White House debt talks collapse

[Armistead]

Originally Posted by Neal Stevens

Ah, I didn't say that.

I know, just stating as I tire that we're told 50% of us pay no taxes.

[Onkel Neal]

Originally Posted by Armistead

I know, just stating as I tire that 50% of us pay no taxes.

??? What are you talking about?

Nevermind.

[Armistead]

Hehe, see your post 49

[Jimbuna]

Originally Posted by privateer

It just pisses me off the Gov can print money.
But if I do it it's a Crime!!

My printers are pretty good!

I'm not a US citizen Jeff and my printers are damn good....I'll send you some over

[Gerald]

Yes these notes above, is not entirely unfamiliar, so there is a need in the market apparently,

[Gerald]

The White House has warned that President Obama could veto a debt limit plan proposed by top House Republicans.

Meanwhile, Speaker John Boehner's plan to trim public spending and raise the limit met with resistance from rank-and-file members of his own party.

A House of Representatives vote on the plan was delayed from Wednesday after doubts arose over the cuts it proposed.

Washington remains deadlocked as a deadline to increase the government's borrowing authority looms on 2 August.

The US runs a budget deficit that topped $1.5tn (£920bn) this year, and has amassed a national debt of $14.3tn.

The government's authority to borrow more money has expired, and the US risks a default on its debt obligations if congressional and White House negotiators are unable to agree on a plan to increase the debt limit by 2 August.

The debt limit has been raised dozens of times in recent decades, mostly without partisan debate.

This year, though, conservative Republicans refused to allow an increase unaccompanied by dramatic cuts to the US budget deficit.
House of scorecards

The latest round of bargaining began on Monday when Mr Boehner and Senate Democrats offered competing plans to raise the debt limit and cut spending.

The plans differed in size and scope, and neither would raise new tax revenue - in recognition of Republicans' intransigence on that point.

Mr Boehner's plan would also require another debt limit agreement in about six months, something Mr Obama has publicly declared he will not accept.

On Tuesday, the White House budget office said in a statement that the Obama administration "strongly opposes" Mr Boehner's plan, adding that if it is presented to Mr Obama "the president's senior advisors would recommend that he veto this bill".

Mr Boehner was forced to rewrite his plan after the Congressional Budget Office, the official non-partisan score-keeper in fiscal legislation, said it would generate less than the $1.2tn (£730bn) in budget savings he had initially announced.

It was also slow to win support from rank-and-file Republicans in the House of Representatives, who have been pushing for steeper cuts.

Reports on Tuesday night said the legislation, scheduled for debate in the House on Wednesday, would now not make it to the floor until Thursday.

http://www.bbc.co.uk/news/world-us-canada-14303325

Note: Update Record,27 July 2011 Last updated at 02:12 GMT

[STEED]

Print more money!

[Jimbuna]

Originally Posted by STEED

Print more money!

[Gerald]

Yes, I see, the technology is patented, in Jimbuna Group Inc

[Gerald]

Top Republican John Boehner and leading Democrat Harry Reid are tweaking their budget plans after nonpartisan analysts said their sums did not add up.

The US Congressional Budget Office (CBO) said neither Mr Boehner's plan nor Mr Reid's would cut the deficit by as much as they had both estimated.

House Republicans have been meeting behind closed doors to discuss the Boehner plan.

Mr Reid said Mr Boehner's proposal could not pass the Senate.

The US runs a budget deficit that topped $1.5tn (£920bn) this year, and has amassed a national debt of $14.3tn.
'No off-ramps'

Lawmakers have been locked in weeks of bitter negotiations over raising the US borrowing limit by the deadline of 2 August.

The bill proposed by Mr Boehner was being rewritten on Wednesday after the CBO said it would cut spending less than had been advertised - about $850bn over 10 years, rather than $1.2tn.

Republicans planned a House vote for Thursday on the reworked plan.

Mr Reid's office told the BBC the Senate majority leader was also revising his plan after the CBO said the proposal would cut $2.2tn from deficits, about $500bn less than had been claimed.

Mr Reid has not said when his bill would reach Congress for a vote.

The White House warned on Wednesday that time was quickly running out to reach a compromise on the US debt limit.

"That deadline is hard and fast," White House spokesman Jay Carney said of next Tuesday's expiry date on the debt ceiling.

"People keep looking for off-ramps. They don't exist," he added.

http://www.bbc.co.uk/news/world-us-canada-14318377


Note: Update Record,27 July 2011 Last updated at 19:14 GMT

[Gerald]

A revised Republican bill to raise the US debt ceiling, cut spending and avert a federal default is set for a crunch House of Representatives vote later.

But House Speaker John Boehner's bill faces a conservative revolt, unanimous opposition by Senate Democrats and a White House veto threat.

Republicans hold 240 of the 433 votes to be cast, and need 217 of their members to back the bill to pass it.

Mr Boehner told dissenting colleagues on Wednesday: "Get your ass in line."

The US Treasury has warned the government will run out of money to pay all its bills unless a $14.3tn borrowing limit is increased by next Tuesday.



Mr Boehner's plan would trim $917bn from the US budget deficit over 10 years and raise the debt limit by up to $900bn.

President Barack Obama supports another plan by top Senate Democrat Harry Reid, which would cut $2.2tn from deficits, and raise the debt ceiling by $2.7tn.

But that is thought unlikely in its current form to pass the Republican-controlled House.

Both Republican and Democratic plans underwent revisions on Wednesday after congressional budget analysts said the savings advertised by each one had been overstated.

The Boehner and Reid plans overlap in key ways - trimming spending over 10 years, shunning President Obama's call for tax increases on the wealthy and creating special lawmaker committees to craft future cuts.

But Mr Boehner's approach would force another debt-limit showdown during next year's presidential campaign, something Mr Obama has fiercely opposed.

Senate Majority Leader Reid's plan would see the ceiling lifted until after the November 2012 elections.

http://www.bbc.co.uk/news/world-us-canada-14328183


Note: 28 July 2011 Last updated at 14:07 GMT

[Tchocky]

Great Leonhardt piece - http://www.nytimes.com/2011/07/27/bu...s-malaise.html

The place where economic knowledge gets murkier is how to best deal with many of our biggest problems.

We cannot know, for example, what would happen if the government raised taxes to cut the deficit. A moderate increase seems unlikely to do much damage to economic growth, given that the increases by George H. W. Bush and Bill Clinton did not prevent the 1990s boom — and that George W. Bush’s tax cuts were followed by mediocre growth. All things equal, though, tax increases do not lift growth.

The basic point has been lost that while raising more revenue from taxes isn't going to automatically solve anything, it won't be catastrophic to the economy either. That's why it breaks my mind to hear politicians referring to a minor revenue increase as "JOB-KILLING".

[Gerald]

A Republican bill to raise the US debt ceiling, cut spending and avert default on US debt is set for back-to-back votes in the House and Senate.

But House Speaker John Boehner's bill faces a conservative revolt, unanimous opposition by Senate Democrats and a White House veto threat.

Ahead of the votes, Republicans challenged Democrats to back the bill or take political blame for default.

Congress must raise the US debt limit by a deadline of next Tuesday.

http://www.bbc.co.uk/news/world-us-canada-14328183



Note: Update Record,28 July 2011 Last updated at 19:49 GMT

[Jimbuna]

Cut and paste rules

[Gerald]

Originally Posted by jimbuna

Cut and paste rules

THANKS A very respectfully, sir, but here it is that the news is need to kept up to date, and then it works hand in force and not "cut and paste".... but on the other hand, no one reads anyway ....