interests of the American people in mind perhaps they'd put their heads together and collaborate on a solution that would address the problem in a meaningful way where everyone would play a part in solving it. The fact that no revenue is included in this deal means that one group wins while the other loses...and the real loser is us.
Looks like the "tea baggers" threw their bags at the debt ceiling and they didn't stick. Hard to hit a moving target!
No, it is too one sided. Those still looking for jobs were thrown under the bus. The Tea Party numbskulls got what they wanted by refusing to do anything that is sane or good for the Nation. ALthough I truly like Obama I believe that he gave in to total unreasonableness. Admittedly he had little to no choice given the need for this fiasco to pass but I still believe that it is not a fair, balanced solution to a very knotty problem.
Nope. They are ALL spineless politicans and need to be kicked out of office immediately. They are widening the gap between the "have's and the "have nots" and just infuriating the American people. I've heard and read various suggestions over the weekend. Why not make Air Traffic controllers private like Canada did? Privatize Amtrak. Cut all of the Departments that are over staffed to begin with and not producing. Cut Congresspeoples salaries and travel and expense accounts. Start getting some cash flow by taxing the wealthy and corporations. All these politicans want to do is keep living the opulent lives they lead in DC. The Gravy Train has ended. The only good to come out of last night's announcement is to keep the US out of default while tossing the middle class and less fortunate to the dogs.
We don't have much choice but to buy it! The Republicans, and the Tea Party pushed as hard as they could for substantial cuts in Obama's massive corrupt wasted spending, and nation destroying debt, but Obama refused, and he had NO PLAN. The lamestream media has been going on and on and on about the extremism of the Tea Party and the Republicans for even daring to ask Obama to slow down his spending and debt so they did about all they could. It sounds like Mr Cafferty, in recognizing how inadequate the cuts are, is siding with the Tea Party here. Again....with Obama and the Senate refusing to slow the spending anymore this is probably the best that could be done. What is clear is that Obama is a total failure of Presidential Leadership, and his policies have also failed leaving the nation in terrible shape with 9.2% UNEMPLOYMENT and a failing economy. To get our nation back on track and out of this downward spiral, Obama has to go in 2012!
Jack,
The ":solution" they came up with is nothing more than "kick the can down the road" Enough to get them past the 202 election; then it will be business as usual; BOHICA folks 🙁
I just pray that nothing will be asked of the wealthy. The entire burden of austerity should fall upon the shoulders of the poor. If you don't like it, get a JOB!!!
Jack, we have a $1.4 trillion deficit per year at current pace. Subtract $90 billion a year from that and you have a $1.31 trillion deficit each year for the next 10 years ($13 trillion added to the national deficit in 10 years). Add that on to our current national debt of 14.3 trillion and you have just about doubled the national debt in 10 years to $27.4 trillion dollars (200% of current GDP levels). And that is the BEST case scenario. You tell me if they solved anything.
All these cuts won't matter and really doesn't mean a damn thing in the long run because of the cost of Medicare & Medicaid are projected to be skyrocketing in couple of decades. Thus, the federal budget has to increase each year if these programs are to exist. Have you noticed how neither party really addressed this?
Bring the cost of healthcare under control and much of these other expenditures fall in place. Otherwise, the government will be bankrupt in about 30 years.
Jack:
Give me a break. The so-called "job creators" – rich people have had reduced taxes for 10 years and have created diddly squat as far as jobs are concerned. Nobody will say this! Raising their taxes would create jobs and the additional revenue would go a long way toward solving the budget deficit.
Jack,
Getting a promise from Washington is like getting a prostrate exam at a morning appointment. You break out in a cold sweat when you see the rubber glove come out and then you go around the rest of the day feeling like somethings not right back there.
Keep'em honest Jack.
Absolutely not, I don't buy it. Do they think we're all really that stupid? I say The People call a Constitutional Convention, throw all the idiots out (Republicans, Tea's, and Democratics), and start over!
Spartanburg, SC
To the extent that the problem is solved, the problem should have never existed. Congress does not get high marks for "solving" a crisis that they manufactured in the first place, especially the far right wing of congress.
I do not buy anything that the obstructionist Republican's are involved in and when they say the American people don't want this or that it's all A big crock of horse dung!!!!! I'm an American person and I don't agree with them about the time of day let alone anything else they would sell their own mother if they thought they could get away with it!!!! They have no honor no heart for anything but money and they call themselves Christian's what a dirty joke that statement is!!!!!!
Same old phony baloney!! We have dinosaurs roaming the halls of Congress...why don't all the far right and left folks move to Greece and handle their financial affairs.
We need Senators and Congressmen who have some common sense. Let's vote out all the incumbents and start over.
In a one-word answer – no. Your editorial said it all. The political posturing that has gone on in the House and Senate nearly brought this country to financial ruin and it cannot be allowed to continue. In addition, the middle class can no longer bear the burden for the country while the rich get richer and the corporations send jobs that should go to American workers offshore.
I'm going to do all I can to throw this bunch out of office in 2012 – starting from the top down...
This country is now ruled by a government dedicated to preserving self-interests and not upholding the public good. There is no easy way to fix the mess, but setting a six-year term limit on each member of congress would be a start. Wait a minute. Congress would have to approve this measure. Never mind!
From Georgia.
No choice at this point but to "buy it". If it does not pass, the president must invoke the 14th Amendment.
Jack, this is part of the Neocon strategy to eliminate Social Security and Medicare by financially weakening the federal government " to the point where I can drown it in a bathtub".
Instead, force insanely profitable corporations to actually pay taxes, the super rich to pay the taxes they used to pay and implement a policy to keep jobs in America. After-all, trickle down economics was debunked along time ago ... it does not work.
loaded question
It will allow the debt ceiling be raised, but of course it won't fix the real problems.
What American People need is a mechanism to get rid of ALL these clowns in Washington immediately (and forbid them to ever come back), whenever they are not doing their job.
Only when they know that they can and will lose their careers at any given time, will they start to do some work for Us the People.
When regular folks are not doing their jobs, they get fired immediately by their bosses. So, why should we SUFFER until the next election when these jokes putting our country in jeopardy? We need to FIRE ALL of these politicians NOW!
They are just kicking the can down the road like they always do.
No, absolutely not. 1.4 trillion of the "spending cuts" proposed in this deal amount to little more than a flimsy accounting gimmick, and it hasn't even been decided yet where the other 1 trillion in supposed cuts will come from. The fact that we have the federal government to thank for the very problem that they're trying so desperately to fix–or rather, avoid–affords me little confidence that there will be any significant cuts whatsoever in this sham of a deal.
We have been sold out by greedy politicians pandering to their even greedier constituents, and until the nation realizes that it's time we live within our means, our debt problem will only continue to grow. This is just the beginning.
Chesapeake, Va
No, I don't buy it. I think it is, at best, a tiny babystep in the right direction.
The only good thing about it is that, rather than heading over the cliff with our foot "pedal to the metal", we're heading to over the cliff at only 9/10ths of full acceleration.
BUT, at least we have started to TALK about the problem nationally, rather than sticking our heads in the sand.
Unfortunately, way to many in Washington just figure that the Cliff is probably further away than their next re-election, so they don't care. An enough voters in the US are willing to support them in kicking the can further down the road so that they don't have have lose any of the generous (but unsustainable) benefits they have right now.
Yes, this is a solution to the debt ceiling crisis. Any bill that raises the debt ceiling and keeps the U.S. from defaulting on its obligations is a solution. In fact, this is better than previous debt ceiling solutions because it does take a step in the right direction in cutting spending.
But this whole debate has been confusing to me because the debt ceiling question was tied to the spending question. Shouldn't the cutting of spending and/or increasing of revenue be addressed by the budget? Isn't that exactly what budgets are for? If Congress passes a budget that doesn't spend more than it takes in, then there will be no further need to raise the debt ceiling. If they choose to spend more than they take in, then by default it seems that they are agreeing to raise the debt ceiling by whatever it takes to cover the shortage that they approved.
Jeff from Des Moines, IA
This deal is a joke, Hillary or Mccain would have been better trouble was media loved Obama over Hillary and John Mccain moved to far right. Don't know how hard it is to realise that taxes will need to go up and entitlements down. Here are a few ideas raise SS to coincide with life expectancy as when SS was concieved, some of Bush tax cuts will have to go, 26 weeks unemployment period Americans go to work taking jobs from illegals, no state can receive more federal money back then their state pays in. Get rid of ethanol giveaway
Snake oil? Yes, no doubt, but was a more meaningful solution really possible given the divided power structure in Washington? With both parties seemingly absolutely unwilling to abandon their sacred cows, this may have been the only way to avoid a financial default. I HOPE(!!!) that enough responsible people (including the voters) realize we can NOT keep kicking this can down the road. We're about to run out of road. Can you say Thelma & Louise??