Are republicans willing to let the economy fail to win an election?

I'd like to see all of your roast this guy for spreading hate on twitter:

http://twitter.com/#!/American1st

 

The whole GOP vs the white house is about kicking the can down the road and rearranging deck chairs on the Titanic.

The real debt isn't 14.3 trillion. It's actually more than 600 trillion if you add all the unfunded liabilities, off balance sheet expeditures and toxic derivatives from the banks.

No way we can pay this so we might as well default now.

 

These are the kinds of bizarre statements made when people read something on a website they don't understand and then just start repeating it as fact. Please share the details of these unfunded liabilities - and why you wouldn't consider the future funding of them - along with the nature of these "toxic derivatives" and who's going to have to pay them when. I'd love to see your $600 trillion in math.

 

rumor is dude's trying to get back in the race

 

Translation. I don't care about America or Americans. I care about my Republican friends and I care about money.

 

John McCain takes on Tea party House Representatives.

http://www.msnbc.msn.com/id/43923236/ns/politics-capitol_hill/

McCain rounds on 'Tea Party hobbits' in budget debate
Sparring comes as Republican leadership faces internal revolt ahead of nail-bitingly close vote in Congress

WASHINGTON — A bill to cut the U.S. deficit faced a nail-bitingly close vote in Congress Thursday after former Republican presidential nominee Sen. John McCain railed against "bizarro" alternative plans by "Tea Party hobbits."

"What is really amazing about this is that some members are believing that we can pass a balanced budget amendment to the Constitution in this body with its present representation and that is foolish," the Republican from Arizona said in a speech to colleagues on Wednesday.

McCain's broadside came as Republican House Speaker John Boehner also sought to quell the internal revolt and push his plan to avoid a default by telling rank and file to "get your ass in line," House Republicans told The New York Times .

Boehner's bill could break the inertia in Washington over a U.S. debt crisis that has spooked markets and raised the prospect that the government of the world's largest economy will run out of money to pay its bills in less than a week.

Barack Obama has threatened to veto the Boehner bill and a majority of the Democratic-controlled Senate has vowed to vote against it.

But a successful vote in the House would give the bill legitimacy and make it a crucial element of the legislative chess game that is likely to play out until the Aug. 2 deadline.

A defeat of the bill could deepen the crisis, swinging the momentum toward a rival Democratic plan in the Senate, but leaving no clear way to overcome entrenched opposition from the fiscally conservative Republicans in the House.

With brinkmanship over the ideologically charged dispute seeming likely to go on through the weekend, investors and ordinary Americans are increasingly nervous that a previously unthinkable U.S. default could spark a new financial crisis.

The Treasury says it will run out of spending money next Tuesday unless Congress agrees to raise the $14.3 trillion debt ceiling.

Even if an 11th-hour compromise emerges, the United States could lose its top-notch credit status if ratings agencies are not convinced it has done enough to address its bulging debt burden.

The White House has warned of "catastrophic" consequences if a deal is not reached by Aug. 2, rejecting the idea that Obama could invoke an obscure constitutional clause to raise the debt limit.

Several House Democrats planned to hold a news conference on Thursday to urge the president to take that option if necessary.

"The only option here is for Congress to do its job," said senior White House adviser David Plouffe on the PBS show "NewsHour." "We've run out of excuses and we're running out of time."

After weeks of bickering and setbacks, some common ground has emerged between the official Republican and Democrat plans to cut the deficit and raise the debt limit.

A bill being pushed by top Senate Democrat Harry Reid and backed by the White House would cut $2.2 trillion from the deficit over 10 years without raising taxes.

Reid has said Boehner's plan would be "dead on arrival" but that he could incorporate elements of it in a way that could win support from both parties.

'Having defeated Mordor'
Within the GOP, Boehner won support from McCain, who ridiculed conservatives opposed to his plan, using lines from a Wall Street Journal editorial to make his point.

"(W)hat none of these critics have is an alternative strategy for achieving anything nearly as fiscally or politically beneficial as Mr. Boehner's plan. The idea seems to be that if the House GOP refuses to raise the debt ceiling, a default crisis or gradual government shutdown will ensue, and the public will turn en masse against . . . Barack Obama," McCain quoted the article as saying in his Senate speech.

"The Republican House that failed to raise the debt ceiling would somehow escape all blame. Then Democrats would have no choice but to pass a balanced-budget amendment and reform entitlements, and the Tea Party hobbits could return to Middle Earth having defeated Mordor," he said the article continued.

"This is the kind of crack political thinking that turned Sharron Angle and Christine O'Donnell into GOP Senate nominees. The reality is that the debt limit will be raised one way or another, and the only issue now is with how much fiscal reform and what political fallout," McCain added, still quoting the Journal.

Mark Meckler, co-founder of the Tea Party Patriots, tried to laugh off the attack, telling CNN that "Clearly he's [McCain] been corrupted by the ring of power," in another Lord of the Rings' reference.

He also said many Americans supported a balanced budget amendment to the Constitution.

"What Republicans should be doing is pushing all the way to the line," Meckler told CNN.

McCain later appeared to soften his stance towards the tea party later.

"I admire respect and appreciate (the tea party)," he said on FOX NEWS' Hannity show. "They are the ones that gave us a majority in the House of Representatives."

Boehner's two-step plan contains a crucial sticking point — it would only extend the Treasury's borrowing authority by a few months, something Obama has said is unacceptable.

Obama is facing a major test of his leadership over the debt crisis as he seeks to remove the debt-ceiling issue as a threat to the weak economy ahead of his bid for re-election in November 2012.

Boehner's bill needs 217 votes and its chances appear too close to call despite his blunt demand for fellow Republicans to "get your ass in line" behind his plan.

While some conservatives appeared to be reluctantly backing the bill, Tea Party groups are urging Republicans to reject any compromise, including Boehner's plan.

Investors have raised their holdings of safe-haven assets such as gold but have reacted relatively calmly to the prospect of an unprecedented U.S. default and a damaging credit downgrade, holding out hope that a late deal will be struck.

The dollar rebounded from recent losses on Wednesday and the Treasury managed to sell $12 billion in short-term bills and $35 billion in five-year notes, showing that bond investors still have faith in the U.S. government.
Story: US may have way to cover bills after deadline, for week

Still, ordinary Americans scarred by the 2008 financial crisis are growing more worried. They bombarded leading Congress members with telephone calls at the urging of Obama on Tuesday and financial advisers report a rise in calls asking about what to do if the government defaults.

The dysfunctional gridlock in Washington has also raised concern over the long-term decline of U.S. economic power and the status of the dollar as the world's reserve currency.

"The U.S. is experiencing an 'end of empire' moment and the dollar share of global reserves is likely to fall gradually," said Jim Leaviss, head of retail fixed income at M&G Investments in London.

 

http://video.cnbc.com/gallery/?vide...nUGFnZSI6IjEiLCJzeW0iOiIiLCJzZWFyY2giOiIifQ==

 

The Republicans started out being "willing to let the economy fail to win an election." Now it seems they are willing to let the economy fail to lose an election. To quote Chekhov, "It really is amazing."

 

Not anymore it isn't, Chuck.

 

Why don't they just bring Bowles Simpson to a vote..its been released for months, had some bipartisan support back then and would just show how serious folks are about these cuts....

 

It's times like these that I recall why I used to like Senator McCain.

edit: I'll add this... it's been a long time since I've seen the Democrats in the House vote unanimously about anything. Sure, it's difficult to imagine any Democrat voting for the abomination put forward by Boner and Company, but I sure hope this Democratic unity is catching.

 

Yes, they are willing. And yes, McCain is a willing partner.

(This has been another edition of true answers to simple questions.)

Call me crazy, but I'm thinking they don't want a deal. I'm thinking they want default for what it will do to the country and if they go there, then Obama has to make an unpalatable choice... does he unilaterally keep the economy going by appealing to the 14th Amendment or does he do nothing and watch the country default? Either way, Repubs must think they can make more political hay for 2012 than they will burn. One of many great flaws in this thinking is evident upon a glance at the current crop of GOP Presidential candidates. We're screwed I think.

 

I disagree. There was never any chance in hell that the Reid bill was going to pass - simply because it was the Reid bill. The GOP isn't going to pass a Democratic solution and more than Democrats were going to pass a GOP solution. At the end of the day, my guess is we end up with a Reid-McConnell bill, and enough people can vote for it because it feels like their party contributed.

This is all about everyone saving face. Unlike the House, the Senate just isn't completely filled with crazy people. The vast majority of the Senate is rational people - the Sharon Angles and Christine O'Donnells of the world can win House seats, but Senate seats are much harder. There's a handful like Rand Paul, but not enough to dictate any kind of policy.

 

how is the republican senators letter re Reid any different than the Dim's preemptive attack on Boehner?

 

future President

<iframe width="480" height="390" src="http://www.youtube.com/embed/_68GjR6V6zI#t=0m20s" frameborder="0" allowfullscreen></iframe>

 

Filibuster?

 

Well, for one, the numbers in Reid's bill reflect the Republican position from a couple of weeks ago.

 

I read an observation somewhere (maybe here?) that I agree with:

Whereas we used to suspect that Republicans were willing to tank the economy to win and election, now we are getting to the point where we are thinking maybe Republicans are willing to tank the economy to actually LOSE an election, just to show their ideological purity.

Here's a quote in that vein:

 

I don't agree with the latter. If there is a default, Obama will be blamed. Right or wrong, that's how it is - the President gets the responsibility. The GOP wins out in any default scenario because there will be a "throw the bums out" mentality.