Debt ceiling negotiations, July 31, 2011, 2:45 PM, Senate Minority Leader Mitch McConnell, Avoid default

Debt ceiling negotiations update, July 31, 2011, 2:45 PM, Senate Minority Leader Mitch McConnell, Avoid default

From the Wall Street Journal July 31, 2011.

“With the risk of a government default less than three days away, congressional leaders on Sunday said they were getting closer to a deal that raises the government’s borrowing limit, resolving the federal debt crisis.

“I can pretty confidently say this debt-ceiling increase will avoid default,” Senate Minority Leader Mitch McConnell (R., Ky.) said on CNN.

Live Blog: The Debt Battle
The White House and congressional leaders are scrambling to agree on a deal before Aug. 2 to raise the U.S. federal borrowing limit. Follow developments in Washington and reaction globally here.
.Sen. Charles Schumer, a top Democrat from New York, also speaking on CNN, said there was no “final agreement” but that default was “far less of a possibility now than it was even a day ago.” He added, “If there’s a word right here that would sum up the mood, it’s ‘relief.’ ”

Sens. McConnell and Schumer spoke before the Senate voted not to consider a debt plan by Senate Majority Leader Harry Reid (D., Nev.) to raise the debt ceiling and reduce the deficit by $2.2 trillion. The vote was 50-49, with 60 votes need to advance the bill.

But by the time of the vote, the result was anti-climactic; the real action is unfolding far from the Senate floor, as leaders of both parties try to hammer out the final details of a deal by day’s end to raise the debt ceiling from the current $14.29 trillion. That would be accompanied by deficit cuts of about $3 trillion.

Washington leaders face a Tuesday deadline by which the nation’s $14.29 trillion borrowing limit needs to be increased so the government can meet its financial obligations.

The framework emerging over the weekend likely would allow an immediate increase to the debt ceiling, lasting through the end of 2011, accompanied by government spending reductions of roughly $1 trillion over 10 years.

To get through 2012, Congress would form a special committee made up of an equal number of Democrats and Republicans to negotiate up to $2 trillion in additional cuts as part of a package containing a further debt-ceiling increase.

A House Republican leadership aide cautioned that a deal wasn’t yet in hand. “Discussions are moving in the right direction, but serious issues remain. And no agreement will be final until members have a chance to weigh in,” the aide said

The targets for savings appeared to remain subject to negotiation. Earlier proposals by legislative leaders were aiming for a total of between $2 trillion and $3 trillion total in savings over the next decade. Mr. McConnell on Sunday said he sees a $3 trillion deal.

The two-stage deal would include a deficit-cutting mechanism that would kick in should the special committee fail to act. Several people familiar with the talks said a key element could be a new process for sequestering—or holding back—federal spending if lawmakers can’t agree on further deficit reduction.”

Read more:

http://online.wsj.com/article/SB10001424053111903520204576480123949521268.html

18 responses to “Debt ceiling negotiations, July 31, 2011, 2:45 PM, Senate Minority Leader Mitch McConnell, Avoid default

  1. bob strauss

    oldsalt79, this is right up your alley. Forensic document examination to ascertain the age of Obama’s BC, if Taitz is allowed access to the “holy grail” of Obama’s existence.

    http://www.obamafake.blogspot.com/

  2. Mr. Bill(ms. helga)

    Neil Cavuto covering this whole thing on Fox cable NOW. Very good coverage. Waiting for Asian markets to open now. They work on Sunday.

  3. The United States Debt Limit Explained – (CR) Heritage Foundation

  4. Amazing Round-Table Interview With Many Top Forgery Experts About Obama’s Birth Certificate, including Zebest and Newcomer

    OT, but Obama-related. Mark Gellar’s blog radio show featured a 5 – 6 person round-table discussion tearing Obama’s birth certificate to shreds after an hour with Corsi, Taitz and others. Probably the best “birther” radio show ever done. This is a 100% must-listen.

    It’s embedded for your easy listening pleasure at Obamafake. Here’s the link:
    http://obamafake.blogspot.com/2011/07/amazing-round-table-interview-with-many.html

  5. bob strauss

    Mainstream Media Caught in Yet Another Lie!

    WHATEVER HAPPENED TO INVESTIGATING THE FACTS?

    by One Pissed-off Vietnam Vet

    The American Broadcasting Company’s first television show aired in 1948. According to Wikipedia, “its programming has contributed to American popular culture.” It is currently owned by the Walt Disney Company.

    (Jul. 31, 2011) — Here we go again. Parrots squawking at one another, each making it up as they go along, to see which lie flies. Today it’s “He was a Christian AND a Conservative.” Oh, really? Since when did the mass murderer in Norway convert, after he was arrested and put in jail? Because, you understand, on his Facebook page the day that he was arrested there was no, nada, zero mention that he was a Christian and Conservative. The day after this nutcase was arrested, the words “Christian” and “Conservative” mysteriously appeared on his Facebook page. Gee, imagine that?
    http://www.thepostemail.com/

  6. Ron Paul: Freeze the Budget and Stop Plundering the American People!
    Submitted by Michael Nystrom on Sun, 07/31/2011 – 17:37
    in

    * Ron Paul 2012

    11 votes

    by Ron Paul | Texas Straight Talk
    August 1, 2011

    One might think that the recent drama over the debt ceiling involved one side wanting to increase or maintain spending with the other side wanting to drastically cut spending, but that is far from the truth. In spite of the rhetoric being thrown around, the real debate is over how much government spending will increase. No plan under serious consideration cuts spending in the way you and I think about it. Instead, the cuts being discussed are illusory and are not cuts from current amounts being spent, but cuts in prospective spending increases. This is akin to a family saving $100,000 in expenses by deciding not to buy a Lamborghini and instead getting a fully loaded Mercedes when really their budget dictates that they need to stick with their perfectly serviceable Honda.

    But this is the type of math Washington uses to mask the incriminating truth about the unrepentant plundering of the American people. The truth is that frightening rhetoric about default and full faith in the credit of the United States being carelessly thrown around to ram through a bigger budget than ever in spite of stagnant revenues. If your family’s income did not change year over year, would it be wise financial management to accelerate spending so you would feel richer? That is what our government is doing, with one side merely suggesting a different list of purchases than the other.

    In reality, bringing our fiscal house into order is not that complicated or excruciatingly painful at all. If we simply kept spending at current levels, by their definition of cuts that would save nearly $400 billion in the next few years, versus the $25 billion the Budget Control Act claims to cut. It would only take us five years to cut $1 trillion in Washington math just by holding the line on spending. That is hardly austere or catastrophic.

    A balanced budget is similarly simple and within reach if Washington had just a tiny amount of fiscal common sense. Our revenues currently stand at approximately $2.2 trillion a year and are likely to remain stagnant as the recession continues. Our outlays are $3.7 trillion and projected to grow every year. Yet we only have to go back to 2004 for federal outlays of $2.2 trillion, and the government was far from small that year. If we simply referred to that year’s spending levels, which would hardly do us fear, we would have a balanced budget right now. If we held the line on spending and the economy actually did grow as estimated, the budget would balance on its own by 2015 with no cuts whatsoever.

    We pay 35% more for our military today than we did 10 years ago for the exact same capabilities. The same could be said for the rest of the government. Why has our budget doubled in 10 years? This country doesn’t have double the population or double the land area or double anything that would require the federal government to grow by such an obscene amount.

    In Washington terms a simple freeze in spending would be a much bigger cut than any plan being discussed. If politicians simply cannot bear to implement actual cuts to actual spending, just freezing the budget would give the economy the best chance to catch its breath, recover and grow.

  7. ‘Future is up to us’: Israel protest gathers 150,000
    http://revolutionnews.us/

  8. Black Swans of Politics: Dirty Political Tricks The Establishment Uses Against Ron Paul
    http://blog.alexanderhiggins.com/2011/07/30/black-swans-politics-list-dirty-political-tricks-establishment-ron-paul-45901/

  9. Bob Strauss…………………
    With regard to the dating of paper used in any application it is only necessary to test the thickness of the silicon layer on the surface. Silicon attaches to ALL paper out of the atmosphere at a KNOWN rate. With this as a known value it is then easy to measure the overall thickness of the layer,and using simple math extrapolate the age of the paper. The greater the thickness of the silicon layer the greater is the resistance of the paper to accept convential printing inks,both letterpress and offsett. The older the paper the LESS able it is to accept an image using conventional inks, no matter how much pressure is applied. In addition the surface alkalinity of the paper will be much higher than that of NEWLY produced paper. Neither the surface alkalinity or silicone layer can be ARTIFICIALLY APPLIED, because there is a common agent which is also present.

  10. Bob Strauss………….
    Since WORDPRESS has seen fit to screw up our ability to type long posts I am forced to add to my last comment using a secondary comment…….regarding the common agent in paper,is the BINDING agent which is added during production. It oxidises at a KNOWN rate. The greater the oxidation the older the paper. This is what causes paper of all kinds to become brittle,and tan around the edges with age. A paper from 1961 WILL clearly be showing a certain level of the described deterioration. Particularly if it is photostat paper which was still being used then for BCs. The BCs of the Nordyke twins was upon photostat paper. Photostats were then a NEGATIVE of what is normally a POSITIVE. Just thought I would pass this along so that if you didn’t know prior you NOW know what I know.

  11. Bob Strauss……………….
    It is obvious that LIBERAL LEFTISTS will argue all of this. So to them I invite them to try to ARTIFICIALLY AGE paper. Such artificial aging is easy to spot,especially that which is tried through chemical processes. Just as this is detectable so is other so called NATURAL AGING PROCESSES. If you want further expansion of this you need only call upon the people who document, and CERTIFY the age of valuable antiquebooks,etc. The reputable forensic accreditation companies have a level of technology that is often used by the FBI to ascertain the validity of documents.

  12. To Pissed off Vietnam Vet……….First off BROTHER I salute you.
    You made an excellent observation. I am wondering just how many FAT,and LAZY YUPPIES noticed the Christian bullshi# add on. I would let you guard my flank anytime. Bet you can even hear incoming airmail from enemy mortars.

  13. The kids on the island in Norway were going through anti-Israel training. Not that I wanted them to be shot, but the press has ignored how peaceful Norway has become an Israel hating/pro Hamas nation. They are breeding extremism of all types there.

  14. Truthbetold11

    Scare tatics over and over. Rothschilds are worth 500 trillion. They could help any time if needed

  15. Yeah. Blame the Rothschilds. More anti-Semites on this site again. Shameful.

  16. oldsalt79 | July 31, 2011 at 9:11 pm |
    **********************
    Thanks oldsalt, I think you need to go to Hawaii with Orly Taitz.

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