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Subscribe to RSSIn a statement he delivered at the White House, President Obama tried to downplay the credit downgrade by arguing that S&P's bombshell announcement says more about Washington's political dysfunction than its ability to pay its debts.
In his first public remarks since credit downgrade, Obama argued, "We didn't need a rating agency to tell us that the gridlock in Washington over the last several months has not been constructive, to say the least."
The president acknowledged the U.S. has a debt problem, but said those problems are "imminently solvable." On the heels of last week's deal to raise the debt-ceiling, he repeated his calls for a “balanced long-term approach” including additional spending cuts and tax hikes for the wealthiest Americans.
And he said he's hopeful this latest economic news will spur a sense of Congress to act. "Making these reforms," he argued "doesn't require any radical steps. What it does require is common sense and compromise."
Addressing jittery investors and market, Obama urged calm. "Markets will rise and fall, but this is the United States of America. No matter what some agency may say, we've always been and always will be a AAA country," he said.
This past weekend also brought tragic news with the deaths of 30 Americans -- including 22 Navy SEALs -- killed in a helicopter crash in Afghanistan.
Obama praised their bravery and all those serving in combat. "Day after day, night after night," he said, "they carry out missions like this in the face of enemy fire and grave danger."
He vowed the U.S. will "press on and we will succeed," but he asked Americans to pause and reflect on the sacrifices of troops of their families.
"These men and women put their lives on the line for the values that bind us together as a nation," he said.
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From Guardian Unlimited, Fri Aug 5/11:
"Republicans were quick to highlight the downgrade – the first since S&P awarded AAA status to the US in 1941 – as a humiliation for President Obama.
But S&P's statement [PDF] explaining the move blamed both parties for the US fiscal mess – and had harsh words for the Republican party for ruling out any taxes increases.
"We have changed our assumption ... because the majority of Republicans in Congress continue to resist any measure that would raise revenues," S&P said.
S&P also said the budget savings agreed by Congress at the start of the week were too feeble, and blamed political weakness and instability for triggering the downgrade:
"More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011.
Since then, we have changed our view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us pessimistic about the capacity of Congress and the Administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government's debt dynamics any time soon."
arguing that S&P's bombshell announcement says more about Washington's political dysfunction than its ability to pay its debts...because that is what the S&P rating letter actually says!
When I first heard the news of S&P's downgrade, I felt it just confirmed what I had seen with my own eyes happening in Congress. As 70% of the American told pollsters, the whole thing was "Disgusting, Stupid and Ridiculous." You don't have to be an Obama supporter to realize the Tea Party held our economy hostage for weeks, all to avoid closing a few tax loopholes.
Amy you are so simplistic it's precious.
But yeah, sure this is all only about the republicans. You just keep telling yourself that, over and over.
I just love that you can work this down to "the Tea Party held our economy hostage for weeks..."
You know it's almost like you did just fall off a turnip truck. Just "weeks" ago, apparently. Never mind the gross overspending, the deficits and the debt. All just "weeks" old, don't ya know.
"Weeks" cause that what this is all about and it has only just recently manifested.
Oh My!
Really??? You seriously cant be that stupid!!! Tea party?? I believe it was the tea party telling obama for months that this was going to happen. Obama refused to listen and turned the debt ceiling debate into a political argument. He forced congress to pass a horrible bill. Both parties made lots of mistakes in the past, but you can only blame O'bama for the down grade. He had a choice and he picked politics and campaigning instead of the american people. Its appalling that anyone would try to defend him at this point!!! No matter what the buck stops with him and his hate filled, divisive, unrealistic, wasteful policies!!
Amy-
Leader McConnell talked opening about "hostages and ransom". How stupid is that??!!
S&P's downgrade will do nothing to deter the Teabaggers however. They are hell bent on destroying the President, country be damned.
This will emboldend them to wreak more havoc in an effort to bring Obama down.
We know it is visceral with them. It has nothing to do with his policies because there was much more out of control spending under George Bush and not a peep out of these "grass roots" crazies. They are now sponsored by Dick Armey, Koch Brothers and Karl Rove.
This is the United States of America rotting from within because these people are vile.
Precisely Sheila!
Remember the old turtle boasted about that after the S&P warning of a possible downgrade!!!
Then you had Agent Orange bragging about extorting 98%...
Is it any wonder they came to the conclusion they did?
Political brinkmanship at it's worst!
Sheila,
That is such a stupid political talking point. Duh, of course the republicans wanted to stop Obama, Just as the dem wanted to stop Bush. Obama has never shown a bipartison effort. If Mother Terasa were alive today, she could not work with this monster. Just look around, see how bad things are because of the Obama policies, I think Mitches remarks were validated!! Obama is a selfish, power hungry Jerk!!
And yet, he proposes no solutions. Obama is like a drug addict who admits to a problem, but it's not that big of a problem. Obama obviously has no idea that blowing through $4 billion dollars in deficit spending a day is any kind of a problem. What did Obama propose in his FY2012 budget, $1.65 TRILLION in deficit spending? Obama is a man with a huge addiction problem, and he doesn't even know it.
You know, Spanky and Realhope, I was trying to give you conservatives the benefit of the doubt. I was willing to accept the liberals being complicit in this debacle.
But you apparently cannot even read! In addition to citing both sides of congress for intransigence, S&P's statement blamed the Republicans specifically by name! And they mentioned refusing to raise revenue by name! And they mentioned refusing to let the Bush tax cuts expire by name! All of these are GOP/TP positions.
McConnell accepted that he and his party, which includes the Tea Party, had indeed held the country hostage! and he said it was a template that would be used again!
You can go on denying, but we have it on tape, in print and verified.
Oh yeah, It proves how crazy your comment is if Feisty agrees!!! She is a cult follower of the great and powerful Obama!!
Amy, that sums it up. The GOP turned the Senate into a dysfunctional legislative body by filibustering and blocking everything and every nominee they could. Now the GOP has made Congress and Government dysfunctional. For the GOPTP it isn't about country first, it's about winning the next election at all costs, even if that mean destroying the Nation as well as the economy.
fielden, well said, that also sums it up. S&P confirmed who was to blame in writing.
Duh, Jody, The Democrates control the senate!!
@RealHope
You "BELIEVE" The tea party told obama for months that this was going to happen?
Obama turned the debt ceiling debate into a political argument?
Obama "forced" congress to pass a horrible bill?
Both parties made "lots" of mistakes in the past, but Obama is to blame for the "Brinkmanship" specifically cited by S&P?
Instead of debunking your grotesque off the cuff statements based purely on random thoughts and ideas heard from whatever dubious source... I will post one phrase/response that reflects the frustration of all Americans who think logically and view challenges facing our nation from multiple perspectives...
Hey RealHope, GO F YOURSELF!
http://www.theatlanticwire.com/politics/2011/08/tea-partys-brand-crisis/40958/
LOL, you just dont get it. If Obama would deal with the real problems instead of worrying how they will effect him politically. Its a simple fact, if we did not borrow more, we would have a good credit rating. That what the tea party wanted him to do, but insists on running this country off a cliff!!!
How about 634 points that's REAL trouble!!
This administration has no and I do mean NO clue on what to do, except blame, blame blame...
It's a national disgrace!!
BTW the tea party crowd sure does have you Bat Sh-t Crazy liberals scared stiff!!
What we need is a leader, not some political stooge!!
Realhope-
You have not been paying atenttion.
The Dems have a majority in the Senate. They control nothing!!!!!!!!!!!!
The minority have used the filibuster to hold everythign hostage including all the the President nominees to various post. The only tow who got an approvla were Panetta and Petraeus.
They even went so far as to say it doesn't matter who he nominates to the Consumer Protection post that person will not be confirmed.
How vile and evil is that??!!!!
So fielden - did mcConnell have you at knife point or gun point?
Political activism. Only good if you are a libbie, eh fielden?
Say are the evil hostage taking republicans responsible for the Frannie and freddie down grade also? And what in the hell took so long for that - not able to meet obligations is a long way away from begging for billions to survive.
The words and the stated intent are McConnell's own, Spanky. Do you deny that?
Political activism, Spanky? If you are calling what the Republicans and Tea Party are doing political activism, you are WAY off base.
Words are just that fielden.
Yes, I mean activism. Now, tell me how I am mistaken. Tell me how this is any different than Obamacare or anything else. OR shall we define hostage taking as anything unpopular?
Tea party reps were duly elected and have acted in their lawful and defined capacities as representatives.
You may not like it, or even hate it, but the truth is the truth.
Interesting comments from a special last night on bloomberg TV concerning the downgrade.
Washington's vote last week was more about kicking the can down the street, only now the can is kicking back.
Another commented on how we didn't need another commitee, super or otherwise. what Washington needs to do is have a viable medium and long term plan.
The analysts discussions continue tonight (perhaps a repeat of last night) at 9PM EST on bloomberg TV or listen to it at bloomberg.com by clicking on the TV link. Sorry political radicals, the discussions deal more with the economic issues rather than who is to blame politically. Mr krugman is the exception.
Holy cow, the right-wing riff raff in these threads have never had much gravitas, but once again I wonder if they are even in the 30s. The level of comprehension, logic, and argumentation is at the fifth-grade level at best.
The bottom line is the Tea Party approval of 22%. Spew your silliness all you want--it won't change the American people's position. The people rejected out-of-the-mainstream candidates like Christine O'Donnell, Sharron Angle, etc., in the 2010 election, and the extremism we've seen from the threat to shut-down the government to the hostage-taking delay of the debt ceiling only confirms concerns about the Tea Party.
If the GOP/TP remains intransigent, they will merely dig their hole deeper. I'll bet there's some interesting GPS "recalculate" going on in the background right now... I'd be interested to hear ideas on how the GOP/TP might dig their way out, hahahah.
to the libs - What part of politics don't you understand? Opposing parties have always used some issue as a negotiating point. The exception is when one party has voting control or near control over everything. Think 2009 & 2010.
I guess he didn't hear, but S&P think otherwise. S&P warned about a down grade in April and Geithner said,"There's no chance the US will lose top credit rating." Who ya gonna believe, Washington? I think not.
I told you it would be inane.
Evidently, the stock market agreed. I'm pretty sure the time was supposed create a miraculous turnaround. It kinda did- the market dropped another 135 after the speech- which pointed fingers at everybody but the spendaholic in chief.
Actually, I think Bob summed it up beautifully below-
Obama is a triple F president. On the economy, on the debt, on foreign affairs-
All failures.
While congress is off, I think they should be revisiting this Libya action- it's unconstitutional. If he won't admit he's a failure and quit before he does more damage, impeach him.
There are 23 democrats in the Senate who would LOVE to have him off the top of the ticket.
What are their names, NoJo? And your attribution?
Fitch and Moody's still rate the USA's credit as AAA. Did the GOPTP heed S&P's warning in April, DWF? No, they did not. President Obama brought a $4 trillion dollar deal to the table, what did the GOPTP do? They walked out of negotiations and settled for half because closing tax loopholes for the rich was too much to ask of the wealthy. Then the GOPTP leaders lined up in front of the cameras and declared they had gotten 98% of what they wanted, declared that "it was a hostage worth ransoming". Yet, the GOPTP is so proud of their efforts today, they haven't said a word.
I believe she means the 23 current Senate seats currently occupied by Democrats that are up for the 2012 election...with President Obama, of course, facing re-election himself next year.
Of course, she should be aware that the number is actually 17 as 6 Senators (Lieberman, Webb, Conrad, Akaka, Bingaman and Kohl) are retiring and will not seek re-election.
Here's the list of 17...
Feinstein (California), Carper (Delaware), Bill Nelson (Florida), Cardin (Maryland), Stabenow (Michigan), Klobuchar (Minnesota), McCaskill (Missouri), Tester (Montana), Ben Nelson (Nebraska), Menendez (NJ), Gillibrand (NY), Brown (Ohio), Casey (Pennsylvania), Whitehouse (RI), Sanders (Vermont), Cantwell (Washington), Manchin (WV)
The Libs, they just keep backing up, and backing up. Fitch and Moody are the Libs friends today, but they too will be the Libs enemy tomorrow.
The Obama Downgrade is well underway.
"The Obama Downgrade is well underway."
Say- that'd make a cute taling point. Too bad it's not what S & P is calling it. Let's see, what was it they attributed the down grade to again....??
dbo - lack of a medium and long term plan and a dysfunctional Washington. China had a nice turn of phrase though... Washington is obsessed with borrowing!
Da Noid, Senator Amy Klobucher has a 62% approval rating here in MN according to the last poll. The republicans are putting up someone from their F team.
The United States is a AAA country with a FFF Failed President...
and a Congress rated so low that S & P doesn't have a category low enough!
Bob, the actions of Tea Party Representatives in the House triggered the rating downgrade. It wasn't the President that failed us...it was the Republicans who wrecked the economy (again.)
Amy,
the ridiculous obscene Euro-socialist spending binge of the Obama Administration caused this mess. Period.
Bob and Amy;
bookends in their blame-game, with blinders on when it comes to their own side's responsibility...thanks for illustrating the silliness that passes for "political thought" here
WRONG! (as usual)
Spin, spin, spin....
bob, could you please tell us what your understanding of euro Socialism is? Could you use an specific example of a particular European country?
Thanks
 Anyone with any brains knew this was coming as soon as congress tied the raising of the debt ceiling to the budget. The S&P had clearly stated to avoid a downgrade an automatic raising of the debt ceiling would be required. Instead we waited to the last minute to cut a deal that was watered down. This downgrade falls squarely on the backs of the republicans, and if you don't see that you are simply in denial.
Well said, Retired Military.
Nice try military but no ceegar! They stated in april that a viable medium and long term plan had to be made. The contentious FY2011 budget debacle only pointed out what the debt ceiling debate was likely to become. A dysfunctional washington!
And the finger pointing continues...It takes two to tango, but the majority here is comforted by the belief that it's the other guy's fault...
There's some truth to that but in this instance there is no two to tango, it was a solo dance number. We know who to thank for the biggest share of it--President George W. Bush and his GOP followers who never once asked George to pay for anything. They willingly increased the debt ceiling 7 times just to cover their own irresponsibility without a single demand to cut spending. Any party that can take a budget surplus left by a democratic president and create an even greater debt, owns this mess and that party is the GOP.
Nice job Jody.
It was wrong then, so surely it must be equally wrong now
And yet from your comments I'm not so sure you think that way. How surprisingly inconsistent of you Jody.
Care to explain?
Yeah, I thought not. Too bad.
"There's some truth to that..."
____________________________________________________________________________
Except that everything is THEIR fault!...Thanks for the laugh...
Questions: When the President had both houses under his control, did we have a debt crisis and a crushing deficit? Are we in this situation now because too many folks lacked medical coverage? Could the administration done anything different 2 1/2 years ago to avoid this situation? Did you see the HBO movie "Too Big to Fail"?
When you decide to do something you are also deciding to NOT do other things.
Failing to see your own mistakes is a recipe for repeating them again and again.
A lot of us are willing to accept that everyone is complicit in this debacle. Read the posts. But the right is so busy congratulating themselves, they don't even notice. Nor are they willing to accept their part in this.
Blanket generalizations get you nowhere fielden.
Bush sucked at debt. Amassed about $6 trillion in 8 years.
Here we have tow issues - the speed of debt accumulation, and the fact that Obama is the boss, he gets the blame.
Plus it compounds and gets worse over time. Never a downgrade before. Never a trillion in new debt in just 3 months.
I didn't see Obama's speech today, but I heard that he wanted to increase unemployment benefits.
Any truth in this?
totas - he basically said that the time is now to extend both unemployment benefits and the payroll tax deductions to put more $$$ into the economy. looks like he wants to ignore all the 99'ers that have already fallen off of the unemployment rolls. Interesting thing is that he really didn't mention how the government was going to pay for the unemployment extension.
Perhaps he wants the weathy to pay "just a little more"
Wonder what he would think about cutting the discretionary budget to pay for his expenditures?
the buck stops elsewhere....mitt romney gets the quote of the day!
Don't worry he'll "walk it back" tomorrow...Mitt firmly straddles every issue...:)
Bob-1887910
I think you meant AAA country with KKK running the Congress. (can you say tar baby?)
Now there.
Best sign your argument is lost is when the race card is played, Sheila. Ho hum.
(Can you say Sen Robert Byrd, Democrat and Grand Kleagle of KKK?....)
No Bob - it's the old Nazi argument.
But now they don't say Nazi, they say terrorists, hostage takers and the like.
Silly little libs actually think a AAA rating is possible for an entity that amasses $4 billion in new debt every single day.
Spanky, it's a shame the Republicans voted for Ryan's budget plan that did nothing to slow down the debt over the next decade. In fact, the CBO said the Ryan budget would add $338 billion more to the debt than the current budget would.
The reality is both parties need to get back to work and produce a $4 trillion debt reduction plan.
None of this hiding behind other things. All spending bills start in the House, so the House needs to tell us exactly what changes will be made to result in $4 trillion debt reduction.
Cut, cap, and balance requires an immediate 29% cut in spending.
Will they cut Social Security by 29% immediately?
Will they cut Medicare by 29% immediately?
Will they cut defense spending by 29% immediately?
Will they cut school funding by 29% immediately?
Will they cut road construction and repairs by 29% immediately?
Will they cut airport security by 29% immediately?
Ryan blames his side too...
"Both political parties are responsible for the mess we have right now," said Rep. Paul Ryan (R-Wisconsin) said on Fox News Sunday. "This is not a Republican or Democrat only problem. This is both parties got us to where we are."
http://www.realclearpolitics.com/video/2011/08/07/paul_ryan_on_downgrade_both_parties_got_us_to_where_we_are.html
Didn't agree with his budget, don't share his politics, but I couldn't agree more with his honest assessment of where we are...
Spanky, McConnell HIMSELF conceeded that the Republicans were hostage takers. It's on tape and in writing.
Dan - that must explain why senate leader reid has yet to offer any amendment to the house FY2012 budget. Seems that reid is shirking his duty!
BTW - bills that raise revenue originate in the house, spending bills can be originated in either the house or senate, but any bill must be approved by both the senate and the house before going onto the president. Article 1, section 7 of the constitution.
The bill signed by obama last week only includes limited cuts (as in billions) in 2011 and 2012 so as to not adversely affect our economic recovery. The real cuts occur in 2013 and beyond. Not sure on how soon the trggered cuts take effect if an agreement is not reached by thanksgiving.
spoken like a true democrat. when they have no answer they blame race and bush. Pathetic they are since their president continues to use race and class warfare as their only answer.
Addressing jittery investors and market, Obama urged calm. "Markets will rise and fall, but this is the United States of America. No matter what some agency may say, we've always been and always will be a AAA country," he said.
All this rhetoric from Obama after he ties the hands of the private sector with regulations, after he stops offshore drilling, and after his admin. "investigated" Boeing for trying to create 1000 NON UNION jobs in So.Carolina. Does he think the American people are stupid? He is anti-private sector business.
All of which is within his purview as president. A blatant breech/violation of the NLRA, and a drilling halt until the safety procedures of deep-water drilling can be reviewed and tweeked as needed. Sounds smart to me. I didn't see you volunteering to dive down with a wrench in your teeth.
You were doubtless one of the arm-chair quarterbacks screaming for him to do something during the BP spill. OK,...... so he did something.
The business community has made record profits during Obama's tenure to date. Mountains of money. Never more profitable, so I think your position is a weak one to be kind. A smart person would pick this time to withdraw from the field. ;o}
extinct - leona didn't have to. you grabbed it away from her so fast and dove so deep that the bends not only affected your joints but your brain as well! lmao!
Interesting that you view Boeings desire to remain competitive in a global competitive market as something bad. If the workers want to organize in south carolina after boeing relocates, is that a bad thing? If they choose to remain non-union why do you consider that to be bad?
so extinct, without consumer demand what good are those profits doing? What good are those profits going to do if business doesn't have an idea of what its future costs will be?
According to CBS news, the big 5 oil companies generate an after tax profit of 6 cents for every $ of revenue. Pharmaceuticals and computer based companies make about 16 cents per $ revenue. BTW - what do you consider to be a fair after tax profit to be?
http://www.cbsnews.com/video/watch/?id=7365896n&tag=api
Seems like Boeing has been doing pretty damn good up till now WITH a Union workforce. Oceans of money for the fat cats made with Union labor, or has this somehow escaped your notice? Besides,.....Boeing's competitors in the world marketplace ARE Unionized genius.
Yes, because the way the RTW laws are constructed, it makes it impossible to organize, but then again, they don't have to, they're already organized. You're trying to sell them something they've already got.
There is something in Labor law called a "recognition agreement". It is an agreement signed by the corporation that it RECOGNIZES the Union as the sole bargaining agent for employees as it relates to compensation and conditions of employment. If they cannot find an employee on the excelsior list, it is an automatic "NO" vote for Union representation. The company has to furnish an employee's address, but not their apartment number. The company has to furnish the name, but not gender, so J. Smith can be either a "Janet" or a "Joseph". I used to be a Union officer, I know what companies do. Trust me.
Yup. All kinds of dirty tricks companies can play, and there are plenty of firms out there to help them. Go ahead, shock yourself, Google "Union Busting", and see how many hits you get.
The bottom line is that the clear intent has been proven that the company is moving to avoid the Union, and eliminate the employee's choice in the matter. All it takes is their day in an impartial court to prove it.
Yes, for the workers. Non-Union RTW workers make less pay, have fewer benefits, less secure retirements, more workplace injuries and toxic exposures, and more repetitive stress injuries than their Union counterparts.
See?
http://uaw.org/node/167
http://uaw.org/node/166
I speak from personal experience.
Didn't seem to stop Henry Ford. Did testicles suddenly become a scarce commodity among CEO's? Among republicans? Higher taxes don't mean you won't make money. It just means you'll make somewhat less.
How bout' same as mine?
GOP,
Explain when workers, lets say Chrysler commits a crime, why are they protected by the union?
How much does it really cost to build a Charger? What's the mark up for paying all those bennies?
Not arguing all unions are bad, but most are corrupt, UAW is a good example.
extinct - and I have been on both sides of the union/management arena as well. The unions are far from saints and have very questionable tactics when it comes to fear mongering and intimidation.
RTW states can still achieve union representation in the private sector, you apparently wish to make it easy for a union to step in and collect money for the union bosses. Daresay you favored obamas plan of just having an employee sign a card for union representation that is likely to be signed under intimidation rather than by secret ballot? Yes indeedy, I am well aware of union tactics and union work rules. Nothing like not being able to cross an aisle to get needed parts because it wasn't my job.
Nice try on old henry, he saw the potential demand and took a risk that utimately paid off. At the time he started I wonderf how many investors he answered to?
Why not continue your observation through to today. and reflect on how many pierce arrows are built today? Edsels? Hudsons? Ramblers? and the list goes on.
Interesting that today, most businesses can still anticipate demand increasing, but until it does and costs going forward are identified and understood, hiring will be delayed regardless of cash on hand + they are loathe to create inventory that will be taxed.. Guess that is one reason why job creation has always been viewed as a lagging economic indicator.
Same as yours? Implies that your have never been a business owner and don't understand the whys and wherefores of having a profit.
I just took a walk down towards Wall Street...irony...someone was playing "It's Raining Men" on their stereo.
Da Noid,
Funny in a twisted kind of way. :o]
That's why those office windows don't open...:)
Nailed shut eh?
I'd paint a bullseye on every street intersection in Wall Street for what they have done to us.
GOP-
I understand the sentiment, but remember the "map" and rep. Giffords...if a fund manager got shot tomorrow...
Also The "jumpers" would likely be those losing their life savings in the crash and NOT the handful of fund managers to blame...Those bums have no conscience and feel no guilt.
True all dat dangerfield. For them a heart is a vestigial organ.
Perhaps I should have said "surveyor's symbols". ;O)
lol
Ok, it seems as though a basic lesson in civics is in order here. Who voted for a budget that included a LARGE deficit? Congress. Who is now avoiding the issue of raising revenue to meet the demands of the budget that was passed by Congress? Congress. What can the President do about the budget? VERY little. Congress passes the legislation, and the President can either sign the legislation into law, or he can veto them. He can also negotiate with teh Congress on what to do about the budget, but he has NO constitutional authority to raise taxes or cut spending. THAT is ALL Congress' responsibility. When was the deficit created? from 2001 forward, when Congress authorized the spending of money "off the books" for our military interventions, and for security measures (through the Patriot Act), adding to spending WITHOUT raising revenue. In fact, we CUT revenue, courtesy of the then President asking Congress to cut taxes. The so-called Bush tax cuts. I say so called, because again, President Bush couldn't cut the taxes, only Congress could. Were Congressional Democrats complicit with all of this? Yes. But the vast majority of the folks who voted for all of this were the Republicans. And now they want to say that this is President Obama's fault? Really? Only a person who had a dim understanding of our recent history AND our system of government would be so ignorant as to lay the blame on President Obama's lap. Congress, with a 14% approval rating (some americans are smarter than we think), made the problem, and they have it within their power to fix it. Will Congress fix the problem? I doubt it. Too much political capital can be made by blaiming the President. Does the President bear SOME responsibility for the mess? Yes. He is one of our elected leaders, and he was voted in to make significant changes. He can't make those changes without Congress, and THAT is where leadership comes in. Time will tell if the President comes to terms with how he will lead Congress and the country out of this mess. But for those who would denounce the President for "causing" this deficit debacle, stop showing your ignorance about the system or the recent history. Stop complaining, stop playing politics, be a part of the solution, NOT a continuing part of the problem. Only then will we rise out of the morass we find ourselves in. As Walt Kelly wrote in his cartoon strip "Pogo," "I have met the enemy, and they is us." Here is an idea: Continue to cut spending in defense, especially forweapons that we don't need through redundancy, obsolesence or bcause they don't fit into the military's current plans for action (remember the old $700.00 toilet seat?); crack down on fraud, be it in the military procurement system, welfare, medicare or medicade; revise the tax code so that it fairly eliminates certain tax loopholes, fairly applies to all and brings in REAL money; and finally, begin a debate and then bring to the floors of Congress REAL job bills (instead of just TALKING about it).
What budget? There is no budget.
Obama proposed one that increased the debt so outrageously, it got voted down in the Senate 97 to zero.
The House passed a budget, but the Senate has not even considered it. Nor have they proposed their own package to vote on, to be reconciled with the House budget.
Try to keep up. It's another failure of leadership from a president ill suited to lead a cub scout troop to the men's room.
There is no current budget, no joe, but the deficit has been caused by the budgets that were passed from 2001 - 2010, so I'm not having to worry about keeping up! The current budget proposal passed by the House has NO chance of passing in the Sentate. The House leaders knew that when it was proposed. THAT is a failure of leadership, and both parties are to blame for the stalemate. The Senate has been idle, because anything offered by the Democratic majority would be fillibustered by the Republicans. Again, a failure in leadership from BOTH parties. NONE of that can be attributed to the President, as his CONSTITUTIONAL authority only goes so far. The President HAS presented to Speaker Boehner several proposals, most of which involved discrete tax increases or closing of certain loopholes. And what was Speaker Boehner's response? Walking away. Do I give the President a free pass on HIS leadership? No. I do, however have NO problem assessing blame where it belongs, with the Republican leadership too eager to score political capital, and with the Democratic leadership too concerned to protect sacred cows that they neglect to find other ways to reach compromise. Wake up, no joe, you've been drinking too much of the tea party cool aid. Again, BASIC civics. The President proposes, but Congress disposes....
No Joe, No Bo
Republicans shouldn't throw stones. They voted for Ryan's debt plan despite the fact it did nothing to slow down the debt during the next decade.
The Ryan plan that was overwhelmingly voted for by the Republicans would not produce a balanced budget until 2040.
At least the President woke up and has been pushing the $4 trillion debt reduction plan that he and Speaker Boehner negotiated. Unfortunately, Speaker Boehner decided to cave into the Tea Party instead of staying with the "grand bargain" plan.
Dave from Avon, Ct: Thanks for your clear civic lesson on the separation of powers. I look forward to seeing who will be on the committee of 12.
I am slightly hopeful that their action will be meaningful. My hope is a speech that Rep. Colin Peterson gave to A farmer's co operative in MN. He is on the Ag committee and a long time fiscal conservative democrat.He said that this committee will be looking at farm subsidies and therefore there will be no farm bill until 2012at least.
I took this to mean maybe, just maybe, tax loopholes, subsidies will be really be in play for the first time.
Dave - let's put somethings in proper perspective...
A deficit is an annual thing only and is determined by what congress passes for a budget and the president approves. IE the house, senate and president all own it.
Every year the national debt increases/ decreases by whatever the deficit or surplus was. Do an internet search on our debt history. With the exception of a short period in the 1800's the US has always carried some type of debt. Debt generally caused by exogenous events. and a debt that that has been growing steadily since the 60's and which has become a concern because of the global economy and washingtons insatiable desire to borrow. It has become a problem for all of us and the shear amount of money we pay out in interest alone is more than just a little troublesome.
You may think that one party is to blame over another but the constitution was set up to create a governing balance. IE as you say congress may write the legislation but the president still has to approve it or have congress override his veto to enact it into law. No one really gets a pass.
BTW - In fairness to the president and congress, where was any written plan (other than obamas initial proposed FY2012 budget in jan/feb 2011) generated by obama or the senate that spelled out what the left was going to put on the table. We all heard a lot of rhetoric from obama and company but no attempt at getting anything passed in the senate that the american people could hang there hats on.
In todays speech, obama mentioned that the WH would be generating their own plan for deficit reduction. My question would be is this just going to be more rhetoric or will it be a written plan with actions that the CBO can analyze? Another question would be will obama wait until the last minute before thanksgiving to present it?
BTW - Anyone can submit legislation before congress as long as they have a congressional sponser to introduce it.
With regards to ryans plan not achieving a balanced budget until 2040, obamas plan wouldn't even have acheived balance at any time.
I do thank you for your posting.
The problem with legislative procedure is that it takes several steps to pass a bill. Republicans in Congress has created urgency in their debate but always wait for the last moment to approve passing a bill for Senate approval. By the time it gets to the President, there is no time for vetoes and begin the process all over again. After passing the 2010-2011 budget; at the last moment, Congress should have began working on raising the debt ceiling at that time. Instead we got debate over any and everything that has nothing to do with the debt ceiling. It's the hurry up and wait manuever that creates chaos.
Earth to Michele Bachman, Do you still stand by your position; "I will not vote to raise the debt ceiling!"
She seems to have disappeared. She doesn't want to discuss that idioocy. Will anyone in the news media have the courage to call her on this. Romney a.k.a. Governor Whack-A-Mole; he took a position, at the very last minute, that he was against the agreement that resulted in the US not defaulting. The man of multiple positions might be asked; what he foresaw happening as he bravely took this unequivical position when the game clock was about to expire. I hope neither will not get a hall-pass on their incompetency, America deserves better!
Wall Street is stunned that Congress continues on their 6 week vacation after Congress walkded away from the President's "grand bargain" $4 trillion debt reduction plan.
Instead, Congress went for a $2.1 trillion debt reduction that the S&P had already warned them would not be enough.
It's time Congress stop vacationing with lobbyists in the private country clubs and get back to work.
Dave, Good proposal and summary. I often find myself wishing the president was more aggressive, but where would that get him? You need the opposition's votes to get anything done, and that is the why so much of Obama's legislation has been so heavily laden with republican-esque provisions: tax cuts for the wealthy, etc...Obama has been extorted into compliance.
He should have followed the lead of the Wisconsin legislators and rammed through as much as possible in the 9 months he had the majority. Before the deaths of Kennedy and Bob Byrd, etc...The Wisconsin repubs know they're on the way out, and in typical repub fashion they want to do as much damage as possible on the way out the door.
Now Obama has to negotiate with the implacable, unmovable Tea Baggers, and to their credit, at least their agenda is unambiguous and quite clear: exterminate Obama. They have been more than up front about it.
Problem is, the Tea Baggers do not negotiate; they dictate, and they consider this a noble and desirable legislative attribute / virtue.
You're funny...let me understand what you mean by negotiate; Pelosi, Obama and Reid meeting to define the Health Insurance reform bill behind closed doors and in the dark of night, bribing Senators and Congressmen for their support and telling the republicans they can go along for the ride but must sit in the back. Is that your idea of compromise and negotiation?
It certainly would be now.........
Barry O'blame-a
The Food Stamp President of 9%+ unemployment, an ever-crashing housing market, presiding over the first ever downgrade of the credit rating of the USA, utterly divisive, overwhelmingly a class-warfare playing partisan, incompetent failure...... and fools on MSLSD and the media at large continue to cover for him every step of the way and go after a minority of a minority in the House....pitiful
GO TEA PARTY!! STAY STRONG
Gregor,
I know this sounds insincere, but I really sincerely hope that you eventually get the life that the Tea Baggers envision for you:
No medical insurance
No police/fire protection
No banks
No courts
No laws
....and oh yes,...no taxes.
Of course with no civilization where would you spend all that extra money?
GOP I think you get your facts about the Tea Party from some whacko lefty website - its only liberal wing nut fantasy that Tea Partiers want no cops, laws, courts, taxes etc
its awesome that there are cops, judges, bankers, insurance people, lawyers etc in the TEA PARTY!
if it wasn't for the Tea Party O'bama and his merry little libs would have just raised spending again and again and again until they finally trash this country
.....Nov '10 was part 1 and Nov '12 is going to be part 2......
 You can't be serious, a deficit of 14.5 trillion, you are adding another 7 trillion to the deficit over the next ten years and you really think AAA is the proper rating...its a shame you were elected if you can't figure out we are closer to a B rating then AAA.
Sure didn't happen overnight TJM.
That $14 T didn't spend itself, and it wasn't all Dems from 2000 - 2009.
Face it.
On point, Gie.
From the tone of today's anticipated address, I think he's getting very short on patience with the obstructionists.
Thanks Richard. I hope you're right.
If he's not pissed off, he has a slow learning curve.
I think he is more that PO'd., and through with the hip waders he's had to wear while navigating the BS rhetoric from the 'right'.
tax the rich, tax the rich, corporate jet loop holes! This is what he brought to the table (and the American people during his many, many press conferences) as a solution to the debt and spending crisis. now, it's all the Tea Parties falt (oh, and Bush of coarse). Thanks for the great laedership Mr. President.....
You listen well. After all, he was speaking to the lowest common denominators.
Now, get an effin clue.
Richard, even a blind liberal like you must have some honesty somewhere deep down wondering....could O'bama possibly fu*@ this country up any more than he already has?
9%+ unemployment significantly worse then when he started 3 years later..
housing STILL crashing 3 years later...
first ever credit rating drop in US history?....
intense partisanship and class warfare?...
a country deeply depressed and needing a real leader?
Gregor, I'm hardly blind.
This has been one of the most tenuous first presidencies to date.
Tell me how we have come together on the issues?
And more, how those efforts have effected our collective predicament?
My take, is that the initial stimulus was 50% short of what we needed.
President Obama is a forward and clear thinker.
Others, simply aren't. And there, the real problem lies.
I'm not even saying a Democrat President wouldn't have done a much better job, I'm simply saying this guy isn't doing any good for the country and the facts don't lie
"falt"? "coarse"?
Hoo Boy! This one is too impaired for comment.
President O'blame-a where are the jobs?
No job? Sorry to hear.
Boehner, Mitch, and Eric have one for ya.
Might not want to share with the clean crowd, though.
Richard I don't need a job I'm good.... but unlike selfish liberals like you I actually feel for my fellow Americans who don't....and I'd like to see them get one soon which is why O'bama has to go
In Beijing, Bangalore, Madras, Toluca, Sao Paulo,.....right where the GOP left em'.
Thanks to the GOP, if you are looking for a job in this country,.....you're looking in the wrong place buddy.
Gregor - Obama doesn't need to go. That is reserved for the shallow...like you and yours.
nice BS talking point
there's plenty of jobs to be had in this great country if the O'bama train wreck is gone
Pull the veil away from your jaundiced eyes, Gregor.
If the blameless one got all the tax hikes he stumps for it would raise gov revenue by about 300 billion. Not gonna fill up a 3 trill hole.
obama is so far into it, his raised hand is all thats left above water.
who's left to grab it and help him ?
The 50 % that don't pay taxes ?
His liberal buddies in congress ?
Timmy ( TuTu ) ?
Even Soros has got to be rethinking this dude.
I envy so many of you libs. Ignorance is, I guess, after all, bliss.
if that's the case this site has the most blissful bunch of a$$holes I've ever seen
You oughta' know Gregor..........
believe me I do know you MSLSD freaks very well
Bottom line for you.eh, Gregor?
Self actualization beyond your means?
Saaaaaaaaaaaaaaaad.
Maybe in another lifetime....
Richard, find truth my fellow American. Lying to yourself is very unhealthy and its never too late to see the light. Many, many independents and yes even Democrats have buyer's remorse and have had enough.
In the unlikely event the GOP will be clever and get a moderate presidential nominee I would vote for that person in a heartbeat. In either event, Obama is weak and will not be getting my vote again. I would love to know what Obama is actually willing to fight for, because all I see is one capitulation after another. He points to a line in the sand and watches like a weakling as the Republicans cross it time and time again.
Crossing the line in the sand only sets one up for a sucker punch.
Rope a dope...
O'bama is finished he's already shown himself a weak leader to the world, to the country, to the "Tea Baggers", to the Republicans, and yes - to his own party
look at his speeches lately (pretty much since Nov '10) the guy is a broken man its almost pathetic
The country may be best served by continued divided government. I worry that we will have another wave election and end up with all three houses under GOP control. This may work well for a short while, but history shows the party with unchecked power will usually over reach.
Let us continue to make nasty comments to and about one another. That will no doubt solve all our economic problems. I am proud to be a citizen of the United States. My suggestion is to quit trying to run the world and live within our means. I respect our president and wish him the best. However, I don't believe Santa will bring fifteen billion to the United States to pay off our national debt. Congress has made it clear it does not have the will to pass a balanced budget. I sadly believe that this is just the beginning of our economic woes.
and the scariest part....15 billion from Santa wouldn't even pay 4 days of our debt payments....
Obama has the microphone so he can blame everyone without taking responsibility however, it is beyond credible when you control two thirds of the government and Democrats are unable to lead. They can't lead with an incompetent like Obama in charge and they are striking out in anger because they know this country can barely wait to get the Democrats out of control next November.