Debt-ceiling pas de deux, Part Deux

posted at 10:30 am on July 24, 2011 by Ed Morrissey

Old and busted: Unified grand bargain with the President.  New hotness: two-part harmony between Republicans and Democrats in Congress.  After restarting negotiations with Barack Obama on a comprehensive package for a debt-ceiling hike and deficit reduction, John Boehner will now work across the aisle for a two-stage deal that will give a short-term hike to the debt ceiling with matching spending cuts and a framework for a bigger deal down the road.  Byron York sketches it out:

House Republicans are finishing work on a new proposal to resolve the standoff over the debt ceiling.  The proposal, set to be finished and crafted into the form of a bill by Sunday, will be in two parts.  The first will combine a short-term increase in the debt ceiling with spending cuts.  The second will lay the groundwork for a longer-term increase in the debt ceiling coupled with far-reaching deficit reduction. …

Work on the new proposal was underway before negotiations with the White House blew up on Friday.  Sources say the plan was being created last week, even as the House leadership devoted considerable time to passing the “Cut, Cap, and Balance” proposal.  Once the Senate Democratic leadership blocked “Cut, Cap, and Balance,” House leaders stepped up work on the new proposal.  Right now, the new direction is believed to be the only way forward.  “McConnell-Reid is just not a viable option in the House,” the aide says, referring to Senate Minority Leader Mitch McConnell’s complicated proposal to allow the president to increase the debt ceiling.

In a 2 p.m. Saturday conference call with Republicans, House Speaker John Boehner said that a new proposal was in the works, and that it would have two parts, but did not go into significant detail about what it would involve.  Boehner told his fellow GOP lawmakers that he hoped to have something done by 4 p.m. Eastern Time on Sunday in time to reassure Asian financial markets, which open at that time.

Obama said that he wouldn’t sign a short-term debt-ceiling hike, but he may find himself cut out of the loop by … Nancy Pelosi:

House Minority Leader Nancy Pelosi (D-Calif.) said Saturday night that congressional leaders are considering a two-tiered approach to raising the debt ceiling and reducing the nation’s long-term budget deficit.

Pelosi reiterated that she backs “a long-term extension” of the $14.3 trillion debt limit, putting her in line with the demands of President Obama and Senate Majority Leader Harry Reid (D-Nev.). …

Aides have said the Speaker continues to insist that the size of spending cuts exceed the size of any increase in the debt limit, meaning that lawmakers would need to agree on more than $2.4 trillion in cuts to extend federal borrowing beyond 2012.

Pelosi said the leaders are looking at a two-tiered approach, which would likely combine immediate spending cuts while creating a process for Congress to enact entitlement and tax reforms over the next several months. She hinted, however, that the revenue would come in the second “tier” of the process.

Again, Boehner has already offered “revenues” — up to $800 billion over ten years, through tax reform that flattens the code somewhat, lowering rates while eliminating a series of deductions, and most importantly broadening the tax base.  That is the kind of solution in which both sides can claim victory, and it’s as far as Republicans can or should go.  The problem with the budget isn’t undertaxation, it’s Congressional overspending.

Beyond that, though, this is basically using the idea behind the McConnell plan, but without giving Obama control over the debt limit.  A short-term debt-ceiling hike will allow more time to draft a comprehensive package, which the current time frame hasn’t allowed.  It extends the fight over spending cuts vs taxes for a few more months, which won’t help Democrats, and probably won’t help the economy, either.  While uncertainty remains on the corporate and personal tax codes, businesses won’t invest until they can firmly price the risk, and that may not be until early 2012 now, and that’s just on tax codes.  They still can’t price risk on the extension of arbitrary regulatory regimes coming from this administration.

I don’t see S&P or Moody’s being impressed with this approach, although they may grudgingly wait for a second phase before deciding what to do with Treasury bonds.  But absent any leadership at all from the White House and no plan or a hint of one from the Democratic majority in the Senate, it looks like both Boehner and Pelosi have decided to cut Obama and Reid out of the equation.  If the two House leaders can agree on a deal, Reid and Obama will have no choice but to accept it — and look like lame-duck figureheads.

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maverick muse on July 24, 2011 at 12:09 PM

President Barack Obama, as opposed to the other President, Douglas Obama.

You know liberals are earnest and heartfelt when they feel it necessary to spell out his entire name.

Bishop on July 24, 2011 at 12:29 PM

It is infuriating to me that Boehner is still meeting with O and still working on a deal. The House passed a bill – they threw it over to the senate where Reid killed it. The House did their job and it is like the bill never passed. What is the point unless Boehner plans to cave? Obama, Reid, and Pelosi are never going to agree with the Repubs on this. All that is left is to cave, which they always do. Spineless weasels!

silvernana on July 24, 2011 at 12:30 PM

petefrt on July 24, 2011 at 12:24 PM

Except the credit rating agencies are on the Republican’s side. They want 4 trillion in significant spending cuts for starters and not pretend future cuts real cuts. When everybody’s interest rates go up, on like wealthy people who borrow money. They know who is responsible for letting it happen, and doing nothing. This isn’t just about raising the debt ceiling. Now the progressives are going to make the interest rates on the debt they accumulated cost us more. How is that going to be a positive to get reelected ? The credit agencies are a little more hard nosed than the average American citizen. There are financial folks, who don’t understand how we have managed to keep our high credit rating for as long as we have, because we sure don’t deserve it.

The playing politics as usual with the national debt, isn’t just going to effect us domestically. This is going to have global repercussions. I don’t think those people get their news from CNN and MSNBC. So if they blame the Republicans, and no one hears them – who’s fault is it really?

Dr Evil on July 24, 2011 at 12:34 PM

I’ll probably get hammered for this, but please. John Boehner strikes me as a true Patriotic American that is trying his best to herd a bunch of cats. He knows what is at stake. He is doing the best he can.

He has already emerged as a leader by giving Obama the big FU when Obama tried to ram $400B in tax hikes that would definitely fall in the laps of the middle class.

Obama is only interested in building an entitlement class that is not deserving. Think of the welfare mommas that insist on EMS transport to the nearest emergency room for a tooth ache. They do it every day. Because they are entitled.

I don’t know about you, but I don’t think I’m “entitled” to anything, other than what I earn. I don’t know about you, but I’m not exactly keen on GIVING some welfare momma the ability to get EMS transport for an ear ache when I myself cannot afford health insurance.

And before you attack me, let it be known: My sister is one of the “entitled”. She has had her 5 children (my neices and nephews) declared “disabled” by getting a willing MD to write them RX’s for ADHD. Which none of them suffer from.

Back off of Boehner. Roll over Obama.

Key West Reader on July 24, 2011 at 12:37 PM

PBHO: never cross a female praying mantis (former-Speaker Meme)…

You know what happens at the end of THAT story…

Khun Joe on July 24, 2011 at 12:38 PM

Or, this could be a great and high-profile way to show that not one Democrat politician in Washington is willing to cut spending.

beatcanvas on July 24, 2011 at 12:39 PM

It is infuriating to me that Boehner is still meeting with O and still working on a deal. The House passed a bill – they threw it over to the senate where Reid killed it. The House did their job and it is like the bill never passed. What is the point unless Boehner plans to cave? Obama, Reid, and Pelosi are never going to agree with the Repubs on this. All that is left is to cave, which they always do. Spineless weasels!

silvernana on July 24, 2011 at 12:30 PM

Boehner is taking the lead here. He doesn’t want the markets to crash and he won’t sit atop a ship of fools (Obama is its Captain).

Give the man a break. He’s a Patriot fighting against a Marxist Communist Agitator.

Key West Reader on July 24, 2011 at 12:40 PM

Khun Joe on July 24, 2011 at 12:38 PM

Exactly.

Key West Reader on July 24, 2011 at 12:41 PM

so get ready to grow your own food and kill wild game for meat because it’s about over. This once great nation is going back to its roots . . . literally.

rplat on July 24, 2011 at 10:37 AM

I have 11 adult deer on my property and two fawns that have survived the coyotes that sometime run around here. I better put out some corn this winter as we may be depending on them.

Vince on July 24, 2011 at 12:43 PM

Boehner is taking the lead here. He doesn’t want the markets to crash and he won’t sit atop a ship of fools (Obama is its Captain).

Give the man a break. He’s a Patriot fighting against a Marxist Communist Agitator.

Key West Reader on July 24, 2011 at 12:40 PM

I agree. He keeps trying to be the adult in the room and it’s a shame that the media won’t report this stuff accurately.

Vince on July 24, 2011 at 12:46 PM

I hope that Reid and Pelosi do not suffer too much when their SS checks are not in the mail.

onlineanalyst on July 24, 2011 at 12:46 PM

so get ready to grow your own food and kill wild game for meat because it’s about over. This once great nation is going back to its roots . . . literally.

rplat on July 24, 2011 at 10:37 AM
I have 11 adult deer on my property and two fawns that have survived the coyotes that sometime run around here. I better put out some corn this winter as we may be depending on them.

Vince on July 24, 2011 at 12:43 PM

My first attempt at veggie growing was a spectacular failure. Planted corn, tomatos, summer squash, peppers and cukes.

Every morning with my coffee, here come the critters eating the smorgasboard. Ripped it all up after the ants took over; just left the peppers and am hoping they will grow. with the pot plants. LOL.

Key West Reader on July 24, 2011 at 12:46 PM

Where’s Biden in all of this? Is he in a secure location a la VP Cheney? I figured Pres. Obama might make Binden a scapegoat instead of looking utterly emasculated at this point in time.

suburbanite on July 24, 2011 at 12:48 PM

Boehner has set a 4:30 conference call with his caucus, according to The Hill.

Wethal on July 24, 2011 at 12:48 PM

I agree. He keeps trying to be the adult in the room and it’s a shame that the media won’t report this stuff accurately.

Vince on July 24, 2011 at 12:46 PM

There is the first mistake.

If you believe that Americans rely on the MSM, you are wrong. We enjoy their spin but by and far, their coverage has been so skewed, so egregious, so unbelievable that they are now failing on their own.

Americans don’t rely on Katie Cutesy Bootsie Couric and they don’t rely on Gorgeous George Stephanopolis from the
Friends” days.

Sorta makes you think about that sitcom that was created, called “Friends”. I sure thought a lot of great thoughts of Bill and Hill during the run of “Friends”.

Key West Reader on July 24, 2011 at 12:50 PM

Key West Reader, I agree with you.

IowaWoman on July 24, 2011 at 12:50 PM

White House administration officials continue to insist that it is imperative that the debt ceiling hike be long-term, even as the August 2nd deadline nears.

“We have to lift this threat of default from the economy for the next 18 months,” treasury secretary Tim Geithner said on Fox News Sunday this morning.

Geithner said it would be “irresponsible” for Congress to pass a short-term extension.

“Whatever deal Congress … come[s] up with, the president has said it must give us certainty until 2013,” Bill Daley, White House chief of staff, said on Meet the Press.

Daley said the president would veto any plan that did not extend through 2013.

Sen. Tom Coburn (R., Okla.), a member of the gang of six, said on Meet the Press that President Obama’s veto threat of a short-term debt ceiling increase was a “ridiculous position.”

“I understand why they’re saying they won’t sign a short term,’ but I think they won’t have any choice and I think that’s the only answer right now,” Coburn said.

House speaker John Boehner said it would be “preferable” to sign on to a bipartisan plan, but acknowledged that it might not be possible to do so right now. He is currently working on a proposal that would work within the “cut, cap, balance” framework.

NRO

Wethal on July 24, 2011 at 12:52 PM

I hear Biden is stored in the broom closet, as usual. Someone lifts the lamp shade occasionally then slides a waffle and drinking straw underneath then swaps out the bucket his sits on…. but that’s about it.

viking01 on July 24, 2011 at 12:53 PM

If Boehner manages to cut a deal with Nancy Pelosi, he’d better be wearing armor plate when he does it, and have a very good bodyguard watching his back. And he’d better count the spoons when she’s gone.

RebeccaH on July 24, 2011 at 12:56 PM

Where’s Biden in all of this? Is he in a secure location a la VP Cheney? I figured Pres. Obama might make Binden a scapegoat instead of looking utterly emasculated at this point in time.

suburbanite on July 24, 2011 at 12:48 PM

I demand to know where Biden is. Is he living?

Key West Reader on July 24, 2011 at 12:58 PM

Produce the Biden

Prove that he is alive.

Key West Reader on July 24, 2011 at 1:00 PM

This whole kerfuffle with the president last week seems to be a “what am I, chopped liver?” moment from Dingy and to a lesser extent, Princess Nana. Little Bammie thought he could negotiate on their part and they would just go along with anything he agreed to, as wishy-washy as an ‘agreement’ from him might be.

Nana still doesn’t matter, but Dingy does unfortunately. It’s too bad our financial situation Depends on someone that is otherwise unemployable.

slickwillie2001 on July 24, 2011 at 1:03 PM

Produce the Biden

Prove that he is alive.

Key West Reader on July 24, 2011 at 1:00 PM

I recommend they use the mirror test on Joe instead of the EEG.

viking01 on July 24, 2011 at 1:04 PM

It’s too bad our financial situation Depends on someone that is otherwise unemployable wears them.

slickwillie2001 on July 24, 2011 at 1:03 PM

FIFY

Aviator on July 24, 2011 at 1:06 PM

Just saw a quick video of President Cry Baby and Boehner sitting at the table, and President Cry Baby was…chewing gum! I kid you not. The Leader of the Free World was chewing gum, for God’s sake. Me thinks he must be smoking again and couldn’t find his Binaca. My president is a child.

Rational Thought on July 24, 2011 at 11:08 AM

You know he has to be under tremendous stress in these negotiations. In his life of privilege he has never been in such a situation. This is the first real job he has ever had, and it shows. (Great idea there voters.)

He has to be absolutely screaming out for a cigarette. The gum has to be nicotine gum, and he is likely wearing patches.

slickwillie2001 on July 24, 2011 at 1:13 PM

Geithner is harumphing that “no debt deal is ‘unthinkable’.”

Start thinking outside the box that you O-clowns have boxed yourselves into, you inept jerk.

onlineanalyst on July 24, 2011 at 1:13 PM

The question seems to me to be if Dingy Harry can protect his vulnerable Dem colleagues once again from a vote if the House sends over a short term extension? Will he allow it or table it? Obama can threaten a veto, but the Senators have to cast a vote. Each one of them.

txmomof6 on July 24, 2011 at 1:13 PM

Dr Evil on July 24, 2011 at 12:34 PM

I’m betting the Øbamabots are counting on MSM to cover for them and to push the party line, and that regardless of what happens, they can shift the blame to the GOP, especially the Tea Partiers.

Worse yet, I’m worried that they might be able to pull it off… engineer a crisis and then blame the R’s for it. Look, for example, how they got Fannie and Freddie off the hook.

petefrt on July 24, 2011 at 1:14 PM

“…Andrea Mitchell looks like a man dressed like a woman…”

ExpressoBold on July 24, 2011 at 11:10 AM

Do you think they call each other mommy and daddy?

slickwillie2001 on July 24, 2011 at 1:14 PM

Produce the Biden

Prove that he is alive.

Key West Reader on July 24, 2011 at 1:00 PM

He was last seen on a “high-speed rail” headed toward Katie’s Diner.

onlineanalyst on July 24, 2011 at 1:15 PM

The next 20 months or so will determine whether our country survives in any form resembling the way it had been up until 2009, or whether instead it plunges into a European-like disaster with the added twist of being led by a true totalitarian.
First premise: If the current economic situation were facing Obama in a second term, there is no doubt in my mind that he would take all steps to ensure an economic collapse. The current “crisis” is not quite timely enough for Obama, because if the economy collapses in 2011 he could be voted out of office in 2012. However, if he gets reelected he will not be so burdened, and he could simply refuse to sign any legislation that increases the debt ceiling without huge tax increases, and he would win either way. Think about this if the democrats push for a debt limit increase that would carry us until January 2013, or so.
We need to focus, I believe, on the key issue for America’s future: Will Obama be reelected? All decisions should be driven toward reducing the chances of his reelection, which would be followed quickly by the end of America as a free and significant country. All of Obama’s decisions are directed toward increasing the chances of his reelection. We must not let that happen.

GaltBlvnAtty on July 24, 2011 at 1:15 PM

Worse yet, I’m worried that they might be able to pull it off… engineer a crisis and then blame the R’s for it. Look, for example, how they got Fannie and Freddie off the hook.

petefrt on July 24, 2011 at 1:14 PM

Great strategy, but from a factual standpoint, total fail.

They’re all on record. Fannie/Freddie is the government.

So, by the LSM logic: The government got the government off the hook.

Okay then.

Key West Reader on July 24, 2011 at 1:20 PM

He was last seen on a “high-speed rail” headed toward Katie’s Diner.

onlineanalyst on July 24, 2011 at 1:15 PM

Can you .. uh. spare a square with Windex (brand window cleaner brought to you by GE with a government funded entitlement to ensure its ongoing profitability; brought to you directly by GE’s CEO Jeffrey Immelt and our darling BHO) square?

Key West Reader on July 24, 2011 at 1:23 PM

John Boehner strikes me as a true Patriotic American that is trying his best to herd a bunch of cats. He knows what is at stake. He is doing the best he can.

Key West Reader on July 24, 2011 at 12:37 PM

No disagreement there. My concern is that having him as Speaker is like taking a knife to a gun fight. Actually, he’s done somewhat better so far than I expected. In earlier times, he’d probably have been an excellent Speaker. But the old rules are no longer. He’s out of his league with these thugs.

petefrt on July 24, 2011 at 1:24 PM

Boehner should realize by now that when a loud ticking noise can be heard coming from Zero’s head the best thing to do for the moment is to give him wide berth.

viking01 on July 24, 2011 at 1:27 PM

Again, Boehner has already offered “revenues” — up to $800 billion over ten years

/face palm

his final offer to President Barack Obama that included $800 billion in revenues through tax reform was still on the table.

/double face palm

FloatingRock on July 24, 2011 at 1:27 PM

Sen. Tom Coburn (R., Okla.), a member of the gang of six, said on Meet the Press that President Obama’s veto threat of a short-term debt ceiling increase was a “ridiculous position.”
“I understand why they’re saying they won’t sign a short term,’ but I think they won’t have any choice and I think that’s the only answer right now,” Coburn said.

Wethal on July 24, 2011 at 12:52 PM

It’s either CCB or a short-term deal. No deal more than 12 months. None. Øbama must be made to own this mess, and run on it in 2012.

If he rejects a short-term fix, and he might, he obviously will have a very tough time defending it.

petefrt on July 24, 2011 at 1:31 PM

GaltBlvnAtty on July 24, 2011 at 1:15 PM

He, himself will not be re-elected.

The question then rests on Patriotism.

Is America ready to devolve into socialism? No.

Is America ready to devolve into “social” justice whatever the fark that means? No.

Is America ready to shed her values? The answer is No.

Is America ready to throw off the rule of law to allow millions of illegal aliens to enter our soverign borders illegally, to take our jobs, to kill our citizens, and to trade/sell guns by and through the Obama administration to aid them in their efforts of underhanded gun control? No.

Is America ready to get up every day and go to a job and to work to fund billions of welfare recipients who refuse to work, and have no desire to work?

The answer is No.

I am a part of The Party of No.

Key West Reader on July 24, 2011 at 1:38 PM

Fannie/Freddie is the government.

Key West Reader on July 24, 2011 at 1:20 PM

And the added irony, the two senators, Frank and Dodd, who set us up for the fall headed up the gubmint’s effort to fix the disaster they largely had created.

petefrt on July 24, 2011 at 1:40 PM

f he rejects a short-term fix, and he might, he obviously will have a very tough time defending it.

petefrt on July 24, 2011 at 1:31 PM

I actually think the MSM knows this and is very nervous. I watched Andrea Mitchell and David Gregory this am and they appeared to be very nervous. Andrea even basically said they would have to do a short term extension. She even went so far as to criticize Obama for ignoring the debt commission recommendations.

txmomof6 on July 24, 2011 at 1:42 PM

I suppose I can live with a short term increase as long as there is no way for the D’s to finagle the numbers so it falls after the election, but I don’t like it because the runaway spending is an emergency.

But don’t include cuts unless they are real. Sham cuts will only further erode Republican credibility. Better no cuts than sham cuts.

I would recommend only a very short term extension, perhaps a few weeks or a month, that’s all it should take for American’s to force Cut, Cap and Balance down the Ruling Class’ throats.

FloatingRock on July 24, 2011 at 1:42 PM

In one of the SEIU speeches barry told his throng that he was going to shakeup the NRLB…remove all the “management” people and replace them with “union” people

I think the traditional Union v. Management world view holds up in thinking about this case. Union bosses (barry) have a set of demands and the union/management negotiators set about to get an agreement. Boehner is Management. Calling a strike is one of the key bargaining chips that unions have. This is very costly to management…and may not be beneficial for union members in the the long run

We’ve seen this strategy have many repercussions. Steel industry is decimated..etc. Local plants closed because of the impact of union bosses not relenting. So some union members are winners and some lose their jobs/livelihood

Union bosses are narrowly focused on their self interest, screeching about how evil the company is and how they’ll go out on strike…and even how they reluctantly will go a while with no contract to try to settle the dispute. Management is trying to run a enterprise.

Many of management union conflicts are settled at the last minute.

however the scars last a long time. we’ll see what this country is made of.

r keller on July 24, 2011 at 1:43 PM

Actually, I want to force Cut, Cap and Balance down the Ruling Class’ throat right now. Why wait?

Forget the short term extension! The American people already support Cut, Cap and Balance. Why can’t they have what they want, for a change?

I tell you what, I’ll except a temporary extension—if the Democrats will pull Obamacare out of America’s throat. Let’s not have anything shoved down anybody’s throats while we talk about this.

FloatingRock on July 24, 2011 at 1:46 PM

And the added irony, the two senators, Frank and Dodd, who set us up for the fall headed up the gubmint’s effort to fix the disaster they largely had created.

petefrt on July 24, 2011 at 1:40 PM

Citi is particularly concerned at this point. Wells Fargo and BOA will follow.

What they failed to grasp, was to place themselves into a “victim position”. They figured they could just raise rates with impunity without any regard for the implications that their acting with impunity would impose.

What has, and will continue to happen, is the refusal to pay the banks by ordinary Americans; who did nothing wrong, did nothing to deserve the Dodd Frank punishment.

Hence. The Dodd Frank bill has backfired. And, for good reason.

Notice that Dodd is now a “Lobbyist”. Bawhknee Fwahnk still sits on the … eh. Whatever it is he sits on, I don’t wanna know.

Key West Reader on July 24, 2011 at 1:47 PM

Citi is particularly concerned at this point. Wells Fargo and BOA will follow.
Key West Reader on July 24, 2011 at 1:47 PM

I read something about the audit of the Fed which showed that they had loaned Citi and BOA approximately 4.5 Trillion in the last three years. Wish I could remember where I read it.

txmomof6 on July 24, 2011 at 1:53 PM

And here’s another volley from the Obama camp to create a market panic.

It may be time to panic… at least on a “transitory” basis. After Boehner essentially said earlier that there are still no details what the “two-tier” plan noted yesterday would look like, we now are 5 hour away to FX open. And judging by the comments of White House Chief of Staff, it is almost as if the administration would like to see a selloff. Per Reuters: “White House Chief of Staff Bill Daley said on Sunday there will be a few stressful days ahead for financial markets but that a U.S. debt deal will ultimately be reached. “In the end, we may have a few stressful days coming up — stressful for the markets of the world and the American people,” he said on the CBS program “Face the Nation. Daley quickly added that he is confident a deal will be reached to raise the debt ceiling. We are confident he is right. We are also confident that if it takes a 200 point plunge in the S&P to achieve that target, well, so be it.

translation: they know they’ve failed economically and so must create an even worse crisis to blame on the Rs so that the press can carry Barry on their shoulders to the great glorious victory that he deserves

r keller on July 24, 2011 at 1:55 PM

I really feel for Boehner having to put up with the crap from Dems. If it were me, I’d have lost all patience for their crap a LONG time ago.

Now I worry though. It’s no secret Nancy wants Johns job. She’ll do anything to get it back. So what’s REALLY going on in her head? Is this going to be a screw job on John?

capejasmine on July 24, 2011 at 1:59 PM

We are in evil’s clutches. Will we be able to shake free in 2012?

GaltBlvnAtty on July 24, 2011 at 2:02 PM

txmomof6 on July 24, 2011 at 1:42 PM

So is the Dingy One:

Reid was “very angry” in the meeting with Boehner and McConnell, according to a Democratic official. Following the meeting, Pelosi escorted Reid back to her office because she didn’t want the furious majority leader to say anything to the press. Reid is “adamant” about no short-term extension of the debt ceiling, the official said.

petefrt on July 24, 2011 at 2:07 PM

I read something about the audit of the Fed which showed that they had loaned Citi and BOA approximately 4.5 Trillion in the last three years. Wish I could remember where I read it.

txmomof6 on July 24, 2011 at 1:53 PM

What the Dodd Frank Bill did, was essentially give them the right and duty to increase interst rates on all credit card holders. So, while the interest rates on homes (nobody can qualify anyway) remained at historic lows, the Dodd Frank Bill let credit card companies increase rates within a window which ended in Feb 2011.

So, the result was:

Nobody is borrowing. Nobody is lending.

Those who borrowed previously at rates of 7% got their rates upped to 29% with no explanation.

Hence, the continued collapse of our Nation.

Thank you Bawknee Fwank. Thank you Farking Dodd. Who, by the way was such a coward that he didn’t even bother to run for re-election. But, suffice it to say, he’s a lobbyist now. Phew!

At least Christopher Dodd can collect his $75k annual pension, and his lifetime health and wellness benefits. Phew. I am so relieved. Not only that~

Christopher Dodd is free to go right back to work on K Street taking grift and bribes at our expense.

I am so happy for Christopher Dodd’s Golden Parachute of Grift. Yay/

Key West Reader on July 24, 2011 at 2:08 PM

We are in evil’s clutches. Will we be able to shake free in 2012?

GaltBlvnAtty on July 24, 2011 at 2:02 PM

I believe in Divine Providence.

Key West Reader on July 24, 2011 at 2:10 PM

I would like to know what Christopher Dodd’s ownership stake (through ownership stocks) lies with Nationwide Insurance Company, Century 21, Met Life, AARP, Hanover, USAA, Tri-Net(AIG), Chartis.

Pucker up, Chris.

Key West Reader on July 24, 2011 at 2:18 PM

Nobody is listening.

Key West Reader on July 24, 2011 at 2:23 PM

At least Christopher Dodd can collect his $75k annual pension, and his lifetime health and wellness benefits. Phew. I am so relieved. Not only that~

Christopher Dodd is free to go right back to work on K Street taking grift and bribes at our expense.

I am so happy for Christopher Dodd’s Golden Parachute of Grift. Yay/

Key West Reader on July 24, 2011 at 2:08 PM

He can grift on K Street, and commute to “his” estate in Ireland.

petefrt on July 24, 2011 at 2:25 PM

Every morning with my coffee, here come the critters eating the smorgasboard. Ripped it all up after the ants took over; just left the peppers and am hoping they will grow. with the pot plants. LOL.

Key West Reader on July 24, 2011 at 12:46 PM

Try one of these units:

http://www.aerogrow.com/

A fool-proof, dirt-free indoor garden.

Del Dolemonte on July 24, 2011 at 2:25 PM

Fannie/Freddie is the government.

Key West Reader on July 24, 2011 at 1:20 PM

And the added irony, the two senators, Frank and Dodd, who set us up for the fall headed up the gubmint’s effort to fix the disaster they largely had created.

petefrt on July 24, 2011 at 1:40 PM

Hey, that is SOP for the corrupt Democrats. After all, they also put Jaime Gorelick on the 9/11 “Commission”, solely so she could never be questioned under oath about how she let 9/11 happen.

And of course she was also rewarded with a gig at Fannie. Helped create that disaster too.

Del Dolemonte on July 24, 2011 at 2:27 PM

…At least Christopher Dodd can collect his $75k annual pension, and his lifetime health and wellness benefits. Phew. I am so relieved. Not only that~

Christopher Dodd is free to go right back to work on K Street taking grift and bribes at our expense.

I am so happy for Christopher Dodd’s Golden Parachute of Grift. Yay/

Key West Reader on July 24, 2011 at 2:08 PM

Since the fat slob died, I’ve been wondering who Dodd makes waitress sandwiches with now. Who is the other slice? Who is his new drankin’ buddy?

slickwillie2001 on July 24, 2011 at 2:30 PM

How can any of this nonsense be blamed on the Rs? They are the only ones bringing solutions to the table.

onlineanalyst on July 24, 2011 at 2:33 PM

Eh.

Talent.

Key West Reader on July 24, 2011 at 2:39 PM

onlineanalyst on July 24, 2011 at 2:33 PM

Yes, but you are thinking analytically.

GaltBlvnAtty on July 24, 2011 at 2:40 PM

Since the fat slob died, I’ve been wondering who Dodd makes waitress sandwiches with now. Who is the other slice? Who is his new drankin’ buddy?

slickwillie2001 on July 24, 2011 at 2:30 PM

Christopher Dodd was the author of the Housing Collapse. We must ensure that he has no future. Personally, I would take joy in revoking his congressional pension and susbject him to the dire consequences of ObamaCare.

Key West Reader on July 24, 2011 at 2:41 PM

Reid was “very angry” in the meeting with Boehner and McConnell, according to a Democratic official. Following the meeting, Pelosi escorted Reid back to her office because she didn’t want the furious majority leader to say anything to the press. Reid is “adamant” about no short-term extension of the debt ceiling, the official said.

Anyone who happened to see pictures of their “meeting” would have noticed that the only ones there (when they met with BO on Saturday) were Boehner, Reid, Piglosi, Biden and BO. Reids face said it all…..A.N.G.R.Y.!
Then seeing the pictures of the Saturday “meeting”, it included Boehner, Piglosi, Reid and McConnell. Reid, again looked major p!ssed, Piglosi looked nervous, McConnell looked like a clown and Boehner looked calm.
I agree with key west reader. Boehner is a patriot trying to work against this evil we call liberal/progressives.

Again, Boehner was with Piglosi, Reid, Biden, BO and McConnell. Was this due to BO REFUSING to invite Cantor, Ryan, et al and trying to put Boehner on the spot to “do it alone”? I believe so.

Key west reader, keep on speaking the truth. I am enjoying reading your very intelligent and correct posts. Thanks! :-)

sicoit on July 24, 2011 at 2:57 PM

sicoit on July 24, 2011 at 2:57 PM

Agree, but then I don’t know if I’ve ever seen Dingy anything I could call ‘happy’. In Alzheimer’s patients you often see that dour appearance and inability to laugh.

slickwillie2001 on July 24, 2011 at 3:04 PM

If I didn’t know any better (and I may not), Obama has managed to misplay this battle back into Boehner’s hands.

For now, I tend to like the idea of a short-term fix rather than allowing Obama to claim credit for some bogus grand bargain.

This is starting to remind me of that scene in Rounders in which Matt Damon’s character (here, Boehner) wears down Jon Malkovich’s character (here, Obama) in an all-night game of poker. After discovering Malkovich’s character’s tell, Damon’s character just wears him down until he finally puts him away.

C’mon, Boehner. Make us Ohioans proud.

BuckeyeSam on July 24, 2011 at 3:17 PM

Reid was “very angry” in the meeting…Reid is “adamant” about no short-term extension of the debt ceiling, the official said…

petefrt on July 24, 2011 at 2:07 PM

Yes. I imagine Reid is pretty mad. The Senate is in play next year. He and Obama need to get the debt issue to go away until well after next November.

txhsmom on July 24, 2011 at 3:24 PM

Yes. I imagine Reid is pretty mad. The Senate is in play next year. He and Obama need to get the debt issue to go away until well after next November.

txhsmom on July 24, 2011 at 3:24 PM

The Harrah’s Mafia have probably been asking him his concrete shoe size.

viking01 on July 24, 2011 at 3:45 PM

She hinted, however, that the revenue would come in the second “tier” of the process.

Hey… That’s actually a good idea! Spending cuts now, tax hikes later. If we can drag this fight out for another year or so then the good guys win, and we get a conservative Senate and POTUS. If we are still fighting about the budget deficit with Dems demanding more spending and more taxes in the summer of 2012, then Dems will get destroyed in Nov. This is the first smart idea the GOP has had in a long time.

bitsy on July 24, 2011 at 4:08 PM

Hey, Mr. Speaker,

If not you, who?

If not now, when?

Why are you willing to squander the loudest message ever delivered to the U.S. Federal Government last November? All spending originates in ONE governmental body, your House of Representatives. You have ALL of the power on this issue.

Take the stand on this economy which you were told to take by the public via the clear mandate of the “shellacking”. Refuse any deal which raises the debt ceiling by one red cent. Demand that non-essential services, as determined by the House Appropriations Committee, be de-funded or operate with reduced funding to open the gap under the debt ceiling.

Do NOT give the President another limit raise with which to drive us further into the red.

Get a spine, Mr. Speaker, and do your job.

Freelancer on July 24, 2011 at 4:17 PM

Let the deadline pass and balance the budget the easy way.

Now that the biggest idiot in American politics is involved, nothing good can come from a deal. F*** that stupid c***.

Jaibones on July 24, 2011 at 5:32 PM

Pelosi reiterated that she backs “a long-term extension” of the $14.3 trillion debt limit, putting her in line with the demands of President Obama and Senate Majority Leader Harry Reid (D-Nev.)

I’m sorry … so what? The GOP House can do whatever they want, and already have. What power does the House minority leader have to control the White House and Senate?

She is brainless and powerless.

Jaibones on July 24, 2011 at 5:39 PM

Now that the biggest idiot in American politics is involved, nothing good can come from a deal. F*** that stupid c***.

Jaibones on July 24, 2011 at 5:32 PM

Not even if I were blind drunk and had a gun at my back.

Uncle Sams Nephew on July 24, 2011 at 6:11 PM

Bah. Boehner’s part of the ilk of Republicans that helped create this mess. No way is anybody going to convince me that he’s any more grown up than the rest of them. They could have slashed entitlement spending when the economy was rolling along like gangbusters, but instead they passed the prescription drug plan and raised the minimum wage.

Raising the debt ceiling now only postpones the disaster. The debt isn’t going away until the dollar is fatally debased.

We’re screwed. Or actually, we’re screwing our kids – the new American way.

angelat0763 on July 24, 2011 at 9:29 PM

The GOP will cave, the GOP will cave, the GOP will cave!@@#$
How many times will people get their hopes up that this party full of wussies will actually stand up for this country and not capitulate to the Democrats. Give me 100 more like Rand Paul and Marco Rubio and we might see a party that actually has the guts to fight for this country.

flytier on July 25, 2011 at 6:24 AM

Which of these parties is obstructionist? Maybe it’s time to sum up how we got here:

The GOP House passed a budget; something that Democrats had not done the year before. The Senate didn’t pass it, and didn’t offer its own budget.

The House passed a plan to lower the debt and raise the debt limit. The Senate blocked it and hasn’t passed a plan of its own yet.

Over the weekend, Boehner offered a short term plan that the Senate agreed to. Obama promises to veto the bill if passed.

hawksruleva on July 25, 2011 at 9:19 AM

Not even if I were blind drunk and had a gun at my back.

Uncle Sams Nephew on July 24, 2011 at 6:11 PM

I was speaking figuratively.

Jaibones on July 25, 2011 at 3:42 PM

Pelosi looks like she already has one foot in Hell.

infidel4life on July 25, 2011 at 5:51 PM

Obama is a criminal. No amplification is needed. Except that his supporters know this. Ergo, they are criminals. Every single one. No exception, not a voter, not a politician. All criminals.

proconstitution on July 25, 2011 at 8:58 PM

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