[Pesqueeb]

Now what happens?

On Monday morning the Treasury Department auctioned off the last legally permissible U.S. government debt to the public. A $14,294,000,000,000 cap on borrowing is firmly in place, starting the clock toward potential default and turning up the heat on simmering fiscal negotiations in Washington.

While market participants did not expect Congress to raise the limit before it was met, which should preclude immediate economic consequences, the milestone moves the discussion of American default from theoretical to increasingly probable. Concerns about such a scenario could lead to turmoil in the markets, damaging economic recovery.

More.

 

[stoney]

Stopped funding govt pensions... isn't this how the SS problem started?

 

[IH8Rice]

http://usdebtclock.org/

 

[eaterofdog]

More fvcking stupid partisan sh!t to distract the sheep from the real problem.

 

[MMike]

from the real problem.

gayness?

 

[Secret Squirrel]

gayness?

nice of you to project...but no...

 

[eaterofdog]

gayness?

Gaynadians

 

[mandown]

http://www.reuters.com/article/2011/07/07/us-usa-debt-exclusive-idUSTRE7660GE20110707

This is getting ugly, soon. $125 billion of monthly borrowing, threats of halting social security, and no contingency plan other than a flimsy interpretation of a clause in an amendment.

 

[dante]

Delay any SS checks going out until an agreement is reached. If those octogenarians really want to cut gov't spending (and voted Republican overwhelmingly last November), they should start with their own pocketbooks first.

 

[mandown]

A quick google shows estimates of $720 million in daily war costs (estimated in 2007), which is $21.6 billion monthly, which is roughly 17% of the monthly borrowing. I honestly expected a bigger number.

 

[rockofullr]

I'm not really worried. Obama just pulled some seriously crafty sh!t.

According to Cantor, the bipartisan talks with Vice President Joe Biden produced a plan with the "potential" to cut $2 trillion off the deficit over 10 years. the discretionary spending cuts agreed to could become the basis for a shorter term deal which would entail the debt ceiling issue being revisited again next year, though neither side likes the idea. In fact Cantor joked with reporters Wednesday that the only thing he and the president agree on is that a short term deal would be a nonstarter.

For his part, Obama is looking to deal with the issue for good, with a $4 trillion deal which would both raise taxes and slash entitlement programs. It's an ambitious goal, but even if the deal is finalized with party leaders, it will likely be met with strong opposition from rank-and-file Democrats looking to guard social programs, and Republicans opposed to any type of tax increase.

http://www.usnews.com/news/articles/2011/07/07/white-house-debt-ceiling-summit-aims-for-grand-deficit-bargain-

Do you see what he did there?

 

[KavuRider]

Gaynadians

Must spread

 

[monkeyfcuker]

This whole default situation that has arison could be a rather an interesting experiment, shame it could possibly **** the whole world haha!

This has probably been discussed a million times but why are republicans so averse to tax rises? It seems they'd rather have the country on it's knees than raise taxes. Also, sorry for not googling away but what is the income tax level in the states? Does it change by state or is that just corporation tax?

 

[stoney]

This whole default situation that has arison could be a rather an interesting experiment, shame it could possibly **** the whole world haha!

This has probably been discussed a million times but why are republicans so averse to tax rises? It seems they'd rather have the country on it's knees than raise taxes. Also, sorry for not googling away but what is the income tax level in the states? Does it change by state or is that just corporation tax?

1. Corporate interests and fixed income seniors make up their voter base
2. It's all over the place. You have Fed income, which varies by income level. State, which varies by state. Corporate, again multiple variables. etc...

It's a isht show here.

 

[rockofullr]

It depends on your tax bracket (read: how much you make). We pay both federal and state tax but usually the federal tax is the major component. To lazy to look up numbers but IIRC upper tax brackets pay over 30% to the gov but if you are that loaded there are lots of ways to get around paying. Lowest brackets pay 10% or so I think.

As to why the repubs are so anti tax these days just look up the TEA party.

Edit: sniped

 

[monkeyfcuker]

Thanks for the replies, didn't realise there was state and federal!

 

[mandown]

Asking why the Republicans are a certain way is like asking why Catholics are a certain way, it is the development of their vision of how the world should look based on the guiding code of laws that are written in such a way as to allow a variety of interpretations.

 

[dante]

And again, the entitlement programs that are fully funded through 2027 or 2035 become the bone that Obama throws to the Republicans because they're too weak to push for a raising of income tax rates (for everyone) back to the ones under Clinton. What a joke.

 

[Dartman]

Now what happens?

 

[TheMontashu]

Yes, but it's a good thing we still make up enough of their consumption that if we go down, they starve to death.

It depends on your tax bracket (read: how much you make). We pay both federal and state tax but usually the federal tax is the major component. To lazy to look up numbers but IIRC upper tax brackets pay over 30% to the gov but if you are that loaded there are lots of ways to get around paying. Lowest brackets pay 10% or so I think.

As to why the repubs are so anti tax these days just look up the TEA party.

Edit: sniped

Or we could just bring the taxes back to the way they were in the Reagan era, or better yet, the 70's. I've done the math, and even with the wars overseas we are allot better off, and even adjusted for inflation, you don't see an increase in taxes till well over 300K. Closing loop holes, ending no bid contracts, and cutting tax breaks for companies making record profits, not creating record jobs.

Stopped funding govt pensions... isn't this how the SS problem started?

There are allot of old coots who fought in ww2, then put in time building our highways, only bust ass their entire lives to have companies like GM cut pensions. I say we keep supporting them, and while we are at it, I bet we could also try and pick up and treat all those sick homeless veterans you saw every day going to your old wall street job.

 

[dante]

Obama to the GOP:

“What I said to them is, ‘Let’s go,’ ” Obama said of his message to Republican negotiators. He said he would not sign into law any “temporary stopgap resolution to this problem” of anywhere between 30 and 180 days.

 

[$tinkle]

related:

oh, and this is about 3 orders of magnitude less than ours.

 

[Toshi]

oh, and this is about 3 orders of magnitude less than ours.

Are you comparing absolute numbers instead of numbers relative to GDP?

 

[dante]

Are you comparing absolute numbers instead of numbers relative to GDP?

Not sure which is more incredulous, posting something in absolute dollars and expecting it to mean something, or $tinkle posting an Al Jazeera video?

 

[$tinkle]

Are you comparing absolute numbers instead of numbers relative to GDP?

i did not use the bars around teh numbers, so they are not absolute

nor did i raise anything to a negative root, so they are neither imaginary

i am, however, just sayin

 

[mandown]

Liked this article
http://m.cbsnews.com/blogsstorysynopsis.rbml?feed_id=71&catid=20078566&videofeed=null

 

[$tinkle]

did you like the version that had content?

fails in chrome & ff

 

[mandown]

Posted from my android, will post again from my desktop later.

 

[Dogboy]

http://www.cbsnews.com/8301-503544_162-20078566-503544.html?tag=cbsnewsMainColumnArea

Linky

 

[mandown]

Thank you!

 

[X3pilot]

Obama to the GOP:

I'll see your bitch slap and raise you a hissy fit:

http://www.whitehousedossier.com/2011/07/13/obama-hissy-fit-walks/

 

[dante]

Cantor said the president became “agitated” and warned the Virginia Republican not to “call my bluff” when Cantor said he would consider a short-term debt-limit hike. The meeting “ended with the president abruptly walking out of the meeting,” Cantor told reporters in the Capitol. “I know why he lost his temper. He’s frustrated. We’re all frustrated.”

Yeah, I would've walked out on the annoying little bastard as well....

 

[TheMontashu]

Yeah, I would've walked out on the annoying little bastard as well....

I might have swung at him.....

They throw chairs at each other in Israel, lets knock a few republicans with one too

 

[dante]

New poll out:

Fifty-six percent of voters say in the new Quinnipiac University poll that they disapprove of how the president is handling the economy, while 38 percent approve.

Even so, 45 percent trust the president more than Republicans on the economy, while 38 percent trust the Republicans more.

and

If there’s no deal to raise the debt ceiling, the poll finds, voters would, 48 percent to 34 percent blame congressional Republicans over the president.

The voters surveyed would also prefer to see two measures that Obama has pushed: tax hikes for the rich and closing loopholes.

It'll be interesting to see how much the GOP are determined to commit Hari Kari over this issue...

 

[$tinkle]

/mmike

 

[sanjuro]

Sounds like the GOP have 2 agendas, work with the President and not work with President.

 

[sanjuro]

I can't say I understand economic issues, but considering Bush raised the debt ceiling 7 times and Reagan did supposedly 17 times, I have to say this sounds like a political issue.

 

[$tinkle]

primers [ban]galore: http://www.khanacademy.org/

 

[Silver]

Are you comparing absolute numbers instead of numbers relative to GDP?

He's a Republican. Asking about numbers outside of a question like, "How many rentboys should your pastor take to Paris if he has 7 bags to check on the plane?" are outside of his comfort zone.

Also, there's the tiny little detail about Greece not having their own currency that just might be a little bit important.

Trig 2050!

 

[$tinkle]

while you're having good sport w/ me, let's do the comparison, shall we?
- greek gdp: $389B [debt $500B]
- us gdp: $14000B [debt $54000B]

so it looks like greece -- and by extension europe -- is doing a lot better by this rough measure


hurrrrrrrrr