Tag: debt ceiling

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Who Is The Puppet Master of Congressional Republicans?

His name is Grover Norquist – The author of a pledge that over 230 Republican House members, 41 Republican Senators and more than 1,100 state officeholders, from state representatives to governors have signed. The Pledge forces these members to promise that no matter what the circumstance, no matter how dire the situation, they will not raise taxes.

Norquist appeared on Hardball with Chris Mathews yesterday and defended his position and that of the signers of the pledge. He was asked many times by Mathews to describe any scenario where he would allow the signers to do what’s right for the country instead of holding to the pledge, but Norquist managed to sidestep the question, choosing instead to bark the same old talking point that the pledge is “what the American people want”, despite recent polls that show over 70% of Americans disagree with Republicans on this matter.

America must raise its debt ceiling from $14.3 trillion by August 2nd to meet our financial responsibilities worldwide. Republicans, who for decades have tried to cut spending on programs benefiting the poor and middle class, turned down over $3 trillion in those cuts offered by Democrats because taking that offer would mean they must agree to closing some tax loopholes for millionaires.

Congressional Republicans have made a pledge of allegiance to Grover Norquist, instead of making it to the Flag of The United States of America.

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Politics United States

Bill Clinton – I’d Use The 14th Amendment To Raise The Debt Ceiling

How important is it for America to pay its bills? It is so important, that the United States Constitution demands it.

Well former President Bill Clinton is voicing his opinion, and according to what he Joe Conason, he would invoke the 14th Amendment – “without hesitation, and force the courts to stop me.”

“I think the Constitution is clear and I think this idea that the Congress gets to vote twice on whether to pay for [expenditures] it has appropriated is crazy,” Clinton said in an interview with journalist Joe Conason.

Clinton said he would turn to the Constitution “if it came to that,” but doesn’t think that Obama will need to. “It looks to me like they’re going to make an agreement, and that’s smart,” he said.

President Obama has not directly mention the 14th amendment as an option for getting the debt ceiling raised, and is presently negotiating with Republicans to get it done through Congress.

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Poll Shows 51% of Republicans Disapprove With Republican Leaders On Debt Crisis

Americans are paying attention. In a new poll conducted by CBS, 71% of Americans are against the way the Republicans are handling the debt ceiling issue, with only 21% giving the Republicans their approval.

President Obama and the Democrats received a little better rating, with 43% approving and 48% disapproving of the way they’re handling the crisis. But what’s troublesome for Republicans is the polling of their own supporters, where voters identifying themselves as Republicans are turning against their leaders. The report claims;

Even half of the Republican respondents (51 percent) voiced disapproval of how members of their own party in Congress are handling the talks. Far fewer Democrats expressed disapproval of their own party’s handling (32 percent) or President Obama’s (22 percent) of the urgent quest to raise the nation’s debt limit ahead of a looming default on Aug. 2 if action isn’t taken.

See more of the Poll here.

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Politics

Warren Buffett – Republicans Are Trying to “Blow America’s Brains Out!”

He is one of the richest man in America… in the world for that matter, and if the Republicans get their way, Warren Buffett would be the perfect example of the rich in America who will directly benefit from their no-tax policies. But Mr. Buffett is operating in the realm of reality, and he knows that what the Republicans are trying to do – balance the budget on the backs of the poor – is simply not possible. Warren Buffett is speaking out, saying that the Republicans are “playing Russian roulette” with America.

Today Mr Buffett, 80, hit out by claiming the GOP strategy was like a deadly game of chance involving passing around a six-chamber revolver loaded with a single bullet.

‘Five times out of six to raise the debt limit might not be dangerous, but the sixth time could have catastrophic consequences,’ he said at a Wall Street mogul conference in Sun Valley, Idaho.

He added that Republicans were ‘trying to use the incentive now that we’re going to blow your brains out, America, in terms of your debt worthiness over time.’

‘You’re playing with fire when you don’t need to play with fire,’ he also said, adding: ‘We raised the debt ceiling seven times during the Bush Administration,’

The U.S. ran into its $14.29 trillion debt ceiling on May 16, but has since used spending and accounting adjustments, as well as higher-than-expected tax receipts, to continue operating without impact on government obligations.
The Treasury has set August 2nd as the deadline for raising the debt ceiling past the $14.2 trillion mark. Republicans, many in congress who saw no problem raising the debt ceiling for previous Republican administrations, are now the stumbling block, and seem willing to see America default on paying its debts, a move many economists predict will be catastrophic worldwide.
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President Obama – “Wealthiest Americans Must Pay Their Fair Share!”

In his weekly address to the nation, President Obama continued his push for a balanced approach to the nation’s debt problem, and called for Republicans to agree to raising revenues along with spending cuts.

“The truth is, you can’t solve our deficit without cutting spending. But you also can’t solve it without asking the wealthiest Americans to pay their fair share – or without taking on loopholes that give special interests and big corporations tax breaks that middle-class Americans don’t get.

It’s pretty simple. I don’t think oil companies should keep getting special tax breaks when they’re making tens of billions in profits. I don’t think hedge fund managers should pay taxes at a lower rate than their secretaries. And I don’t think it’s fair to ask nothing of someone like me when the average family has seen their income decline over the past decade – and when many of you are just trying to stretch every dollar as far as it will go.

We shouldn’t put the burden of deficit reduction on the backs of folks who’ve already borne the brunt of the recession. It’s not reasonable and it’s not right. If we’re going to ask seniors, or students, or middle-class Americans to sacrifice, then we have to ask corporations and the wealthiest Americans to share in that sacrifice.”

The President:

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Politics taxes

Russell Simmons To The Rich – Stop Bitching, Pay Your Damn Taxes

Republicans have shown time and time again during these negotiations on raising the debt ceiling, that they are willing to allow the good faith and credit of America to be ruined, just to protect the tax loopholes their rich friends enjoy. Loopholes like providing $600 billion a year to oil companies and giving tax breaks to companies who close down businesses in America and open those same businesses in other countries. Well, Russell Simmons, a millionaire whose net worth is listed as over $340 million, has some choice words for his fellow millionaire friends: “Stop bitching and pay your damn taxes!”

Mr. Simmons wrote a piece in Huffington Post in which he rightly criticizes Republicans for attempting to balance the budget on the backs of the middle class and poor, while the rich gets richer.

To all my Republican friends, billionaires and multi-millionaires, stop bitching and pay your damn taxes. How dare you make record profits and not want to contribute more to fixing our problems while some in our country are suffering the worst economic times since the Great Depression? I DON’T NEED A TAX BREAK. I AM RICH. AND SO ARE YOU!

He then questions the wisdom of American citizens who would support Republican candidates who only have intentions of protecting millionaires.

Who amongst us is stupid enough to support politicians that want to protect guys with corporate jets and five homes around the world? What rock are we living under? I know this may not sound like the voice of a yogi, but even Krishna would have told Arjuna stop crying and pay your damn taxes. So, stop this nonsense and start giving.

Simmons then questioned the claim by many rich folks who claimed they “worked hard,” to  attain their wealth and asked them, “what box you lifted today?” He continued;

Most of you, not all of you, but most of you got some lucky break or your daddy left you all that you needed. I know, for one, I am one of the very lucky ones. Talent was a small second to the luck I’ve had while building my businesses. The “hard work” is the fun part; the only happiness we get is derived from that service.

He then praised the efforts of President Obama for wanting to put politics aside to get America back on the right economic track, while the rich and their Republican friends exert no effort to do the same.

The President has shown he is willing to make compromises and make difficult decisions to put this country back on the right track while it seems that all you want to do is play Russian roulette with the most vulnerable people of our nation. The President is showing leadership and you Republicans are showing how silver your pockets are lined by the corporate interests. That is not acceptable and you should be targeted for support. You ought to know full well that we cannot decrease our deficit by only cutting our spending. We MUST raise revenue. And those who have made the most should give the most.

And we couldn’t agree with him more. Because of the policies and hard work of middle class Americans, the rich in this country have prospered beyond their wildest dreams. It is only right that now when the country needs their support, they should pick up the slack and do their share. The middle class and the poor are already carrying the majority of the burden.

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Lindsey Graham Blames His Fellow Congressional Republicans

Republican Senator Lindsey Graham of South Carolina has a message for his Republican friends in Congress. Don’t blame the President or even the Democrats. Don’t blame anyone else for the mess over raising the debt ceiling, blame yourself.

“Our problem is we made a big deal about this for three months. How many Republicans have been on TV saying, ‘I’m not going to raise the debt limit.’ You know, Mitch [McConnell] says, ‘I’m not going to raise the debt limit unless we talk about Medicare.’ And I’ve said I’m not going to raise the debt limit until we do something about spending and entitlements.’ So we’ve got nobody to blame but ourselves.

“We shouldn’t have said that if we didn’t mean it.”

The Republicans are beginning to break.

With the President holding his ground in the negotiations over raising the debt ceiling, and with Americans looking at the Republicans as obstructionists whose only goal is protecting the rich while the rest of the country slides into default, Republicans are beginning to wonder out loud why they intentionally mislead the American people over a very routine matter – raising the debt ceiling. On Tuesday, Senate Republican minority leader Mitch McConnell proposed a feeble detour to get the debt ceiling raised, and now this from Lindsey Graham.

The American people are keeping track of what’s going on, and the Republicans are beginning to see the writing on the wall… in the form of a political suicide note that is.

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Politics United States

Moody’s Place America’s Triple A Ratings On Notice For Downgrade

And so it begins. The triple A(Aaa) ratings that America has enjoyed since 1917 was put on notice for a downgrade today by Moody’s Investors Service.

Bloomberg reports that Moody’s took this initial move to lower America’s credit ratings over “concern(s) the debt threshold will not be raised in time to prevent a missed payment of interest or principal on outstanding bonds and notes even though the risk remains low”.  Additionally, the report stated that Moody’s  “…rating would likely be reduced to the Aa range…”  and  that ” …that there is no assurance that Moody’s would return its top rating even if a default is quickly cured.”

Meanwhile, Republicans continue protecting the tax loopholes for the rich.

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President Obama – No Guaranteed Social Security Checks If G.O.P. Wins Debt Debate

In an interview with CBS today, President Obama laid it all on the line and explained the grave seriousness of the political game the Republicans are playing by not allowing the debt ceiling to be raised. The President explained that if the August 2nd deadline passes and no deal is met, then the 20 million Social Security checks scheduled to go out on August 3rd, might not.

I cannot guarantee that these checks go out on august 3rd if we haven’t resolved this issue.

The President is trying to get the rich to bear some of the weight of an economy that has benefited them tremendously. He has already suggested social spending cuts to programs that benefited the poor and middle class, and is asking Republicans to end some of the tax loopholes enjoyed by the rich. Republicans however, are not budging, and maintains that those tax loopholes stay off the table.

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G.O.P Putting America In Default Status To Avoid A 3% Tax Hike On Millionaires

In his weekly address to the nation, President Obama spoke about the looming debt ceiling, and the discussion presently going on between Democrats and Republicans. The President detailed what both sides have already agreed to, saying;

“The good news is, we agree on some of the big things. We agree that after a decade of racking up deficits and debt, we finally need to get our fiscal house in order. We agree that to do that, both sides are going to have to step outside their comfort zones and make some political sacrifices. And we agree that we simply cannot afford to default on our national obligations for the first time in our history; that we need to uphold the full faith and credit of the United States of America.”

Mr. Obama also spoke about the differences between what he believes must be done and the position the Republicans have taken to protect the rich, saying, “I believe we need a balanced approach. That means taking on spending in our domestic programs and our defense programs. It means addressing the challenges in programs like Medicare so we can strengthen those programs and protect them for future generations. And it means taking on spending in the tax code – spending on tax breaks and deductions for the wealthiest Americans.”

And there lies the problem, the stumbling block between Democrats and Republicans. Mr. Obama’s wish to take on the spending in the tax code is what Republicans are strongly against. It must be noted here, that taking on this tax code equals a 3% tax raise on millionaires, essentially taking their tax rate from 36% to 39%, which is what the rate was under the Clinton Administration.

Republicans are saying no to that 3% raise for the rich, but they are all for spending cuts in programs that benefit the middle class, like cuts in Medicare and social Security.

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Republican Suggests Impeaching President Obama For Maybe Invoking The 14th Amendment

Section 4 of the 14th Amendment of the United States Constitution says:

The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned.

Because of this amendment, many suggests that Congressional authorization to raise the debt ceiling is not necessary, as not doing so would mean that America defaults on its obligation to pay its debt, thus, going against the 14th amendment of the constitution.

Republicans – who have stood their ground in insisting that raising the debt ceiling is not going to happen – are now scrambling to find a way to defeat section 4 of the 14th amendment. Some have suggested an amendment to the 14th amendment and others like Rep. Tim Scott of South Carolina, went even further. He wants to impeach President Obama if the President even thinks about trying to raise the debt ceiling without congress. The South Carolina representative recently told a teaparty audience;

“This president is looking to usurp congressional oversight to find a way to get it done without us. My position is that is an impeachable act from my perspective.”

There are a lot of things people say, ‘Are you going to impeach the president over that?’ — No. But this? This is catastrophic. This jeopardizes the credibility of our nation if one man can usurp the entire system set up by our founding fathers over something this significant.”

It should be noted that President Obama has never mentioned an intent to “usurp the entire system.” As a matter of fact, this president has gone the extra mile trying to bring both Republicans and Democrats to the table, in an effort to get the Congressional authorization necessary for allowing America to pay her bills.

But then again, Republicans like Tim Scott would like to impeach President Obama just for being president.

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David Brooks – These Infected Republicans Are Unfit To Lead

If the debt ceiling talks fail, independent voters will see that Democrats were willing to compromise but Republicans were not. If responsible Republicans don’t take control, independents will conclude that Republican fanaticism caused this default. They will conclude that Republicans are not fit to govern.

And they will be right.

Those are the words as written by David Brooks – a columnist for the New York Times who is described by David Warren, of  Real Clear Politics, as someone who shares the Conservative Republican ideology. The piece, published on July 4th, is called The Mother of All No-Brainers, and in it, Brooks spoke about the Republican party as being “infected by a faction that is more of a psychological protest than a practical, governing alternative.”

“The members of this movement,” Brooks continued, “do not accept the logic of compromise, no matter how sweet the terms. If you ask them to raise taxes by an inch in order to cut government by a foot, they will say no. If you ask them to raise taxes by an inch to cut government by a yard, they will still say no.”

Brooks proved his point by referencing the debate going on in Washington about raising the debt ceiling, where Democrats and the President have already signaled their willingness to cut defense and entitlement spending if Republicans are willing to close some tax loopholes that benefit millionaires. This willingness by the Democrats would cut about $3 trillion in spending, for a few billion in savings by closing these tax loopholes. According to Brooks, the real Republican party should “seize the opportunity to put the country on a sound fiscal footing,” but the infection would not allow that to happen.

Speaking further on this “infection”, Brooks says;

The members of this movement do not accept the legitimacy of scholars and intellectual authorities. A thousand impartial experts may tell them that a default on the debt would have calamitous effects, far worse than raising tax revenues a bit. But the members of this movement refuse to believe it.

The members of this movement have no sense of moral decency. A nation makes a sacred pledge to pay the money back when it borrows money. But the members of this movement talk blandly of default and are willing to stain their nation’s honor.

The same Republicans who were responsible for raising the debt ceiling under the Bush Administration on numerous occasions did it then because they knew the importance of America paying its bills. These same Republicans are now willing to allow the country to default on these bills, in order to point to the present administration as being irresponsible and unable to lead. That argument they’re hoping, would be enough to win them the  elections in 2012.

Americans sent both Democrats and Republicans to congress with one request – lead. In order to effectively do that, both party must be able to come together and solve the nation’s problems. But Republicans have shown, time and time again, that they are not willing to come together to solve anything. Republicans are more willing to assist in pushing the economy back into a ditch, even if it means millions of Americans suffer in the process.

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