Repugs slapped AND slapping their own
Chastened Senate Republicans said they hoped the outcome would be a learning experience for lawmakers in the House and Senate who shut down the government in hopes of gutting President Obama’s signature domestic achievement, the Affordable Care Act. Instead of using the twin deadlines of an end to government funding and borrowing authority to address the drivers of the federal deficit, conservatives focused on a law they could never undo as long as Barack Obama is president, several senators said.
“We took some bread crumbs and left an entire meal on the table,” said Senator Lindsey Graham, Republican of South Carolina. “This has been a really bad two weeks for the Republican Party.”
Senator Richard Burr, Republican of North Carolina, took a swipe at Senators Ted Cruz, Republican of Texas, and Mike Lee, Republican of Utah, as well as House members who linked further funding of the government to gutting the health care law, which is funded by its own designated revenues and spending cuts.
“Let’s just say sometimes learning what can’t be accomplished is an important long term thing, and hopefully for some of the members they’ve learned it’s impossible to defund mandatory programs by shutting down the federal government,” Mr. Burr said.
nytimes link above
LOL... That isn't my point at all...
I want someone here to say how devastating it will be tomorrow, so we can prove them wrong. Put their faith/reputation on the line.
So tell be, what will happen tomorrow if no bill is passed?
Do you have the balls to put that ty reputation of yours on the line? --- You may as well... you have nothing to lose, and you can only gain credibility...
Do any conservatives care what the RINO McCain says anymore?
OK I'll spoonfeed you
the debt ceiling is squishy, Treasury has cash on hand to pay stuff, and revenue comes in but jerkily, as does demand for payments.
Treasury can play "extraordinary measures" to prioritize payments, but the asshole bloody-minded anarchist House tea baggers EXPLICITLY want to block that ability.
USA doesn't turn into a pumpkin at midnight, but it rots quite quickly and jerkily after that, plus the planetary reputation as the reserve currency and safe haven would be badly tarnished. Also, Treasury's borrowing costs (interest!) go up and can stay up for a long time, iow, INCREASING the debt and interest.
a report in 1989 said the near-default in late '70s cost about $11B in 1980s dollars.
Credit rating downgrade is likely the first step, which is bad enough because it means paying a biggest interest in future debt. Basically shooting ourselves in the foot thanks to posturing.
IIRC, by the Treasury numbers, the actual huge problem is Nov 1st. If this isn't solved by that time, then no SS, disability, etc checks are coming out.
No need to worry, it looks like the republicans caved...simpering away with their tail between their legs after being thoroughly defeated by Barry and Ried. We'll see if they pull this again in January after such an ass whipping.
I call bull on this.
Link please.
those social welfare/safety net checks, and govt payroll, are BIG es in the outflow. if Treasury inflow doesn't match outflow, it must borrow, but tea baggers want to block the borrowing, so no checks go out. ing simple
deal coming to end the shutdown per CNN
http://politicslive.cnn.com/Event/Li...eshutdown1245p
"The deal that has been cut provides no relief to the millions of Americans" affected negatively by Obamacare, Cruz just told reporters.
link? millions?
at least TEXAS ASSHOLE Cruz won the bull (Christian-hater) Values Voter Pres straw poll.
...and republicans get absolutely jack out of this. So what was the point? The best thing that came out of this is Barry absolutely crushed using the debt ceiling extortion tactic in the future.
thanks Ted Cruz!
republicans representing their tea party cons uents is all. they're playing politics here.
and it's not something to play with. the next round of chicken may be worse. i say we vote every in bent out of office the next round of elections.
WH and Dem Congress beat the out of the Repugs, where the Repugs thought the Dems would cave. Obama folded on the sequester and debt limit and dubya tax cuts two years ago, and decided that was too much. no more.
Jon Stewart is always there
https://www.upworthy.com/see-this-da...turally?c=upw9
What are the risks?
The assumption that lawmakers, in effect, may have a little time after Thursday to raise the ceiling before Treasury faces its first real cash crunch could be blown out of the water if the unthinkable happens -- a Treasury auction fails.
On Thursday, the Treasury has to roll over $120 billion in outstanding debt. That means it needs to issue new debt to pay off the principal on the old debt coming due. Usually in such auctions the holders of the maturing debt simply "roll over" their investment into the new bonds that Treasury issues.
But if they decide to cash out instead and there aren't enough buyers for the new debt to replace them, Treasury would be on the hook to pay off the old bonds in full. Treasury Secretary Jack Lew likened that to having to pay off one's entire mortgage instead of just having to make a month's mortgage payment.
Another rollover auction to replace $93 billion in outstanding debt will be held a week later,
A failed auction is a worst-case scenario that may never come to pass. But were it to happen, Treasury could start defaulting on some of the country's obligations immediately thereafter since its cash and revenue would be tapped out.
http://money.cnn.com/2013/10/16/news...html?hpt=hp_t1
Stock market appears to be celebrating the republican's disastrous defeat and total retreat.
A Democratic leader said the current plan was for the Senate to provide the legislative language to the House, get a House vote, and then have the Senate take up the bill, pass it, and perhaps send it to Mr. Obama before the end of the day.
But House Republican leaders continued to ponder whether taking up a measure first was in the best interest of their members, even as they acknowledged that it would expedite and end what has been a less-than-pleasurable legislative experience for their party.
It was not clear Wednesday morning whether the leaders would try to meet with their entire conference before going to the floor, or simply move to voting later in the afternoon, perhaps intuiting that a members’ meeting would be both raucous and unproductive.
House Democrats remained confused and angry. On a scale of 1 to 10, “this is a 12,” in terms of ridiculousness, said Jackie Speier, Democrat of California. “This is like a preschool that’s gone awry. I’ve been in public office for 30 years, and I’ve never seen anything like it.”
http://www.nytimes.com/2013/10/17/us...e.html?hp&_r=0
High Cost to the Economy From the Fiscal Impasse
Stalled pallets of goods idling at ports. Reduced foot traffic at sandwich shops in downtown Washington. Canceled vacations to the Capital and to destinations abroad. Slashed corporate earnings forecasts. Higher interest payments on short-term debt.
Even as the shutdown of the United States government and the threat of a default appear to be coming to an end, the cost of Congress’s gridlock has already run well into the billions, economists estimate. And the total will continue to grow after the shutdown ends and uncertainty persists about whether lawmakers might reach another deadlock next year.
A complete accounting might take months to put together once the government reopens and the Treasury returns to adding to the country’s debt. But economists said that the intransigence of House Republicans would take a bite out of fourth-quarter growth, with knock-on effects for employment, business earnings and borrowing costs. Those effects would be global.
“We saw huge effects during the summer of 2011, with consumer confidence hitting a 31-year low in August and third-quarter G.D.P. growing just 1.4 percent,” said Beth Ann Bovino, the chief United States economist at Standard & Poor’s. “Given that this round of debt ceiling negotiations” is coming during a shutdown, she said, “the impact on the economy could be even more severe.”
The impasse over the debt ceiling has already raised the United States’ short-term borrowing costs, with investors demanding triple the interest payments they demanded just a few weeks ago, in some cases. Concerns about the United States as a borrower might have a much longer and deeper effect than the shutdown, analysts think.
http://www.nytimes.com/2013/10/17/bu...mpasse.html?hp
Last edited by boutons_deux; 10-16-2013 at 12:57 PM.
You really think that's what this was all about?
What do you think this was all about?
No one knows exactly. Or the next day. Eventually when we run out of money there had been talk about selectively paying back T-bills that come due and SS first.
But what you fail to continue to understand is that just the uncertainty of the most stable haven for money not being able to pay its creditors is not the same as a local bank defaulting. Just the perception of the US not coming through with payments is enough to start a giant snowball effect. So you wish to test exactly what happens first?
Were you alive in 2007-2008? Do you remember what the mere threat of money not being liquid did? Do you like bartering?
Oh, oh, nothing came of it, so no problem. Pull your head out of your ass.
Why are people acting like this is done? LOL ever depending on the House to get done.
of course. Barry made it very clear.
The Repug/VRWC/UCA objective, now that the Repugs can see demographics will keep them out of the WH for decades, has been to tear down the dubya/ head imperial/unitary Exec, so future Repug Congresses could run the country.
Barry refused to cave to their extortion, kicked them in the balls, teeth, head WHILE strengthening the WH. He's done the COUNTRY a huge favor.
You dumb right-wing assholes probably don't realize it, but these are HISTORIC weeks in Cons utional terms.
Although I wouldn't be surprised if the Repugs pulled the same in Jan and Feb.
btw, the CR is very near to Ryan's sociopathic level, so the Repugs did win that.
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