Debt Deal Reached Between House/Senate Leaders, Now Come the Votes … Obama Sprints to Podium to Hold Press Conference As If He were Involved
Tonight there appears to have been a Debt ceiling deal met between the Republican and Democrat leadership of the House and the US Senate. Interestingly enough, Barack Obama rushed to the podium and in front of the cameras to announce the deal as if he had anything to do with it.
I would be really interested to see if the credit agencies buy this sausage that was created as a legitimate form of debt reform. On Friday Moody’s said that neither the Boehner or Reid plan was adequate. Why would they think this compromise is? Wasn’t the point of this supposed to be that we not get downgraded and pay the bills? How can anyone really call this a success?
Also, Obama stated that he would be driving for tax increases in the future. Obama said that the rich need to pay their fair share of taxes. Are we or are we not going to raise taxes in the face of another possible recession? Just curious Barack, what about the 50% of individuals in the US who pay no taxes, are they going to pay their fair share to?
A bipartisan committee of House and Senators will meet later in the year and report back to Obama in November to suggest new solutions which may include tax hikes. Who really believes that in such a toxic environment that any such thing can be accomplished?
Overall, it would appear that Republicans and especially the TEA PARTY have won a major victory in the debt ceiling debate. However, this is far from over and just the beginning. For too many years the culture in DC has been to blindly tax and spend the people’s money without consequence. I agree with the Astute Blogger as they astutely stated, “LET’S DECLARE VICTORY (one the left hates even more for!) AND MOVE FORWARD TOGETHER TO EVEN BIGGER AND BETTER WINS.”
Please remember, it was not too long ago that Obama wanted a clean bill to raise the debt limit and give him a blank check.
Look for this to be the number two issue after jobs in the 2012 elections. Make no mistake about it … GREECE IS THE WORD, the United States need a Balanced Budget Amendment.
Make no mistake about it, the 2012 elections will decide whether the United States gets back to exceptionalism or whether we become Greece. With only having control of the House, the GOP managed to control the debt debate and shift it to the right … the GOP will need the Senate and Presidency to control really paying down the debt.
UPDATE I: Durbin: Debt Deal Will Be The Death Of Keynesian Economics … well let’s hope so.
UPDATE II: So does this mean the USA loses its AAA rating? How does this compromise even come close to what the rating agencies wanted?
UPDATE III: Speaker Boehner’s Talking Points to the GOP.
TWO-STEP APPROACH TO
HOLD PRESIDENT OBAMA ACCOUNTABLE
Emerging framework has three main features:
(1) cuts government spending more than it increases the debt limit;
(2) implements spending caps to restrain future spending;
(3) advances the cause of a Balanced Budget Amendment
Framework accomplishes this without tax hikes, which would
destroy jobs, while preventing a job-killing national default.
UPDATE IV: LIVE COVERAGE at Business Insiders: DEBT DEAL REACHED