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Debt Deal: Is $2.4T Over 10 Years Enough?

Politics 2011/08/01 19:00:00
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You're probably not gonna believe this, but the members of Congress actually did it.

They came through and agreed on a debt ceiling plan, and just in the nick of time. Like one of those old movie serials where the hero is teetering on the precipice of death one week and walks away without a scratch the next, their game of financial chicken looks like it will have a happy ending (at press time a vote was still pending).

According to The Hill, even as Senate Majority Democrat Leader Harry Reid signed off on the deal -- which would cut the deficit by about $2.4 trillion and raise the debt ceiling by a similar amount, while cutting spending by $1.2 trillion up front (a select committee will get together "later" to find the other $1.6 trillion in cuts) -- Republican House Speaker John Boehner could still scuttle it over fears that it cuts too much from Pentagon budgets.

Reid and House Minority Leader Nancy Pelosi agreed to support the measure, but they, too, may have to twist the arms of some of their caucus, who may balk at the fact that it doesn't raise any additional tax revenue.

Even though it kicks the can down the road on the extra $1.6 trillion in cuts, the deal has an automatic trigger that will implement $1.2 trillion in spending cuts if the select committee gets deadlocked.

The apparent deal maker was an agreement between President Obama and Senate Republican Leader Mitch McConnell to divide the automatic cuts evenly between defense and non-defense programs. Also, though Medicare cuts made the final deal (and would be triggered as a penalty if the committee fails to produce a package), beneficiaries would not feel the impact, but instead those trims would hit health care providers and insurance companies via lower payments.
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Top Opinion

  • Tuna 2011/08/01 19:45:40
    No
    Tuna
    +13
    The unscrupulous Progressives NEVER honor a deal; they always welch.You can't use Progressive and honor in the same sentence. unscrupulous progressives honor deal welch progressive honor sentence corrupt politicians

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  • S. Gompers 2011/08/06 06:46:25
    No
    S. Gompers
    The debt will continue to grow.
  • Hamilton 2011/08/05 12:08:17
    No
    Hamilton
    Not NEARLY enough, and the stock market KNOWS that this deal is a disaster.
  • lauren dull 2011/08/05 04:22:52
    No
    lauren dull
    Like putting a band aid on a large gushing wound.
  • TuringsChild 2011/08/05 01:41:44
    No
    TuringsChild
    Not even a drop in the bucket.
  • lawlerskates 2011/08/02 18:18:35 (edited)
    No
    lawlerskates
    Not when you're raising the debt limit by the same amount you're cutting.....except the spending raise is immediate, the cut is over 10 years.

    Does our federal government really believe that we're gonna buy that? Oh yea, we don't have to because we as the american taxpayers (the one's who are footing the bill) don't have a say!! That's right I forgot. Sorry guys. My mistake.
    On second thought, I don't know how congress accomplished anything. They did nothing to help our country's biggest problem: SPENDING.
    Last time I checked, cutting spending doesn't include a raise in the amount of money our country is allowed to spend. That's called RAISING spending. Mmkay?
  • Freedom4 2011/08/02 17:44:38
    No
    Freedom4
    +1
    They did not even cut anything. They just vowtonotraise spending by as much in the future. Hopefully the tea party can throw out the liberal republicans and all democrats out so we can actually fix things
  • Dogzebra~PWCM~JLA 2011/08/02 17:38:56
    No
    Dogzebra~PWCM~JLA
    What was done over this deal was to scare old people and the dim witted into thinking that the sky was falling.

    Now Barry and friends can continue spending us unhindered into the great abyss and focus on bigger and better things like raising taxes on anyone with change left in their pockets. Not to mention, continue on with his five year Presidential re-election campaign.
  • DeadCenter 2011/08/02 17:31:29
    I think $2.4T over 10 years is ...
    DeadCenter
    +2
    Pointless unless we change the fundamentals of how things are done in washington. You cut to the core of how washington and corporate lobbyists do business. Otherwise the system is just rigged to where you have no choice but to hand out bailouts and raise debt ceilings. I can understand the disappointment in Obama for being a part of all of this, but if you honestly think the other guy would have done things differently then there's a bridge in brooklyn i'd like to sell you. Congress's opposition was nothing but grandstanding. Everyone with a long memory knew they were going to raise the debt ceiling. We are being failed by our two-party system, and the "facade" that is the Tea Party is overpopulated by too much of that typical neo-con hyperbole. More of the same with a different brand name. Unless we reform our political nature and cut the fat off of our unprecedented defense, we'll be raising the debt ceiling again in far less than 10 years time.
  • Turings... DeadCenter 2011/08/05 01:47:40
    TuringsChild
    The Tea Party has the right idea, but they're inexperienced. What we need is a way to filter the crooks out of our govt. It'd be nice to get the money out of lobbying, making ideas stand or fall on their own merit, but that won't happen with the goofs in place right now. There is one possibility:

    http://www.goooh.com

    Get involved if you love your country and your children.
  • DeadCenter Turings... 2011/08/08 05:19:25
    DeadCenter
    The Tea Party should really just evolve some more brainpower and become Libertarians, but when I speak with members I find that many of them are riding the same evangelical cliche and politicized rhetoric that has bogged down the Republican way of thinking for decades. I can respect a difference between the idea of a "Tea Party" and the misinformed majority within it, but like it or not that misinformation represents that idea to the public. I would probably respect the Tea Party a lot more if it attempted to stand it's own ground as a real third party instead of conveniently hiding behind the Republican banner.
  • Turings... DeadCenter 2011/08/08 20:14:14
    TuringsChild
    Agreed. They need to stand separate from the career politician-thieves. Hopefully that will occur as they learn and grow.
  • T. James H 2011/08/02 17:23:01
  • Jackie 2011/08/02 17:20:08
    No
    Jackie
    Obama gets his increase now, but we have to wait for our cuts over a course of ten years? When has the government actually done anything within ten years it's projected? How is this a good deal?
  • Sandy 2011/08/02 17:04:03
    No
    Sandy
    +1
    Boehner should be fired immediately and the American people should go to D.C. in majority of the nation's population and put everybody that is not doing their job in handcuffs. All these losers should be exiled from the earth, not just the United States. They need to take Oblahblah with them because he is worse than they are, by far.
  • t.eliot, topbard 2011/08/02 17:02:32
    I think $2.4T over 10 years is ...
    t.eliot, topbard
    +2
    A scam. Government spending is necessary AND cost effective, plowing more $$$ into the economy than it costs.Raising taxes on the wealthy and corporations is a matter of economic necessity. For those of you who say , "Bull",the Obama stimulus failed, I say it was too small and of too short duration. To those who say the "Private sector will provide job growth" I point to the deficit producing, job killing Bus tax cuts, which had 10 years to produce the goods and brought us nothing but bigger deficits,reduced services and outsourced jobs.and then knucklehead Obama extends them to ruinous results.
  • Sandy t.eliot... 2011/08/02 17:08:37
    Sandy
    +3
    Who taught you economics? A backwards liberal teacher, obviously. When you have $500 in your pocket, do you go pawn your car to get the money to buy more stuff with? Or, do you instead, just wait, pay what you can and work toward getting more people into the work force who can pay taxes and generate you revenue? Taxing the rich and corporations more will only see to a bigger decrease in hiring. They are not going to hire workers while having to pay more out their noses for the failure of a stimulus that should have never been passed to begin with. Do you know it passed? Obama right after being elected and taking office threatened to declare martial law if they did not pass his stimulus. Bankrupting the country is what they are good at.
  • t.eliot... Sandy 2011/08/02 17:20:14
    t.eliot, topbard
    Hello... HSBC just announced a 10% reduction in their workforce, an undertaxed corporation cutting labor to maximize CORPORATE profits, and that's just one example.Lack of revenue is what's bankrupting us (that and out of control military spending). Further, equating a standard consumer's budgeting with the way government should do business is a simplistic, fallacious trick of starve government ideologues who convince people to vote against their own interests.
  • J t.eliot... 2011/08/02 17:33:13 (edited)
    J
    +1
    What is breaking this nation is NOT military spending. It is entitlement spending. And to top the list of entitlements, is GIVING money to countries that we BORROW from. Now, just in case you don't know, borrowing means we have to pay it back. Giving them money obligates them to nothing.

    Quit providing services for all of the illegals in this nation who don't, never have, and never will be paying into our tax system. Good grief, look what they've done to California!
  • Sandy J 2011/08/06 17:45:36
    Sandy
    J, check this website and this article out. I wrote the article. http://igwtblog.com/?p=448 It is my welfare plan that also includes a solution to fraud within the healthcare industry as well. However, my welfare plan will bust up the housing projects, which will bust up gangs, and end a lot of crime too.You can log in with almost anything. Please comment and let us know what you think.
  • Sandy J 2011/08/06 17:46:09
    Sandy
    http://www.facebook.com/perma...
    My FB fan page if you are interested.
  • Sandy t.eliot... 2011/08/06 17:42:14
    Sandy
    Wow, you are as dumb as you initially sounded. Sorry to state it that way, but are you even researching what you are talking about at all or are you just getting off the factcheck.org website? Geez!!!! Too much military spending. I guess since China is giving us all this money that we don't need to borrow then their military can protect us when it comes down to it since you and others think we need to continue downsizing our defenses. China is building, building, building. Others like Russia are too. America needs to be building our defenses, and would be if we didn't have an idiot in our WH.
  • t.eliot... Sandy 2011/08/11 17:33:14
  • Jackie Sandy 2011/08/02 17:21:37
    Jackie
    +2
    Couldn't have said it better myself, Sandy!
  • Sandy Jackie 2011/08/06 17:48:28
    Sandy
    Thanks Jackie. Check out my articles on In God We'll Trust http://igwtblog.com and one specific article that has to do with where a lot of our money is going. Its My Welfare plan and includes some other angles on saving money within government. That is located at http://igwtblog.com/?p=448
  • cant be... Sandy 2011/08/02 18:08:21
    cant beleive walkers gov
    you seem to forget that house republicans held unemployment benefits hostage for a continuation of tax cuts
  • mihunter cant be... 2011/08/02 22:09:48
  • Sandy mihunter 2011/08/06 17:51:57
    Sandy
    +1
    Illegals are drawing on SS and have never paid in. They receive entitlement program checks too like Welfare. No wonder why America is going bankrupt. Not to mention that only about half the 310,000,000 people in America even pay taxes. Could ya'll attempt to do a little research. It would at least make conversations interesting.
  • mihunter Sandy 2011/08/06 18:15:10
  • Sandy mihunter 2011/08/06 18:24:03
    Sandy
    I merely took one part of your post to focus in on. When you start off with bad info, I don't have any reason to continue reading. Why do I want to read something that I can find on any liberal source's website? Lord have mercy. Not a problem, with the retirees, but you fail to account for another 38%, stupid. Can you pick a majority of anything? Obviously not. Looks like you still need to do some research badly. Many retirees pay taxes on their monies tied up in the stock market and with other investments too. You really don't know much do you? Your telling me that I need a reading comprehension course, and you continue to choke down the lies you are being told by the government.
  • mihunter Sandy 2011/08/06 22:15:11 (edited)
  • Sandy cant be... 2011/08/06 17:50:19
    Sandy
    You seem to forget that many people rode out unemployment to get a free ride. Unemployment is meant for people who have worked to get the amount their bosses have paid in, and nothing more. People have sat around for two years on unemployment.
  • cant be... Sandy 2011/08/06 21:10:12
    cant beleive walkers gov
    have you tried to look for a job lately? im not talking about a mcjob either. there are none.
  • mihunter cant be... 2011/08/06 22:19:20
  • t.eliot... Sandy 2011/08/11 17:37:56
    t.eliot, topbard
    Your assertion that the unemployed are looking for a free ride is ludicrous. your slanted view of the world is frightening.
  • mihunter Sandy 2011/08/02 22:40:44
  • Sandy mihunter 2011/08/06 17:59:04
    Sandy
    Keep listening to government websites and media and you will never learn anything. Only about half of 310,000,000 million people in this country even pay taxes. I can bet you that the rich pay taxes. Others don't. Illegals don't. Illegals drain and that's it. They receive social security and have never paid into it. They get welfare and are illegal. They don't pay anything into our nation, nor do others who actually live here. We need to fix the drains on society. Wake up!!!!
  • lawlers... t.eliot... 2011/08/02 18:28:51
    lawlerskates
    +2
    The Banksters mortgage fraud schemes are responsible for the economic crisis. As a direct result law abiding citizens are upside down on their mortgage.
    Job killing bush tax cuts....that sure does sound like an oxymoron. Because raising taxes would create jobs.......I'd like to see an explanation of how that works. Go!
  • mihunter lawlers... 2011/08/02 22:11:35
  • lawlers... mihunter 2011/08/03 11:53:39 (edited)
    lawlerskates
    A government sponsored enterprise? I never said it wasn't......but okay.
    Would you like the real skinny on who's to blame? My mother was working in the industry- the Subprime Mortgage industry- the one's who gave not-so-credit worthy people loans so they can buy houses, then they couldn't pay their house note and went under financially. It's no wonder. Everything was built upon layers of failure. Congress even supported irresponsible buying-go ahead take out that second mortgage even though you can't afford it. Said it's okay to have a bigger house.....and it's not too much of a surprise either because the government is still living that way....Waaay way beyond it's means. When the government lets the people and big business know it's okay to live beyond your means, then everybody does it. Then the people turn around and blame the government. It's really everybody's fault, not just one party, not just Bush, not just Obama, but EVERYONE.
    http://www.factcheck.org/2008...
  • mihunter lawlers... 2011/08/03 14:46:07
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