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The debt ceiling battle: Where things stand on a vote
The federal government has four days left to raise the nation's current $14.3 trillion debt ceiling, the Treasury Department said. A failure to do so will risk an unprecedented national default.
If the debt ceiling is not raised by Tuesday, Americans could face rising interest rates and a declining dollar, among other problems.
As the cost of borrowing rises, individual mortgages, car loans and student loans could become significantly more expensive. Some financial experts have warned of a downgrade of America's triple-A credit rating and a potential stock market crash.
Without an increase in the debt limit, the federal government will not be able to pay all of its bills next month. President Barack Obama recently indicated he can't guarantee Social Security checks will be mailed out on time. Other critical government programs could be endangered as well.
Where do things stand in the fight to raise the debt ceiling?
House
Senate Democrats on Friday blocked the latest House Republican proposal to cut spending and increase the federal debt ceiling, setting up a weekend of negotiations to seek a deal that would avoid a potential federal default next week.
Earlier Friday, House Republicans passed Speaker John Boehner's latest proposal, overcoming opposition from Democrats and tea party conservatives. But Democrats had vowed to defeat it in the Senate, where they have the majority.
Boehner's plan calls for $917 billion in savings over the next decade, while creating a special congressional committee to recommend additional savings of $1.6 trillion or more. It would allow the debt ceiling to be increased by a total of roughly $2.5 trillion through two separate votes. The $2.5 trillion total would be enough to fund the federal government through the end of 2012.
The plan originally called for a congressional vote on a balanced budget amendment to the Constitution by the end of the year. Boehner has since reached out to disgruntled conservatives by amending the plan to require congressional passage of such an amendment as a condition for raising the debt limit by the full $2.5 trillion, according to two GOP congressmen.
The vote was scheduled to have taken place on Thursday night, but Republican leaders postponed the vote amid signs they did not have enough support to pass it.
Senate
Senate Majority Leader Harry Reid's plan would reduce federal deficits over the next decade by at least $2.2 trillion while raising the debt ceiling by $2.7 trillion. Reid has promised additional cuts will be included in the final version of his legislation - enough to meet the GOP's demand that total savings should at least equal any total debt ceiling hike.
Reid's plan would cut spending by $1.8 trillion. Roughly $1 trillion in the savings are based on the planned U.S. withdrawals from military engagements in Afghanistan and Iraq.
Reid's plan also would establish a congressional committee made up of 12 House and Senate members to consider additional options for debt reduction. The committee's proposals would be guaranteed a Senate vote with no amendments by the end of this year.
Reid said Friday morning that he "must take action" on the Senate's legislation by the end of the day.
Obama
Obama has endorsed Reid's plan and threatened a veto of Boehner's plan. The president strongly opposes any bill which doesn't raise the debt ceiling through the 2012 election. Obama has promised to veto any short-term debt ceiling extension unless it paves the way for a "grand bargain" of more sweeping reforms and revenue increases.
On Friday, Obama urged Senate Democrats and Republicans to take the lead in congressional negotiations. He said the House GOP plan "has no chance of becoming law." Obama also urged Americans to keep contacting members of Congress in order "to keep the pressure on Washington."
The president made a nationally televised plea for compromise Monday night, though he also criticized Republicans for opposing any tax hikes on the wealthy.
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The members of the House and Congress are so out of touch with the real world of the working class and the poor they do not have a clue. It is simply a game of barnyard lunacy they play in Washington. Before anyone is allowed to take a public office they should be required to live on minimum wage, have no health care and do so without any outside aid for at least a year. At the start of their real life experience they are not allowed to have a credit rating above 300, may start out with only 10 dollars in their pockets, no checking account and no credit cards. Then maybe they would understand the real world better.
My very bright recent college graduate who speaks two languages is extremely happy to have been able to get a job at minimum wage starting out on the bottom rung of the company’s ladder. Many of her graduating classmates have not yet been able to secure any kind of a job. Oh yes, tickle down job growth from the wealthy is working… I think not.
How about a national power ball lottery with proceeds to pay down the national debt. The winners become millionaires, WIN! The millionaires pay taxes, WIN! The taxes pay down the debt, WIN! Anyone see a problem with this concept?
I agree 200%.. A representative sanction, that is our governemnt, is to represent the insterest of the people that elected them... So explain to me how their actions of voting against each other is represnting our interest? I think you explained this in your little post....they only care about their interest!!
In the infamous words of an American Hero that most might remember. “ Can’t, can’t we all get along.?? “ Tell Senate Majority Leader Reid-tart he has a bill " Cut, Cap, and Balance " and to change it so it will pass the senate NOW..!!! Tell O’ Bummer to sign the damn thing so we can get out of this mess on Aug 2.
I think it is obvious at this point the republicans, especially the t-bags want this country to default. I don't know the reasoning behind it, maybe they think it gives them an edge in 2012, but judging by their actions that's the only conclusion I can come up with.
Tea bags want the nation to default because they are extremists and they want, at any cost, to see Obama fail. That was also something that RushBag yelled many times that he wanted Obama to fail. They are doing all they can to make that happen. They also want the government reduced so that there are no checks and balances in place and they can do whatever they want with their extremist agendas.
Strangetea – why is it that Democrats are not seen as hardlined in their opposition to the proposed plan. Obama is saying I will veto any bill that doesn't extend through 2012. Isn't that a demand? Why are the congressman who are wanting a smaller government ridiculed as being stubborn unwilling to compromise. Aren't the Democrats doing the same. Am I missing something?
T – that is because passing Boehner's plan does nothing to avert what will happen in the market. It will have almost the same effect as passing no plan. We will end up with this same debate 5 months from now ... at the holidays season ... when it will suck all wind out of the economy's sails. And the market's reaction will be: What are you ... kidding me? Passing it now for just 5 months ... with half the spending cuts that Reid's plan is proposing?! And no real plan for another $2 trillion except with a promise to debate again with only a 5 month window?! Boehner's plan will assure us of losing our AAA rating, if we haven't already. The markets right now are already moving money out of Treasury.
Neither plan does anything – passing either plan is like passing nothing. About 1 trillion in overall savings in 10 years? We'll eat that up in just 3 years, borrowing 4 billion per day. Both plans are a joke in my opinion, neither do much & both are doomed due to political ambitions on both sides
President's don't control the Federal "purse," the Congress does. Presidents do not pass legislation, the Congress does. It is convenient for Congress that there is a President, because it makes it easier for those 535 elected members of the Senate and House to blame one person for all of the problems that they create instead of taking the heat directly themselves. Americans repeatedly voice how they "hate all these career politicians" in D.C., but the only career politicians are members of Congress, because they do not have term limits. Presidents can no longer be "career politicians" due to the 22nd Amendment following the 4-term stint of FDR (an amendment demanded by Republicans, passed by a Republican Congress, and quickly regretted by the GOP with the successful entry of a popular Republican President (Dwight D. Eisenhower) into the White House almost immediately after passage. So, it is "easy" to blame a particular president, be it Bush II or Obama (if we go back in time a bit, then it was Clinton or Bush I or Reagan or etc.), but that is to miss the whole point of the basic form of our government and the last two centuries of its evolution as power has been wrestled with back and forth among the Executive and Legislative branches, with the Judicial branche (Supreme Court) coming in now and then with a monkey-wrench to thwart both of the others. Americans roundly claim that all of these "career poltiicians" in Congress should be voted out in the next election, but what gets missed is the fact that from the local perspective, "everyone else's member of Congress is corrupt, not our member!" So, the problem persists. The Tea-Party movement may have had good intentions in bringing their own monkey-wrench to the last election cycle, but their political ideology is far more radical than purely conservative, and so their demands on the GOP are impossible to fulfill in any realistic fashion in a Congress that has over two centuries of "compromise" as the operating way of doing things (which is the whole point of our government, we are supposed to be compromising with one another to keep moving forward rather than staying put or falling behind). So, please stop blaming particular presidents for all of our woes and start thinking about your member of Congress (Senate and House) who has likely been in "public office" for far longer than a 4 year or 8 year maximum stint for a president. The career politicians are not in the White House, they are in the Capitol Building and its surrounding complex of offices both above ground and below. If you want to change how things are done, the only term limits that Congress has come every 2 years in the election cycle. Vote in fresh, moderate-blooded men and women who can compromise, not radicals who see the world as "my way or the highway."
Totally agree with Erik – Every time a GOP member is given an opportunity to speak honestly about what's going on, the first thing out of their mouths are: It's Obama's reckless spending. His only spending was the stimulus package, of which HALF was tax CUTS! The deficit explosion is due to -5% in GDP loss from 2008 – June 2009 which has NOTHING to do with Obama. The only goal they have right now is to make Obama look bad through 2012....country be damned.
All Americans and every member in Congress know that we have to do both ... reduce spending; raise revenue; revamp the tax code; make changes to medicare. Everyone will be willing to do this ... including Democrats. Why does the Tea Party think they need to hold a gun to the nation's credit to do this? They are like 2 year olds ... can't learn to work with others to get what they want. They only know how to resort to tantrums.
Creating government jobs? Thats all Obama has created. Its private non union jobs we need.
Which since private enterprise has seen No demand for their products or services, so private enterprise has said they are not willing to create jobs, During the Great Depression in the 1930's private industry wouldn't create any jobs, So Government had to step in and create jobs for a bit to create more demand and private industrial jobs eventually appeared again.
Reply to Jay Horn's comment ... yeah ... private non-union jobs ... as in low wage jobs.
With that said, why don't you start a new business? The days of going to work everyday to punch out widgets are over, pal. The world economy, these days, demands knowledge-based entrepreneurs who are willing to take calculated risks in order to meet their family's needs.
what happened to logic? Are you to good for work now?
That's the problem here. Nobody want's to work for anything. Just rack up the credit card debt and let someone else deal with it. And now we're putting it all on our children. Enough is enough. It doesn't matter if you're republican or democrat. Money doesn't grow on trees, and you can't magically pay the bills if there is nothing in your account.
Actually, the loss of government jobs has been the largest sector of unemployment this year. Most of the stimulus jobs went to the private sector, directly or indirectly. Economists say that without the stimulus we would have been in much worse shape, and many more people would be out of work, the stock market would be tanked, etc. (by the way, I prefer to listen to economists on matters such as these, not Limbaugh or Fox). The crap the tea party is pulling now will be much worse than the deficit and totally screw up the economy (meaning, will screw up our lives). Again, this is what the economists say.
{The House plan "has no chance of becoming law," Obama said at the White House. "The time for putting party first is over.}
Democrats read this: right on!
Republicans read this: So it's your way or no way then, pot calling the kettle black
Man on the street? So what's the big difference between House & Senate plans anyway? They cut (about) the same amount. Though Senate throws in 1 trillion for ending wars that the House doesn't include but could just as easily. So the real battle between the 2 plans is: re-address this in 6 months or 18 months (more or less)
It also speaks volumes about which cares for the US economy and those which just wants power to do what they want to those who almost can't by an uncaring bunch of nuts, all in the name of Big Oil as bought and paid for shills.
Concerned – that is because passing Boehner's plan does nothing to avert what will happen in the market. It will have almost the same effect as passing no plan. We will end up with this same debate 5 months from now ... at the holidays season ... when it will suck all wind out of the economy's sails. And the market's reaction will be: What are you ... kidding me? Passing it now for just 5 months ... with half the spending cuts that Reid's plan is proposing?! And no real plan for another $2 trillion except with a promise to debate again with only a 5 month window?! Boehner's plan will assure us of losing our AAA rating, if we haven't already. The markets right now are already moving money out of Treasury.
Neither plans does anything - passing either plan is like passing nothing. About 1 trillion in overall savings in 10 years? We'll eat that up in just 3 years, borrowing 4 billion per day. Both plans are a joke in my opinion, neither do much & both are failed to passing due to political ambitions on both sides
Concerned – you are right that neither plan addresses the real structural changes that are needed. However ... you are falling into the same trap-thinking that the Tea partiers are in. They think that you can fix everything in 1 bill. You can't. Reid's bill will buy us a lot more time. Does that mean that this fixes everything? No, of course not. In both Boehner's and Reid's bill, there is language to state what needs to be done next. The problem is: for both bills, what should happen if the next-thing fails? Boehner's plan is to propose we do this whole thing again ... which is utterly stupid .... and precisely at the wrong time. There is a proposal to add to Reid's bill that we implement the recommendations that came out of the Bowles-simpson and Group of Six's bi-partisan commissions. Those recommendations have more teeth and more detailed plans for more reductions and also restructuring. That makes a whole lotta more sense. Does the market and America really want to watch a replay of this again in 5 months? I'm not saying we stop debating, but let's not continue to play this Russian Roulette 5 months from now.
Erik has made a valid, reasoned argument, something not often seen on these boards. The Tea Party has hijacked our democracy in the name of an untenable ideology. They would rather destroy America than give up their radical agenda.
Probably how the British thought in the 1700's too. 🙂
Can someone please tell me....if we got out of Iraq a year ago and were not the almighty country that goes and fights for everybody's freedoms would we be in such a mess. Now I have to worry about my retirement plans based on our country's benevolence.
You were brainwashed to believe that you were fighting for everybody's freedom (s). I have news for you " you were fighting to keep the Muslims in check". Don't do the world any favours, stay within your own country and implode within. Gods curse is with you.
I'm tired of people saying that the Tea Party is not made up of Republicans, but is a groups of unhappy Republicans, Democrats, and Independants. If thats the case, why do all the Tea Party members have "-R" listed after their names on TV and in print?
I don't have current stats, but CNN reported 4 Apr 2010, that 96% were Republicans/Independents & 4% were Democrats. I'd say there definitely is a mix wouldn't you?
Probably for the same reason that Bernie Sanders, an "independent", votes 90% of the time with the Democrats. http://projects.washingtonpost.com/congress/members/S000033
I hope we default. This is just ridiculous... You can't spend more than you make. It's simple. Just pass it.
That's like shooting your "wee wee" with a cannon because you have to pee at night. Moron!
Enough is enough. I don't care who belongs to which party. If the deadline runs out, the first things that should not be paid are congressional salaries and any bills related to Congress, including staff salaries, facility bills such as electric & water, all subsidized perks, etc. Let them sit there in unairconditioned offices with brown bag lunches and unhappy staffers. The only time any congressman or congresswoman gets really fired up to get a job done is when something personally touches them. They are all so out of touch with working people that the potential side effects of this whole situation are beyond their understanding. Unless it touches them personally they will continue to play politics. I dare anyone in Congress to forgo living off tax payer money (including staff, office, perks) if the deadline passes without an agreement.
This is discraceful for our country to be in this situation, and especially with both Democrats and Repbulicans acting in this manner. Those we vote to represent our great country should be working together in a collaborative effort, and not this circus of positioning. I say vote all of the "clowns of the circus" out of office during the next election. I vote a split ticket to try to ensure balance with the parties, but obviously it does not work...what a joke! Politicians are so out of touch with reality...makes you wonder if they realize the economy is still struggling, gas is at $4.00 a gallon, unemployment is holding over 9%, and failure to get an agreement on the debt situation will cause mass panic in the markets? Vote for Barnum & Bailey in 2012!
Amen. Maybe we'd get some real politicians if their salaries were even just double an average americans.
Political paralysis.
The late great USA – RIP
Gettin ourselves deeper in debit is no way to get our economy straightened out. There is so much government waste in their bills, that if that were all cut out, we would be in a much better position financially. Need to put these do nothing special interest groups out of the equation and let them get funding the way others do. Hard work! GET RID of the junk, gvt is supposed to work for US not the other way around or has everyone forgotten.
2012 – vote for centrists! Doesn't matter if it's Dems or GOPs. Just vote for centrists!
The are the worst- sitting on the fence pole not sawying this way or the other. A humpty dumpty approach to problem resolution is no way to run the country. Better way would be for us Citizens to take back what is ours (all the natural resources) and market them appropriately.
I keep hearing the T-party saying this that their agenda is what "the people" want....waht people...Time for a national no confidence vote on the T-party agenda. time for the people to speak!