» A report full of mediocre news: The Congressional Budget Office’s report on the deficit notes that while the deficits will be smaller over the next decade — by $3.3 trillion over ten years — as a result of the arm-twisting budget deal passed earlier this month, another $3.5 trillion in deficits will be added on top of everything else. Oh, and lest you think that $1.28 trillion is a small amount, it’s only small compared to the prior two years, which were basically the two largest yearly deficits on record. So this total redefines “smaller.”
Helpful reminder from Clusterstock that Bush drove us into this ditch, and a full rundown of downgrade reporting.
Very helpful indeed.
So, those Republicans finally got a framework! If anyone feels like you might be on the most boring roller coaster ever, you are, as there have been so many high and low points with this debt ceiling dramarama today that you probably feel so dizzy that people might mistake you for being drunk. Anyway, in the latest developments, Republicans have apparently reached a framework with the White House to make this debt ceiling deal happen. Based on this, which side do you think won the day? Here’s a roundup:
boehner’s bill falls short: After a chaotic day of vote-whipping, vote-delaying, and vote-switching, John Boehner has decided to postpone the vote on his debt ceiling bill. Despite multiple assurances that it would be brought to a vote before tomorrow, at the end of the day, Boehner didn’t have enough votes to ensure the bill’s passage (and he wasn’t going to embarrass himself by introducing a bill that was sure to fail). In an unusual alignment, conservative Tea Partiers and House Democrats all pledged to vote against the bill, albiet for different reasons. While the legislation has virtually no chance of passing the Democratic-controlled Senate, Boehner’s ability to shepherd it through the House is seen by many as the first real test of his leadership abilities. If he doesn’t eventually pass it, there’s a good chance he’ll (eventually) be deposed as Speaker. But it’s not over yet—sources say Republicans plan to tweak the bill a bit, and re-introduce it tomorrow. source
The Republican House that failed to raise the debt ceiling would somehow escape all blame. Then Democrats would have no choice but to pass a balanced-budget amendment and reform entitlements, and the tea-party Hobbits could return to Middle Earth having defeated Mordor.John McCain • Ripping the Republican Party on the Senate floor. He later derided House Republicans’ approach to the debt-ceiling discussions as “the kind of crack political thinking that turned Sharron Angle and Christine O’Donnell into GOP Senate nominees.” source (via • follow)
jvbrewer said: My problem with this graph is that it misrepresents presidential decision-making as the creation of new initiatives. President Obama has chosen to continue many of President Bush’s military and tax policies, yet this is not indicated in the graphic.
markreagan said: Also important to note is 8 years of spending compared to three years. It’s really not fair to use projections for a fair comparison. I am not a Bush lover, or Obama lover … just saying … this is data manipulation…
» SFB says: We got a handful of interesting responses to this post, and just wanted to note them. (This one too.) This chart does note some interesting things — and it does put into perspective some interesting numbers, particularly comparing the various stimulus measures and such. But you do have to be aware that there are always caveats when dealing with charts like these — especially when comparing actual numbers to things that haven’t happened yet (projections vs. history). Who knows? Maybe in a year or two Obama will come up with some insane stimulus bigger than the Bush tax cuts, throwing this chart out of whack. Maybe health care will turn out to save money in the long run. Either way, it’s good to emphasize that there are dissenting opinions to the New York Times’ chart. — Ernie @ SFB
This graph, courtesy of the New York Times, has been making the rounds today, and it’s worth examining. Note that health care reform, much-maligned by the right as deficit-killer, cost less than even the most inexpensive of George W. Bush’s policies (that policy being Medicare Part D). Note also that the Bush tax cuts alone added more to the deficit than all of President Obama’s new policies combined — and that’s including projected spending over the course of a theoretical second term. source
A very good point. We tend to forget that, as crazy as it sounds, some people’s idea of fun doesn’t involve reading about the debt limit, America’s credit rating, or parliamentary procedure in the United States Senate. source
Watch: PCB gets a visual shout out on GMA’s Yahoo/Tumblr...
Wrote a thing.
Hat tip to this headline writer.
Congrats Tumblr!
Don’t screw this up Yahoo.
In 2007, I was...
I started tumblr when I was at one of the lowest points of...
We were planning on live-blogging the President’s primetime speech on the debt ceiling, but there wasn’t much to live-blog about. He didn’t support or reject any new policies, or endorse a specific strategy for raising the debt limit. Rather, the President doubled-down on the importance of avoiding default, reinforced hard distinctions between him and House Republicans, and make slight adjustments to his political positioning. He warned, in his most explicit language yet, of the consequences default would have for average Americans. He came out hard for progressive taxation, hammering the Republicans for refusing to consider raising taxes on the rich, and explicitly asked constituents to call their representatives in Congress and voice support for the White House’s “balanced.” In general, as was the case in his press conference last Friday, the President ended up sounding a whole lot more partisan than normal, but didn’t deliver any game-changers. source
» So, who’s the loser in all of this? The consumer and taxpayer. The uncertainty on this issue has affected the markets in some ways already (see the price of gold for example), and could endanger your ability to get a loan at a reasonable rate if the talks fail to straighten course. You may see some possible instability this week, as a deal perilously hangs in the balance.
Basically, most Senators in this body are nothing but two-bit pawns…to lay out the groundwork, if you will, for 2012 election.GOP Senator Bob Corker • Saying what everyone knows but rarely acknowledges: If a presidential election wasn’t lurking around the corner, this whole debt ceiling debate would be playing out much differently. This is really harsh language for a senator, especially when used in reference to his colleagues. Last week, Corker accepted blame, on behalf of the Republican party, for bringing our country to the brink of another economic collapse. source (via • follow)
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