Sunday, July 31, 2011

Latest possible debt ceiling deal emerges; screwing of America pending

...When the best hope for the country is if the tea-publicans get arrogant and oppose the deal in the belief that they can squeeze even more out of the stone that is what remains of the American economy and the American people, we're in deep trouble...fortunately, we can probably count on the tea party types reaching for more...unfortunately, we can probably count on Barack Obama, Harry Reid and the rest of the DC Dems to give it to them.

From the San Francisco Chronicle -
Congressional leaders and the Obama administration negotiated to finish the details of an agreement to raise the U.S. debt ceiling, paving the way for possible votes in the Senate tonight and the House tomorrow on a plan to avert a U.S. default and calm market concerns.

"We're really, really close to an agreement, and we'll let you know when we get it," Senate Republican leader Mitch McConnell told reporters as he left the Senate chamber today.


Under the emerging plan, a bipartisan congressional super- committee would be charged with coming up with the savings by late November, and its recommendations would receive expedited consideration and a certain vote by Christmas.

Socially liberal groups and lawmakers expressed anger at the emerging package because it omits tax increases while cutting deeply into government spending and threatening still more reductions to safety-net programs such as Medicare.

"This deal does not even attempt to strike a balance between more cuts for the working people of America and a fairer contribution from millionaires and corporations," Representative Raul Grijalva, the Arizona Democrat who leads the Progressive Caucus, said in a statement. "I will not be a part of it."
Tedski at Rum, Romanism, and Rebellion has Congressman Grijalva's full statement here.

Bottom line:  Decimation of the social safety net is on the table; tax increases on corporations and the wealthy are off of the table.


Thane Eichenauer said...

Is anybody pitching a swift end to the Iraq and Afghanistan war? It seems that would save $10 billion plus.

Phoenix Justice said...


It is estimated that Iraq alone has cost us (and will continue to cost us) $3 trillion plus since its inception. Afghanistan is another $1.5 trillion and counting. (This doesn't account for "off the books" spending or health care for wounded soldiers)

Rescind the Bush era tax cuts on the wealthiest and over 10 years we will have gained an estimated $4 trillion in revenue.