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Obama, Congress Reach a Debt Deal

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posted on Aug, 1 2011 @ 06:00 AM
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If this bill is approved by Congress and the President on Monday, it will avoid a short-term honest debt default but just about guarantee a default by inflation later this decade. There is about a 1 in 1,000 chance that future Congresses will stick with the spending cuts in this bill, but even if they do, rising interest payments will not only wipe out the $2.4 trillion in spending cuts, but they will add trillions more to future deficits and the national debt.




posted on Aug, 1 2011 @ 06:19 AM
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I have a question,and would love an answer on this

What is the Chance that congress doesn't aprove the bill ? and what would happen if the bill wasn't aproved?



posted on Aug, 1 2011 @ 06:20 AM
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reply to post by Aim64C
 


i get your point, but we don't have the personel to handle the fire trucks and fire stations we already have.

and the money spent on building military bases around the world, would be welcomed in fixing our crumbling infrastructure.

i read about another billion for housing for those they want to keep in Iraq.

we are building infrastuctures around the world while the home base crumbles.

a better balance is what is needed, i prefer gradual change to a hatchet job.

of course there is huge waste in the civilian sector, there are over 20 non profit catering to social programs within walking distance of where i live.
sending the bill to uncle sam one way or the other.



posted on Aug, 1 2011 @ 06:25 AM
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reply to post by Cyanhide
 


The everything, even the crap hits the fan after that. Does it not.

Their armed forces wont be paid for one. Their credit rating would be downgraded. The citizens will be paying a hell of a lot more than they are now in taxes. Their interest rates would go up.

But it seems it wont just effect the USA, other countries around the world would suffer unless this is just scare mongering.



posted on Aug, 1 2011 @ 06:27 AM
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reply to post by AnonymousFem
 


This I already know

But I would like to know how likely it is for the congress to not approve this bill

Thanks for the reply though



posted on Aug, 1 2011 @ 06:31 AM
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reply to post by Cyanhide
 


Would it be political suicide for them not to agree?

How would all you Americans feel if they did not agree to this deal?

That is I want to know.

Would yous all finally go out and protest in Washington? Maybe they see this coming and thats why they have an extra 20000 troops ready to back up the Law enforcement agencies.



posted on Aug, 1 2011 @ 06:59 AM
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Originally posted by Anonymous Femi]
reply to post by Cyanide
 


Would it be political suicide for them not to agree?

How would all you Americans feel if they did not agree to this deal?

That is I want to know.

Would yous all finally go out and protest in Washington? Maybe they see this coming and that's why they have an extra 20000 troops ready to back up the Law enforcement agencies.


the one thing the politicians are afraid of is a mob of housewives armed with purses.

back in the 1970s in Massachusetts, one of our most powerful politicians(sen Ward) was defeated by a young man(sen Hall).

the legislature found an obscure law that allowed to overturn the election so sen Ward could keep his job.
how could voters throw out a powerful politicians for a young man still living with his parents, driving a beat up old station wagon.

hundreds of housewives headed for the State House and the politicians changed their minds.



posted on Aug, 1 2011 @ 07:00 AM
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reply to post by citizen6511
 




Maybe they should do it again, have those politicians on capitol hill crapping their pants.



posted on Aug, 1 2011 @ 08:06 AM
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This "gesture" is about political careers. Nothing more. As I have stated in other places, they will hail this failure as "compromise."

The deal... which they have staged themselves to reject if the public should somehow wake up and smell the coffee, was intended to appease, not the people, but the gambling financial super-citizens, who need "confidence" in order to pursue their pastime investing against actuarial tables.

We were never going to be forced to default, we were never in a crisis (outside the Constitutional one), we were never going to 'lose our way of life' (which, at this point, includes crumbling potential for the non-rich) but we seem to have been convinced that the threat of the same people who gave Lieman's a AAA rating might not do so for us.

Truly, politics is the land of expedience and theater.

As I understand, despite MANY poorly reported stories from "journalists" and "news" is that for the next 10 years we will be spending 100 Billion less per year. So all they have really done is slow the rate of debt growth.... but we are all going to be hearing from the partisan camps about how this "landmark" legislation and the creation of the clearly radical "Special Committee" is our salvation.

Wanna bet, the members selected to "represent" us on the new "super" committee will all be lawyers and bankers or heavily vested (i.e. easily controlled) others?



posted on Aug, 1 2011 @ 09:00 AM
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Do not pass this, all it does is let the illusion live for a few more months.

The reductions are laughable, 2.4 trillion over 10 years!!!!! While each of those 10 years you are going to have at least a trillion in deficit each year. Just accept the default, accept the pain and loss that it will mean. But that will allow the economy to get back on track, let the real economy thrive.


reply to post by Cyanhide
 


If it isn't agreed upon, and nothing else gets passed, tomorrow you will see a default. But rest assured, all of this is just drama, something will get passed today.
edit on 1-8-2011 by MidnightTide because: (no reason given)



posted on Aug, 1 2011 @ 09:20 AM
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Originally posted by Maxmars
This "gesture" is about political careers. Nothing more. As I have stated in other places, they will hail this failure as "compromise."


It was never in question that they were going to "compromise". The media reported something like a week or more ago, Obama met with debt holders "privately" and assured them they had nothing to worry about. Then, of course, appeared on television to lie to us all about how we're all in grave danger, because of those unreasonable Republicans. Guess they figured this country didn't already have enough partisan anger, and anxiety about our future. Anything to keep the 2 party ruse going.



posted on Aug, 1 2011 @ 09:21 AM
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Why do you people not get it? Eliminate the debt and there is no money left for you or for me. The top few thousand have ALL the money and then some and they are not giving it up. This money needs to be replaced in the economy. End defecit spending and you all will realize your worse nightmare.



posted on Aug, 1 2011 @ 09:26 AM
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Originally posted by beezzer
Hey guys? I found Boehners' spine.



Well wait a minute. Give Speaker Boehner credit for passing Cut, Cap & Balance.
66% of Americans approve of Cut, Cap & Balance
74% approve of a balanced budget amendment

Harry Reid should allow a vote in the U.S. senate on Cut, Cap & Balance!
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This deal that is on the table is a disgrace!
I hope the Tea Party votes no.



posted on Aug, 1 2011 @ 09:30 AM
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Originally posted by MidnightTide
Do not pass this, all it does is let the illusion live for a few more months.

The reductions are laughable, 2.4 trillion over 10 years!!!!! While each of those 10 years you are going to have at least a trillion in deficit each year. Just accept the default, accept the pain and loss that it will mean. But that will allow the economy to get back on track, let the real economy thrive.


reply to post by Cyanhide
 


If it isn't agreed upon, and nothing else gets passed, tomorrow you will see a default. But rest assured, all of this is just drama, something will get passed today.
edit on 1-8-2011 by MidnightTide because: (no reason given)


Obama will NOT allow a default to occur. He will issue an executive presidential order to raise
the debt limit by $2.4 Trillion. That way all of his sacred cows will be fully funded.
- Long live Planned Parenthood and his high speed choo choo trains -
edit on 1-8-2011 by Eurisko2012 because: (no reason given)



posted on Aug, 1 2011 @ 09:45 AM
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reply to post by sligtlyskeptical
 


Jay Carney, so glad you could join us. Not sure though how you can come to that super logical conclusion, if we don't owe people money...we won't have money. Makes a ton of sense. And the rich people will just stop purchasing goods and services from the people to support their lavish lifestyles, and just swim in all their money like Scrooge McDuck.



posted on Aug, 1 2011 @ 10:02 AM
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The Bill itself is a step in the right direction and could potentially be a great deal. But for that to happen, we would have to have honesty and resposibility in Washington, which I don't think anybody even expects at this point. That is what is so sad about American politics, nobody is even trusted anymore to do good, we just hope they aren't completely terrible.

Thinking that this committee is going to be anything but a farce, then enjoy living your life in ignorance.



posted on Aug, 1 2011 @ 10:08 AM
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NO agreement has been approved!

The congress will do that, and neither side seems at all pleased.

In the end what do you have if it is approved? The debt limit gets increased again for the 'unteenth time and we go right along charging like a starey-eyed compulsive shopper at Christmas time in Macy's.

The so called deficit reduction part will NEVER get done and in two years or less we'll have a replay of the whole debt limit increase story again. Someone needs to cut up the national credit card. It won't happen.
edit on 1-8-2011 by romanmel because: typo



posted on Aug, 1 2011 @ 10:19 AM
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Originally posted by romanmel
NO agreement has been approved!

The congress will do that, and neither side seems at all pleased.

In the end what do you have if it is approved? The debt limit gets increased again for the 'unteenth time and we go right along charging like a starey-eyed compulsive shopper at Christmas time in Macy's.

The so called deficit reduction part will NEVER get done and in two years or less we'll have a replay of the whole debt limit increase story again. Someone needs to cut up the national credit card. It won't happen.
edit on 1-8-2011 by romanmel because: typo


They should have found a way to reduce the size of the U.S. government right up front.
Just kill 1 agency and see if the world comes to an end.
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Fire the TSA.
Switch back to a - private contractor -.
Israel has a private company to do security at their airports. Why can't we???
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Do something drastic over at the Dept. of Educaton.
- Have you seen "Waiting for Superman"?-



posted on Aug, 1 2011 @ 10:29 AM
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Obama and Congress agreed to extend the Bush Tax Breaks for the Rich.
Obama lost my vote.



posted on Aug, 1 2011 @ 10:31 AM
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reply to post by Eurisko2012
 


While they are at the "cutting out pork"...cutting back to one war at a time should save a few trillion.

Why are we at war???

Oh right, gotta protect those Afgan poppy fields so the CIA can continue making big bucks importing the illegal drugs to Amerika
edit on 1-8-2011 by romanmel because: typo




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