Tag: default

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GOP Leader Eric Cantor Could Make a Profit if United States Default

House Democrats are circulating a resolution accusing House Majority Leader Eric Cantor (R-Va.) of having a conflict of interest in the debt ceiling debate, a move that could provide an awkward C-SPAN moment for one of the lead Republicans in the budget negotiations.

The resolution goes after Cantor’s investment in ProShares Trust Ultrashort 20+ Year Treasury ETF, a fund that “takes a short position in long-dated government bonds.”

The fund is essentially a bet against U.S. government bonds. If the debt ceiling is not raised and the United States defaults on its debts, the value of Cantor’s fund would likely increase.

The Democratic resolution, obtained by The Huffington Post from a Democratic source on the Hill, argues that Cantor “stands to profit from U.S. treasury default, which thereby raises the appearance of a conflict of interest,” and that he “may be sabotaging [debt ceiling] negotiations for his own personal gain.” It’s not clear how widely the measure was being circulated, with a House Democratic aide saying they hadn’t seen the resolution or heard it being discussed.

“Majority Leader Cantor has compromised the dignity and integrity of the Members of the House by raising the appearance of a conflict of interest in negotiations with the executive branch over raising the debt ceiling,” adds the measure.

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Donald Trump Donald Trump Politics Republican

Trump To Republicans – Let The Nation Go Into Default

Donald Trump just wont go away quietly. In order to make himself seem relevant still, The Donald had a little advice for the Republicans in Congress trying to negotiate a plan with the President to raise the debt ceiling. What was Mr. Hairpiece’s advice? Don’t compromise, do not make any deals. Let the nation go into default!

Donald Trump is willing to watch America lose its triple A ratings, to allow our economy and possibly the world’s economy to spiral out of control. Why? Because that way, President Obama would not be re-elected. The Donald had this to say on Fox and Friends;

“Frankly the Republicans would be crazy unless they get 100 percent of the deal that they want right now to make any deal. If this happens, for instance if this stuff is going on prior to an election, he can’t get reelected. He possibly can’t get elected anyway … The fact is, unless the Republicans get 100% of what they want, and that may include getting rid of Obamacare, which is a total disaster, then they should not make a deal other than a minor extension which would take you before the election which would ensure Obama doesn’t get elected, which would be a great thing.”

When the show’s host told him of a poll that shows Americans would blame Republicans if the nation defaults, Trump added this little nugget;

“I don’t care about polls! When it comes time to default, they’re not going to remember any of the Republicans’ names. They are going to remember in history books one name, and that’s Obama.”

They just don’t know when to stop the politics and do what’s best for the country.

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Barack Obama Medicare Politics Republican Tax United States weekly address White House

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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