Obama and Boehner Close To Major Budget Deal Update : NO DEAL

Apparently. Probably gonna screw the American people.

Here It Comes: Obama and Boehner Close To Major Budget Deal, Congressional Leaders Are Told

Just breaking news from the NYT for now.

Probably won't solve anything... So I'm expecting a downgrade in the next few weeks.

UPDATE: CARNEY DENIES NYT REPORT: "THERE IS NO DEAL"

+1

reply to post by Vitchilo


Sadly but for sure the default has to happen. I am not pessimistic but raising the debt ceiling (kicking the can all the way down again) would make the situation later but surely worst than it would after the great country default. I believe this country has gone the far concerning what they owe to the world so a plan to cut spending when 70% of the GDP must be spent to pay the debt isn't realistic.

Believe it or not, happy or not this is the only way IMO and sooner is better than later on this one trust me.



Thruthseek3r

reply to post by Vitchilo


Sadly, we won't default. There is MASSIVE blackmail/back stabbing/deal making going on in D.C. (I'll wager) and something will go through.

This is Kabuki, I'm afraid, nothing but theatre for the masses. Though I hope I'mwrong and the GOP grew some stones.

Yeah that sucks. America needs to default so the real reform will happen.

Obama Aide, Boehner Say No Debt-Limit Deal

President Barack Obama’s spokesman and House Speaker John Boehner said there is “no deal” on raising the U.S. debt limit as all sides said they still lack a consensus on spending cuts and tax revenue.

“There is no progress to report,” Carney said at a briefing in Washington. He said the administration is “absolutely confident” an agreement to avert a default can be reached before an Aug. 2 deadline.

i do find it funny that obama and the left hold 2/3s of the government and cant get this done.

but comments thus far are right on.

doesnt matter which way it goes deal or no deal we will still get screwed we just dont know how or how bad.

“Unfortunately, Congress consistently brings the Government to the edge of default before facing its responsibility.

This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits.

Interest rates would skyrocket, instability would occur in financial markets, and the Federal deficit would soar.

The United States has a special responsibility to itself and the world to meet its obligations. It means we have a well-earned reputation for reliability and credibility—two things that set us apart from much of the world.”

Ronald Reagan 82'

Anyone want to bet $100 they WILL raise the debt ceiling? They'll make a bunch of promises they won't keep and then do the only thing they have ever done and the only thing they know how to do and that is charge up the credit card some more. As much as I hate to admit it America deserves what ever we get for letting these morons be in charge for so long... Sigh!!

America is bought and paid for despite all the freedom rhetoric the sheeple repeat.

reply to post by hawkiye


Im more than sure they'll raise it.
They just need to make it look like they tried.

reply to post by hawkiye


The raise it, I for one will vote against any of them in my district.

Harry Reid is such a tool, like always... and the guy stole the election in 2010... his freaking son owned the voting machines... I mean COME ON...

Harry Reid: GOP's Weekend Off May Cause Catastrophic Default

You're so full of it Reid... House republicans have passed a bill to avoid default. It's time for the SENATE to pass it too.

He still couldn't have won without the stupid people who voted for this SOB... Stupid people in Nevada...a lot of them.

Defaulting on the national debt is a great idea! When the retired baby boomers and aged hippies can't get their social security, when the poor can't get their social assistance, when the average American worker can't pay any of their bills because of soaring interest rates, but the corporations and ultra wealthy are insulated by their massive wealth; then a real socialist revolution can finally happen!

Originally posted by SmedleyBurlap
Defaulting on the national debt is a great idea! When the retired baby boomers and aged hippies can't get their social security, when the poor can't get their social assistance, when the average American worker can't pay any of their bills because of soaring interest rates, but the corporations and ultra wealthy are insulated by their massive wealth; then a real socialist revolution can finally happen!

Exactly! Then we can be rid of all those socialist theft programs once and for all. Although I feel bad for all the folks dependent on them especially seniors. However they don't want to listen to someone like Ron Paul who has a plan that would transition out of the programs without putting them on the streets but they keep voting in the same idiots and will reap what they have sown... And unfortunately we will all feel the pain of it when it all collapses due to thier stupidity.

Republican Kevin McCarthy Says No Debt Deal Likely Today, Or Over Weekend: Treasury Now Projected To Have -$15.5BN Cash Balance On August 15 $31BN Coupon Date

Well, it looks like there will be no debt ceiling hike enacted prior to August 2 at which point the money really does run out. From The Hill: "The No. 3 Republican in the House said Thursday night that he didn’t expect any surprises in the deficit debate over the weekend. “I do not see something springing this weekend,” Republican Whip Kevin McCarthy (Calif.) told conservative radio host Hugh Hewitt. McCarthy pooh-poohed reports that the White House and Republican leadership are closing fast on a deal on the budget deficit and raising the debt ceiling. “There is no deal,” McCarthy said

Now the reason why this is bad is because as Stone McCarthy calculates, "we expect Treasury to have less cash in early August than we thought previously." And here is where it gets very tricky since the money generating machinery won't be in place on time: "we now show Treasury with a negative cash balance of $15.5 billion on August 15, which implies that Treasury wouldn't have the resources to pay $30.6 billion in interest on that day."

Finally, if Congress hasn't increased the debt limit by August 2, Treasury Secretary Geithner would be on solid ground in extending the length of the Debt Issuance Suspension Period (DISP), which would allow Treasury to make further use of the CSRDF. Declaring that he expected the DISP to last another month, for instance, would provide Treasury immediately with another $6.0 billion in borrowing authority.

In sum, Treasury is going to start August with less cash than we thought previously. We still think Treasury could probably pay its obligations through August 15, but it's become a much closer call.

Default day could be August 15 then... and if not August 15, it'll be August 18 at most.

Boehner Tells GOP Lawmakers There Is No Deal On Debt Ceiling

No deal... for now. From Reuters: "Speaker of the U.S. House of Representatives John Boehner told fellow Republicans on Friday there's still no deal to avert a debt default, but that talks continue, a senior party member said. Boehner's message at a closed-door House Republican meeting was: "There's no deal, and we'll continue to work to get resolution to the problem," said Republican Congressman Tom Latham." They have less than 14 hours now.

reply to post by hawkiye


The real theft program would be

1) take a large portion of millions of Americans' lifetime earnings, for social security

2) let the interest collect on the national pension funds

3) loot social security to bail out your corporate buddies

4) maliciously claim that the reason social security is empty is that it was always a scam, not that you and your friends stole it all for corporate welfare checks

deal will happen aug 1, 9 pm

Originally posted by SmedleyBurlap
reply to post by hawkiye

 

The real theft program would be

1) take a large portion of millions of Americans' lifetime earnings, for social security

2) let the interest collect on the national pension funds

3) loot social security to bail out your corporate buddies

4) maliciously claim that the reason social security is empty is that it was always a scam, not that you and your friends stole it all for corporate welfare checks

Yep they have been doing exactly that for decades! Default is actually a better way out. However they are whipping the public into a frenzy and will raise the debt ceiling you watch.

reply to post by hawkiye


Default is a better way out because then the hard-working Americans can lose their pensions forever?

I don't think you understand what I was saying.

Do any of the default cheerleaders actually understand what will happen when America decides not to pay bills it has already enjoyed the services for?

Do you people ever run out on your bills just because you feel paying for stuff you wanted is just unfair? It will not be good for any of us and no year old post saying you are with the TEA party will save you from $15 a gallon milk.

And the deal so far...

Obama : Debt ceiling talks fell apart, Boehner walked out

On the discretionary spending front, both sides had "identical offers," said one of the officials. There would be $1.2 trillion in cuts over the course of ten years;

Or 120 billion a year... if they even keep the plan for the next 10 years.

$1 trillion in savings that would come from the draw-down of the wars in Afghanistan and Iraq;

Which won't happen.

and $250 billion in savings in Medicare over the course of 10 years.

Or 25 billion a year... if those savings ever happen (which they probably won't)

Both sides had also agreed to attach a second piece of legislation, to be decided via the reconciliation budget process, that would have changed the retirement age for Medicare and changed the premium structure for Medicare Part B and D, while eliminating certain kinds of supplemental insurance. That bill would also contain changes to the way Social Security benefits were paid starting in 2015, with buffers put in to protect the lowest-income beneficiaries.

Which probably won't happen due to political capital not being there to do that... just look at what happened when France tried to do it...

Total cuts : 120 billion a year... MAYBE a little more... Deficit will still be above 1.4 trillion a year in the best case scenario... Mwahahahahha.

That's it America, if the rating agencies got ONE ounce left of honesty, they will downgrade the US in the next 2 weeks, deal or no deal.

Do any of the default cheerleaders actually understand what will happen when America decides not to pay bills it has already enjoyed the services for?

You do know many countries have defaulted in the past? There has been over 320 defaults since 1900. Have these countries been destroyed? No.

Stop fear mongering.