georgiaboy
11-14-2011, 09:34 AM
As we all know, back in July/August, Congress passed and the President signed the debt ceiling increase bill, which raised the ceiling 2.5Trillion, and trimmed the increase in future spending from $10T to $7T over the next (5 or 10, don't remember exactly) years. So in a nutshell, both R's and D's voted for a spending increase, at a time in our nation when reductions in spending are desperately needed.
After this bill was signed, S&P downgraded the US credit rating, and rightfully so.
Another part of the bill stated that a 'supercommittee' was to be established to outline at least $1.2T in deficit reductions, with a deadline of November 23. If the supercommittee failed to reach agreement, $1.2T in automatic 'increase trims' would be instituted, beginning sometime in 2012 or 2013 (don't remember which).
http://www.washingtonpost.com/business/economy/on-supercommittee-growing-doubts-about-reaching-a-debt-deal/2011/11/13/gIQABgG9IN_story.html?tid=pm_pop
Surprise surprise, super committee is looking less and less like it's gonna agree.
No surprise, actually. Theatrics anyway. Let the $1.2T kick in, the damage has already been done with the original bill. The ratings agencies agree there will be no further change to the credit rating, since they based it on this possibly happening anyway. At least somebody's paying attention.
The debt ceiling was already raised, and spending increased for the foreseeable future. All presidential candidates save Ron Paul will allow this to continue in perpetuity.
Only Ron's sane plan which includes a cut $1T in spending in year one of his presidency will begin to get us out of this economic tailspin.
After this bill was signed, S&P downgraded the US credit rating, and rightfully so.
Another part of the bill stated that a 'supercommittee' was to be established to outline at least $1.2T in deficit reductions, with a deadline of November 23. If the supercommittee failed to reach agreement, $1.2T in automatic 'increase trims' would be instituted, beginning sometime in 2012 or 2013 (don't remember which).
http://www.washingtonpost.com/business/economy/on-supercommittee-growing-doubts-about-reaching-a-debt-deal/2011/11/13/gIQABgG9IN_story.html?tid=pm_pop
Surprise surprise, super committee is looking less and less like it's gonna agree.
No surprise, actually. Theatrics anyway. Let the $1.2T kick in, the damage has already been done with the original bill. The ratings agencies agree there will be no further change to the credit rating, since they based it on this possibly happening anyway. At least somebody's paying attention.
The debt ceiling was already raised, and spending increased for the foreseeable future. All presidential candidates save Ron Paul will allow this to continue in perpetuity.
Only Ron's sane plan which includes a cut $1T in spending in year one of his presidency will begin to get us out of this economic tailspin.