Author: Ezra Grant

I'm just tired of the lies and nonsense coming from the GOP, so this is my little contribution to combat the nonsense!

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Politics taxes

I.R.S – 1400 Millionaires Paid Zero Taxes in 2009

If the family struggling to put food on the table, or keep a roof over their heads make a mistake on their tax returns and is audited, the taxman will bring out the army to make sure that family pays all the taxes they owe. But if you’re a millionaire, you could get away with paying nothing, while your income reflects six or more digits.

A new report issued by the IRS shows that over 1400 people who earned more than 1 million dollars in 2009,  paid zero in taxes. Credit this effort to keep the rich happy to two things;

  1. The raping of the tax system through tax loopholes set up to primarily pacify the greedy;
  2. A lobbying group voted into Congress by the American people. This group of lobbyists is called the Republican Party.

But let’s not forget the Republican’s claim, that providing the rich with more tax cuts in the form of Corporate loopholes and welfare, is the only way to create jobs. With this ideology, no one would have expected the unemployment rate to balloon to 10.2% in 2009 and now stands at 9.2%

It is time that Americans and Republicans face the truth – extra tax cuts and tax loopholes that benefits the rich does nothing for everyday middle-class America, and the Bush Administration supports this conclusion when massive trillion-dollar tax cuts were given to the wealthiest people in America, resulting in 700,000 people a month losing their jobs at the end of his term.

At a time when middle class America is being asked to give up the shirts off their backs to keep the economy from falling into total destruction, the millionaires and billionaires in this country should at least be asked to pay something back. Maybe not 90% like they paid in the 1950’s, or the 50% they paid under the Reagan administration. But having millionaires pay zero in taxes should be unheard of, especially in this economic crisis.

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Politics

The 14% Approval Ratings For Congress – A Win For Republicans

America sent these clowns to Washington to work together and get the economy back on the right track. The operative word there, is “work.” And the American people are quickly coming to understand the true nature of its elected officials – one group seems determined to fix a broken system and get the economy working again, even if it means negotiating away the very ideals that jumpstart the economy in the past, and the other group is hellbent on keeping the system broken, you know, hiding the jumper cables.

So America is now disgusted, and that feeling is reflected in a new CBS News/New York Times poll, “82 percent of Americans disapprove of the way Congress is doing its job – the highest disapproval rating since polling began in 1977. Just 14 percent approve of Congress’ performance.”

The uptick in frustration comes after Congress narrowly avoided an economic catastrophe of its own making by failing to hammer out a deal to raise the nation’s $14.3 trillion debt limit until the deadline for action. And neither side was happy with the outcome: Conservatives said the final deal, which is projected to cut around $2.5 trillion over ten years from a projected $24 trillion debt, didn’t go far enough; liberals complained that the initial deficit reduction came entirely in the form of spending cuts, not revenue increases as Democrats initially demanded.

I guess you can call it a win – for the group hiding the jumper cables.

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Barack Obama MSNBC Pat Buchanan Politics

Buchanan’s “your boy” Reference Was Not Misunderstood

Less than 24 hours after referring to President Obama as “your boy,” MSNBC’s Pat Buchanan went on Morning Joe, and tried to “clarify” his poor choice of words on Tuesday, when describing Mr. Obama to Rev. Al Sharpton.

“Let me clarify something that happened last night on the Al Sharpton show, a very spirited discussion. I was asked who was the big losers in these battles, and the big winners. And I said one of the big losers, using boxing terminology, was ‘your boy’ and I meant the President of the United States. . . . This was taken – some folks took what I said as some kind of slur – none was meant, none was intended, none was delivered – for the record.

But this is just one occurrence. Buchanan is known for walking the edge with the careless statements he’s made in the past.

When Barack Obama was campaigning for President back in 2008, questions about statements his one time pastor Jeremiah Wright made, dominated the news. Mr. Obama felt it was necessary to answer his critics by delivering a speech about race relations – a conversation about race. Pat Buchanan decided to write a response to Mr. Obama’s speech, where he attempted to make the point that “White America needs to be heard from, not just lectured to.” Buchanan wrote;

First, America has been the best country on earth for black folks. It was here that 600,000 black people, brought from Africa in slave ships, grew into a community of 40 million, were introduced to Christian salvation, and reached the greatest levels of freedom and prosperity blacks have ever known.

… Second, no people anywhere has done more to lift up blacks than white Americans. Untold trillions have been spent since the ’60s on welfare, food stamps, rent supplements, Section 8 housing, Pell grants, student loans, legal services, Medicaid, Earned Income Tax Credits and poverty programs designed to bring the African-American community into the mainstream.

Governments, businesses and colleges have engaged in discrimination against white folks — with affirmative action, contract set-asides and quotas — to advance black applicants over white applicants.

Buchanan also bought into the ‘Donald Trump talking point’ that President Obama was too dumb to achieve high levels of education, in some of the most prestigious schools in America. Buchanan stated that affirmative action was responsible for the President’s acceptance into these schools.

And who could forget “The Blacks?” That was how Donald Trump referred to New York’s black population, when he was asked if he worried about getting their vote. Trump answered that he has “a great relationship with the blacks, I’ve always had a great relationship with the blacks.”

Of course, this disparaging reference outraged many of  “the blacks,” in New York and around the country, but Pat Buchanan saw nothing wrong with Trump’s statement. Buchanan went on MSNBC and defended Donald Trump, saying, “I don’t find any malice in what he said in the statement about the black folks.” Buchanan then tried to water down Trump’s statement, by saying if someone referred to the members of his religion by calling them “the Catholics,” he will not be offended.

These are just a small fraction of the many times Buchanan has made race-baiting statements. So today when Mr. Buchanan offered his so-called clarification, is there anyone out there who really believes this one-time presidential candidate was taken out of context? Is there anyone who believes the rest of the world heard his “your boy” reference and everyone collectively and mis-heard or misunderstood the innocent Buchanan?

The odds are highly unlikely. Buchanan is a calculated Republican pundit, a strategist who knows exactly what he wants to say and what message he intends to deliver. When he called the President “your boy,” he wasn’t misunderstood, on the contrary. Those words coming from the mouth of Pat Buchanan only had one meaning, and the rest of America, the world, knew exactly what he meant.

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Politics

Republican Math – Lose Billions To Save Millions

This is the wisdom of a Republican controlled House of Representatives. About two weeks ago, House Republicans voted to deny the $200 million from a subsidy to the Federal Aviation Administration, because the Democratic controlled Senate did not yield to their demand to cut $16 million from the subsidy. Because of the Republican’s action, projects that this money funded came to a grinding halt, causing thousands to be out of work.

But not only did these people lose their income, the federal government is also seeing revenue fly out the window. A ticket tax added to each purchase was also terminated when Republicans decided not to approve the subsidies, and according to reports, over $1 billion in revenues will be lost.

Lawmakers risk losing more than $1 billion in revenue from ticket taxes that the airline collects. The authority to collect those taxes has expired. House Republicans say the sticking point is their demand that the Senate cut $16.5 million from a $200 million budget for rural air service subsidies.

The shutdown is less than two weeks old and already the government has lost more than $250 million in revenue.

After voting down the subsidy, House Republicans left Washington and went home to their districts on a 5 week vacation. It should also be noted that since 2007, congress passed this same bill 20 times. This time however, something changed and Republicans have now decided not to issue the 21st approval.

This is simply more proof that Republicans really don’t have America’s economic recovery at heart. Anything they can do to create instability and add to the worries and fears of middle class America, they are willing to do. Their goal is simple: feed off the worries and fears they’ve contributed to, then blame the Obama administration for a terrible economy. This, they believe, is their ticket back into White House in the 2012 elections.

 

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Politics White House

White House Security Breached. Man Arrested – Video

While the freaks come out at night, the crazies apparently come out in the daytime. Today, the White House got another dose of the crazies, as a man jumped the fence and began shouting in the general direction of the home of the President and his family.

Two Secret Service agents cautiously approached the dark-skinned man, who could not immediately be identified, their rifles pointed at him as he lay face down on the lawn, AFP reported. He was swiftly arrested.

Several police vehicles were parked outside the White House gates with their lights flashing, and security personnel could be seen patrolling the compound, including two with body armor and automatic weapons.

Reporters were asked to leave the White House lawn and the platform where television journalists stand for their live shots.

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Barack Obama MSNBC Pat Buchanan Politics racist Republican

Pat Buchanan Refers To President Obama As “your boy!”

Why is this guy on MSNBC?

Republican Pat Buchanan went on the wrong show tonight and chose the wrong words to describe the President of the United States. Speaking about the debt ceiling deal and whether or not the President would allow tax revenue to go up on the rich, Buchanan said to the Rev. Al Sharpton;

… and let me tell you something, your boy Barack Obama caved in 2010, and he will cave in again and again!

Al Sharpton, who marched and fought in many civil rights battles became livid. “My what?!? My President Barack Obama… what did you say?”

Buchanan, thinking what he just said was funny, continued laughing and repeated what he said, “he’s your boy in the ring!”

“No, he’s nobody’s boy!” Al Sharpton shot back at the laughing Buchanan. Mr. Sharpton then continued to put Buchanan in his place.

Twitter and other social networks immediately began calling for Pat Buchanan’s job, demanding that MSNBC end his contract. This will be a good test for the network. They suspended Keith Olbermann for making a donation. Let’s see if they will make Buchanan apologize for his insensitive and racist remarks.

Watch the unbelievable video below.

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Barack Obama Politics Racism Republican

Republican Racism At Its Worst

There have been a lot of racist things said about this President, but one of the most vile and despicable comments made so far, must be attributed to Doug Lamborn, a Republican Representative from Colorado

While discussing the debt ceiling debate on a local radio show, the Republican congressman said this:

“Even if some people say, ‘Well the Republicans should have done this or they should have done that,’ they will hold the President responsible. Now, I don’t even want to have to be associated with him. It’s like touching a tar baby and you get it, you’re stuck, and you’re a part of the problem now and you can’t get away.”

Since his statement made news on the main stream media, the congressman issued a letter to the president, offering his “apology.” A statement on his website said, “Congressman Doug Lamborn (CO-05) today sent a personal letter to President Barack Obama apologizing for using a term  some find insensitive.”

He apologize for using a term “some” find insensitive?

Some history from the Huffington Post.

The term “tar baby,” with origins that stretch back to an 1881 Uncle Remus story from writer Joel Chandler Harris, can be used to imply that a situation is difficult to solve. But in more recent history, the term has developed more derogatory connotations related to describing African-Americans.

I guess where Mr. Lamborn is from, a reference to a black person as “tar baby” is a normal, everyday occurrence. This is what ‘some’ Americans  mean when they say, “I want my country back.” Welcome to Doug Lamborn’s 1811 America.

 

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Politics

Gabrielle Giffords Goes To Washington

Just seven months after being shot in her head in a failed assassination attempt, Arizona Democratic Congresswoman Gabrielle Giffords returned to the floor of the House of Representatives on Monday to thunderous applause from the entire congregation.

With less than five minutes remaining in the vote to approve a bill to raise the debt ceiling, the applause started as Mrs. Giffords made her way into the chamber. Some house members indicated that they initially thought the President himself entered the room.

Mrs. Giffords said that she “closely followed the debate over our debt ceiling,”  and has been deeply disappointed at what’s going on in Washington.

“After weeks of failed debate in Washington, I was pleased to see a solution to this crisis emerge. I strongly believe that crossing the aisle for the good of the American people is more important than party politics. I had to be here for this vote. I could not take the chance that my absence could crash our economy.”

An inspiration to us all!

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Barack Obama Democrat Politics Republican

The Deal – Is The Cup Half Empty or Half Full?

I just don’t get what all the fuss is about. I have criticized this president on many occasions, but listening to the backlash from liberal radio and television personalities about the proposed deal, you’d think the world as we know it was coming to an end.

Based on the framework of the deal worked out between Democrats and Republicans, I lean towards agreeing with the President on this one. Yes, Mr. Obama did say that he preferred “a balanced approach” to reducing the debt, and he called for revenue through closing of the tax loopholes that benefit the rich. And although that didn’t happen up front, as far as I can tell, revenues are part of the deal.

Let’s break it down;

The first thing we must acknowledge is, this deal avoids a catastrophe. Although this so-called crisis was totally manufactured by Republicans, the fact remains the same – if America goes into default and is not able to pay on it’s financial obligations, there would be a worldwide negative effect. The potential was there to cause irreparable damage. Ours and many of the world’s economies would have suffered. So yes, avoiding this default is a good thing.

With that said, many would think that avoiding default does not mean we settle for anything, and that too would be correct. But that way of thinking is more about politics than sound reasoning. Democratic pundits on radio and television are harping on one fact; that this deal cuts too much from spending.

Again, this is true, but look at the bigger picture – according to the structure of the deal, about $1 trillion dollars would be cut this year. The agreement was to then put into place a “super congress” whose job will be to propose another $1.5 trillion in cuts to begin in 2013, and phase in over a 10 year period. But that’s not all – this “super congress” will also find revenue through taxes.

Again, from the framework:

 The deal is designed to achieve bal­anced deficit reduc­tion, con­sis­tent with the val­ues the Pres­i­dent artic­u­lated in his April Fis­cal Frame­work. The dis­cre­tionary sav­ings are spread between both domes­tic and defense spend­ing. And the Pres­i­dent will demand that the Com­mit­tee pur­sue a bal­anced deficit reduc­tion pack­age, where any enti­tle­ment reforms are cou­pled with revenue-raising tax reform that asks for the most for­tu­nate Amer­i­cans to sacrifice.

So entitlement reforms would be on the table, but so would raising revenue through taxes. From the framework:

 The Pres­i­dent did not agree to any enti­tle­ment reforms out­side of the con­text of a bipar­ti­san com­mit­tee process where tax reform will be on the table and the Pres­i­dent will insist on shared sac­ri­fice from the most well-off and those with the most inde­fen­si­ble tax breaks.

Okay. Now I’m hearing some of you say that the President could have raised the debt ceiling through the 14th amendment, thus avoiding spending cuts all together. Yes, that could have happened, but keep in mind that Republicans in Congress would impeach this particular President just for being the president if they could. They are looking for every and any chance to signal impeachment.

Also keep in mind that the Supreme Court, which is where this case would end up, consists of a conservative majority. In the middle of a re-election campaign, do you really want Mr. Obama spending his time defending his decision to invoke the 14th amendment?

The overall picture is this: This country has really gotten off the beaten track. Regardless of your political affiliation, you have to admit that our debt and deficit cannot amount to anything good if we continue on the trajectory we’re presently on. Something must change, and we must figure out a way to both, cut spending and increase taxes on the rich. If we sit back and really look at this framework, we must admit that a balance approach is on the table.

And based on all the dissension still going on now, the 14th amendment may still be a last resort. Both Democrats and Republicans in Congress are suggesting that they will not vote for the deal. The deal must pass both the House of Representatives and the Congress, then signed into law by the president before August 2nd.

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Politics

The Official Framework of The Deal To Avoid Default

The White House released the following information on the framework for a deal that would prevent America from defaulting on paying its bills. The deadline to get this voted on by both the House and Senate and sent to the President for his signature is August 2nd.
Bipartisan Debt Deal: A Win for the Economy and Budget Discipline
  • Removes the cloud of uncertainty over our economy at this critical time, by ensuring that no one will be able to use the threat of the nation’s first default now, or in only a few months, for political gain;
  • Locks in a down payment on significant deficit reduction, with savings from both domestic and Pentagon spending, and is designed to protect crucial investments like aid for college students;
  • Establishes a bipartisan process to seek a balanced approach to larger deficit reduction through entitlement and tax reform;
  • Deploys an enforcement mechanism that gives all sides an incentive to reach bipartisan compromise on historic deficit reduction, while protecting Social Security, Medicare beneficiaries and low-income programs;
  • Stays true to the President’s commitment to shared sacrifice by preventing the middle class, seniors and those who are most vulnerable from shouldering the burden of deficit reduction. The President did not agree to any entitlement reforms outside of the context of a bipartisan committee process where tax reform will be on the table and the President will insist on shared sacrifice from the most well-off and those with the most indefensible tax breaks.
Mechanics of the Debt Deal
  • Immediately enacted 10-year discretionary spending caps generating nearly $1 trillion in deficit reduction; balanced between defense and non-defense spending.
  • President authorized to increase the debt limit by at least $2.1 trillion, eliminating the need for further increases until 2013.
  • Bipartisan committee process tasked with identifying an additional $1.5 trillion in deficit reduction, including from entitlement and tax reform. Committee is required to report legislation by November 23, 2011, which receives fast-track protections. Congress is required to vote on Committee recommendations by December 23, 2011.
  • Enforcement mechanism established to force all parties – Republican and Democrat – to agree to balanced deficit reduction. If Committee fails, enforcement mechanism will trigger spending reductions beginning in 2013 – split 50/50 between domestic and defense spending. Enforcement protects Social Security, Medicare beneficiaries, and low-income programs from any cuts.
1. REMOVING UNCERTAINTY TO SUPPORT THE AMERICAN ECONOMY
  • Deal Removes Cloud of Uncertainty Until 2013, Eliminating Key Headwind on the Economy: Independent analysts, economists, and ratings agencies have all made clear that a short-term debt limit increase would create unacceptable economic uncertainty by risking default again within only a matter of months and as S&P stated, increase the chance of a downgrade. By ensuring a debt limit increase of at least $2.1 trillion, this deal removes the specter of default, providing important certainty to our economy at a fragile moment.
  • Mechanism to Ensure Further Deficit Reduction is Designed to Phase-In Beginning in 2013 to Avoid Harming the Recovery: The deal includes a mechanism to ensure additional deficit reduction, consistent with the economic recovery. The enforcement mechanism would not be made effective until 2013, avoiding any immediate contraction that could harm the recovery. And savings from the down payment will be enacted over 10 years, consistent with supporting the economic recovery.
2. A DOWNPAYMENT ON DEFICIT REDUCTION BY LOCKING IN HISTORIC SPENDING DISCIPLINE – BALANCED BETWEEN DOMESTIC AND PENTAGON SPENDING
  • More than $900 Billion in Savings over 10 Years By Capping Discretionary Spending: The deal includes caps on discretionary spending that will produce more than $900 billion in savings over the next 10 years compared to the CBO March baseline, even as it protects core investments from deep and economically damaging cuts.
  • Includes Savings of $350 Billion from the Base Defense Budget – the First Defense Cut Since the 1990s: The deal puts us on track to cut $350 billion from the defense budget over 10 years. These reductions will be implemented based on the outcome of a review of our missions, roles, and capabilities that will reflect the President’s commitment to protecting our national security.
  • Reduces Domestic Discretionary Spending to the Lowest Level Since Eisenhower: These discretionary caps will put us on track to reduce non-defense discretionary spending to its lowest level since Dwight Eisenhower was President.
  • Includes Funding to Protect the President’s Historic Investment in Pell Grants: Since taking office, the President has increased the maximum Pell award by $819 to a maximum award $5,550, helping over 9 million students pay for college tuition bills. The deal provides specific protection in the discretionary budget to ensure that the there will be sufficient funding for the President’s historic investment in Pell Grants without undermining other critical investments.
3. ESTABLISHING A BIPARTISAN PROCESS TO ACHIEVE $1.5 TRILLION IN ADDITIONAL BALANCED DEFICIT REDUCTION BY THE END OF 2011
  • The Deal Locks in a Process to Enact $1.5 Trillion in Additional Deficit Reduction Through a Bipartisan, Bicameral Congressional Committee: The deal creates a bipartisan, bicameral Congressional Committee that is charged with enacting $1.5 trillion in additional deficit reduction by the end of the year. This Committee will work without the looming specter of default, ensuring time to carefully consider essential reforms without the disruption and brinksmanship of the past few months.
  • This Committee is Empowered Beyond Previous Bipartisan Attempts at Deficit Reduction: Any recommendation of the Committee would be given fast-track privilege in the House and Senate, assuring it of an up or down vote and preventing some from using procedural gimmicks to block action.
  • To Meet This Target, the Committee Will Consider Responsible Entitlement and Tax Reform. This means putting all the priorities of both parties on the table – including both entitlement reform and revenue-raising tax reform.
4. A STRONG ENFORCEMENT MECHANISM TO MAKE ALL SIDES COME TOGETHER
  • The Deal Includes An Automatic Sequester to Ensure That At Least $1.2 Trillion in Deficit Reduction Is Achieved By 2013 Beyond the Discretionary Caps: The deal includes an automatic sequester on certain spending programs to ensure that—between the Committee and the trigger—we at least put in place an additional $1.2 trillion in deficit reduction by 2013.
  • Consistent With Past Practice, Sequester Would Be Divided Equally Between Defense and Non-Defense Programs and Exempt Social Security, Medicaid, and Low-Income Programs: Consistent with the bipartisan precedents established in the 1980s and 1990s, the sequester would be divided equally between defense and non-defense program, and it would exempt Social Security, Medicaid, unemployment insurance, programs for low-income families, and civilian and military retirement. Likewise, any cuts to Medicare would be capped and limited to the provider side.
  • Sequester Would Provide a Strong Incentive for Both Sides to Come to the Table:  If the fiscal committee took no action, the deal would automatically add nearly $500 billion in defense cuts on top of cuts already made, and, at the same time, it would cut critical programs like infrastructure or education.  That outcome would be unacceptable to many Republicans and Democrats alike – creating pressure for a bipartisan agreement without requiring the threat of a default with unthinkable consequences for our economy.
5. A BALANCED DEAL CONSISTENT WITH THE PRESIDENT’S COMMITMENT TO SHARED SACRIFICE
  • The Deal Sets the Stage for Balanced Deficit Reduction, Consistent with the President’s Values: The deal is designed to achieve balanced deficit reduction, consistent with the values the President articulated in his April Fiscal Framework. The discretionary savings are spread between both domestic and defense spending. And the President will demand that the Committee pursue a balanced deficit reduction package, where any entitlement reforms are coupled with revenue-raising tax reform that asks for the most fortunate Americans to sacrifice.
  • The Enforcement Mechanism Complements the Forcing Event Already In Law – the Expiration of the Bush Tax Cuts – To Create Pressure for a Balanced Deal: The Bush tax cuts expire as of 1/1/2013, the same date that the spending sequester would go into effect. These two events together will force balanced deficit reduction. Absent a balanced deal, it would enable the President to use his veto pen to ensure nearly $1 trillion in additional deficit reduction by not extending the high-income tax cuts.
  • In Securing this Bipartisan Deal, the President Rejected Proposals that Would Have Placed the Sole Burden of Deficit Reduction on Low-Income or Middle-Class Families: The President stood firmly against proposals that would have placed the sole burden of deficit reduction on lower-income and middle-class families. This includes not only proposals in the House Republican Budget that would have undermined the core commitments of Medicare to our seniors and forced tens of millions of low-income Americans to go without health insurance, but also enforcement mechanisms that would have forced automatic cuts to low-income programs. The enforcement mechanism in the deal exempts Social Security, Medicaid, Medicare benefits, unemployment insurance, programs for low-income families, and civilian and military retirement.
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Nancy Pelosi Politics

The Deal – What We Know So Far

President Obama and the leaders of both parties in the House of Representatives and Senate, have finally agreed to a framework for a deal to prevent America from defaulting on paying its bills for the first time in our history. The specifics of the deal are not yet known, but for the first time in months, a possible consensus has been reached.

President Obama spoke earlier tonight and urged all members of Congress to pass the deal, saying there are still some very important votes to be taken by members, but that a general consensus has been  reached on a plan that will avoid default. What do we know so far? The deal would;

  • Cut $1 trillion dollars in 10 years
  • Appoint a special congressional delegation also called a Super congress, will report by November on ways to further reduce the deficit and to find ways to increase revenue through taxes and decide on more spending.
  • Will extend through 2013.
Meanwhile, the Republican Speaker of the House Of Representatives, John Boehner, R-Ohio, set up a conference call with House Republicans for Sunday night, and House minority leader Nancy Pelosi, D-Calif., said she would meet with Democrats on Monday. Mrs Pelosi also made the news, assuring the nation that seniors would get their Social Security checks, the U.S. military would be compensated and other obligations would be met.
More information on the deal will be made public soon.
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China democrats Politics washington

China State Media Calls Washington “Irresponsible”

China is speaking out, and it’s apparently not happy. As the world sits on pins and needles, watching the unnecessary man-made crisis going on in Washington in reference to raising the debt ceiling, China, the biggest “investor” in the United States economy, is voicing their displeasure, calling Washington’s antics “political brinkmanship” and “dangerously irresponsible.”

The piece was written by the government controlled, Chinese State Media, and is attributed to Xinhua, and written by Deng Yushan.

As the Aug. 2 deadline approaches for Washington to raise its borrowing limit and avoid a catastrophic debt default, deeply divided U.S. politicians remain stubbornly engaged in what is widely seen as a game of chicken.

Given the United States’ status as the world’s largest economy and the issuer of the dominant international reserve currency, such political brinkmanship in Washington is dangerously irresponsible, for it risks, among other consequences, strangling the still fragile economic recovery of not only the United States but also the world as a whole.

Analysts worldwide have already painted a grim picture. Although an exact outcome of a Washington unable to pay its bills is yet to be known, they warn that a U.S. default would trigger massive repercussions throughout global financial markets.

The piece also laments the reality of divided government in America, and refers to the “donkey and the elephant,” saying,

It is arguably true that the ongoing tug of war in Washington is Uncle Sam’s own business, as the United States has not yet defaulted on its debt. However, the ugliest part of the saga is that the well-being of many other countries is also in the impact zone when the donkey and the elephant fight. The potential collateral damage is way too heavy.

With leadership comes responsibility. It is unfortunate and disappointing that when political leaders in Washington spar over who is doing good for their country, they take little account of the world’s economic soundness.

With less than 3 days before the August 2nd deadline, negotiations are ongoing. The plan that is drawing the most attention now is the Reid Plan, that calls for Zero revenue and $2.4 trillion in spending cuts. The point of contention between Democrats and Republicans now is the timing and a Constitutional amendment. Democrats want the debt ceiling to be raised past the next election in November 2012, while Republicans want it raised for a few months. Republicans are also trying to get a “balance budget amendment” added to the constitution – a measure being pushed by the Teaparty.

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