Gridlock in Washington

[MoValley John]

Two questions, KC, when do we stop kicking the ball further out and finally deal with the debt, and two, name a mistake made by Obama.

[kcshocker11]

Two questions, KC, when do we stop kicking the ball further out and finally deal with the debt, and two, name a mistake made by Obama.

Well number one you dont start with last years debts, so I guess this years. Obama's biggest mistake was not going for single payer.

[RoyalShock]

If what I heard on the radio on my way home from work is true (Mark Levin), the "deal" has a provision that allows Congress to pass legislation preventing a debt ceiling increase. That legislation would require a 2/3rds majority to override a veto, essentially giving Obama a free pass to raise the ceiling before February.

Why would McConnell agree to that? The deal also gives Kentucky a $2billion pork project.

That was all breaking news at the time, sources being Politico and an Ohio radio station, respectively.

[RoyalShock]

Looks like it's true.

The Ohio River lock is the Kentucky project.

[Kung Wu]

There was never a threat to default.

And there isn't one now. Failure to raise the debt limit does not mean we are going to default.

In order to default we must fail to pay the interest on our debt. The annual revenues are more than 5 times(!)
the interest payment (maybe more than 6 times but I'm too lazy to look it up) . There is plenty of money to pay the interest and prevent a default.

Crying "default" is the new crying wolf. If you keep saying it, and it's wrong, eventually we will just stop listening to you.

The real argument is, if we fail to raise the debt limit, what FAT will Obama cut out in order to make sure we don't default?

[kcshocker11]

nm

[Kung Wu]

Again naive, most revenues are already slated and cant be shifted strictly to pay interest. This is a Ted Cruz talking point that you love to quote.

Well it's my talking point because I looked up the numbers two weeks ago and don't even know how to spell Cruise. But if you think those federal moneys can't be shifted, it's you who are naive.

[shox1989]

Well it's my talking point because I looked up the numbers two weeks ago and don't even know how to spell Cruise. But if you think those federal moneys can't be shifted, it's you who are naive.

Unfortunately it is not just failing to make a debt payment that could have a very chilling affect on the economy. Failing to make social security payments, federal retirees payments or medicare payments or a number of other payments could be devastating. The government could go a very short time essentially robbing Peter to pay Paul, but once a major payment isn't made (like Social Security) the results could be devastating.

We do not want to break the promise of the "full faith and credit of the US Government".

[kcshocker11]

Well it's my talking point because I looked up the numbers two weeks ago and don't even know how to spell Cruise. But if you think those federal moneys can't be shifted, it's you who are naive.

Most are slated for SS , pension etc, by law cant be moved. Some of the bond interest could be covered but there is a question whether this movement would be even legal. see columbia university study.


I believe its Cruz if not you need to tell himhttp://www.tedcruz.org

Also right now in Congress all saying it will cause a default both Rep and Dems, you better call them up quickly and tell them how smart you are and how uninformed and naive they are

[kcshocker11]

Congress voting now, live on CSPAN

[shox1989]

So far the Democrats are voting for it 100%, while Rs are pretty much divided 50/50. At the moment it is passing 79-31 with about 310 members yet to vote.

[shox1989]

As the vote continues, the Republican votes are getting much more negative. It appears that the House Rs are not going to give this bill the same kind of support that the Senate Rs gave it (I believe Senate Rs voted for it 27-19).

[shox1989]

Even with House Rs voting against it almost 2-1, it is just about to reach the magically number of 218 needed to pass.

[Kung Wu]

Most are slated for SS , pension etc, by law cant be moved. Some of the bond interest could be covered but there is a question whether this movement would be even legal. see columbia university study.

Yes I agree, the social programs are killing our economy. But the point is the laws are very often changed by Congress to shuffle money around. They are after all .. well .. Congress.

I believe its Cruz if not you need to tell him[URL="http://www.tedcruz.org"]http://www.tedcruz.org

That was a joke. The point is I don't follow Cruz at all. Not that I don't like him, I just don't know squat about him.

Also right now in Congress all saying it will cause a default both Rep and Dems, you better call them up quickly and tell them how smart you are and how uninformed and naive they are

I got a busy signal.

[shox1989]

Bill passes 285-144. Ds voted 198-0 for it, Rs voted 87-144 against it. For comparison purposes, the Senate passed it 81-19 with Senate Ds voting for it 54-0 and Senate Rs voting for it 27-19.