Tag: Congress

Why the Republicans revolted against their own leader’s proposed debt ceiling plan

8:01 am

Why the Republicans revolted against their own leader’s proposed debt ceiling plan:

The $7 billion that [was described as] “a real, enforceable cut for FY2012″ represents what the Government of the United States currently borrows every 37 hours. If the CBO’s scoring is correct – that it reduces the 2012 deficit by just $1 billion – then the ”cut” represents what the United States borrows every five hours and 20 minutes. In other words, in the time it takes to photocopy and distribute Boehner’s “plan”, the savings have all been borrowed back. [emphasis mine]

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What Democrats did wrong on the debt ceiling in 2010

10:44 pm

Analysis from a liberal at the Washington Post: What Democrats did wrong on the debt ceiling in 2010.

Raising the debt ceiling is really, really unpopular. The idea that Congress should vote itself more authority to run deficits is really, really unintuitive. Even now, after many months of coverage and the most aggressive communications campaign this White House has attempted, Americans are closely split on whether we need to raise the debt ceiling by Aug. 2. Whenever I try to run out the logic of Obama simply refusing to allow Republicans to take the debt ceiling hostage, I end up with us approximately where we are now, but Obama’s numbers are lower, the GOP’s numbers are higher, a number of congressional Democrats have broken ranks, and Washington elites are firmly arrayed against the White House.

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Downgrade could come as soon as Friday

9:58 am

The day of reckoning looms even closer: Credit rating downgrade for the U.S. government could come as soon as Friday. Key quote:

It’s not the debt ceiling that’s triggering a potential ratings change — it’s the trajectory of debt generated by the federal government.

And this:

The problem, as [the ratings agencies] see it, is not that America can’t pay its debts next month, but that America has grown its debt to such a degree that we can’t pay them in the long run without serious restructuring of the federal government — and this administration refuses to consider it:

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Boehner ends negotiations with Obama

6:19 pm

Not good: House Speaker John Boehner (R-Ohio) has broken off negotiations with President Obama over the debt ceiling.

“A deal was never reached and was never really close,” Boehner wrote. “I have decided to end discussions with the White House and begin conversations with the leaders of the Senate in an effort to find a path forward.” Boehner blamed Obama’s demand for higher taxes and opposition to “fundamental changes” to entitlement programs such as Medicare, Medicaid and Social Security.

The important thing to note here is that so far only the Republicans have put forth any specific plan. It might not have been perfect but at least it was something. And the Democrats have rejected it, without offering any detailed counteroffer.

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Perry and other lawmakers blast Obama over shuttle retirement

8:43 pm

Texas Governor Rick Perry, as well as other lawmakers from Congress, blasted Obama today over the shuttle retirement.

Bah. Perry claims to be a so-called small government conservative, yet he wants the government to spend a fortune to build and run the space program. Meanwhile, Senators John Cornyn (R-Texas) and Kate Bailey Hutchinson (R-Texas) were around in Congress when President George Bush announced the shuttle’s retirement seven years ago. Their effort since then to fund pork through NASA and thus have NASA build a giant new rocket system, either Constellation or its new Congressionally-designed replacement, has been a disaster. Right now it would be better, and far cheaper, if they stopped fighting the new commercial space companies and instead get behind them, especially since the Obama administration itself has done a very poor job of selling this new industry.

A little support from Congress could go a long way to not only reinvigorating the aerospace industry, it could speed our country’s return to manned space, with multiple competing companies.

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The Republican-controlled House today passed legislation raising the debt ceiling and cutting federal spending by $6 trillion

9:53 pm

Now it’s in the Democrats’ court: The Republican-controlled House today passed legislation raising the debt ceiling and cutting federal spending by $6 trillion.

Republicans have now passed their second bill this session that attempts to address the exploding deficits and the debt crisis, the first being Paul Ryan’s budget plan in April. Meanwhile, Democrats in the Senate haven’t bothered to pass any budget resolution in over 800 days, and the White House still refuses to offer any specific ideas.

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