OMIGAWD, The House passed it! We are soooo screwed...
POSTED BY: Niki2
UPDATED: Thursday, August 4, 2011 22:57
VIEWED: 6031
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vRead it and weeped. Our country has been shafted. Quote:
NEW YORK (CNNMoney) -- There's plenty in it for everyone to hate.
On Monday evening, in a vote of 269 to 161, the Republican-led House passed the deal finalized 24 hours earlier by congressional leaders and the White House.
The Democratic-led Senate is expected to vote on the bill Tuesday. That's the day the $14.3 trillion debt ceiling must be raised so that Treasury may continue to pay all the country's bills in full and on time
The deal would keep the country out of default and reduce deficits by at least $2.1 trillion over a decade.
Whether the deal might also avert a first-ever credit downgrade for the United States is not clear, since ratings agency Standard & Poor's indicated it was looking for a credible, bipartisan plan that had at least $4 trillion of debt reduction.
The plan includes no tax or entitlement reform measures up front, although theoretically it leaves the door open to both.
A debt ceiling increase of between $2.1 trillion and $2.4 trillion: The framework will raise the debt ceiling immediately by $400 billion, then by another $500 billion after September.
After deep cuts are enacted by the end of the year, it will be increased by another $1.2 trillion to $1.5 trillion.
All told, the increases should cover the Treasury's borrowing needs until 2013.
Read the legislation - Full text - http://money.cnn.com/news/storysupplement/debt_ceiling_bill/?iid=EL
At least $2.1 trillion in spending cuts: The framework would immediately cap domestic and defense spending, resulting in cuts of $917 billion over 10 years.
The framework then calls for more deficit reduction -- between $1.2 trillion and $1.5 trillion worth -- to be determined by the end of this year and imposed over 10 years.
Bipartisan debt-reduction committee: That second round of deficit reduction would be proposed by a special bipartisan joint committee of Congress. The committee has until Thanksgiving to come up with its proposals and those proposals would be guaranteed by an up-or-down vote without amendment by Dec. 23.
If the committee proposes and the Congress approves between $1.2 trillion and $1.5 trillion in cuts, the debt ceiling will be increased dollar for dollar.
If the committee deadlocks or comes up with less than $1.2 trillion in cuts, or if Congress votes down the committee's proposals, the debt ceiling will be raised by $1.2 trillion.
While it appears the committee will be free to consider entitlement and tax reform -- and dare we say it, tax hikes -- practically speaking it's more likely members would hit an impasse over these measures just as they have, oh, every other day this year.
Across-the-board cuts as trigger: If the committee deadlocks or fails to come up with at least $1.2 trillion in debt reduction, the sword of Damocles will fall on most forms of spending in the federal budget.
Specifically, as much as $1.2 trillion in across-the-board cuts would kick in -- evenly divided between defense and non-defense spending. (Video: U.S. is 'debt man walking')
Dumbest Moments: Debt ceiling edition
Exempt from this round of cuts, however, would be programs that aid low-income Americans, according to Democrats' fact sheets. These include Social Security, Medicaid, veterans' benefits and pensions, food stamps and Supplemental Security Income.
While Medicare would not be exempt, the framework would restrict cuts to no more than 2% of the program's cost. And the cuts that occur would not affect Medicare benefits nor would they increase seniors' costs, according to the White House fact sheet.
Required vote on balanced budget amendment: In theory, the across-the-board cuts could be avoided if instead both chambers of Congress pass a Balanced Budget amendment to the Constitution and se
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I support this plan for the following reasons:
1) it leaves open the possibility of a credit down grade, which is rad
2) it settles nothing, but rather sets the table for future disputes, which is also rad, and
3)it also manages to shaft the vulnerable, which is totally rad.
4) everyone hates it, which is rad, and reminds me of myself.
5) Everyone hates it, so it must be a rad compromise, as opposed to an awful idea.
Also, hippy, this happy occasion calls for something stronger than weed. Switch to lighter fluid for maximum brain damage.
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And then, after you have toked your sorrows, get up and DO something. It's a tragedy of "the American left" that we know so much and do so little.
I'm actively campaigning for left-leaning Dems in the primaries, and third-party during the elections.
And ALL progressives should protest every time Obama comes to visit, the "business as usual" GOP, and every so-called "tea party" event. There isn't a big corporate donor they're not sucking up to. Those assholes have thrown the economy under the bus time and time again. They need to feel the heat.
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While I agree with Sig here, I think life is more fun being Mince. I think we should throw a debt party.
I mean, think about it: they're about to hand another trillion to their corporate friends, who will then throw a massive party in the Caymans, and the administration will plan a smaller party of its own that will be more on a royal wedding scale. Given that this will cause our dollars to be worthless, we should throw a massive party of our own.
That's what a ship is, you know - it's not just a keel and a hull and a deck and sails, that's what a ship needs.
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Quote:Well, my nose got a coffee-wash. So did my keyboard.
I think life is more fun being Mince.
Quote:Yep, thanks to the friggin' "Tea Party" and Wall Street Dems. Exactly why they need to feel the heat!
they're about to hand another trillion to their corporate friends
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Quote:
that we know little and do so much
Fixed that for ya. No need to thank me.
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It's the economy, stupid. (Looking at YOU, Fivver! 
)
Quote:Any part of the economy that is starved for money dies. With a lot of money in the hands of the wealthy few, in banks, and corporate coffers, the REST of the economy (jobs, production, consumption, services) is going to nose-dive.
Wall Street extends losses on economy worry
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Quote:
Originally posted by SignyM:
And then, after you have toked your sorrows, get up and DO something. It's a tragedy of "the American left" that we know so much and do so little.
I'm actively campaigning for left-leaning Dems in the primaries, and third-party during the elections.
And ALL progressives should protest every time Obama comes to visit, the "business as usual" GOP, and every so-called "tea party" event. There isn't a big corporate donor they're not sucking up to. Those assholes have thrown the economy under the bus time and time again. They need to feel the heat.
I sympathize with you, though I think the tragedy of the American left is better represented by the 2000 elections. I am so crazy that I voted for Nader in 2000. You're welcome. In fact, I think I've voted for Nader 6 or 7 times. Told you I was crazy.
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Gawd, Mincing, I LOVE you, you always make me smile even when I'm spitting nails. When it comes to politics, you should write for Daily Show or Colbert Report, you do it just as well! Please don't ever, ever leave; the way you put things in perspective is a real breath of fresh air!
No, dope didn't do it...it's not possible to GET stoned enough. Every now and then when I'm really desperate, I'll have a drink. Booze and I don't get along, which is why, since everyone at parties imbibes SOMETHING, I smoke dope. One drink and I'm flat on my back, or hanging over the "porcelain god". I didn't reach for a drink, I just got as stoned as I COULD and went to bed. Oh for the days when my bod could handle mescaline or psylocybin...or even speed...
Don't feel any better today, but REFUSE to watch the news for some time to come. I don't even want to KNOW about it; no doubt it whizzed through the Senate and now we're all screwed. There isn't enough dope in the world to get through the coming days, even if it COULD get me stoned enough not to care!
Hippie Operative Nikovich Nikita Nicovna Talibani,
Contracted Agent of Veritas Oilspillus, code name “Nike”,
signing off 
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Sig, I just MIGHT get active. This to me is the worst shaft he's allowed yet, and he comes here to No. Ca. sometimes. It would be worth it just to express my fury! I don't bother with the TP or GOP, it's a waste of time and energy, besides, none of them dare come to No. Ca. anyway--they stay down South where their money is.
I would have given Mincing the prize for the first giggle of the day, he deservs it, only I don't think I'm CAPABLE of laughing right now.
Hippie Operative Nikovich Nikita Nicovna Talibani,
Contracted Agent of Veritas Oilspillus, code name “Nike”,
signing off
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