$1 trillion in spending cuts over the next 10-years.
Ummmmm.... Seems like a drop in the bucket.
Actually over 2 trillion.... a little bigger than a drop in the bucket by X2..
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WASHINGTON – Ending a perilous stalemate, President Barack Obama and congressional leaders announced agreement Sunday night on an emergency deal to avoid to avert the nation's first-ever financial default. The arrangement would cut more than $2 trillion from federal spending over a decade.
Until there is a vote, there is only an agreement by the "party" leadership. This can still fall apart. Might not be a bad thing. I doubt the deal cut entitlement programs deeply if at all. I haven't read it yet so, I'll with hold my opinion.
------------------ Ron
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10:14 PM
madcurl Member
Posts: 21401 From: In a Van down by the Kern River Registered: Jul 2003
Early reports are the bulk of the so called cuts are from the military, and the dems put in to let the Bush tax cuts expire for those over 250k. Doubt if it will get through congress without some big changes.
The Spin machines must be in high gear now. Can't wait to hear it regurgitated again and again.
I have some idea what portion of this massive debt will be paid by my offspring, and what about yours. Oh I forgot, you don't have a dog in this fight.
Whew.. glad thats over.. we should still be looking for more spending cuts to be made after this.. but at least we avoid default for now.
A miracle! Our politicians SAVED us! (/sarcasm)
Actually this is what was said:
According to the president, the deal means an immediate cut of $1 trillion over a 10-year period, followed by the creation of a committee to come up with additional cuts worth $1.5 trillion to be voted on by the end of the year.
Is that like the debt reduction committee? Didn't they try that once and nobody from Congress took their recommendations?
I have some idea what portion of this massive debt will be paid by my offspring, and what about yours. Oh I forgot, you don't have a dog in this fight.
Really? I'm not allowed an opinion? I keep forgetting. I guess you don't see that the world markets are interested and plenty of people from other countries are as well.
Let me know what I can and cannot comment on for future reference.
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11:10 PM
Boondawg Member
Posts: 38235 From: Displaced Alaskan Registered: Jun 2003
I have some idea what portion of this massive debt will be paid by my offspring, and what about yours. Oh I forgot, you don't have a dog in this fight.
Wow. Me either, unless you count everyone I love other then the offspring God seen fit not to grant me.
Everyone has a dog in this fight. Sure, maybe newf has a cheap mutt in that won't hurt him too badly, but he still loves his dog that's in the fight (For clarification--I just tried to go with the analogy. What I mean is, newf might not be as affected as we are, but he is still affected). You don't think Canada is affected by what happens in America?
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11:30 PM
texasfiero Member
Posts: 4674 From: Houston, TX USA Registered: Jun 2003
And the spending cuts are likely 'not increasing spending as much as we wanted to', not actual CUTS. (I've not read it, but that's how the Gooberment operates). Their basis is wrong. It's not a cut if the spending still increases year over year.
quote
Originally posted by texasfiero:
Get real folks!
The Democrats promised spending cuts to Reagan. The Democrats promised spending cuts to G.H.W. Bush.
THE DEMOCRATS LIED!
There won't BE any spending cuts and the RINOs are too stupid to realize it.
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08:43 AM
dsnover Member
Posts: 1668 From: Cherryville, PA USA Registered: Apr 2006
$2 trillion over 10 years? That's $200 billion a year, against a $1.5 trillion dollar YEARLY budget deficit.
The problem hasn't been solved, really.
Right. They've only agreed (and only in theory) to not DIG quite as fast as they otherwise would have. It's pure BS, but most of the people will buy it.
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08:44 AM
Old Lar Member
Posts: 13797 From: Palm Bay, Florida Registered: Nov 1999
I don't care about spending cuts ten years down the road, I want cuts tomorrow. It is a bunch of BS all the way around. The Washington politicians say that cuts are just not increases in department budgets. That is not a cut.
Knew all along it would be..."target some cuts in the next couple of years, but not really specify what, where and when, and form a committee to get back to us about all that"
When his press conference interrupted big brother, I fast forwarded as soon as I realized there was nothing to listen to.
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10:20 AM
Pyrthian Member
Posts: 29569 From: Detroit, MI Registered: Jul 2002
we can only hope that the most expensive socialist entity on earth - The Pentagon - is wrangled back into ONLY costing as much as the entire rest of the worlds military spending........
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10:31 AM
blackrams Member
Posts: 32130 From: Covington, TN, USA Registered: Feb 2003
we can only hope that the most expensive socialist entity on earth - The Pentagon - is wrangled back into ONLY costing as much as the entire rest of the worlds military spending........
We all have our favorite targets to cut. Yours versus mine. Seems to me a across the board cut to all expenditures makes sense. Your target, my targets, all of them get cut. Some maybe more than others but, all need to take a cut. As had been said many times, you, I and everyone else has to balance their budgets, why doesn't the fed.
Edited: I'd start with cutting funds to pay other countries to be our friends. Then entitlements. Yeah, the military budget needs to be scaled back. How much depends on those who want to destroy us. Some folks refuse to see the threat, some folks see a threat that really isn't. I'm not privy to the information that may determine which threats are real, few if any of us are.
------------------ Ron
[This message has been edited by blackrams (edited 08-01-2011).]
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10:37 AM
rogergarrison Member
Posts: 49601 From: A Western Caribbean Island/ Columbus, Ohio Registered: Apr 99
Sorry, but I dont think its good to just raise the debt. We need other things done first. The country wasnt going to self destruct on Wednesday like they wanted you to think.
I think Im going to call AmEx, Visa and Master Card and get my limits increased by $100,000 each so I can buy a new Ferrari and a nice cabin cruiser. Of course I only make $1000 @ month, but so what, ill let my kids pay for them. (works for government )
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10:38 AM
PFF
System Bot
TiredGXP Member
Posts: 712 From: A cold, miserable place Registered: Jan 2008
we can only hope that the most expensive socialist entity on earth - The Pentagon - is wrangled back into ONLY costing as much as the entire rest of the worlds military spending........
When the Pentagon has something like $800 billion thrown at it each year, do you think cost efficiency is very high in the minds of the military bureaucrats? "Starving" its funding may just be what it needs.
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10:43 AM
fierosound Member
Posts: 15190 From: Calgary, Canada Registered: Nov 1999
Originally posted by fierosound: So raising the "debt limit" just allows the US government to dig itself into a bigger hole? Is that it?
Not exactly. Let me fix it for you. Raising the "debt limit" just allows the US government to dig itself it's citizens into a bigger hole.
quote
Originally posted by Boondawg: Yup, and I called it from day 1. It is the same old game. Business as usual. Grand theater.
Yep. You called it. You sure did. Same old game. Don't you get tired of losing ? Business as usual ? Are you happy with it ? Is the only missing ingredient to change your lack of participation ? Tell you what. Call your Congressmen. Charge it to my phone bill. Tell them that you are glad they did it, or, tell them that you are mad as hell, or tell them you don't even care.
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12:40 PM
Doug85GT Member
Posts: 9704 From: Sacramento CA USA Registered: May 2003
This is good news. The deal is far from perfect but it is much more fiscally responsible than what the Democrats wanted.
Speaking of Democrats, their strategy just blew up in their faces. They could have raised the debt ceiling last year in the lame duck session. The Democrats controlled both chambers of Congress and the Presidency. The Democrats wanted to take the debt ceiling as a hostage to break up the Republicans:
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When Democrats decided to pass on raising the nation’s $14.29 trillion debt limit during the 111th Congress’ lame duck session this December, the game plan for the 112th Congress was simple: scare “responsible” Republicans into voting to raise the debt limit, just as they were scared into voting for TARP. This would both negate charges that Democrats were the only party raising the country’s debt, and drive a wedge between Republican leaders in Congress and their tea party base.
They still have to vote on it. It ain't over till the fat lady sings!
------------------ Dealing with failure is easy: work hard to improve. Success is also easy to handle: you've solved the wrong problem, work hard to improve.
I didn't realize it wasn't serious. I saw this article from last year and thought that was odd. I was thinking it is the exact opposite of what other countries are doing. I also remember seeing some state that has major rural areas complaining as taxi service was near nothing and lowering the limit would really kill a lot of businesses in the area.
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04:36 PM
Boondawg Member
Posts: 38235 From: Displaced Alaskan Registered: Jun 2003
Originally posted by cliffw: Don't you get tired of losing ?
I'm winning. I live in the freest country in the World.
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Originally posted by cliffw: Business as usual ?
Yup, for the last 200 years or so.
quote
Originally posted by cliffw: Are you happy with it ?
Nope. But I don't like seatbelt laws or war either.
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Originally posted by cliffw: Is the only missing ingredient to change your lack of participation ?
Nope.
quote
Originally posted by cliffw: Tell you what.
Call your Congressmen. Charge it to my phone bill. Tell them that you are glad they did it, or, tell them that you are mad as hell, or tell them you don't even care.
Tell you what, you handle your world as you see fit, and I will mine.
You believe you have a say in how things in the government go. I believe that is mearly missdirection & slight-of-hand on their part.
Your illusion has the government affecting you. Mine just won't allow it.
See, I don't require the joy that others seem to garner in their life from bitching about every little thing that they & I have little to no control over. And pretending you have control over things just becouse someone tells you you do is just........wishfull thinking. The game is FAR MORE COMPLEX then what we are lead to believe. We are being manipulated & directed on levels far beyond our comprehesion.
You choose to pretend you have some control in how the big picture unfolds. I do not.
[This message has been edited by Boondawg (edited 08-01-2011).]
Does this include their "pet" projects they slipping in under the wire?
)
