Tea Party kicks Boehner in the teeth - again

[Riot]

Originally Posted by SOREHOOF

Social Security was supposed to be solvent for years to come according to the Dems. Obama says he can't guarantee SS checks will be mailed out first week in Aug unless he's given the authority to borrow more $$. Somebody is lying.

No. Nobody is lying. Somebody doesn't understand Social Security, the Social Security Trust Fund, cash flow, and the Treasury.

We have something like $300 million in bills due Aug 2, and $200 mil in cash (exact amts have been in the press, but that's the rough ratio) That amount varies, of course, depending upon who pays their taxes daily, etc.

So yeah - there's no cash to pay something on that date (although there's probably a week of additional wiggling). You pick who. The Government paychecks, Social Security, tax refunds, military pay, businesses who contract with the government, etc.

We hit the debt ceiling some months back. The Treasury has been "wiggling" ever since. It is beyond absurd that a routine, one-sentence raise isn't being done, and that this country is being held hostage for future spending by refusing to pay past bills already owed.

[Riot]

Originally Posted by dino

Riot is 100% right. The economy is great.

I've not been saying that, have I.

Geeshus, the passive-aggressive snarky victim crap is old.

[Riot]

Originally Posted by wiphan

Technically that is a gramatical error and not a spelling error

Grammatical, but who's counting ....

[Danzig]

and an fyi, alot is incorrect...it is two words, a lot. after all, it isn't alittle...right?

[joeydb]

Originally Posted by jms62

Joey there are plenty of uber rich folks in the 47%... Don't kid yourself.

Well, I'm not one of them, and I'm not for that. This is one reason why I think a flat tax is a good idea. One rate - NO DEDUCTIONS for ANYBODY. No huge tax code to exploit or write in loopholes. No bracket creep where people do things to hide income to keep from getting into higher percentage withholding.

It is fair by definition - everyone pays the same proportional amount. You could exempt the first $40,000 or whatever makes sense, but anything over that is computed by a simple equation. The enforcement gets that much easier too.

[joeydb]

Originally Posted by dino

Riot is 100% right. The economy is great. The country is moving in the right direction and if you don't agree with him you are either a racist or just dumb.

Isn't this liberal crap getting old. Open your eyes.

Riot did not say that. I think she meant to say that anything that IS wrong with the economy is the fault of George W. Bush in the past, and any Republicans in the present.

Certainly not the fault of the Annointed One - forgive me - no sacrelege intended

[Riot]

Originally Posted by joeydb

Riot did not say that. I think she meant to say that anything that IS wrong with the economy is the fault of George W. Bush in the past, and any Republicans in the present.

Certainly not the fault of the Annointed One - forgive me - no sacrelege intended

Ewww, you actually watch Hannity?

Anybody paying attention to the complete disaster the Republican Party & Tea Party marriage has become today in Washington? Boehner's "deal" scored below a trillion by CBO, while Harry Reids deal scored easily over a trillion, so Boehner used that excuse to pull his planned vote today from the floor - but the Tea Party already told him they wouldn't vote for it. And it was leaked today that Republicans are lobbying each other against Boehner.

The current Republican Party in the House is a complete disaster that literally cannot govern.

Because Boehner is an orange idiot.

[Riot]

Originally Posted by Coach Pants

Because Boehner is an orange idiot.

I'm actually starting to feel a little sorry for the guy. He is a typical career politician, wholly owned by lobbyists. But at least he knows how to make a deal, and made a couple good ones with Obama for spending cuts and revenue increases, until the crazy Tea Party squashed it.

Eric Cantor has the guy by the balls. I don't know who wrote that speech they made him read the other night to rebut Obama, but even he was embarrassed by having to say those ridiculous words in public.

The trouble is, he and his little merry band of loons are mucking up the entire government of the United States with their temper tantrums and ignorant desire to harm this nation.

Can't blame this mess on the Tea Party. They didn't create the debt and they were elected to stop these globalist puppets from putting more on the credit card.

Adding debt will only make it a bigger problem long term. I'm fairly young. Old people need to sacrifice now.

[wiphan]

Originally Posted by Riot

Ewww, you actually watch Hannity?

Anybody paying attention to the complete disaster the Republican Party & Tea Party marriage has become today in Washington? Boehner's "deal" scored below a trillion by CBO, while Harry Reids deal scored easily over a trillion, so Boehner used that excuse to pull his planned vote today from the floor - but the Tea Party already told him they wouldn't vote for it. And it was leaked today that Republicans are lobbying each other against Boehner.

The current Republican Party in the House is a complete disaster that literally cannot govern.

To be fair the only reason Reid's plan saves $1+ trillion is that he makes reference to the winding down of wars where Boehner's plan does not.

Originally Posted by wiphan

To be fair the only reason Reid's plan saves $1+ trillion is that he makes reference to the winding down of wars where Boehner's plan does not.

Not to mention that unemployment will increase when the troops come home. It's estimated that unemployment would be 12% without the wars...minimum.

[Riot]

Originally Posted by wiphan

To be fair the only reason Reid's plan saves $1+ trillion is that he makes reference to the winding down of wars where Boehner's plan does not.

True. All the plans from both sides have alot of smoke and mirrors.

The point is zero plans should be considered right now. Raise the damn debt ceiling, it's a routine accounting procedure having nothing to do with future spending.

Then, if you are serious about cutting spending, and raising revenue, sit down and do it, and come up with all the plans you want, which you can implement whenever you want.

Choices:

Obama invokes the 14th because Boehner is literally prevented from doing anything by the Tea Party 5-1

House Dems save Boehner's ass by voting for the Senate Reid plan, with Boehner adding in 3/4 of the "normal" Republicans while allowing the 47 crazy Tea Party to be cut lose 10-1, I don't think he can pull it off. There is disastrous turmoil in that caucus, even with Wall Street calling the shots.

[Riot]

Originally Posted by Coach Pants

Can't blame this mess on the Tea Party. They didn't create the debt and they were elected to stop these globalist puppets from putting more on the credit card.

Adding debt will only make it a bigger problem long term. I'm fairly young. Old people need to sacrifice now.

We have bills for services we've already bought we have to pay. The Tea Party is saying we can't pay them. I do blame the Tea Party for this impasse on raising the debt ceiling. The budget and future spending is a different matter.

It's like telling your utility companies that although you've used enough electricity, gas and water last month that you now owe them $200, you've decided your debt ceiling is $100 so you won't pay for what you've already used.

I blame the RINOs and most of the Libs for being corporate whores. They need to "eat their peas"

[Riot]

This is a private blog, so you have to vet it yourself. I think the author overstates the impact on bonds.

Wed Jul 27, 2011 at 11:01 AM PDT
Two signs Wall Street is starting to believe in default

First: the price of credit default swaps (CDS) against US treasuries has spiked. And very, very unusually, the price of a one year CDS is now higher than the price of a five year CDS.

Second: the stock market AND the bond market are down today. It is fairly common for investors to rotate from one into the other depending on outlook. When both are down sharply, as is happening today, it means investors are selling everything and keeping their money as money. That is - Wall Street is starting to put their investment money under their mattress.

[ snip]

Once upon a time the default result of a financial panic was called a "flight to quality" - sell stocks and corporate bonds, buy US treasuries. The Republicans have destroyed the image of US bonds as quality. It will be years or decades before that image can be restored.

Also worth noting - US treasuries are sold at auction. No one wants to pay full price for something that is dropping in value like a rock. This will require this week's treasury auctions to sell more bonds to achieve the same level of cash for the government. In other words, the GOP has added to the deficit already, just by playing games.

If the US citizens understood how morally and intellectually bankrupt these elephant scat are, the GOP would cease to exist.

http://www.dailykos.com/story/2011/0...lt?via=siderec

[Danzig]

my concern is with all the investors who must invest in 'safe and secure' investments...most notably insurance companies. the us loses triple a, a lot of selling will have to occur. not good...i cant believe that there has been no deal made.

[Rileyoriley]

Originally Posted by geeker2

Sorry Deb- no more free stuff

I never got any "free stuff" but I'm getting tired of paying for others to get it.

[Riot]

Originally Posted by Danzig

my concern is with all the investors who must invest in 'safe and secure' investments...most notably insurance companies. the us loses triple a, a lot of selling will have to occur. not good...i cant believe that there has been no deal made.

I can't believe Wall Street would allow that, either. They've already ordered the GOP to raise the darn debt ceiling. I think that's why the market isn't that freaked. Just some people trying to benefit big from little movements (like Coach's billion dollar baby).

[geeker2]

Originally Posted by Rileyoriley

I never got any "free stuff" but I'm getting tired of paying for others to get it.