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    John Boehner and fellow Republicans want to play another game of “government shutdown” over the debt limit – Treasury Secretary Timothy Geithner wants Congress to raise the debt limit again later this year “without drama, pain and damage.” House Speaker John Boehner has other ideas. […] “When the time comes, I will again insist on my simple principle of cuts and reforms greater than the debt limit increase. This is the only avenue I see right now to force the elected leadership of this country to solve our structural fiscal imbalance. If that means we have to do a series of stop-gap measures, so be it – but that’s not the ideal. Let’s start solving the problem. We can make the bold cuts and reforms necessary to meet this principle, and we must.” — Brian Beutler | TPM
There will be no compromise: any tax increases to the wealthy or cuts to the DoD are completely off the table.
Why are Republicans flirting with Debt Limit Debacle 2.0? — Protecting The Bush Tax Cuts: This is a generational imperative for the GOP. The 2001 and 2003 Bush cuts are key to the decades-long conservative goal of redistributing wealth further up the income ladder and rolling back the federal government’s role in providing social services. All of the cuts are scheduled to expire at the end of the year, and if President Obama wins in November, he’ll have a lot of leverage to demand that the Republicans own up to the results and allow the cuts for high-income earners to expire.  – Brian Beutler | TPM
Under the current baseline agreed to in the Budget Control Act, the debt-ceiling deal wherein Boehner claims he received “98 percent of what he wanted,” every bracket of the Bush Tax Cuts will expire at the end of fiscal 2012. The only way any bracket, whether at the low-end or high-end, will be extended beyond fiscal 2012 is through an act of congress. If congress and the president simply do nothing, they will automatically expire. — Bob Cesca
Sen. Charles Schumer, D-NY – ”It is pretty galling for Speaker Boehner to be laying down demands for another debt-ceiling agreement when he won’t even abide by the last one. The last thing the country needs is a rerun of last summer’s debacle that nearly brought down our economy.”
Minority Whip Steny Hoyer, D-MD  – ”The dollar for dollar limit, of course, led to the sequester, which none of us like. While it sounds good, the execution of that principle does not seem to be very disciplined. The Speaker, in my view, believes [in a broad, balanced approach] as well, [but] the Speaker’s party does not believe in balance. Mr. Boehner is responding to the same people who didn’t want the Export-Import Bank to pass. The Republicans are good at buying and lousy at paying. They borrowed a lot of money, as a result we owe a lot of money. They don’t believe that tax cuts need to be paid for so they give away revenues, they continue to spend money and inevitably deficits occur.”
The last GOP-led hostage crisis over the debt — It was, to my mind, the worst thing an American major party has done, at least in domestic politics, since the Civil War. It was a move without parallel. The entirety of a party threatened to deliberately hurt the country unless their rivals paid a hefty ransom — in this case, debt reduction. It didn’t matter that Republicans were largely responsible for the debt in the first place, and it didn’t matter that Republicans routinely raised the debt ceiling dozens of times over the last several decades. This wasn’t just another partisan dispute; it was a scandal for the ages. This one radical scheme helped lead to the first-ever downgrade of U.S. debt; it riled financial markets and generated widespread uncertainty about the stability of the American system; and it severely undermined American credibility on the global stage. Indeed, in many parts of the world, observers didn’t just lose respect for us, they were actually laughing at us. It’s the kind of thing that should have scarred the Republican Party for a generation. Not only did that never happen, the Republican hostage takers are already vowing to create this identical crisis all over again, on purpose.– Steve Benen

    John Boehner and fellow Republicans want to play another game of “government shutdown” over the debt limit – Treasury Secretary Timothy Geithner wants Congress to raise the debt limit again later this year “without drama, pain and damage.” House Speaker John Boehner has other ideas. […] “When the time comes, I will again insist on my simple principle of cuts and reforms greater than the debt limit increase. This is the only avenue I see right now to force the elected leadership of this country to solve our structural fiscal imbalance. If that means we have to do a series of stop-gap measures, so be it – but that’s not the ideal. Let’s start solving the problem. We can make the bold cuts and reforms necessary to meet this principle, and we must.”Brian Beutler | TPM

    • There will be no compromise: any tax increases to the wealthy or cuts to the DoD are completely off the table.
    • Why are Republicans flirting with Debt Limit Debacle 2.0? — Protecting The Bush Tax Cuts: This is a generational imperative for the GOP. The 2001 and 2003 Bush cuts are key to the decades-long conservative goal of redistributing wealth further up the income ladder and rolling back the federal government’s role in providing social services. All of the cuts are scheduled to expire at the end of the year, and if President Obama wins in November, he’ll have a lot of leverage to demand that the Republicans own up to the results and allow the cuts for high-income earners to expire. – Brian Beutler | TPM
    • Under the current baseline agreed to in the Budget Control Act, the debt-ceiling deal wherein Boehner claims he received “98 percent of what he wanted,” every bracket of the Bush Tax Cuts will expire at the end of fiscal 2012. The only way any bracket, whether at the low-end or high-end, will be extended beyond fiscal 2012 is through an act of congress. If congress and the president simply do nothing, they will automatically expire. — Bob Cesca
    • Sen. Charles Schumer, D-NY – ”It is pretty galling for Speaker Boehner to be laying down demands for another debt-ceiling agreement when he won’t even abide by the last one. The last thing the country needs is a rerun of last summer’s debacle that nearly brought down our economy.”
    • Minority Whip Steny Hoyer, D-MD  – ”The dollar for dollar limit, of course, led to the sequester, which none of us like. While it sounds good, the execution of that principle does not seem to be very disciplined. The Speaker, in my view, believes [in a broad, balanced approach] as well, [but] the Speaker’s party does not believe in balance. Mr. Boehner is responding to the same people who didn’t want the Export-Import Bank to pass. The Republicans are good at buying and lousy at paying. They borrowed a lot of money, as a result we owe a lot of money. They don’t believe that tax cuts need to be paid for so they give away revenues, they continue to spend money and inevitably deficits occur.”
    • The last GOP-led hostage crisis over the debt — It was, to my mind, the worst thing an American major party has done, at least in domestic politics, since the Civil War. It was a move without parallel. The entirety of a party threatened to deliberately hurt the country unless their rivals paid a hefty ransom — in this case, debt reduction. It didn’t matter that Republicans were largely responsible for the debt in the first place, and it didn’t matter that Republicans routinely raised the debt ceiling dozens of times over the last several decades. This wasn’t just another partisan dispute; it was a scandal for the ages. This one radical scheme helped lead to the first-ever downgrade of U.S. debt; it riled financial markets and generated widespread uncertainty about the stability of the American system; and it severely undermined American credibility on the global stage. Indeed, in many parts of the world, observers didn’t just lose respect for us, they were actually laughing at us. It’s the kind of thing that should have scarred the Republican Party for a generation. Not only did that never happen, the Republican hostage takers are already vowing to create this identical crisis all over again, on purpose.– Steve Benen
    — 1 year ago with 2 notes
    #news  #politics  #republicans  #democrats  #defense spending  #bush tax cuts for the rich  #john boehner  #government shutdown  #hostage taking  #debt limit  #no compromise 2.0  #debt limit debacle 2.0  #tax cuts for the wealthy  #austerity for the rest of us  #income redistribution  #budget control act  #chuck schumer  #steny hoyer  #crisis 
    Another debt ceiling fight from the Teaparty Republicans in 2013? Probably not. →

    Jonathan Bernstein doesn’t think we’re going to see this debt ceiling fight again after the next election, whether a Republican wins the White House or President Obama is re-elected. The political rewards for the GOP just wouldn’t be there:

    …if we get a Republican president and a Democratic Congress, the issue won’t play nearly as well in reverse (although it’s certainly possible that President Romney or Perry could veto a clean limit increase and demand cuts – but would a brand-new president really want to risk that?). Of course, a unified Democratic government would not only probably pass a clean increase, but it also might well scrap the debt limit entirely, as Jonathan Chait suggests they demand in the future.

    What if we have the status quo in January 2013? Hard to say. But it’s going to be a whole lot easier for Republicans to vote for a clean debt-limit increase at that point (perhaps loaded with some symbolic stuff). One of the key problems for Republicans this year is that they were just elected on a lot of extravagant promises about immediate, absolute change. My guess is that those who are reelected in 2012 won’t repeat those promises, at least not quite as loudly. They will have voted to raise the debt limit. They will have voted for appropriations bills that spend gazillions of dollars. They will have voted for budgets that don’t immediately balance. They may not own up to those things, and some of them will certainly keep up the rhetoric, but the bulk of them? We’ll see.

    Moreover, should we have a status quo election in 2012, the incentive of defeating Barack Obama will, of course, be gone in 2013. Instead, members of Congress will be worrying about their own reelections, and triggering an economic crisis just after the president is inaugurated may not work well for that goal.

    Deficits don’t matter! Sometimes!

    — 2 years ago with 1 note
    #politics  #economy  #debt ceiling  #crisis  #2012 election  #debt deal  #2013 
    Josh Marshall: what exactly is everyone complaining about? (Especially those who didn’t vote in 2010) →

    Josh Marshall’s take on the arguments over the budget / debt deal:

    From TPM Reader RW

    Let me get this straight. The President kept revenues on the table, did not touch the sunset provisions in the Bush tax cuts, ensured that military cuts keep the GOP honest, protected Medicare by adding in only provider cuts in the trigger, made the reduction apparently enough to stave off a debt downgrade, got the debt ceiling raised, wounded Boehner by demonstrating to the world that he is controlled by the Tea Party caucus, took out the requirement that a BBA be passed and sent to the states and got the extension through 2012? What exactly is wrong with this deal?

    The fact that there are cuts? If people don’t like that, why in God’s name didn’t they turn out to vote and bring back our Congressional majority? Once these nut jobs were in there, it was inevitable that this crap was going to happen. Whether or not it is advisable to cut spending, what exactly was going to stop this from happening? My experience is that the primary factor in all negotiations are the facts on the ground. The complaints center on a ridiculous notion that if the President had only said “no” harder, that these guys would have caved in. This isn’t negotiating over who gets the side of the bed near the A/C. This is a complex matter involving 3,000 members and staffers. Negotiations in these situations don’t work like this. That’s why I’m irked by the constant parade of people comparing the negotiations to movies and card games. These comparisons obscure more than they reveal.

    It’s the single-payer health reform argument all over again. It’s not perfectly progressive, so it’s a “shit sandwich.” OBAMA IS JUST LIKE BUSH.

    — 2 years ago with 2 notes
    #news  #politics  #crisis  #debt ceiling  #debt deal  #default  #Democrats  #GOP  #josh marshall  #oy  #President Obama  #progressives  #Republicans  #tea party 
    Debt ceiling negotiations are ongoing
Try to tell me that pic above isn’t an accurate representation of where we are at this moment:

Senate Majority Leader Harry Reid told the Senate Sunday that negotiators were closing in on a debt limit package, but he warned that unresolved questions remained and that “each of them must be resolved before we have a final agreement. And as we know, one problem can stop the whole agreement from going forward.”
[…] Reid also said that as part of an accord, a 12-member joint congressional committee will be created and given the task of achieving further deficit reduction, once a first round of cuts has been made.
“There are no constraints. It can look at any program we have in government,” Reid said of the new committee. “It will be essential to choose members with open minds willing to consider every option, even when the options are difficult to swallow for both parties.”
[…] Plouffe outlined the structure of an agreement between Obama and congressional leaders.
It would require an initial round of $1 trillion in deficit reduction, mostly or entirely coming from spending cuts, followed by work by the new congressional committee to recommend even deeper deficit reduction which would be achieved, said Plouffe, through “entitlement reform and tax reform.”
He said the committee would be mandated to recommend specific spending cuts, but it “is not going to be charged with just doing spending cuts only. The committee is going to be charged looking at our entire deficit reduction problem and look at things like tax reform and revenue.”

And this:

On Saturday McConnell told reporters that, “We all know that if the president decides to reach an agreement with us, the Democrats, most of them, will fall in line. He is the leader of the Democratic Party; he is the president of the United States. He needs to indicate what he will sign. And we are in those discussions now.”

Has McConnell ever met these ‘Democrats’ he speaks of?

    Debt ceiling negotiations are ongoing

    Try to tell me that pic above isn’t an accurate representation of where we are at this moment:

    Senate Majority Leader Harry Reid told the Senate Sunday that negotiators were closing in on a debt limit package, but he warned that unresolved questions remained and that “each of them must be resolved before we have a final agreement. And as we know, one problem can stop the whole agreement from going forward.”

    […] Reid also said that as part of an accord, a 12-member joint congressional committee will be created and given the task of achieving further deficit reduction, once a first round of cuts has been made.

    “There are no constraints. It can look at any program we have in government,” Reid said of the new committee. “It will be essential to choose members with open minds willing to consider every option, even when the options are difficult to swallow for both parties.”

    […] Plouffe outlined the structure of an agreement between Obama and congressional leaders.

    It would require an initial round of $1 trillion in deficit reduction, mostly or entirely coming from spending cuts, followed by work by the new congressional committee to recommend even deeper deficit reduction which would be achieved, said Plouffe, through “entitlement reform and tax reform.”

    He said the committee would be mandated to recommend specific spending cuts, but it “is not going to be charged with just doing spending cuts only. The committee is going to be charged looking at our entire deficit reduction problem and look at things like tax reform and revenue.”

    And this:

    On Saturday McConnell told reporters that, “We all know that if the president decides to reach an agreement with us, the Democrats, most of them, will fall in line. He is the leader of the Democratic Party; he is the president of the United States. He needs to indicate what he will sign. And we are in those discussions now.”

    Has McConnell ever met these ‘Democrats’ he speaks of?

    — 2 years ago with 2 notes
    #news  #politics  #class war  #income redistribution  #war on the middle class  #crisis  #debt ceiling  #Democrats  #GOP  #Harry Reid  #hostage negotiations  #Mitch McConnell  #negotiations  #President Obama  #Republicans  #Senate  #tea party