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Subscribe to RSSA Capitol Hill source says the Aug. 2nd drop-dead debt-ceiling date is not likely as hard a date as Treasury is leading on.
It could -- and very well may, in fact -- be pushed back to mid-August.
Aug. 2 is probably Treasury Secretary Tim Geithner's "minimum" date, the source said.
Neither side wants that to happen, but neither is any closer to a deal than when the week began.
The government could probably even go to October, the source said, but only by doing undesirable things, like selling gold, for example.
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But the monkeys assured us of total world financial collapse unless the ceiling was raisedn ot later than...
Oh wait, just a minor mis-calculation. But really, and for reals, unless it is raised by [insert politicially expediant date here] then world collapse.
Meanwhile in California the tax increase promised to be temporary have shown to have failed. They increased the revenue, but must have forgotten to decrease the spending.
These guys are super smart, don't you know.
Here, in the glorious blue state of Illinois, they counted up the "credit card bills" and found Cook County is $108 billion in debt. It's probably more, but some departments didn't submit their reports and that figure doesn't include unfunded pension plan liabilities.
At the same time, over the same period, the County raised taxes by 117%. Raising taxes without reducing spending (or even keeping spending the same!) doesn't work here either, Spanky.
I think it's a psychic octopus that decides things like the date we default. I'm pretty sure its an octopus.
http://en.wikipedia.org/wiki/Paul_the_Octopus
I love this. Carefully planning the day we go broke. I'm laying in canned food, myself.
Let's keep this really simple.
Since interest payments on the debt amounted to only 5% of spending last year, there is absolutely no reason that we need to 'default' on our debt by not paying the debt payments on time. We still have another 95% of the budget spending that we can 'negotiate' about as far as deferring payments.
Somebody is playing politics with a critical issue - I wonder who?
Dom - putting in some serious O/T I see!
Thanks for the update!
Feisty
Do you have a response to my Post #1.4, or is that too hard for you to grasp?
Super smart and nifty dressers, too. That way, when they get in front of the cameras they can look good when they lie.
Our debt ceiling experts have become a joke! Would you trust Geitner with your checkbook. He'd say. "No you didn't overdraft yet. I simply moved money from one area to another and it cost us a bit more but we have time." I bet he is speculating against the U.S. so when his math failes us he still makes money. It's the Goldman Sachs business plan!
It's unfortunate that they're looking for more borrowed time. Extending the projection date will only allow more time for bickering and grandstanding and politics. I surely don't want to see the accelerated demise ofour financial situation, but Congress doesn't seem to get much done unless there's a crisis at hand.
There was an interesting column by Eugene Robinson (of all people) today. He wrote: "Democrats are right that this is a terrible moment for spending cuts. Republicans are right that this is an awful moment for tax increases." He suggests, however, to "kick the can down the road - but in a purposeful and intelligent way."
We can't kick the can anymore. Given the chance, I bet that's exactly what Congress would like to do. Then, just like all of our other major problems (energy and entitlements) we'll just be dealing with the same nightmare scenarios over and over again. Aren't we all just tired of it?
According to the 14th amendment there is no debt ceiling. The president has the authority to say we will pay our debts what ever the GOP says or does.
Section 4. The validity of the public debt of the United States, authorized
by law, including debts incurred for payment of pensions and bounties for
services in suppressing insurrection or rebellion, shall not be questioned. But
neither the United States nor any State shall assume or pay any debt or
obligation incurred in aid of insurrection or rebellion against the United
States, or any claim for the loss or emancipation of any slave; but all such
debts, obligations and claims shall be held illegal and void.
Let's see the GOP in power fight this clause.
What part of the phrase "authorized by law," do you not understand??
Moron.
LMAO!!!!
What part of shall not be questioned, Do you not understand? The GOP does not have a choice here. Moron is a personal attack and will be treated as such.
The GOP authorized these debts and now they don't want to pay, unless they can dictate terms to a majority of americans. These are lawful debts and they will be paid. The GOP has no choice as the debt ceiling doesn't exist.
The GOP authorized these debts?
When did that happen in the past FOUR years Wade, seeing as Democrats controlled the Congress? And when did that happen in the past two years since Democrats not only controlled Congress but REFUSED to even put forth a budget but instead have based our entire government spending on a bunch of "continuing resolutions"?
And yet you say it's the Republicans that "authorized" these debts?
Wade, Good Research.
Cheryl I repeat, the 14th amendment does not give the GOP a choice, The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. This is from the constitution itself.
Job1 I cannot claim credit for this idea. This was discussed on Countdown last night.
Hahahaha - there is no hard and fast limit for a drop-dead date.
The problem is that America - because we are addicted to TV - need a "clock strikes 12" hour to satisfy our mindset.
Think about it: If you defaulted on your credit card payments - when will all the credit card companies begin to call you and mess up your credit rating? The answer is no one knows but it "will" happen.
America will feel the effects of the debit limt when the stock market lowers their credit rating. When will that happen? No one knows - but it will happen.
Everyone knew that this year would be a "nothing gets done" year. Too bad Congress actually are going down that path of obstruction on everything.
Keep in mind that your vote counts - ain't it wonderful?
You know Pablo, there wouldn't even be a "debt ceiling" if Democrats had put forward a budget sometime in the PAST TWO YEARS!
But they didn't. They sat on their asses, knowing they were going to get blown away even MORE than they did in 2010 if they did.
Now they sit, again, on their asses, and demonize and attack Republicans for actually DOING THEIR JOBS. You know, actually putting forth a budget for consideration that Democrats immediately vote down in the Senate.
And the left attacks the Republicans as "obstructionist" for doing what they were elected to do while Democrats do NOTHING.
The Democratic Plan = Raise Taxes and No Cuts in Spending , especially Entitlements.
Medicare Trustees announce that Medicare is going Bankrupt ! But Obama and Co. will not touch Medicare.
Do you LIberals get the picture ? American GDP growth trails most of Europe at a 1.8%. Those countries including Germany, England and France --- all cut spending.
Obama has no plan except raise taxes and maintain spending. Americans other than Liberals,, are not stupid. Obama is exposed as a Non Leader who promises everything, and delivers on Nothing !
The Party is now over for Democrats.
Rick Perry will be the Next President and Marco Rubio of Florida will be the Vice President , count on it !
Alan, Did you drop some LSD?
X
In your dreams Alan. Neither Rick Perry, nor Marco Rubio, know the first thing about governing effectively.