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Obama announces US deficit deal between party leaders

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posted on Jul, 31 2011 @ 08:09 PM
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Obama announces US deficit deal between party leaders


www.bbc.co.uk

US President Barack Obama says Republican and Democratic leaders have reached an agreement on raising the US debt limit and avoiding default.
(visit the link for the full news article)




posted on Jul, 31 2011 @ 08:09 PM
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He said the deal would cut $1tn of spending over 10 years, and set up a committee to report by November on a proposal to reduce the deficit.

Congress still has to approve the deal, and no votes are expected until Monday at the earliest.

The parties face a Tuesday deadline to raise the $14.3tn debt limit.

www.bbc.co.uk
(visit the link for the full news article)
edit on 31-7-2011 by zionistsareterrorists because: (no reason given)



posted on Jul, 31 2011 @ 08:15 PM
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reply to post by zionistsareterrorists
 


so to put it more realistically, they will cut spending by 100 billion per year.

how much more will they borrow?

what is the interest paid per year on existing debt?

are they postponing the inevitable economic collapse coz they are not ready for all out war at this time?



posted on Jul, 31 2011 @ 08:23 PM
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Theres nothing that can be done now other than juggle who's going to get the label of bankrupting USA. Democrats want to prospone it past the 2012 elections so they can have a chance of a second term, while the republicans was it too fall now so that they have a stronger position in the election, but then it will crash when they're in term.

Its going to come either this year or next, they cant control that. All they can control is who will get the blame. One of the biggest flaws in politics, is that they only care about short term solutions.



posted on Jul, 31 2011 @ 08:23 PM
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FUBAR !



posted on Jul, 31 2011 @ 08:27 PM
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yeah that 1 trillion works out to 100 billion dollars a year

and when you got mandatory spending compounded by descretionary spending equals a recipe for more of the same

cutting spending? only way you can cut spending is it a comet hits the capital building cause they wont ever stop



posted on Jul, 31 2011 @ 08:29 PM
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Hooray!!!!
More debt for the future.
Bigger problems to solve when this rears its head again.
Golly Gee,thanks guys.



posted on Jul, 31 2011 @ 08:40 PM
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Another super important bill to review, and only one 'business' day to decide!



Why do they wait utill the last moment? hmm... Maybe, to cram tons crap and shady types of legislation in to a bill that is deathly important to the state of well being in America.
:
edit on 31-7-2011 by emaildogs because:

edit on 31-7-2011 by emaildogs because:

extra DIV



posted on Jul, 31 2011 @ 08:40 PM
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i imagined a bad outcome, but they trumped my estimates by 66%!

btw. obama announced this, pelosi has yet to say whether she agrees. she said she will review it tomorrow morning with other democrats, and it may still fail in the senate.

pray that it does, because this is the worst thing they could have done. in a few short years we'll be saying our farewell to america.



posted on Jul, 31 2011 @ 08:44 PM
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Woo hoo!!! The world has been saved from imminent FINANCIAL ARMAGEDDON! Phew! We've kicked the can down the road a little further. Nothing to see here folks so back to Gaga and reruns of Jersey Shore - until the real underlying economic problems surface and the global economy has a meltdown!



posted on Jul, 31 2011 @ 08:45 PM
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1 trill in ten years ?


who the f are u kidding loool

WTF AM I GONNA DO WITH 1 MEASLY TRILL ?!>!>!


1 trill in ten years !??!!?!??! what kinda deal is this to deal with the deficit


we truly have psychopath criminals in office and we have no one to blame but our selfs ...


one day congres i will have my day and hopefully get a seat in congress



then i'll show you punks whats good in the hood!

and show what a real budget is !


1 trill ten yeras unacceptable!


5 trill in 5 years would've been more sound
edit on 31-7-2011 by seedofchucky because: (no reason given)



posted on Jul, 31 2011 @ 08:46 PM
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Originally posted by seedofchucky
1 trill in ten years ?


who the f are u kidding loool


1 trill in ten years !??!!?!??! what kinda deal is this to deal with the deficit


we truly have psychopath criminals in office and we have no one to blame but our selfs ...


one day congres i will have my day and hopefully get a seat in congress



then i'll show you punks whats good in the hood!

and show what a real budget is !


1 trill ten yeras unacceptable!


5 trill in 5 years would've been more sound


Get ready for Moody's and the S&P to downgrade the U.S. That is if they have their little balls sack to do it.
edit on 31-7-2011 by Stargate2012 because: (no reason given)



posted on Jul, 31 2011 @ 08:50 PM
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Originally posted by seedofchucky
1 trill in ten years ?


who the f are u kidding loool


1 trill in ten years !??!!?!??! what kinda deal is this to deal with the deficit


we truly have psychopath criminals in office and we have no one to blame but our selfs ...


one day congres i will have my day and hopefully get a seat in congress



then i'll show you punks whats good in the hood!

and show what a real budget is !


1 trill ten yeras unacceptable!


5 trill in 5 years would've been more sound



And the joke is its more like 800B only in cuts and the rest is fake ass stuff.



posted on Jul, 31 2011 @ 08:52 PM
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What was the total given in the bailouts? 3 trillion? And that was given in 2 years, and they want to make a difference with 100 billion a year? They are putting a band aid on a gash.
edit on 31-7-2011 by Chewingonmushrooms because: (no reason given)



posted on Jul, 31 2011 @ 08:55 PM
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Wow, after reading all of the comments on this thread so far,

I need to go have a smoke....I am about angry...


Really, does this change anything?

Just another day to be affraid....



posted on Jul, 31 2011 @ 08:56 PM
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I wish I had a credit card with an unlimited balance which You would pay for ME!.
Where can I get one?



posted on Jul, 31 2011 @ 09:07 PM
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This is definitely delaying the inevitable...Economy Collapse

wow...Never taught I'd see news like this...just wow.

Might as well prepare for the "New World" I guess...

Peace



posted on Jul, 31 2011 @ 09:15 PM
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Well, it sure is good we spent weeks and weeks with that charade of a debate just to get back to right where we started.

STILL over-spending.



posted on Jul, 31 2011 @ 09:16 PM
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announced right before asian markets open for business.
hhmmm

peace



posted on Jul, 31 2011 @ 09:19 PM
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Originally posted by Stargate2012

Get ready for Moody's and the S&P to downgrade the U.S. That is if they have their little balls sack to do it.
edit on 31-7-2011 by Stargate2012 because: (no reason given)


yea, i thought i read somewhere recently that they were threatening to downgrade the US if there wasnt something like, 4 trillion in cuts? I wonder if they actually would downgrade the US?



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