Cantor decides to “call the president’s bluff”. Reid's plan is a no-go.

[^_^ 5,021]

Republicans have three options, Cantor said: risk default, pass Senate Majority Leader Harry Reid’s (D-Nev.) plan — which he thinks gives President Barack Obama a blank check — or “call the president’s bluff” by passing the Boehner plan, which not only cuts deeply into domestic spending but calls for a bipartisan commission to find more savings.

http://www.politico.com/news/stories/0711/59920.html

[Usui Takumi 1,562]

Politically, the republicans are in such a tight place. If they compromise, the Tea Party base will undercut them in 2012. If they don't compromise, independents and moderate republicans will undercut them in 2012. Knowing they will be damaged either way, you would think they would listen to what credit rating agencies want.

[Mr. Big Dog 10,747]

It's scary that the Republican leadership has such a poor grasp on what the debt ceiling is and what raising it means. Both Cantor and Boehner suggest that raising the debt ceiling gives Obama a "blank check". It does no such thing. Raising the debt ceiling doesn't add a single dime to the deficit. Not one. And raising the debt ceiling doesn't allow Obama to spend a single penny that's not been authorized by the Congress. The Congress has the power of the purse. The Congress decides what does and what does not get spent. Not raising the debt ceiling is Congress merely not paying what they have already authorized to spend.

[Zero Sum 305]

Both 'sides' probably want the default to go into effect to score political points.

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Both 'sides' probably want the default to go into effect to score political points.

That's ridiculous. The big money guys will lose a lot, right along with everyone else, if a default happens.

No one wants default except those who don't understand it.

[Usui Takumi 1,562]

That's ridiculous. The big money guys will lose a lot, right along with everyone else, if a default happens.

No one wants default except those who don't understand it.

IE. hardcore Tea Partiests who probably see it as a great way to control spending.

[Zero Sum 305]

That's ridiculous. The big money guys will lose a lot, right along with everyone else, if a default happens.

No one wants default except those who don't understand it.

Exactly. The GOP loonies want it to happen to try to make the Dems look like ineffective leaders. Some Dems want it to happen because they are willing to bet the GOP will suffer greatly from this.

The big money will remain big money, losing some, but not enough to bring them down from their Olympian status. Some will be dinged up, sure. Everyone else... well... will get stung. Those that serve the top crust will continue to do so, enraged, while ignoring that they serve a master that does not seek their best interests.

[Mr. Big Dog 10,747]

IE. hardcore Tea Partiests who probably see it as a great way to control spending.

Well, it isn't. The Tea Partiests have actually outspent the current debt limit. They passed the Ryan blueprint which would on Ryan's rosy assumptions add more than 6 trillion to the debt over the next decade and under realistic assumptions probably more to the tune of 10 trillion. If they want to control spending, they need to pass a budget that does that. But they don't. It's all ignorant grandstanding.

[Usui Takumi 1,562]

Well, it isn't. The Tea Partiests have actually outspent the current debt limit. They passed the Ryan blueprint which would on Ryan's rosy assumptions add more than 6 trillion to the debt over the next decade and under realistic assumptions probably more to the tune of 10 trillion. If they want to control spending, they need to pass a budget that does that. But they don't. It's all ignorant grandstanding.

I think its a great way to control spending if you don't care about anything but....well government spending. By not passing any bill, they'll get a 40% spending cut immediately.

[Mr. Big Dog 10,747]

I think its a great way to control spending if you don't care about anything but....well government spending. By not passing any bill, they'll get a 40% spending cut immediately.

So, where's the budget they passed that cuts 40% spending? Why do they pass a budget outline that racks ups trillions of dollars in additional debt if their goal is to cut spending 40% right here, right now? Why did they support adding 4 trillion to the debt by extending the 2001/2003 tax cut package? This isn't about the deficit and it isn't about the debt. It never has been.

[mawilson 2,133]

Both Cantor and Boehner suggest that raising the debt ceiling gives Obama a "blank check". It does no such thing.

It does in a way. It's the only weapon that can stop the Obama spending steamroller.

Once it's raised, we're back to business as usual.

[Mr. Big Dog 10,747]

It does in a way. It's the only weapon that can stop the Obama spending steamroller.

That's simply not true. Obama hasn't spent a penny that Congress hasn't approved. The only weapon Congress has to cut spending is to pass a budget that, well, cuts spending. What the Congress is doing here is not honoring the bills it has already incurred, passed, appropriated and approved.

[mawilson 2,133]

That's simply not true. Obama hasn't spent a penny that Congress hasn't approved. The only weapon Congress has to cut spending is to pass a budget that, well, cuts spending. What the Congress is doing here is not honoring the bills it has already incurred, passed, appropriated and approved.

s/Obama/Obama + Democrats/g

[웃 910]

That's ridiculous. The big money guys will lose a lot, right along with everyone else, if a default happens.

No one wants default except those who don't understand it.

I agree with what Mr. Big Dog said:

...nothing seems more attractive to the GOP than to go into 2012 against the incumbent that presided over the first ever downgrade of the credit rating of this country. It's not about the debt, it's not about the deficit, it's about the one and only goal the GOP has. If the economy takes a hit and jobless numbers rise, all the better in the eyes of the GOP.

Edited July 26, 2011 by Lord Infamous

[웃 910]

s/Obama/Obama + Democrats/g

huh?