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#1
10-10-2013, 12:57 PM
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i love history, i'm such a geek:
Prior to the Budget and Impoundment Control Act of 1974, the debt ceiling played an important role since Congress had few opportunities to hold hearings and debates on the budget.[8] James Surowiecki argued that the debt ceiling lost its usefulness after these reforms to the budget process.[9] In 1979, noting the potential problems of hitting a default, Dick Gephardt imposed the "Gephardt Rule," a parliamentary rule that deemed the debt ceiling raised when a budget was passed. This resolved the contradiction in voting for appropriations but not voting to fund them. The rule stood until it was repealed by the Republican Congress in 1995. now, that gephardt rule makes complete sense. how could it not? too bad it was repealed...not that it matters, we haven't had an actual budget in YEARS.
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Books serve to show a man that those original thoughts of his aren't very new at all. Abraham Lincoln Last edited by Danzig : 10-10-2013 at 09:45 PM. 
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#2
10-10-2013, 01:01 PM
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[b]In 2011, Republicans in Congress attempted to use the debt ceiling as leverage for deficit reduction. The delay in raising the debt ceiling led to the first ever downgrade in the federal government's credit rating. The credit downgrade and debt ceiling debacle contributed to the Dow Jones Industrial Average falling 2,000 points in late July and August. Following the downgrade itself, the DJIA had one of its worst days in history and fell 635 points on August 8.[14] The GAO estimated that the delay in raising the debt ceiling raised borrowing costs for the government by $1.3 billion in 2011 and noted that the delay would also raise costs in later years. The Bipartisan Policy Center extended the GAO's estimates and found that the delay raised borrowing costs by $18.9 billion over ten years.[/B]
f***ing brilliant. raised borrowing costs by 18.9 billion.... and of course, those who don't study history are doomed to repeat it. any guesses on the next downgrade? what it'll cost? that they only extend by six weeks, so we can keep arguing while solving nothing?
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Books serve to show a man that those original thoughts of his aren't very new at all. Abraham Lincoln
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#4
10-10-2013, 08:01 PM
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Quote:
  Repukes weren't talking after the meeting 
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"If you lose the power to laugh, you lose the power to think" - Clarence Darrow, American lawyer (1857-1938) When you are right, no one remembers;when you are wrong, no one forgets. Thought for today.."No persons are more frequently wrong, than those who will not admit they are wrong" - Francois, Duc de la Rochefoucauld, French moralist (1613-1680)
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#5
10-10-2013, 09:43 PM
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Following talks, President Barack Obama rejected a Republican plan that would postpone a possible U.S. default, because it would not also reopen the federal government.
WASHINGTON — On a day crammed with rising and falling hopes, President Barack Obama and congressional Republicans groped inconclusively Thursday for common ground that could avert an economy-tanking default and possibly end the 10-day-old partial government shutdown. "We expect further conversations tonight," Majority Leader Eric Cantor, R-Va., said cryptically at nightfall, after he, Speaker John Boehner and a delegation of House Republicans had met for more than an hour with Obama at the White House. The White House issued a statement describing the session as a good one, but adding, that "no specific determination was made." The up-and-down day also featured a dour warning from Treasury Secretary Jack Lew, who told lawmakers that the prospect of default had already caused interest rates to rise — and that worse lay ahead. http://news.msn.com/us/obama-house-g...utdown-impasse
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Books serve to show a man that those original thoughts of his aren't very new at all. Abraham Lincoln
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#6
10-11-2013, 09:02 AM
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Quote:
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#8
10-16-2013, 11:14 AM
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#9
10-16-2013, 11:15 AM
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Good times ahead for all. Raise a glass.
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#10
10-16-2013, 11:35 AM
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http://news.msn.com/us/senators-seek...p-effort-flops
Quote:
we need term limits, asap! "People are so tired of this," President Barack Obama said Tuesday in an interview with Los Angeles TV station KMEX. ....understatement of the decade.
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#11
10-16-2013, 11:54 AM
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We definitely don't need any more community organizers.
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#12
10-16-2013, 11:57 AM
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Obama reminds me of a spoiled child not willing to get into the car for school unless he gets to bring all of his toys that won't all fit in the car anyway.
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#13
10-16-2013, 11:57 AM
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Quote:
No fu.cking sh.it
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#15
10-16-2013, 02:29 PM
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http://news.msn.com/us/senate-leader...an-budget-deal
Senate leaders announced a last-minute agreement Wednesday to avert a threatened Treasury default and reopen the government after a partial, 16-day shutdown. Congress raced to pass the measure by day's end. The Dow Jones industrial average soared on the news that the threat of default was fading, flirting with a 200-point gain in morning trading. not a great deal tho, as the circus will resume shortly: Officials said the proposal called for the Treasury to have authority to continue borrowing through Feb. 7, and the government would reopen through Jan. 15.
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