Congressional Sources: Republicans and Democrats Reach Tentative Debt Deal

Spending cuts of roughly $1 trillion over 5 years, 10 years, 20 years?

If this is true. We all lose.

LMAO!….It looks to me like Obama’s the only adult in the room. Boehner finally went back to him and said, “Dad, I think what you were trying to do originally doesn’t sound that bad after all. After having to deal with all the whining from that ‘Toddler Party’ crowd, can you please help me get out of this mess?”
And of course, President Obama said, “Glad you finally came to your senses ‘boy’!”……LMAO!
Great going President Obama!

HAHA

So Obama gets to skate past the election with a huge debt ceiling increase? House GOP fails again!

Is there an echo in here? There is no deal.
10 Senators will not vote to increase
the debt ceiling without a Balanced Budget Amendment vote.

For anyone who thinks is Obama folding, remember that’s he is not the sly pathetic party that only cares to continue allowing the rich to get richer while the rest of us work harder than ever just to get a job! This whole ordeal is shameful, on part of both parties, but when is someone going to stand-up for the middle class!

They ain’t stupid. The deal will be made.

All cuts. Dollar for dollar. Automatic cuts for Medicare if the committee doesn’t report. No revenues. That’s a total loss for Obama.

So Republicans held up for $2.8 Trillion dollars in cuts over 10 years LOL….the President at one point offered $4 Trillion. Not to mention Bush’s tax cuts will not be renewed when that comes up..all this ruckus for nothing.

Great deal. Cut Medicare and slash social programs while not adresseing tax loopholes, subsidies and general tax policies for the supperrich and corporations. IE cut the knees from under any government that helps the middle class but keep giving the goodies to the supperich. Cut more government jobs futher depressing consumer demand just in time for the next elections creating even more unemployment, slower economic growth, discontent with underfunded government planning. Great strategy dems, no wonder you have such an enthusiatic base when you sell them out and screw them everytime for the sake of a bad deal argued under false tea party premises with manufactured outrage. Why doesn’t Obama just add to this and go and kiss Boehner’s ass on national television and then go on Limbaugh and confess that all along he’s a socialist intent to destroy America.

And the tax adjustment/roll back of tax cuts is ……?
This doesn’t look like a compromise to me. Obama and the democratic party caved.

Total loss for Obama-Dollar for dollar cuts-no tax increases. Period.

Obama gets what he wanted. Massive cuts to Medicare and Medicaid.
Just in time for the elction.

There won’t be any real reform until the Tea Party controls both houses and possibly the White House. Laugh now, but if this turns into another Washington smoke and mirror plan,what happened in the last election cycle will look like childs play.

Wait for Reid to shoot this down to assert dominance in the party. “Demcorats won’t vote for it, Democrats won’t vote for it, Democrats won’t vote for it.”

Keep an eye on those cuts – they will boil down to about one dollar twenty-seven cents by the time the reality is known.

congress’ book, “To Serve Man”, it’s, gasp,it’s a cookbook!!!

The President offered $4 trillion? Really? Where? Where’s the document? Show me the link to where we can all read it. This president was in so far over his head that he went on national television to beg people to call and email Congress. Wow. That’s leadership in the time of hope and change.
This deal isn’t great, but it at least gets the focus on cutting spending.

I have it on good authority that drunken sailors actually stop spending when they run out of money, so it’s not fair to compare them to Obama.
Look, stop allowing the media and party hacks to drive wedges between we American citizens. The deficit problems we face are far bigger than party-on-party bickering and nyah-nyahs. If you’re a Democrat, start holding the feet of your particular congressional morons to the fire. If you’re a Republican, do exactly the same with your set of morons. These people do not live like us, do not have to obey the laws and regulations we have to, and are primarily concerned with keeping their own gravy train chugging along. This must stop NOW. Bipartisanship in Congress is a joke, a pose. It is time the American people went bipartisan and joined up to get ourselves a truly representative Congress. Every time one of us zings the other with some interparty jibe, they’ve won, they’ve succeeded in getting us to focus on the wrong enemy. We are just posters on the internet – we don’t enact and enforce legislation – and carping at each other is the least productive thing imaginable. It’s stupid if you think about it. Distinctions between Democrat and Republican politicians have proved irrelevant, nonexistant – they’re all crooks, we’re just rooting for different poisons.
So, let’s stop playing their game and start our own. America – take back your country.

Nobody is happy? Each side think they won? Might be fair to the politicians but I agree…the taxpayers among us are screwed. Sick of seeing my money taken from me and my family.

Yep we libs get our 2.4 trillion right away this year , then you conservative losers can figure out how to pay for it over the next decade . Bwahahaha. Way to fold GOP , we all knew you were gutless gophers with no spine . Hahahahahahaha. Great job Mr. President , and all the Dems . Lol!

Dave–The President clearly wasn’t going to get a clean debt hike after losing the House. How in the world is he being forced to sign this? haha The WH has been in contact with members of Congress this whole time, as stated by your own party leaders. 2.8T in cuts over 10 years w. no tax increases is not only good for Obama, but it’s good for the debt situation. Bush’s tax cuts will not be renewed in full..get over it. The President was never against reforming the deficit, but he definitely wasn’t forced to do “cut, cap, and balance” or the $6 trillion plan by Sen. Coburn. This package is not hurtful by any means, so you keep watching Fox News and reading Drudge for entertainment purposes.

Are these baseline cuts like Obama had originally proposed – where they make cuts to future increases so spending still goes up and we still average Trillion Dollar yearly deficits?

The cake is a lie!

It sounds like the Boehner plan that actually cuts only $22 billion in the first year (FY2012) and only $650 billion over 10 years because of inflated spending projections.

Revenue will come with the expiration of the Bush Tax cuts.

What exactly is in the $1 trillion in spending cuts?

For anyone who thinks is Obama folding, remember that’s he is not the sly pathetic party that only cares to continue allowing the rich to get richer while the rest of us work harder than ever just to get a job! This whole ordeal is shameful, on part of both parties, but when is someone going to stand-up for the middle class!
POSTED BY: MURPHY | JUL 30, 2011 10:53:38 PM
Hey murph why dont you go create some jobs and wealth instead of wiating for a handout… LOSER.

74% of the country wants a balance budget amendment. Guess that makes 3/4 of the coutry radical extremists?

That deal is pathetic 2.8 trillion in increase and only 1 trillion in cut? How much cuts to the current 3.5 trillion dollar budget? Didnt we already just have a commision report? These guys are playing us for fools. The house will never pass this pathetic deal.

“…all this for nothing.”
BARRY NOW OWNS THE DEBT!
Just like he owns the economy. You know, the one where the “recession ended”.

No need to roll back Bush tax cuts today. They can be rolled back when Obama wins re-election in 2012. The most important objective is avoid setting off another financial crisis.

The 2.8 trillion in cuts over 10 years won’t prevent a downgrade of America’s credit rating. “Cut” means a lessening of the annual automatic increase via baseline budgeting. So overall spending will increase by only 6 trillion over 10 years instead of increassing by 9 trillion.
Impressive: only in Washington is an increase of 600 billion a year called a “cut in spending.”
And the worst of it all is that ABCNBCCBSMSNBCNYTIMES “journolists” have never ever told the American people that “cuts” means slower rate of increase, not real cuts.
Most people actually think that 2.8 trillion would be cut. To help the American people continue in ignorance of the fact that government spending will increase by trillions even with the “cuts” is utter mendacity.

Aren’t the Republicans and the Tea Party fanatics just the grandest group of merry thugs ever? So classy, so integrity-filled, such shenanigers (gee, that could be a Bushism). NOW is the time to begin bargaining in good faith? Message to the Tea Partiers and all Republican “nutters”: Do you honestly feel right about imperiling our economy? What’s confusing me is you’re supposed cluelessness about what Obama wants. I mean he’s only stated his objective and the solution which would be fair TO ALL AMERICANS about hundred times during the past three months. He has repeatedly stated what he is willing to give and what he wants in return. So why are you “nutters” asking him to tell us AGAIN, as if you don’t already know? Basically it boils down to this, you brilliant diehard Republican radicals and Tea Party extremists: the middle class is fed up with the wealthy and the large, billion dollar profit corporations thinking they’re too “special” to pay taxes. And they’re tired of your party shielding wealthy individuals and the following, to name a few: the oil and gas industry, hedge funds, investment firms, etc., from paying their fair share of the tax burden. Do you seriously think the people of this country are so stupid that they don’t understand Republicans are trying to protect major corporations and wealthy individuals from taxation? News Flash, Mr. Boehner and Mr. McConnell and Mr. Cantor and Mr. Walsh: According to Webster’s dictionary, the word bully means: habitual cruelty to others who are weaker. Well, the “weaker” middle class has had it up to here with the greed and arrogance of the “stronger” wealthy class. Republicans and the Tea Party want no taxation of wealthy individuals or corporations. Such an attitude is unconscionable, not to mention unAmerican and a betrayal of our democratic system. To say you should be ashamed of your destructive and childish games is a gross understatement, Boehner, McConnell, Cantor and Walsh. In my opinion, every last Republican and Tea Partier owes our nation an apology. Not that I’ll ever accept it. But it’s a place to start.

Well, Obama, you’ve done it again. You have chosen to cave to the republicans even though a LARGE majority of Americans don’t want cuts to SS, Medicare, Medicaid. Presidents who screw over the entire country don’t deserve to be reelected. Congratulations, Democrats, you’ve managed to grab defeat right out of the jaws of victory.

obama, reid and pelosi should have to RESIGN for their financal incompedence causing severe damage to the citizens/voters/taxpayers of the USA the last 2 and 1/2 years.

Josh – There was never a deal for $4T of spending cuts. The supposed $4T included $1.2T of tax increases. Not to mention the “cuts” were phony cuts to begin with. We will have to see what these cuts are.

With the Feds borrowing 40% above what they collect in hard cash to pay their bills each mouth the US is on the path to default sooner than later. The so called deal to with Obama to cut a trillion when the debt is 14 trillion and rising will not delay the inevitable default a whole lot longer. The GOP tried to make deeper cuts and the Dems would not face reality. Higher taxes is not the answer as they will only make a rotten economy even worse and further expand an already over size government.

Disgusting beyond belief.
We’re going to give President present a blank check, which he will be more than happy to waste on yet more failed socialist experiments.
THIS IS WAR.

Heh, heh, 2012, not 3012.

Here’s the truth:
No Democrat ever wanted tax increases because too many dem senators are afraid they won’t get re-elected if they vote for it.
Expect more cuts when the budget talks come around in a few months.

This is a little too sketchy for me. If it means that there will be no debt ceiling increase unless matched by revenue increases and spending cuts, with no exceptions, then OK. Otherwise, forget it. The triggers for debt ceiling increases, whether based on revenue increases or spending cuts, must be inflexible.

At least there are no tax increases like Obama demanded. No shared sacrifice, maybe we can have shared prosperity instead.

Neither the Republicans nor the Democrats got nearly as much as they wanted. Sounds like compromise to me. Hopefully, the game is over. Can we go home, now?

There are some built-in assumptions into the FY 2012, that presumably can’t be tampered with:
1. The 30% reimburshment cut to physicians under Medicare. Normally the Congress automatically repeals this. If they add it back on it costs about a $100 billion
2. There is controversy on how to budget for the housing agencies: CBO says $317 billion, OMB says $130 billion. Both of these were presumed on housing prices stabilizing, which now is problematic.
3. In addition, as a facilitation to maintaining unemployment insurance, the states have utilized a little discussed credit line from the Federal government The balances are currently $40.5 billion owed by the states. The Federal loans to support the State Unemployment Trust Fund remained interest free through Dec. 31 of last year, but interest began to accrue on Jan. 1, 2011. The first interest payment will be due on Sept. 30, 2011. Will the Federal Government defer this, too? If not, it will be just one more burden on the states.
4.The FY 2012 budget presumes that the one-year unemployment extension to 99 weeks will go away. If it does, then 6.7 million quasi-permanent unemployed will fall off of benefits, resulting in a hard to imagine amount of distress, disorder and rioting. The cost of the 73-week extension beyond the traditional 26 weeks is $100 billion.
5. The 2% payroll tax reduction was designed as a one-year stimulus and will automatically expire at the end of 2011. Its extension, the cost of which is $120 billion, is not included in the $1.1 trillion FY 2012 budget. One would now presume this is dead?

Sounds like they went for a truly balanced approach of all spending cuts.

Wow!! tea party has been defeated.
Of $13 trillion nat debt…only 2 trillion will be cut! a victory for all progressive people + working class

Total loss for Obama? Total loss for the Republicans?
So basically…this is a game, but we don’t know who won?

now…let’s get working on obama’s re election….so he can finish the job

@Steve851
Exactly the reason the Tea Party rose up in the first place. The sewer that is DeeCee is just like King George, tyrants from 3,000 miles away who try to tell us how we’re going to live our lives.
On the contrary, we will rise up more now than ever before, because we’ve been right all along….business as usual in the sewer of DeeCee is corrupt, weak and selfish.
We’re gonna get a lot louder now.

How is this the Tea Party’s fault? EVEN WITH A DEBT CEILING INCREASE THE RATINGS AGENCIES ARE STILL CONSIDERING DOWNGRADING THE US IF THE CUTS AREN”T BIG ENOUGH!!!!! You can’t see the forest for the trees!

No “Special Commission/Congress/Committee”. We already have a few too many nuts loose on the wheel. Lets not add to this problem…..and really, we get to go through all this crap again in Dec. facing auto-triggered cuts? Is that correct?
How many more times do we get to go through this crap? Until we all “yeild”?

There are no cuts. There are never cuts, only reductions in a baseline increase. Plus these “cuts” will be backloaded to the 9th or 10 year.
The only thing you can count on is if there is a %2.8T increase in the debt ceiling, we will be $2.8T more in debt.

“In fact, Obama never asked to increase marginal tax rates, he asked to close loopholes for private jet owners and the oil companies.”
Of which amount to only 70 billion.
Obama has embraced cutting Medicaid and Medicare, which is what he’s exclusively allowing to.

So are we talkin’ real “cuts” or just a reduction in the spending increase?
“Cuts” this year, next, next 10?
Personally I think it’s another Congressional gimmick.
Still a vote on the BBA would be interesting in the Senate. 20 democratic senators claimed to support it during their last campaigns. Given the shape this country’s finances are in I can’t wait to see who would vote against it.

Facetiously, Congress holds the purse strings, not the president. Obama can’t spend like a drunken sailor, only Congress can. Learn some basic civics if you want to participate in civic discourse. I know, it’s asking a lot from you Tea Party types who claim to love the Constitution and have no idea what it says.

One moooore time! We have a revenue problem. I’m tired of borrowing money to cover these perpetual Tax Earmarks Yep, bushs tax cuts are just another republican porky little earmark, which they now prohibit. They have violated their owm promise. Tax cut expenditures aka: Republican Tax Earmarks serve Only the wealthy and corporations. Period.

Guys, it’s time we put our petty social and religious differences aside and all agree to vote these pathetic slimy weasels out of office. About 90% of them need to get sent home.Most of them should be in shackles! let’s all agree to register to vote and kick the bums out! This is our country isn’t it?let’s show ‘em who’s boss in the next election!
My country Tis of thee, sweet land of liberty! No more extremism on either side of the isle! No more debt! No more war! We want jobs! And damn it, we want peace! You’re on notice Washington!

Josh, I’m curious. When did president Obama offer $4 trillion in tax cuts?

Let’s see what the final deal actually says – which I suspect will be the vote scheduled for 1 PM today. At first read it appears to be bipartisan, which means it will pass in both houses.
This is our country – not Republican, not Democratic – just American. It sounds like a sound step in the right direction.

Not even close to enough cuts. It would be better to use the Connie Mack penny plan or the Ron Paul default on the Fed plan.
I’m greatly disappointed that the GOP is unwilling to stick to serious spending cuts and give Obama nearly $3 Trillion more to spend. This is insane!

Wow!! tea party has been defeated.
Of $13 trillion nat debt…only 2 trillion will be cut! a victory for all progressive people + working class
POSTED BY: DENIS257 | JUL 30, 2011 11:36:48 PM
Only a victory for twits like you that wont get a job and are not very bright.
High debt like this will destroy the US and then you wont get your freebie check in the mail denis.
Of course the theft of money to give to bums like you is what gubmint is for isnt it?

This is all Kabuki theater. Congress won’t give the President legislation that he won’t veto – if Congress is able to give him anything at all. So, at the 11th hour on the 2nd of August, the President will invoke the 14th Amendment, and avert default. If the Republicans try to argue that they have “standing” to bring a suit, they have a fierce uphill legal battle, and by then, default will have been averted. If a suit does make it all the way to the Supreme Court, what are they going to do? Rule that the debt limit wasn’t really raised, and put the country in default after the fact? And claw back the payments made for military salaries and SSA payments? I don’t think even Justice Thomas would vote for that.
And President Obama’s re-election would be guaranteed, with all the military and SSA payees voting for him. He might even be able to recapture the House, with Democratic candidates swept in on his coat-tails. Remember over 2/3′s of voters think that the Republican insistance on no tax increases is wrong.

Unbelievable, all job killing spending cuts and not a single dime of loopholes could be cut from the tax code?
Are you really telling me they couldn’t find a dime to cut from yacht subsidies or corporate jet loopholes? Were they even looking?
Once again the entire brunt of the deficit reduction is put on the backs of the middle class. The middle class didn’t cause this economic disaster!!! Maybe if the rich didn’t have so much money to bribe our politicians for war and more tax cuts we wouldn’t have to raise the debt ceiling in the first place.

It’s very difficult for me and others to understand how anyone cannot see that spending must be cut.
How can one who calls himself a “progressive” not understand that over-spending drives everyone into ruin?
And, that the vast majority of “poor” have behaviors that keep them poor, no matter how much money is sent their way.

Yes, the ratio of the national debt to the total economy is high relative to what it’s been. But it’s not nearly as high as it was after World War II – when it reached 120 percent of the economy’s total output.
If and when the economy begins to grow faster – if more Americans get jobs, and we move toward a full recovery – the debt/GDP ratio will fall, as it did in the 1950s, and as it does in every solid recovery. Revenues will pour into the Treasury, and much of the current “budget crisis” will be evaporate.
Get it? We’re really in a “jobs and growth” crisis – not a budget crisis.
And the best way to get jobs and growth back is for the federal government to spend more right now, not less – for example, by exempting the first $20,000 of income from payroll taxes this year and next, recreating a WPA and Civilian Conservation Corps, creating an infrastructure bank, providing tax incentives for small businesses to hire, expanding the Earned Income Tax Credit, and so on.

For the record, George W Bush increased the deficit 6.2 trillion, Obama has increased it 2.2 trillion. Oh, one trillion was spent by Obama to prevent a depression that was almost caused by Bush and his “no regulation” Wild West subprime mortgage market and Wall Street hedge firm betting.

Obama got involved because he could see that Reid’s maniacal behavior was only going to make him and all Democrats look bad! The key is the vote on the balanced budget amendment! It’s the only thing that will keep the government screw ups from continually being irresponsible. It may not pass but at least Americans will see who is really interested in a secure America and who just wants to waste more money!

Getting your (false) info from your Republican friends on the Hill again, Jonathan, eh? Could you be a little less transparent?
Automatic across the board spending cuts as the “trigger” without any pain on the Republican side in the form of revenue increases is a non-starter. Your Republican friends are using you by leaking to you a “deal” that is not a deal, as a way to pressure that deal into happening.

It’s a hoot to read all the Dims posting tonight. Hard to believe anybody is that stupid but, I guess Lincoln was right. You really can fool some people all of the time.

Dan got it right. There has never been a real crisis here. This whole charade was an attempt by the Obama administration to force the Republicans to raise taxes in an effort to humiliate the tea party and the new Republican house members. It failed.
Also, I’m hearing that to get this deal done that Obama has agreed to let a balanced budget amendment get a vote in the senate. This is a total win for the Republicans.

Biggest Problem is Obama, 4.9% unemployment in Mexico. 9.2%n
United States. With these numbers we need a jobs programs for U.S. workers Visa”s
for Mexico. Sacramento Bee has the story.

“Vote on the Balanced Budget Amendment”, and that is what will doom the democrats in 2012.

Spending isn’t the problem.
No jobs is the problem(cutting spending won’t do ANYTHING to create jobs, most economists say it will kill jobs), no revenues is the problem, sky high medical costs are the problem, income inequality is the problem, lack of demand is the problem. There are about a million things more important than public debt. Even private debt is a bigger problem, but I don’t see any tax dollars going back to those who provide 85% of all tax revenues in the first place ie. The bottom 99%. It will all flow to the top as they get their tax cuts and we get stuck with the bill? Can’t pay? Ohh well well take your medicare.
Stop bashing Obama and the Democrats start making sure the Republicans don’t ever win another election.

Speaker Boehner might get another surprise when this deal goes to the House for a floor vote. I can only hope the deal the Speaker is agreeing to with Senate leader Reid and Obama is defeated by the conservative politicians in the House.
This agreement consisting of up to $2.8 trillion in new spending, in what will be another new round of quantitative easing policy green lighted by congress, for the federal reserve to devalue the American dollar even further, making prices for us fools to pay every time we purchase anything in a store that accepts the American currency we still use.
This deal if passed is just another 3rd round of ie “printing what you can not raise in treasury bond purchases and tax revenues,” so that we can as a nation continue to print the difference of what we can not produce and can continue to consume by an almost 2-1 ratio, until we lose our reserve currency status in the world markets.”
What I just said in English about the U.S. Dollar as the worlds Reserve Currency is this “other nations will accept an unlimited amount of U.S. Dollars allowing the Federal Government to Print Money to cover everything we spend money on and still have the dollar accepted by any nation on this Earth. We are the only nation that can do this.
It is why Greece needed a bailout from the European Central Bank and the World bank, while the U.S.A. can escape this by just printing more Dollars.
When other nations get tired of the U.S.A. printing what they can not raise in taxes or bond purchases, there at some point will come a day, when these nations are sick of converting the currency those nations use, and converting them into U.S. Dollars because even now they continue to lose money because they get less for their money just like when a normal person goes to France for a vacation and converts their money into Euros.
This means they will get LESS and lose money if they buy anything in countries that have a stronger currency than the United States of America.
As our politicians continue to let voters hold the political gun to their heads and refuse to do the right thing “which is to cut spending on social security, medicare, and medicaid”, we will one day upset other nations and they will all decide to STOP ACCEPTING USA DOLLARS.
When ever this day arrives America will have to stop spending in excess of what we “Produce,” because of only 1 reason.
Us Americans, will not have the U.S. Dollar accepted any longer by foreign nations. This simply means that the nations that decide to STOP accepting U.S. Dollars in excess of what our nation produces in Gross Domestic Product, will force us as a nation to only be able to spend money in our domestic economy. This will be hell if and when this day ever arrives!

No, Josh, Obama never offered $4T.
And these aren’t cuts of $2T. It’s an agreement to spend $8T instead of $10T more than 2011 levels over the next 10 years. Not a cut but a reduction in the increase of spending.
I don’t blame you, Josh, for not knowing anything of this. ABC and most other news outlets have done a very poor job of reporting the facts. Instead they have report false rumors (like the $4T figure you mentioned).

Everyone loses. The government gets to keep spending, so long as the Defense budget (the only part of this mess that the Government is SUPPOSED to be commissioned to fund) gets cut every time they spend more dollars.

Mark,
The difference is that, though the cuts are lower, there are no spending increases built directly in. I don’t particularly like this deal, but it is on par with the President’s previous offer as far as that goes. The big worry I have, other than the fact that the cuts are spread out too much, possibly even the initially agreed upon cuts (the article doesn’t mention how long these will be phased in over), is the commission to determine the later reduction. Commissions in this country’s government rarely do anything useful, or get listened to, and you can bet that if the commission recommends more spending cuts, the Dems, including the President will delay, fight, and weasel all they can to get out of making those cuts.

The greedy politicians screwed us again.nothing but voodoo,smoke and mirrors,deception and lies….,as long as Obama gets his re-election money,democrats are happy..there is going to be a bunch of people primaried and massive politicians unemployed next year,but the american middle class is totally screwed for years.No jobs for the kids,no home ownership ,interest rates skyrocketing,we are screwed..The thieves don’t even mention a balanced budget amendment ,which would take 7 years,anyway, to get through the states….i hate these (fill in the blank).

We’ll still be in the crapper.

Both parties’ leadership is incompetent, drowning in liberalism. The debate should be over how many entire departments to eliminate, not over wheter we add 9 trillion or 11.5 trillion to our existing debt over the next ten years. What a colossal bunch of fools this nation is made of. Where does everyone get off thinking this sort of spending has no consequences. Hold on to your hats, folks, the economic disaster has not even begun. All these sacred government programs are going away, and very soon. If we had the sense to act now, we could control the bus. Instead we will be under it.

This chess game is so predictable that Obama is playing. This is how it will play out.
1) the Dems will make it so inexceptable that the republicans will turn it down.
2) Obama will come out and say that they tried to the very end to work with the Republicans
3) Obama will let the market take a tumble because that’s part of the plan. To blame all the damage on the Republican. Could care less about your pocketbook
4) he will come to the rescue by doing something to make it look like he made a compromise. When we all know that he never had a plan.
5). He will campaign on this for the next 18 months.
All this was planned and executed to the very last move. Will do anything to get reelected. Needs those last 4 years to completely destroy this nation. Never has liked it.

The fact that there will be cuts of any kind is a victory for GOP. Obama originally wanted a straight debt ceiling deal. How about no tax increases… This President is looking weaker by the day.

We should cut spending. We should cut social programs. We should eliminate
the Department of Education, farm subsidies all together, corporate wellfare and food staps. That is the
easiest place to start. The stupid
Democrats just want to raise taxes and borrow more money. The stupid Democrats
know that it is not realistic to raise the debt ceiling. If the Republicans want to cut social security and medicare, the Democrats should agree to do it and argue where and how to cut social security and medicare.

Obama places Medicare on the carving block? What a total waste of my vote for this liar.

Double the cuts, cut the bailout, err, debt ceiling amount by half, and frontload the savings in the first year, and then we’ll have something acceptable.

“now…let’s get working on obama’s re election….so he can finish the job”
Finish the job of finishing off America?
No thanks.

President Obama, Senator Reid and Representative Pelosi are to be commended for their patience and resolve!
The tea-party secessionists lose on almost all counts!

It is quite obvious that all of you have posted above have not really been following this. It has been clear for a week that the only deal to remotely get done were modest cuts (no taxes) and the argument was basically over what time frame (before the 2012 election or after). What is going to come up are modest cuts – a short term deal so further cuts can be dicussed and apparently an up or down vote on the Balance Budget Amendment). That’s a pretty decent win for the Republicans (and Americans) if that happens. And by the way, Obama didn’t offer anything – he had no plan and no real cuts. This plan is AT LEAST a move in the right direction (I mean why do Democrats stand in the way of budget cuts anyway? What planet are they living on?) – so that we can avert this crisis and continue to work on longer-term plans.

If this reported framework is true then it is a total cop out by both parties. $1.2T cut over ten years? that is worthless, and would happen (or not) on someone elses watch. We need $2T cut in the next year and a balanced budget with decreasing debit limit. I do like the balance of across the board cuts including defense and medicare.

People are upset that Republicans and Democrats can’t agree and then you see the name calling going on in here and then you understand why nobody can agree

Just so long as they FINALLY start to do away with socialist medicare and social security.

How about the politicians take a pay cut to help pay off this countries deficit, Or stop sending monies over sea’s to assist other countries and start taking care of business here at home. I understand its nice to help others in need. But seriously wake up and smell the coffee and SEE all the help needed here in their own backyard. Before its too late.

A “deficit reduction” of $2,400,000,000,000 will mean our debt after 10 years will only be around $26,000,000,000,000.
Balanced budget or bust.

The best thing that can happen is the declared bankruptcy and collapse of the federal government. Then it gets ugly but we start over.

So a special Congressional Committee would recommend cuts, but if Congress doesn’t vote for them, cuts across the board would go into effect anyway. In other words Congress would be blackmailed into voting for whatever this committee recommends.
That’s not even democratic. Congress is supposed to pass legislation, nobody else. We are losing our rights!!!!

Thank you President Obama!

No tax revenues…what is wrong with this country. Add fresh revenue and help plug the gap.

Totally unbelievable what the Republicans are planning to do, plus, they refuse to tax their rich people in USA and they are ready to deprive Medicare that could be exposed to automatic cuts, but the size of the Medicare cuts is limited and they are designed to be taken from Medicare providers, not beneficiaries.
What kind of a dirty trick this is for the American people.

time to remove 0bama in 2012
and the demotards in the Senate…
There will never be an expiration of the Bush tax cuts
not unless Democrats want huge tax hikes both for themselves, the middle class and the poor…
here’s an idea though…
How’s about we place a tax increase ONLY on democrats? …tax them at 100% of their wealth… and give that money to other people. And make them pay for entitlement programs.
they will leave the country.
and the nation and would have to live under places like Communist China… or Socialism in Europe. Which is more to their liking and ideology: where they can be equally poor with everyone else.
The USA will be a million times more prosperous afterwards without the democrats ruining our country with over-regulation and high taxes.
….that’s what they should do add a specific code into the tax system….
that allows a person to be taxed a huge amount if they are liberal
….liberals won’t want to be liberals anymore after they face higher taxes.
Bwahaha… 0bama is gone in 2012
as soon as he is…. the economy will recover almost instantly and unemployment will go down greatly.

Oh yeah, one other thing. I was raised as a kid that you supported your president, no matter who he is and what party he belongs to. Its no coincidence that all this hate is directed toward the first black president. No matter how you try to WHITEWASH it. One other thing. I’m white!

President Obama was completely marginalized and showed zero leadership through this entire process. He had no plan on the table except vague words. Regardless if a “deal” is reached between Reid, McConnell and Boehner, the U.S. will most likely be downgraded (and unfortunately, rightly so). The cuts are not near deep enough and the spending is sending the country off a cliff.

Both Parties remind me of a bunch of spoiled childern.My way or no way.God have mercy on us all.

Tea Partiers keep saying there won’t be a default — this is a moot question, since irreparable harm has already been done to the US’s financial image. All around the world, investors will think twice from now on about the long-run economic security of US bonds. The financial damage is staggering and incalculable. With their shenanigans, the unwitting Tea Party just killed the goose that laid the golden egg. It seems that this truth has not even sunk in yet with responsible members of Congress, who seem relieved that a debt ceiling will soon be reached. This lack of unawareness can only be set down to hubris — the sort of smug pride that leads to an insular viewpoint. Mark my words; right after this mess, the news will turn to shifted worldwide financial mindset. The Tea Partiers (like the original Boston Tea Party) are getting what they want — the downfall of a government they see as illegitimate.

Cuts, ya right. 7-prct auto-growth is considered a cut. They won’t cut spending, they can’t cut spending. They can increase taxes, they will increase taxes.

Circle Jerk!

Thomas is right and the nation is being played for a fool. What happens in say 4 years and the country is in debt to the tune of 20 trillion? YOU really think they are going to pass on cuts to medicare providers and medicare providers say they are outa there? All of these entilement programs are going belly up. and when baby boomers retire enmasse big time watch out. say about 4 years from now. Congress will throw their hands up and raise the retirement age to 72. LOL then.

The American people are the losers. The politicians will continue to spend more money than we have. They have not made any “cuts”. They will spend more money next year than this year. The country’s debt will grow and grow. The credit rating will get downgraded several times in the next year and interest payments on the debt will grow substantially.
Where are the leaders in Washington??? Please stop the insane, massive spending. Stop destroying the greatest country that was every created.

Basically the American People get a hamburger today with a promise of payment on Tuesday (sorry Popeye, Olive Oil, Whimpy, etc).
Raising the debt yesterday, today and tommmorow is not going to change anything. We are on a course to destroy ourselves financially.
I have learned that the United States Government takes in $200 billion a month in revenue – please spend no more than that every month.

A vote on a balanced budget amendment in both the House and Senate. Yeah, good luck with that 2/3 majority. Why does this even need to be a provision in this bill? Just introduce it Congress, duh. And like the states would have to ratify it. They would be voting themselves out of a paycheck. They’ll run away from a federal balanced budget like Kryptonite if it meant they couldn’t build bridges to nowhere. The Tea Party is truly cuckoo.

Ridiculous! Instead of CUTTING wasteful spending on illegal aliens and all the freebies handed out by our government, we hit the only programs that should be receiving money! This is a joke, an absolute joke! And the joke is on the American people who believed these idiots would come up with a program to end this insane spending. Tighten our belts? This is no budget. This is a trillion-dollar ripoff of the American people! Shame on you, Obama, for asking for a debt increase while spending us into bankruptcy! This “budget” is a joke!

Sad that people who understand how much govt wastes money and want it to stop are attacked as extreme. Obama has killed jobs in Energy (the Gulf), NASA, Healthcare, manufacturing (GE sending jobs to China). They want taxes to go up so they can so wisely spend more money.
Jobs drive revenues not taxes. Look at the states that are coming back, VA, OH, TX, SC, NJ, WI, all run like we want the Federal Govt to run. Look at the states failing, CA, NV, MI, all run by unions or Dems. The answers are usually obvious. Jobs create revenues and growth. This Dem congress and president has failed America. Dems can make up talking points all they want, but facts are, they failed and lied about.
Term limits for these fools.

I think that the Republicans finally got around to looking at their public approval rating polls. And Decided that they simply could not afford to go through this whole morass again during an election. As it is, several Tea Party members will be shown Washington’s door. I predict that Dems pick up seats in the House and Keep the Senate and Presidency. I’m going to my local Democrat office to enlist. The Republicans insistence that the wealthy pay nothing to reduce the deficit has me furious. The Republican party is two actually two parties Libertarians and the Wealthy. It’s time America sidelined them from national policy…..forever.

thetxbigdog wrote, “Sad that people who understand how much govt wastes money and want it to stop are attacked as extreme. Obama has killed jobs in Energy (the Gulf), NASA, Healthcare, manufacturing (GE sending jobs to China). They want taxes to go up so they can so wisely spend more money.”
No, what’s sad is that you do not know what you are talking about. The temporary moratorium on Gulf oil drilling ended months ago. It was in place for about 6 months. After the worst oil spill disaster in our nations history. What a short memory some people have. NASA was slated to end the Shuttle program for a few years, that decision came from the previous president. Obama has absolutely NO CONTROL over what GE does, or over where they hire people. Unless you are advocating the government take over GE and force them to hire here in the USA. Is that what you want? The health care law certainly isn’t perfect, but it’s a whole helluva lot more than anything ever enacted by any Republican. Unless you consider the totally unfunded Pill Bill to be a model of success. Fun fact about Medicare Part D, the Pill Bill that was rammed through Congress by the Republicans in 2003: if forbids the Medicare people from negotiating for lower drug prices with the drug companies. I’ll say that again: it FORBIDS us from NEGOTIATING with the drug companies for lower prices. Medicare pays 50% more for some drugs than the VA does for the exact same drug. And the Republican who wrote and rammed this bill through – Billy Tauzin – ‘retired’ from Congress a few months after it was signed. To take a job as the head of the drug industries biggest lobbying firm………

Please Mr President separate these 2 issues as has been done for decades. Raise the debt ceiling NOW by using your 14th Amendment prerogative. Then, the AMADANS in Congress can go their own buggering way and work on debt reduction with a BALANCED approach

Any proposed cuts in spending beyond 2012 are meaningless. There is no mechanism for one congress to impose its will upon the next.

It will be a cold day in HELL before I vote republican again!

shugland wrote, “…(Obama) wasn’t even there but YOU believe his omnipresence hand controlled the whole deal…”
LOL! What is TRULY funny is that people like you will turn around and BLAME Obama for the deal………

Oh – and “across 10 years? Who are they kidding? Is the debt ceiling increase limited to 10 years? If not, then they haven’t done anything but pass the buck – Again!

“Democrats won’t like the fact that Medicare could be exposed to automatic cuts”….. Medicare cuts didn’t seem to bother them when they voted to cut 500,000,000,000 (that’s 500 billion) from Medicare when they passed Obamacare.

So we kick the can down the road again. We used to do it by decades; then by years. Now we do it by months. Anybody see a brick wall coming? No?
And those automatic ‘across the board’ cuts – well, that’s just the mindset behind “zero tolerance” that we’ve all come to know and love; where everybody suffers because someone screws up, but we don’t have the courage to point fingers.
Welcome to the new world, where “fiscal responsibility” just means going broke a little more slowly. Buncha pathetic cowards.

@a mcewen – spends like a drunken sailor? Obama has added $2.1 trillion to the debt. Bush added $6.4 trillion. What does that make him out of curiosity?

At last!
Now the wrangles in the GOP are going to get really dirty, the TP are going to be spitting feathers if this deal is passed on the floors. Any Republican who doesn’t vote against it will be targeted by the TP.
One up for Obama, no doubt about that, and a big downer for the GOP, again no doubt about that either, especially as the majority of swing voters overwhelmingly support tax rises as part of any solution – the Tea Party must be whailing in anguish! :)

This “deal” does not address our problem and will result in a lower credit rating for our country that will cost all Americans. Brings to mind an old proverb, “Never underestimate the power of stupid people in large groups.”
They screwed around so long they for got the problem.

Nice. So the ultra-wealthy and their friends in congress continue to have the lowest tax rate in 80 years and the brunt of paying for their financial folly falls on working class Americans. I hope they remember this country was created by revolution. Maybe it’s time to recreate this country.

All six bullet points are big losers for the American people. Big Gov. gets even bigger and the fictional cuts are decreases in the projected increased spending, not cuts at all. Obama gets plenty of $ to finance his reelection, 2.8T of them. Taxes auto rise Jan. 1, 2013 at the expiration of Bush II’s tax cut. Another committee to propose even more tax increases and fictional cuts–great news. A vote on a BBA that will never pass a D Senate–more great news. This whole Damn sham is predicated on the American people being too stupid to know any better and the Pols are probably correct at least on that bullet point.

Hey Josh, Obama didn’t offer 4T in cuts. He made a speech where that was mentioned. Obama has offered nothing but partisan worthless speeches.

You can bet that any ‘deal’ will not be good for the GOP or the American people! Compromise to the Left means having the Right cave, and gine the Left what they want!

“A Republican briefed on the framework says this will be unacceptable to many Republicans because it could force them to face a choice between accepting tax increases (if that is what the committee recommends) or automatic cuts that would gut the Pentagon’s budget.”
Why would this be a problem? If it happened, they’d just repeat what they did this time: do some ineffectual hand-waving, propose unrealistic solutions, punt to Obama and the White House, and then complain about the results.

Well if this is true and goes through at least we can say things would have been a lot lot worse. Just get the stupid thing raised already and keep our credit ratings (Moody’s seems to be willing to hold onto it, not sure about S&P yet).

If they are going to cut medicare and social security benefits, they had better be prepared to cut congressional benefits, all support for illegal aliens and people who don’t want to work but play the system, and women with 10 “fatherless” kids, who make more than the president each year, first! We are the only country in the world that does not care for their senior population and SS is only giving back what seniors paid in!! I would call THAT repayment on a loan.

Obama promised he would help the needy, not desert them. This is going to take trillions of dollars away from important government programs! I can’t believe he is agreeing to this! We can’t have a balanced budget amendment if it means we have to cut so many social programs.

Regardless of the debt ceiling right now, this country has to stop the long-term bleeding in our finances. Almost every single president in the past 80 years has added huge amounts to federal spending. Both Bush and Obama were terrible about spending wildly. This is not sustainable, and it is now about to get our AAA rating downgraded because no one is enacting large spending cuts.

Maybe Apple will pay our debt, own the country and fire them all – and we’ll all have iPads and iPhones.

The compromise plan will favor the GOP but it is far from what the Tea Party ultimately wants. As a democrat the entitlement programs must be limited and even scaled back but on the same hand revenues must increase at some point.
The good thing about this impasse is that it’s the beginning of the end for the radical right Tea Party. The American people do not want a return to a pre Civil War society of “state rights” and the bigotry that often accompanies separate but equal politics. The Tea Party may have won a small battle this month but they have set the stage to lose the war.
America is now scared to death of the Tea Party’s self serving agenda; they will crash a burn in the next federal elections.

Facetiously stated “a sad day when the ” only adults” use a credit card with no limits and spends like a drunken sailor”, wow those on the right love to say that lie, since 1974 spending is determined by the budget passed by Congress. When the Republicans controlled , White House Senate and House they did not care about uncontrolled spending deficit or the nations debt where were you then ?

WELL, “AGAIN” ALL ” I KEEP HEARING” IS THAT THEY ALL ARE “WORRIED ABOUT “THE
“RICH” NOT HAVE TOO “PAY” THAT THE “RICH” GET THEIR “FREE RIDE STILL” AND THE “RICHER” JUST GET “RICHER”
AND ALL OF THE “CONGRESS”M “HOUSE” ,”SENANT” AND “OBAMA” WORRIED ABOUT THEIR “RICH” SELVES” AND “THEIR OWN “RATINGS”"”!!!…
“INSTEAD” OF THE “ACTUAL “POOR” PEOPLE” THAT “ONLY” HAVE “SOCIAL SECURITY”,”MEDICARE” AND “MEDICAID” AND “LIVE ON A “DISABILITY” AND ARE “SENIORS” !!!… WE SHOULD GET A “LAW SUIT” AGAINST “ALL OF YOU RUNNING WHAT LIFES WE HAVE LEFT TOO LIVE”"”"!!!…

Public office does not require an education, experience, expertise, talent, drug testing or a polygraph test. We elect them because they have nice hair and teeth and they promise us whatever they think we want to hear. Campaigns are expensive and most politicians come from elitest backgrounds where they never had to work for a living. We trust them to make decisions for us that they have no clue about. They vote themselves huge raises and benefit packages and we as their “so-called bosses” are kept in the dark. Until we do a better job of electing our officials and making them accountable, nothing will change. All of the e-mails passed around and comments that are made accomplish nothing without action behind them.

Thank goodness we had the newly elected
Tea Party members of the House and John Boehner to control Obama, Reid and Pelosi’s out of control spending spree.
The left seems to forget that is why the were electe in the first place in the last election.
Why in the world would the Dems do this just missing a depression and the US barely trying to recover from the finacial crisis?

americanme wrote, “Thank goodness we had the newly elected Tea Party members of the House and John Boehner to control Obama, Reid and Pelosi’s out of control spending spree.”
Oh please! Why is spending called ‘out of control’ when a Democrat is in the White House, but NOT when a Republican is in the White House? Republicans have increased the size and scope of the government WAY more than Democrats, in the last 40 years. And believe me, Boehner has no CLUE how to handle the infantile T-Baggers and their insane partisan agenda. It’s like he’s trying to herd cats…….

No downsizing of government – Obama’s “buddies” remain in their “czar” positions – tax breaks for big oil remain – no offer from any in Congress to take a cut in pay or offers to give up their “perks” — cuts in what Medicare will pay providers – it’s SOS — the rich remain rich, the poor get the shaft. This whole thing was a show – a sham – our country is being run by crooks and we just sit back and take what they hand out.

What a joke. This will do nothing to halt our plummet into bankruptcy–the Democrats will be perfectly happy to vote (no, of course) on a balanced budget amendment–and are those “cuts”, which are pretty pathetic, actual cuts, or just increases of not as much as was previously planned? I hope that the Republicans don’t fall for this garbage.

Wow you posters are sooo ignorant of our tax system as it stands. Tax the rich mantra is just foolish. I live in CT. One county (Fairfield) pays 40% of the state tax income. Their income is based on the stock market, banking, real estate and insurance. From 2008-2010 none of these people really made any money (income that is) Of course they still had millions they already paid taxes on from prior business deals and earnings but their yearly incomes dropped by 50+ percent. Guess what? The tax revenues went down also. Does this mean these people aren’t still rich no it just means that you only get taxed once on your income. If your income goes down so do the taxes. If you want to take the wealth from the rich tax their savings not their income. Of course, remember if the government can tax their post tax savings they can tax anyones including yours. Funny how someone can demand things from other peoples efforts

Thank God for the Tea Party! Without them, we wouldn’t even be talking about how big the cuts would be…the old guard of both parties would be just doing the same as they always do…take MORE of our $$ and give it to someone else!

We are never going to get this economy back on track until congress has the best interest for the people. Once they are voted into congress and serve their fist term they receive their salary for the rest of their life. Why is congress exempt from buying into a retirement plan? Why doesn’t congress buy into the same medical plan or similiar. These politicians get to DC and become rich due to the lobiest and now they retain a salary for the rest of their lives. With this type of infrastucture the people wether republican, democrat, independent are not being represented in the right respect. We have to work 20 – 30 years to receive a portion of our pay. Do the math… Cut your pay, buy into a retirement plan and the deficit and economy will turn around faster. If you are able to serve in congress for 10yrs you can obtain 50% of your salary, 20yrs, 75%, 30yrs-100% or something of sort. if you do not make 10yrs, you go back to your previous job and make due because when you don’t you are still part of the problem. Your six figure salaries are draining this economy dry. The people needs to have an uprising against congress. Each president is blamed for the economy failures and it has been congress for over the last 35 years.

It looks to me as if the Republican tea party has done some serious damage to the economy. I only hope people remember this when election time rolls around.
I’ve always felt that besides bigotry and hatred, one of the worst and most dangerous flaws in our society is ignorance. I think we’ve seen a great example of that these past few weeks.

I am ABC News’ Senior Political Correspondent. In this role, I am responsible for covering national political news for all ABC News broadcasts and platforms including “World News,” “Good Morning America,” “Nightline,” “ABC News NOW,” and ABCNews.com.
Page: ‎227 people like this…
Justice for U.S. Supreme Court Case # 10-9061 MEDIA HELP