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July 31, 2011

Breakdown: The new new NEW new nü NEW debt ceiling framework

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:

  • ceiling The debt ceiling would rise to $2.8 trillion (though this number is conflicting; AP reports $2.4 trillion). This would be enough to get us past the 2012 elections.
  • cuts Republicans would reportedly agree to roughly $1 trillion in cuts now, and then another $1.8 trillion later. Ignore our earlier version of the post; this is significant.
  • condition Republicans will get one thing out of the mess which in the end won’t mean anything — a vote on a balanced budget amendement. This will not pass. source

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0:27 // 2 years ago
July 24, 2011

The long and short of it: Debt ceiling talks get complicated, stay complicated

  • long The Democrats are pushing for a longer-term debt ceiling increase in a deal that includes some revenue increases. House Speaker John Boehner has suggested that he favors a long-term plan that goes through 2012, but is having trouble selling it to his own party.
  • short Republicans, on the other hand, have suggested increasing the debt ceiling for a period less than a year in length, in part for political leverage so they can push for later long-term spending cuts during an election year. Obama suggests this is akin to playing with fire. 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.

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10:42 // 2 years ago
July 18, 2011

Debt ceiling poll: Everyone looks bad, but Obama looks least bad

  • 71% disapprove of the way Republicans have handled the debt ceiling crisis — just 21 percent approve
  • 48% disapprove of the way Obama has handled the situation; by contrast, 43 percent approve source

» Obama’s the best in a bad bunch: According to a CBS News poll, while nobody’s doing particularly hot in the current debt crisis negotiations, Obama can at least say that he’s doing better than everyone else. Democrats in Congress have a meager 31 percent approval rating. But let’s face it — this has always been a fight between Republicans and Obama, with congressional Democrats off to the side. So the result is nothing but notable. Let’s raise the question: If the government defaults, is this 1995 all over again for the GOP?

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11:02 // 2 years ago
July 10, 2011

Debt-ceiling drama: This mess needs to end really freaking soon

  • 10 freaking days to pull off this bloody debt-cutting mess source

» Can they kiss, make up and pull off a debt deal? With Republicans suddenly pushing for a smaller short-term agreement and Obama going all heave-ho in favor of a larger one, Obama’s starting to show some boldness that we haven’t seen in a while. In terms of political battles, he called the GOP’s bluff. To be clear, tax increases are the main sticking point here, but are we starting to see the limits of the all-or-nothing approach the GOP has to taxes? Obama looks like he’s not going to blink. But either side could.

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20:48 // 2 years ago
October 6, 2010
Our report contains straightforward, proven ways to pare back $1 trillion from the deficit while increasing productivity and enabling sustainable competitiveness.
Dell CEO Michael Dell • Regarding the suggestions the Technology CEO Council has for the President regarding reining in the national debt. Dell, whose own company knows something about leveraging partnerships and cutting corners in the money-saving process, is one of many CEOs backing the plan, which reportedly would cut debt by around $1 trillion in a decade using such methods as consolidating and standardizing processes, using virtualization and cutting energy usage. The methods have already been in use at many of the companies and have already shown results. Will Obama take the bait? source (via)
20:28 // 3 years ago