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The Most Terrifying Result of the Debt Ceiling Crisis

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Filed: K-1 Visa Country: Isle of Man
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The most terrifying result of the debt ceiling crisis is not the deal itself — with its tight discretionary caps, its special joint committee that Republicans already are saying they won’t allow to raise any revenues, and its potential for arbitrary across-the-board cuts. Instead, it’s the precedent that Republican congressional leaders say the crisis has established.

Senate Minority Leader Mitch McConnell declared on the Senate floor today that this “creates an entirely new template for raising the national debt limit.” As he explained on CNBC last night, “In the future, any president, this one or another one, when they request us to raise the debt ceiling, it will not be clean anymore.”

In his Senate floor speech, McConnell noted that Washington will have to raise the debt limit again in early 2013. He promised that he and others will seek to use that event once again to shrink “the size and scope of government.”

Ohio’s Rob Portman, one of the most influential Republican senators on budget issues, and Paul Ryan, the powerful House Budget Committee chair, clarified what Republican leaders have in mind, indicating that the new standard should be a dollar in spending cuts for every dollar that the debt ceiling is raised. In a blog post today, Ryan argues that the agreement, “establish[es] a clear precedent that any future debt limit increases must be matched by an even larger cut in government spending.”

If maintained over a number of years, such a dollar-for-dollar standard ultimately would decimate much of the federal government. Consider:

  • Under House Budget Committee Chairman Paul Ryan’s budget — which cuts non-security discretionary programs one-third by 2021 (relative to last year’s funding levels adjusted for inflation), slashes Medicaid by $1.4 trillion over ten years, cuts food stamps and Pell Grants by over $100 billion each, and cuts total spending by more than $4 trillion — the debt ceiling would still have to be raised more than $6 trillion over the coming decade above the increase enacted today.
  • In other words, applying a dollar-for-dollar standard to all future debt limit increases would require trillions of dollars in additional cuts on top of the massive cuts already in the Ryan budget — and make the Ryan budget look like a piker by comparison.

Policymakers who have engaged in recent months in high-stakes hostage-taking — threatening the economy and the full faith and credit of the U.S. government — apparently now feel vindicated, affirmed, and emboldened. The lesson they draw is to threaten default each time Washington must raise the debt ceiling unless their demands for ever deeper budget cuts (with no revenue increases) are met.

The issue extends far beyond that of basic fiscal priorities, however huge that issue is. Requiring a dollar-for-dollar match is not only unnecessary (and excessive) from an economic or fiscal policy standpoint, but also ultimately would require dismantling much of the Great Society and even the New Deal, thereby paving the way for vast increases in poverty and deprivation.

Even more fundamental is the risk that such tactics would pose to American democracy. The lesson being drawn is that a minority (even one that commands as few as 41 Senate votes and lacks control of the House and the White House) may use the threat of default, enforced through the weapon of the Senate filibuster, to bring the government to its knees in order to pursue its radical vision for America’s future. Minority rule would effectively replace majority rule, undermining democracy.

If we head down this path in the years ahead, we will become a very different nation and society — coarser, harsher toward the vulnerable and people experiencing what FDR termed the “vicissitudes of life,” unable to invest in our future, and willing to tolerate degrees of poverty and inequality that are present nowhere else in the Western world.

http://www.offthechartsblog.org/the-most-terrifying-result-of-the-debt-ceiling-crisis/

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Filed: AOS (pnd) Country: Canada
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No, the most terrifying thing is that the debt ceiling would need to be raised again in 2013.

It's a bit funny really. That will be the pefect time to celebrate it all. The 100th anniversary of the biggest mistake/financial takeover ever thrown upon the American people.

JP Morgan would be so proud of what has been accomplished. It's exactly what he ultimately hoped for and what we've got today. As long as the sheep keep bickering about taxes, keep bickering about not wanting to cut spending, etc. the more those just like JP Morgan win at the end of the day.

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Filed: Country: United Kingdom
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Senate Minority Leader Mitch McConnell declared on the Senate floor today that this “creates an entirely new template for raising the national debt limit.” As he explained on CNBC last night, “In the future, any president, this one or another one, when they request us to raise the debt ceiling, it will not be clean anymore.”

If we had a balanced budget, we wouldn't have to beg the Republicans to raise the debt ceiling.

I know, what a concept.

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Filed: K-1 Visa Country: Isle of Man
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No, the most terrifying thing is that the debt ceiling would need to be raised again in 2013.

It's a bit funny really. That will be the pefect time to celebrate it all. The 100th anniversary of the biggest mistake/financial takeover ever thrown upon the American people.

JP Morgan would be so proud of what has been accomplished. It's exactly what he ultimately hoped for and what we've got today. As long as the sheep keep bickering about taxes, keep bickering about not wanting to cut spending, etc. the more those just like JP Morgan win at the end of the day.

How many other countries have "debt ceilings"?

Do you have a debt ceiling in your personal life?

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Filed: AOS (pnd) Country: Canada
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How many other countries have "debt ceilings"?

Do you have a debt ceiling in your personal life?

Yeah, and it's a ceiling that cannot be raised by just magically snapping my fingers either.

Of course, I have a balanced budget at home like I should have, like a business has to have, and like our government should have.

As I said in my last post, it is VERY fitting for the next time it needs to be raised to be on the 100th anniversary.

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If we had a balanced budget, we wouldn't have to beg the Republicans to raise the debt ceiling.

I know, what a concept.

And if we had a Republican President then deficits simply wouldn't matter anymore. Republicans in Congress would go wild if a Democratic minority held up debt ceiling increases that a Republican administration requests or used it as leverage to accomplish policy goals that are not otherwise attainable. Let's just be honest about that.

Edited by Mr. Big Dog
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And if we had a Republican President then deficits simply wouldn't matter anymore.

Then the roles would be reversed. The Democrats would suddenly become "fiscal conservatives".

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Then the roles would be reversed. The Democrats would suddenly become "fiscal conservatives".

They'd make noise about the deficits, of course, to score political points but I think they'd still support common sense job creation and the spending associated with it - infrastructure, eductation, research and such.

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Filed: Citizen (apr) Country: Brazil
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If we had a balanced budget, we wouldn't have to beg the Republicans to raise the debt ceiling.

I know, what a concept.

:thumbs: :thumbs:

Yeah, "no revenue" is not exactly part of Democratic Party orthodoxy.

:rofl:

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Filed: Citizen (apr) Country: Germany
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If we had a balanced budget, we wouldn't have to beg the Republicans to raise the debt ceiling.

I know, what a concept.

:thumbs:

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If this chart is accurate (which I think it is) then we have only had 4 surpluses in the last 34 years. 3 out of 4 of the surpluses were under Clinton (D) and one under Bush ®. But all the big deficits are big red bars ®. And they seem to get worse with each new Republican president. Interesting chart. Democrats like low deficits and big surpluses...Republicans do not like any surpluses but have really massive deficits!

chart-usdeficit.gif

Edited by Lord Infamous

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Filed: Citizen (apr) Country: Brazil
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If this chart is accurate (which I think it is) then we have only had 4 surpluses in the last 34 years. 3 out of 4 of the surpluses were under Clinton (D) and one under Bush ®. But all the big deficits are big red bars ®. And they seem to get worse with each new Republican president. Interesting chart. Democrats like low deficits and big surpluses...Republicans do not like any surpluses but have really massive deficits!

chart-usdeficit.gif

why doesn't it cover obama's time in office?

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USE THE REPORT BUTTON INSTEAD OF MESSAGING A MODERATOR!

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Filed: AOS (pnd) Country: Canada
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If this chart is accurate (which I think it is) then we have only had 4 surpluses in the last 34 years. 3 out of 4 of the surpluses were under Clinton (D) and one under Bush ®. But all the big deficits are big red bars ®. And they seem to get worse with each new Republican president. Interesting chart. Democrats like low deficits and big surpluses...Republicans do not like any surpluses but have really massive deficits!

chart-usdeficit.gif

Well, in comparing the last 34 years, it's tough to judge a lot based on "Republican vs. Democrat" Presidents. While William Jefferson Clinton might have been a Democrat in name, he was truly one of the last few Blue Dogs who stand in a chance in hell of getting into the White House. He's from Arkansas. Not from Chicago, LA, NYC, etc. He was never known for being fiscally liberal in his policies at all. It's why he was very happy to utilize his line-item veto pen when he was President as well as the lowering of the capital gains tax as well to keep the markets on a steady upstream.

The downfall of Clinton was his lack of leadership is telling Alan Greenspan to shove it up his #######. Had he not listened to people like Greenspan and Larry Summers, the economic collapse we suffered would not have been anywhere near as severe, and might not have happened at all actually.

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Filed: K-1 Visa Country: Thailand
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  • Under House Budget Committee Chairman Paul Ryan’s budget — which cuts non-security discretionary programs one-third by 2021 (relative to last year’s funding levels adjusted for inflation), slashes Medicaid by $1.4 trillion over ten years, cuts food stamps and Pell Grants by over $100 billion each, and cuts total spending by more than $4 trillion — the debt ceiling would still have to be raised more than $6 trillion over the coming decade above the increase enacted today.
  • In other words, applying a dollar-for-dollar standard to all future debt limit increases would require trillions of dollars in additional cuts on top of the massive cuts already in the Ryan budget — and make the Ryan budget look like a piker by comparison.

Meaning... by the standards of the Tea Party, the Ryan budget is fiscally irresponsible since on its own it is not balanced and requires more debt ceiling increases down the road. Strange then how the Tea Party supported it at the time.

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