Well the NRCC clearly doesn't even understand the proposal https://twitter.com/NRCC/status/289029749555212288 :giggle:
The administration did not propose or talk about it... In fact the Treasury ruled it out after people started talking about it...
Threatening to make it so the country defaults now so that we can cut spending to avoid the country defaulting later.
We have debt obligations right now. The President doesn't need to tell me that we will default- if we don't pass the debt ceiling, we will. You can't cut that much spending in that little time politically nor would you want to during a weak recovery.
Actually you are the one that is either being lied to or misunderstanding what is happening. The debt ceiling means the Treasury can't issue more debt when we hit that ceiling. If the treasury can't issue debt, it can't pay the bills. There might be some short-term measures like borrowing from other funds to get around that, but pretty soon legally they can't sell debt and we can't pay the bills. There is no "spin" to this.
Of course it can pay the bills. WE stop spending money we don't have. We can service the debt just fine. We cannot continue to have the president of Candyland give gifts to everyone.
It is you who do not understand.
The House needs to stand firm. One way to deal with it is to roll back regulations recently published. I like the idea of rolling back one year's worth of regulations for every trillion in debt ceiling increase. We should also insist in a 5% decrease in corporate tax rates for every trillion in debt ceiling increase.
It isn't politically possible to cut that much spending. Go ask the GOP to cut defense- no. Go ask the Democrats to cut entitlements- no. If you think it is as simple as you make it out to be, you are ignoring the reality of the do-nothing Congress.
Also, austerity is the last thing we want right now given how it worked out for countries like Greece. We are in recovery. Are you forgetting that? Expectations matter.
Also, austerity is the last thing we want right now given how it worked out for countries like Greece. We are in recovery. Are you forgetting that? Expectations matter.
What regulations are you referring to?
That doesn't mean anything...
Also doesn't mean anything. Being pro or anti-regulation should not be a "thing"- look at the data in each case.
Rightttt- we are stuck partly because we have an expectations problem- let's embrace further easing by the Fed and maybe some infrastructure spending on the hill, possibly coupled with longer term, smart spending cuts. Oh and let's abolish this debt ceiling nonsense.
Massive inflation and the collapse of the dollar and with it the world's economy.
I doubt that if that happened it would give the powers to be to try and push harder for a united currency. Which has been on the agenda for years. So you maybe right in what you say. Though it would be just what was need to implement or at least come a step closer to a one world currency.
The EU suffers from the lack of a national identity and a fear of non-whites. Kicking the neo-Nazis out of Parliament and establishing a (democratic) constitution so everyone actually knows what the EU is supposed to be about will solve most of their political issues. Political stability will herald economic recovery.
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