It's a deal: Obama, Congress will avert default

It's a deal: Obama, Congress will avert default

s stalemate, President Barack Obama and congressional leaders announced historic agreement Sunday night on emergency legislation to avert the nation's first-ever financial default.

The dramatic resolution lifted a cloud that had threatened the still-fragile economic recovery at home - and it instantly powered a rise in financial markets overseas.

The agreement would slice at least $2.4 trillion from federal spending over a decade, a steep price for many Democrats, too little for many Republicans. The Treasury's authority to borrow would be extended beyond the 2012 elections, a key objective for Obama, though the president had to give up his insistence on raising taxes on wealthy Americans to reduce deficits.

Read more at:

seattletimes.nwsource.com...



Well HURRAY - the illusion gets to live for a bit longer....and with the laughable 2.4 trillion reduction in spending over 10 years (a pityful 240 billion a year) the deficit will only about about a trillion for each upcoming year (assuming everything stays rosy and full of moonbeams and rainbows)

I can only hope enough people in congress have the guts to say NO to this, let the illusion fall apart already.


But I guess it is the Government of the banks & Wall Street, by the banks & Wall Street, for the banks & Wall Street.

Its been said that a hit was put on ceratin Republicans therfore this deal was reached. I could believe that!

So I wonder how long will it take the government to blow through this cash? Guess the markets will be happy tomorrow when this gets passed, well - until that money runs out and we go through this all over again.

Great, lets put off actually dealing with this issue by compromising and "promising to lower the deficit"

Congratulations Washington. You have just proved your inadequacy.

Okey, they've "reached" a deal and the end of the world per obama has been averted. Why do I have this nagging feeling that something is going to happen? Anybody else have this feeling? Our attention thanks to obama and the doom spreading press have been keeping our attention on the debt ceiling all this time, I wonder what was/ is going on behind curtain number 2?

nvm...

Even if it all finally passes and the debt ceiling is raised and everyone is celebrating the heroic redemption from imminent financial disaster, the REAL problems are on the street, embedded in the US economy, and economies around the world. Additionally the Eurozone debt crisis continues to simmer to the point of boil. I offer the following article, the headline saying it all. Also, if it does pass, we may see some action from the rating agencies, yet.

America is merely wounded, Europe risks death

According to the theory in "The Fourth Turning: An American Prophecy", this is the Crisis, which will seem to be relieved, but the general mood will continue to degrade from the inside, anxiety will continue to stir. in roughly five years or less, we shall have the Climax, which will be events so traumatic, something we couldn't have believed would happen, like a major world war, or ecological disasters that bring our society crumbling down and cause us to wipe all the slate clean, and later start completely anew, with different structure.

reply to post by Bluesma


I hope the new structure still has icecream and cares for the elderly.
O and I hope its not too controling. but dont see it happening.

Boo! I am disappointed. I expected more aggressive deals, such as reducing the debt from 14 trillion to 4 trillion with 1 trillion annually for 10 years. Is that too much to ask? 2.4 trillion is such a small number, a mere pea-nut among a jar of other tasty nutters.

The debt still stands and by raising the debt ceiling only stalls the inevitable....that will come soon enough.

What we don’t understand is that republicans are not really interested in reducing the debt. Their agenda is all about saving their rich and powerful benefactors from paying taxes.

Well maybe we will get Lucky and the House and the Senate will see the light and vote no.

The dog and pony show isn't over yet folks.

Not a done "Deal" at the moment, the proposed deal still requires congressional approval, and we all know that someone or some group will want more.

reply to post by MidnightTide

though the president had to give up his insistence on raising taxes on wealthy Americans to reduce deficits.

Everyone in his administration is Wall Street/Banking, but he wanted to tax them. Right!

Hey, is someone peeing down my back? Oh, it's only rain? Okay then, maybe I'll take a walk in it.

Anyone ever see the film Moon Over Parador? Picking between Dems and Reps is the same as picking between Red Simms and Blue Simms, the end result is the same. Truth be told this deal was probably hammered out long ago in secret.

It is a side show, stagecraft, misdirection. In a Duopoly you only have to purchase two sides - well now three with the co-opted Tea Party Movement. Chickenfeed comparatively!

Originally posted by blackrussian63
Not a done "Deal" at the moment, the proposed deal still requires congressional approval, and we all know that someone or some group will want more.

I agree, this is not a done deal at all.So far this is just word play.This has to pass through more stages yet and may not even get of the floor tomorrow.Plus this could all be worthless with the stroke of a pen even if it passes.Would a credit rating down grade undo the value of the whole deal? The old addage give with one hand and take with the other.Early days so don't party yet,because this party might be just like 1929.

Originally posted by inforeal
What we don’t understand is that republicans are not really interested in reducing the debt. Their agenda is all about saving their rich and powerful benefactors from paying taxes.

Ding, ding, ding. Winner winner chicken dinner!

My bet :

The ''deal'' (in the form of a bill) won't pass the vote.

Don't really want this to become a Republican this or Democrat that thread....BOTH OF EM ARE SCUM.

Ultimately this is nothing new, nor should we be surprised that a deal was reached at the last minute. All this was, and continues to be is just political posturing, right before the 2012 elections kick off, that way those who have been in the halls of power and were elected can go home and tout that they were successful. It also shows that neither side wanted to take a political hit for a deal not being brokered. It is an orchestrated dance, one side moves, the other counters, back and forth. This is not really something to celebrate, as this will happen again, and again. The questions should be asked, and looked at, is what kind of deal was struck, and ultimately, how will it affect all of us in the long run. Cause in the end results that is what we should look at, not if this or that deal was made, but what they are doing and how it affects the country.