BREAKING: Senate Democratic Leader Reid Agrees to Debt Deal With Republicans

[tangent4ronpaul]

http://www.voanews.com/english/news/Senate-Democratic-Leader-Reid-Agrees-to-Debt-Deal-With-Republicans-126489638.html

U.S. Senate Democratic leader Harry Reid says he has accepted a deal with Republicans to keep the government from defaulting on its $14.3 trillion debt.

A Reid spokesman said Sunday he will support the deal as long as other Senate Democrats join him.

The leader of the majority party in the U.S. Senate spoke during a day of major talks and negotiations between Democrats and Republicans, two days before the United States reaches its debt limit and starts defaulting.

Senate Republican leader Mitch McConnell told reporters earlier that a compromise was "really really close." But it is not clear what the final bill will look like.

[trey4sports]

oh god.

Let's hope this is a TURRIBLE deal for the GOP and Ron's ad riles up some serious support.

[specsaregood]

Senate Republican leader Mitch McConnell told reporters earlier that a compromise was "really really close." But it is not clear what the final bill will look like.

Big surprise, probably will look just like the boehner bill that mcConnell and Reid staff wrote and passed off at the boehner bill just last week.
Theatre of the absurd....but it will bring more people to our side.

[tangent4ronpaul]

Only specifics I've heard is no cuts in Mil spending for fear of "breaking the military" as we are in 2 wars.

[Seraphim]

Maybe the cuts will be a downgrade from world class hair conditioner on the planes of Senators to just "very good" hair conditioner.


Only specifics I've heard is no cuts in Mil spending for fear of "breaking the military" as we are in 2 wars.

[specsaregood]

Only specifics I've heard is no cuts in Mil spending for fear of "breaking the military" as we are in 2 wars.

So what you are saying is once again the War Party wins again?

[tangent4ronpaul]

So what you are saying is once again the War Party wins again?

Sounds like it. I'm guessing a large chunk of "savings" is the eventual planned withdraw sometime in the next decade - If we don't get in more wars first, that is...

-t

[CaptUSA]

Is the "Compromise" ad still running?

I sure hope so.

[Anti Federalist]

Big surprise, probably will look just like the boehner bill that mcConnell and Reid staff wrote and passed off at the boehner bill just last week.
Theatre of the absurd....but it will bring more people to our side.

The cat is right again.

[angelatc]

That article doesn't have a time on it. Is that the deal that got voted down?

[tangent4ronpaul]

I posted it 11 minutes after it hit google news.

listening to the tube - few more details. The bad news is they are kicking the can down the road and will figure things out later. The good news are there are supposed to be some hard dates with triggers if things are not figured out by then. Specifically, an across the board cut the entire federal budget including the military and entitlements. It's basically in there to FORCE Congress to not blow off getting this done.

-t

[MozoVote]

C'mon. We all know this is Kabuki theatre and that some kind of deal would be hastily voted on Monday or Tuesday "because time is running out and the economy will implode if we don't" :rolleyes:

Maybe the ratings agencies will call them on this tripe and cut our AAA. They eventually got tired of California's can-kicking and accounting gimmicks.

[UtahApocalypse]

is there a BBA??? if there is not then this deal is junk, and ANY rep. voting for it goes on the exile list. I still don't get how we pay off the debt by making it higher in the first place.

[Aratus]

mcconnell is at the core of the deal? i am not surprised

[Lucille]

You can follow the latest over at the "War Street Journal" /Lew: http://blogs.wsj.com/washwire/2011/07/31/live-blog-the-u-s-debt-battle-2/#

[tangent4ronpaul]

Just announced:

2.4 T raise in the debt limit - now
1.0 T cuts - now
1.4 T cuts later.

If the later cuts don't happen by the deadline they are taken out like this:
50% from military budget
50% from paying Medicaid providers.

-t

[sailingaway]

Crap. Anything with the super congress to determine solutions in it where the establishment leadership congressional pigs are more equal than the rest of our congressional pigs should be voted down and anyone who votes for it should be voted out.

that military medicare thing will mean whatever the establishment leadership pigs come up with will be law or those who vote against it will be held responsible for cutting military and medicare providers. Mind you, this is just a law and it can be changed by a later law-- but leadership would have to get that law to the floor for a vote. This eviscerates representation to mere star chamber level.

[tangent4ronpaul]

It gets better - cuts now, minor, cuts 7-10 years down the road major.

This raises the debt limit till we get past the 2012 elections, then it will have to be raised again. but we will be paying for this raise in the debt ceiling for 10 years. How will we pay for the next raise in the debt ceiling? - We don't.

Oh, and if nobody noticed, this doesn't pay off a penny of the Debt.

It also seems to lack a BBA.

Whooo Whoooo - lets max out that credit card again till Obama is past the election! What a wild ride! :rolleyes:


-t

[jware]

Bump....Obama giving a speech now

[devil21]

A trillion over 10 years??? That's IT? That's nothing and even inflation will keep up with that figure and probably even exceed it. What a joke. 10 years at current levels is $45 trillion.

That Super Congress unconstitutional crap is in the deal.

[Carehn]

Maybe the cuts will be a downgrade from world class hair conditioner on the planes of Senators to just "very good" hair conditioner.

are you insane! How would we run the government. You need to stop being so irresponsible and extreme.

[devil21]

Im sure Americans want a grand total of 2.2% of spending cut over 10 years. That's exactly what they voted for in 2010. /sarc

[devil21]

How much is the debt ceiling to be raised? Has this info not been divulged yet?

[KramerDSP]

How much is the debt ceiling to be raised? Has this info not been divulged yet?

2.4 Trillion, I believe.

Compromise, or Conviction?

[guitarlifter]

A trillion over 10 years??? That's IT? That's nothing and even inflation will keep up with that figure and probably even exceed it. What a joke. 10 years at current levels is $45 trillion.

That Super Congress unconstitutional crap is in the deal.

Yes, folks. We are going to cut the federal budget by less than two percent per year, which, by the time it's 2022, will be a fraction of a percent. Of course, we will also increase the budget in other aspects, effectively wiping this out completely.

They mark it up to mark it down and make it look like a deal. This is not a deal. I don't see how even 10% of the current government is necessary.

[KingRobbStark]

This is nothing but a bastardized farce performance. We all know the bullshit that oozes from such a horrible performance. I hope some join our side as a result.

[devil21]

2.4 Trillion, I believe.

Compromise, or Conviction?

Have you seen that since tonite's press conferences? I havent actually seen that total floated since Reid's plan was discussed yesterday. If so, Obama just effectively avoided the issue until after the 2012 election.

[LibertyEagle]

Crap.

[Number19]

The news is reporting and everyone here seems to be saying that there is a done deal. Nobody has voted on this. What are the chances that the Republican House will go along?

[tangent4ronpaul]

It is 2.4 T increase now, but paid off over 10 years.

The good news is it looks like the BBA is back.

[tangent4ronpaul]

The news is reporting and everyone here seems to be saying that there is a done deal. Nobody has voted on this. What are the chances that the Republican House will go along?

Anyone's guess - news is saying that congressional staff are expecting significant defections from both sides and in both houses.

[flightlesskiwi]

listened to Peter Schiff's c4l interview discussing the debt ceiling explanation. he made the subtle statement that he believes we've already passed the point of return with the amount of debt accrued. we are going to default one way or the other. either by outright default (non payment-- he says won't happen) or by devaluing the dollar (print print print) in order to pay back the debt. i think he is correct, especially after watching this unfold.

[tangent4ronpaul]

Hannity just nailed it! - he said the increase of 2.4T was through 2012 and then it would have to be raised again. He also said we (the federal government) spends 8% more each year than they did before. I haven't heard anyone outside this forum talk about that.

Lindsay Graham was there and said we are moving in the right direction. Walking toward bankruptcy rather than running toward it. But yes, we will add to the debt every year with this plan.

Most honest thing I've ever heard coming out of Hannities mouth.

-t

[Number19]

Hannity just nailed it! - he said the increase of 2.4T was through 2012 and then it would have to be raised again. He also said we (the federal government) spends 8% more each year than they did before. I haven't heard anyone outside this forum talk about that.

Lindsay Graham was there and said we are moving in the right direction. Walking toward bankruptcy rather than running toward it. But yes, we will add to the debt every year with this plan.

Most honest thing I've ever heard coming out of Hannities mouth.

-tIt's called Baseline Budgeting. Rand has been talking about it. Limbaugh has picked up on it. It's been discussed for a good number of years but hasn't gotten much attention until now.

[sailingaway]

Keep this vote like the TARP roll call.

[Tinnuhana]

Okay, which one of you guys is Hannity? Or maybe he's just listening to Rand.

[specsaregood]

I hope Dr. Pauls compromise ad is still running.

[tangent4ronpaul]

Read the powerpoint - it explains the whole plan

http://www.nytimes.com/interactive/2011/08/01/us/politics/20110801_BOEHNER_DEBT_FRAMEWORK.html

[tangent4ronpaul]

Okay, which one of you guys is Hannity? Or maybe he's just listening to Rand.

DANG! - BUSTED! :D Did you see me working the keyboard in my lap while I was broadcasting? lol!

[devil21]

So it's actually about $900 billion in cuts over 10 years. Even worse than I thought.

[Eric21ND]

I don't believe Hannity talked like that, anyone have a tubez?

[tangent4ronpaul]

So it's actually about $900 billion in cuts over 10 years. Even worse than I thought.

It's actually better than we thought (I think) - read the last few pages.

[tangent4ronpaul]

I don't believe Hannity talked like that, anyone have a tubez?

it re-runs at midnight EST. I was paraphrasing, but he really did say that. First 10 min of the show, or so.

[devil21]

It's actually better than we thought (I think) - read the last few pages.

What specifically are you referring to? No way the BBA passes....ever.

[tangent4ronpaul]

What specifically are you referring to? No way the BBA passes....ever.

look at page 4 on spending caps and page 7 about any future debt cap increase must accompany greater cuts

page 3 too

[devil21]

Ill believe it when I see it.

[Pauls' Revere]

Gold Futures.

Commodities

http://www.bloomberg.com/markets/

Nymex Crude Future

97.20

1.50

1.57

21:43


Gold 100oz Future (USD/t oz.)

1,615.20

-16.00

-0.98

21:44

[specsaregood]

look at page 4 on spending caps and page 7 about any future debt cap increase must accompany greater cuts
page 3 too

Uhm, how do you plan on holding future congresses to that deal? You can't without an amendment, thus any such requirement is just pretty things whispered into the ears of their rape victims.

[MozoVote]

No way the BBA passes....ever.

It is popular with the public. So the House *might* pass it. I have no hope for the Senate though.

[moderate libertarian]

So it's actually about $900 billion in cuts over 10 years. Even worse than I thought.

Is that what Republicans wanted?

It was a drama all along, pre vote speech came just when Asian markets were opening and even this "deal" has not yet been voted on by either house. Nice performance by Obama election campaign managers.

[Brian4Liberty]

That Super Congress unconstitutional crap is in the deal.

Yep, that's the most relevant part of this whole charade. They are creating a Joint Committee (which will no doubt consist of only corporatist establishment "representatives") and changing the structure of government. All of the so-called limitations on the Joint Committee are meaningless. They will take additional power over time. This will effectively neuter the Tea Party movement.

[specsaregood]

Is that what Republicans wanted?


Except word leaked out earlier that "what republicans wanted", the boehner bill; turned out to have been written by Reid's staff and McConnells staff. It wasn't from the "republicans" or the house at all. So what the senate did was reject Reid and McConnells own house-passed bill, all for the sake of entertainment.

[flightlesskiwi]

Yep, that's the most relevant part of this whole charade. They are creating a Joint Committee (which will no doubt consist of only corporatist establishment "representatives") and changing the structure of government. All of the so-called limitations on the Joint Committee are meaningless. They will take additional power over time. This will effectively neuter the Tea Party movement.

and we shall see if the masses even take notice.

my bet is no.

[HOLLYWOOD]

So it's actually about $900 billion in cuts over 10 years. Even worse than I thought.Hah! the cowards don't cut until 2013 after the elections. More backloaded garbage from the same Crackhead Congress... this video is so appropriate.


http://www.youtube.com/watch?v=itxfB3dN7ps

[DeadheadForPaul]

BBA will be D.O.A. at least until 2012 (assuming we can get some candidates in the Senate)

Even with a huge GOP majority, I am skeptical a BBA will ever come to pass unless states threaten secession without one

[Peace&Freedom]

If the House, led by Tea Party folks who see the super committee as a TP neutering device, rejects this deal in the upcoming vote, that's when the chaos REALLY begins.

[moderate libertarian]

Except word leaked out earlier that "what republicans wanted", the boehner bill; turned out to have been written by Reid's staff and McConnells staff. It wasn't from the "republicans" or the house at all. So what the senate did was reject Reid and McConnells own house-passed bill, all for the sake of entertainment.

That won't surprise me least bit.

Incidentally, Chinese compsite index is up 0.19 % after the "historic debt deal" among the misleaders that have not yet been voted upon by either house and they meet at 10am tomorrow to vote on it. China holds most US debt, their markets don't not too excited about this "deal".

[Anti Federalist]

The Ruling Class to the American Mundanes:

http://2.bp.blogspot.com/_-vDKExr49vg/S8cpxLkwVgI/AAAAAAAADzM/GcfhX4WyDJw/s400/simpsons_nelson_hah.jpg

[QueenB4Liberty]

If the House, led by Tea Party folks who see the super committee as a TP neutering device, rejects this deal in the upcoming vote, that's when the chaos REALLY begins.

I guess I hope they do.

[tangent4ronpaul]

I'm kind of hoping this doesn't pass. it would make the size of gvmt as much of a hot button issue as jobs and force a shutdown of gvmt. That's more unemployment and hurts Obama but helps freedom candidates.

Second best is if this super congress doesn't come up with something that will pass. that would cause a revolt among the poor wanting medical care, but would also drive reforming the medical system - say abolishing the FDA. On the military side, we wouldn't be able to afford the wars, so that's an easy path to peace and better foreign relations so no more WoT and we could get rid of the police state. Lots of upsides here, if it fails one of those hurdles.

-t

[Brian4Liberty]

and we shall see if the masses even take notice.

my bet is no.

Will the States notice? At the most, 12 States will be represented in this Super-Congress. 38 States will have no voice.

[nocompromises]

http://www.voanews.com/english/news/Senate-Democratic-Leader-Reid-Agrees-to-Debt-Deal-With-Republicans-126489638.html

U.S. Senate Democratic leader Harry Reid says he has accepted a deal with Republicans to keep the government from defaulting on its $14.3 trillion debt.

A Reid spokesman said Sunday he will support the deal as long as other Senate Democrats join him.

The leader of the majority party in the U.S. Senate spoke during a day of major talks and negotiations between Democrats and Republicans, two days before the United States reaches its debt limit and starts defaulting.

Senate Republican leader Mitch McConnell told reporters earlier that a compromise was "really really close." But it is not clear what the final bill will look like.\

This is an absolute travesty. The fact is the debt limit should not be increased one dime. Anyone who votes for a bill to increase the debt limit is not for small government, and is not a member of the Tea Party.

Anyone who votes for this is no better than someone who voted for Obamacare or the Patriot Act.

[nocompromises]

Only specifics I've heard is no cuts in Mil spending for fear of "breaking the military" as we are in 2 wars.

The first thing we need to cut is military spending. We need to bring all our troops home, and then cut military spending by 50% minimum. Anyone who votes for a bill that does not cut military spending is nothing but a big government monster.

[nocompromises]

Just announced:

2.4 T raise in the debt limit - now
1.0 T cuts - now
1.4 T cuts later.

If the later cuts don't happen by the deadline they are taken out like this:
50% from military budget
50% from paying Medicaid providers.

-t

This so called deal is an abomination.

I have a better deal.

First, no debt limit increase whatsoever.
Second, a balanced budget amendment.
Third, a 50% cut in military spending by the end of this year.
Fourth, the abolishment of the DEA and FDA.

Any debt limit increase is an abomination, period.

[nocompromises]

A trillion over 10 years??? That's IT? That's nothing and even inflation will keep up with that figure and probably even exceed it. What a joke. 10 years at current levels is $45 trillion.

That Super Congress unconstitutional crap is in the deal.

The fact is that this is not a compromise, it is a sell out.

We are selling out the constitution. The Super Congress is an unconstitutional nightmare. Anyone who votes for this bill is comitting TREASON against the United States of America.

If Rand Paul votes for this, I will call him a traitor too!

[nocompromises]

Anyone's guess - news is saying that congressional staff are expecting significant defections from both sides and in both houses.

Anyone who votes for this build needs to be tried for treason against the United States of America.

Not only does it increase the national debt, but it installs a super congress that is unconstitutional.

I hope that the bill does not pass. If it does pass, then we will have to work on how to start the legal proceedings to remove countless politicians from office, including all the Tea Party members who voted for it. If we cannot remove them via legal means, then we will need to vote them out of office.

[nocompromises]

It is popular with the public. So the House *might* pass it. I have no hope for the Senate though.

Don't the Tea Party members know that if they vote for this bill that they will be voted out of office?

This bill is an abomination, and anyone who votes for it cannot pretend to be for small government.

[Cutlerzzz]

I'm kind of hoping this doesn't pass. it would make the size of gvmt as much of a hot button issue as jobs and force a shutdown of gvmt.

What part of you wants this to pass?

[anaconda]

oh god.

Let's hope this is a TURRIBLE deal for the GOP and Ron's ad riles up some serious support.

This can only help the Ron Paul candidacy and the future for the Tea Party.

[libertyjam]

What is BBA?

[specsaregood]

What is BBA?

balanced budget amendment

[libertyjam]

balanced budget amendment

DOh! I figured it out about a minute after asking.

[HOLLYWOOD]

More important is the cut total...it's short. The Ratings agencies were looking for a minimum of $4 Trillion in costs to maintain a AAA rating. Moody's on- board to maintain AAA, but the rest may downgrade. So that may increase interest rates which reciprocates in a larger interest rate cost on the national debt, so the budget deficit will increase. Though surprisingly, treasuries aren't moving on credit or interest rate risks, yet. Incredible, rumors are the US Treasury has been lobbying the ratings agencies.

[Rothbardian Girl]

Does this have any chance of not passing?

[UtahApocalypse]

I got the tar in the kettle over the coals, ma is gathering the feathers, polishing the pitchforks...... this thing passes we need to go to Washington.

[specsaregood]

I got the tar in the kettle over the coals, ma is gathering the feathers, polishing the pitchforks...... this thing passes we need to go to Washington.

I dunno, the EPA might want to fine you or require a permit for transporting hot tar in an open container. Hell, OSHA might have something to say as well. Not to mention the USDA expecting documentation on where you gathered those feathers and whether it was done in a safe, humane manner.
Better get your paperwork in place first, mundane.

[pcosmar]

Does this have any chance of not passing?

It was a done deal before the theatrics started.

Short of some catastrophic event,,the debt will rise, taxes will be raised and money will be printed.

the statis quo will be preserved.

[specsaregood]

It was a done deal before the theatrics started.
Short of some catastrophic event,,the debt will rise, taxes will be raised and money will be printed.
the statis quo will be preserved.

the best possible outcome from this is that more than ever, people will come to realize this and recognize dr. paul as the guy that was saying that this entire time.

[Carehn]

So when do they vote. I have not been keeping up because I know its all opera. Does the senate vote today?

[eduardo89]

What is BBA?

Bachelors in Business Administration.

[Peace&Freedom]

Forget the BBA, there's something stronger. I believe there was a movement in the '90's to pass an amendment to the constitution saying if the debt ceiling ever reached the sum of 6 trillion or higher, the government would be automatically dissolved. Let's slap a '1' digit to it, and change the 'ceiling amendment' to 16 trillion, and this time try to get it passed.

[flightlesskiwi]

Forget the BBA, there's something stronger. I believe there was a movement in the '90's to pass an amendment to the constitution saying if the debt ceiling ever reached the sum of 6 trillion or higher, the government would be automatically dissolved. Let's slap a '1' digit to it, and change the 'ceiling amendment' to 16 trillion, and this time try to get it passed.

RADICAL ZEALOT TERROIST! the government cannot be dissolved!!!

/s

the fact that, in 25-ish years, you're saying "slap a 1 in front of a 6" and are speaking in TRILLIONS... i just threw up.

[speciallyblend]

http://www.youtube.com/watch?v=VFjiuG3Ybg4&feature=fvst
http://www.youtube.com/watch?v=VFjiuG3Ybg4&feature=fvst

this is the news;)