Angry Obama Storms Out of Budget Meeting

EdwinWillers · Jul 14, 2011

Wolseley said:
Awww, did widdle Bawwy not get his own way again?

Notamonkey · Jul 14, 2011

aisy_Day said:
Not necessarily and not next month.

Sometimes you do exactly that.

Choosing to default when you have other options - including raising revenue - is irresponsible in the extreme.

No argument.

And you can sometimes get out of a hole by digging deeper. I get it. 2+2 is 3.

Notamonkey · Jul 14, 2011

It would be Obama's choice to not pay SSI or other entitlements. There is 200 billion a month in revenue. Just because you can't pay all your bills means you pay none of them??

variant · Jul 14, 2011

Notamonkey said:
It would be Obama's choice to not pay SSI or other entitlements. There is 200 billion a month in revenue. Just because you can't pay all your bills means you pay none of them??

Defaulting would cause a significant amount of penalty for little or no reason and send the economy reeling. I doubt we would have enough revenue to keep the military operational.

It's about on the same level of financial stupidity as not paying your credit card bills.

But have at it o lifters of the mantel of fiscal responsibility.

Incariol · Jul 14, 2011

Wait, didn't Cantor do almost exactly this just Tuesday, and got praised as "standing up for his principles"?

Harpuia · Jul 14, 2011

Wait... why is Cantor doing all the work for the Republicans? Isn't this Boehner's job too?

Incariol · Jul 14, 2011

Harpuia said:
Wait... why is Cantor doing all the work for the Republicans? Isn't this Boehner's job too?

Well, according to Darth Bane's Rule of Two, there can only be two Sith at a time: A master and an apprentice. And when the apprentice has learned all he can from the master, he is supposed to kill him and take the title of Dark Lord of the Sith.

I couldn't resist.

lordbt · Jul 14, 2011

variant said:
Defaulting would cause a significant amount of penalty for little or no reason and send the economy reeling. I doubt we would have enough revenue to keep the military operational.

It's about on the same level of financial stupidity as not paying your credit card bills.

But have at it o lifters of the mantel of fiscal responsibility.

So just rubber stamping the debt ceiling is your idea of lifting the mantel of fiscal responsibility? Why not just pass a debt limit of $50 trillion and not worry about it?

Wolseley · Jul 14, 2011

DieHappy said:
Because they won in a landslide that was largely based on repudiating the things Obama wants.

And if they won in a landslide repudiating the things Obama wants, then it evidently means the people voting for them want to repudiate the things Obama wants, as well.

It was a landslide, after all.

So, the newly-elected Congresspeople are simply doing what their constituents asked them to do.

That's what Congresspeople are supposed to do, is it not?

BondiHarry · Jul 14, 2011

variant said:
Defaulting would cause a significant amount of penalty for little or no reason and send the economy reeling. I doubt we would have enough revenue to keep the military operational.

So why did the Democrats spend the trillions of dollars that would send us into this situation? Did they not know there was a debt limit, that they did not have enough revenue to cover their expenditures and that bad things would happen if we default?

It's about on the same level of financial stupidity as not paying your credit card bills.

Or continuing to spend money you don't have and then going to your boss (in this case the American people) demanding a pay raise because if you don't get more 'revenue' you'll default on the debts you've incurred, your credit score will be ruined and you won't be able to borrow more money ... got it.

But have at it o lifters of the mantel of fiscal responsibility.

We are. Wreckless spending got us into this mess, not a lack of revenue for the government, so we address the problem that caused this mess.

variant · Jul 14, 2011

lordbt said:
So just rubber stamping the debt ceiling is your idea of lifting the mantel of fiscal responsibility? Why not just pass a debt limit of $50 trillion and not worry about it?

Yes, that actually is better than crashing your economy on purpose all at once and right now.

But that isn't what was offered, there were trillions of dollars of cuts on the table.

lordbt · Jul 14, 2011

variant said:
Yes, that actually is better than crashing your economy on purpose all at once and right now.

But that isn't what was offered, there were trillions of dollars of cuts on the table.

What evidence is there that the economy will 'crash' if the debt ceiling is not raised?

variant · Jul 14, 2011

BondiHarry said:
So why did the Democrats spend the trillions of dollars that would send us into this situation? Did they not know there was a debt limit, that they did not have enough revenue to cover their expenditures and that bad things would happen if we default?

It happens from time to time in a bad economy. Or, in even relatively better economies like preisident Bush and his Republicans encountered as he raised it five times.

Or continuing to spend money you don't have and then going to your boss (in this case the American people) demanding a pay raise because if you don't get more 'revenue' you'll default on the debts you've incurred, your credit score will be ruined and you won't be able to borrow more money ... got it.

No, I really just meant it makes about as much sense as not paying your credit card bills and ruining your credit rateing when you have enough income to pay your interest payments.

You get all the fun of having bigger bills and a worse credit rateing and paying a higher rate on your debt.

We are. Wreckless spending got us into this mess, not a lack of revenue for the government, so we address the problem that caused this mess.

No one who wants the government to default can call themselves fiscally responcable the two are not related.

Belk · Jul 14, 2011

lordbt said:
What evidence is there that the economy will 'crash' if the debt ceiling is not raised?

All the economists who are predicting dire consequences if the debt ceiling isn't raised and our creditors promising if we default they will immediately downgrade our rating.

SharonL · Jul 14, 2011

Wolseley said:
Awww, did widdle Bawwy not get his own way again?

Wolseley you have a way of putting a special emphasis on things.

lordbt · Jul 14, 2011

Belk said:
All the economists who are predicting dire consequences if the debt ceiling isn't raised and our creditors promising if we default they will immediately downgrade our rating.

Not raising the debt limit means we cant borrow more, it doesnt mean that we cant make our current debt payments. We are not going to default no matter what happens on Aug. 2.

Belk · Jul 14, 2011

lordbt said:
Not raising the debt limit means we cant borrow more, it doesnt mean that we cant make our current debt payments. We are not going to default no matter what happens on Aug. 2.

OK. Got a citation for that or is it just your considered opinion?

variant · Jul 14, 2011

lordbt said:
What evidence is there that the economy will 'crash' if the debt ceiling is not raised?

Yeah the world markets will cheer a collective hurray as the worlds largest economies government defaults on it's public debt.

You remember what happened when leeman went down right? That was a finantial firm, and were talking about the United States government defaulting (the safest bond investment EVER) DEFAULTING!

lordbt · Jul 14, 2011

Belk said:
OK. Got a citation for that or is it just your considered opinion?

The government will still take in revenue each month from taxes--something like $200 billion. Servicing the debt runs about $20 billion per month. So the only way to default is for the Obama administration to choose not to make the payment. There are lots of things that wont get paid, but if they prioritize debt payments--as they should-- there will not be a default.

SharonL · Jul 14, 2011

Rest assured - we will not default - it is too close to election - it will magically be solved so OB won't look bad.

Angry Obama Storms Out of Budget Meeting

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