Acrimony flares as Congress scrambles for debt deal

[TomCADem]

Source: Reuters

Congress will struggle Sunday to hammer out a deficit deal and assure investors before Asian markets open that America can avert a catastrophic default and hold onto its prized credit rating.

Congressional staff planned to work through the night after President Barack Obama told lawmakers in an emergency White House meeting to find a way to lift the $14.3 trillion limit on U.S. borrowing that would allow the world's largest economy to pay its bills past next year's November election.

* * *
A Democratic aide said Republicans were pushing a package that raised the debt limit and cut spending in two steps, while Democrats want a single deal to cover borrowing through 2012.

* * *

Treasury Secretary Timothy Geithner and White House chief of staff Bill Daley were scheduled to speak on several Sunday television news shows to hammer home Obama's argument that a deal must include more revenue from taxes.


Read more: http://www.msnbc.msn.com/id/43864749/ns/politics-capitol_hill/

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Republicans at this late hour are still (1) insistng on no new taxes and (2) insisting on a short term deal so that we can engage in this brinkmanship all over again in six months.

I predict that at the last minute, the Republicans and Democrats may agree to $1 trillion in cuts, no new taxes, a seemingly short term extension, but with a largely symbolic vote in six months that President Obama can veto. In other words, the McConnell Plan that House Republicans claimed they would never accept.

[Cool Logic]

1. "Why don't I know about this deal?"

I hope someone tells Harry this time.

[Zorro]

2. Republicans are committing economic terrorism

They are aiding and abetting Al Quaida's mission.

[go west young man]

3. Who gives a fuck?

Another manufactured catastrophe while the middle class is striped of their savings. Yawn.

[earthside]

4. Yawn all you want.

But whether this controversy is 'manufactured' or not, it is going to have a real impact on your future well-being.

'Austerity' as part of a 'shock doctrine' tactic is winning, and many Washington Democrats are fully on board (for instance, both Democratic Colorado U.S. Senators back the 'Gang of Six' plan).

The problem for us is that Pres. Obama has been laboring under the delusion that this 'recession' is just a more severe than usual downturn in the normal business cycle. Most of us out here in real America know that this is different, but the folks in D.C. are so wrapped inside their cocoons that they just cannot see. Unfortunately, these politicians and their mega-bankster sponsors control virtually all the power and money.

So, even if the debt ceiling extension is passed, the wars will go on, the military budget will get bigger, Obama will negotiate more 'free trade' pacts, and more middle class federal programs will be cut.

[Remember Me]

5. You're depressing me

Especially since you're right.

:(

[TomCADem]

6. Blame The Democrats, Give Republicans A Free Pass

It is interesting that your post blames a Democratic President on a DU board even as Republicans threaten to throw the world into an economic meltdown.

This is why Republicans feel free to engage in the crap they are doing. Because the right wing corporate media declares that they are right, and the left just blames the Democrats. Who holds Republicans accountable? The answer is no one. Even when President Obama denounces their Just Say No tactics and Harry Reid notes that they are trying to bring down the economy, the American public has been trained to Blame Democrats and Give Republicans a Free Pass.

Seriously, no wonder Republicans think they can lead the Nation into default with impunity. Because between Fox News and the left, no one is going to hold them accountable. At worse, we will hear false equivalency describing the crisis as a he said, she said, but rarely does the corporate media place the blame squarely on Republicans and their screwed up ideals.

Be a Republican! You can do no wrong!

[dmosh42]

7. The Pukes are playing this out too the end...but will settle....because...

their bosses, the millionaires and billionaires can't handle a default. Their wealth is tied to capital being available to their many enterprises, whereas most of the rest of us haven't got a pot to pee in! The word will be passed onto McConnell and Boner to settle up when they see it's getting too close.

[AndyTiedye]

8. But the Koch Brothers Control the Teabaggers, and They're Short on Treasuries

It is evident that they control enough votes to block the increase.

What even the rest of Wall Street thinks may not matter much. Tomorrow's markets may be "interesting".



The Koch brothers are about to make a killing.

[dmosh42]

9. I'm sure the 'banksters' are hedging their bets on the short side...

but I think they know in the long term a default will hinder capital on a world wide basis. Not good for billionaires!

[Hotler]

12. +1 n/t

[alp227]

10. Now the business secretary of the UK has attacked US Republicans!

The business secretary, Vince Cable, broke the unwritten rule of non-intervention in other countries' domestic disputes on Sunday by describing diehard Republicans as "nutters".

Cable, appearing on the BBC's Andrew Marr show, said: "The irony of the situation at the moment, with markets opening tomorrow morning, is that the biggest threat to the world financial system comes from a few right-wing nutters in the American Congress rather than the eurozone."

"US debt crisis threatens global markets as Congress is locked in blame game" (The Guardian, today)

[Turbineguy]

11. It will be an expensive

"I told you so!"

Expensive for ordinary Americans.