On MSNBC’s Up With Chris Hayes this morning, the New England Mint debuted this deliciously self-aware two-minute commercial for a trillion-dollar tribute coin, in remembrance of no doubt our country’s foremost heated, hilarious, in-the-weeds argument over platinum-minted uber-currency. Long live the coin! source
Congress punts on debt ceiling: The House of Representatives passed a bill today that extends the nation’s debt limit until May 18th, effectively tabling the issue for another couple of months. This time, the GOP majority didn’t ask for spending cuts in exchange for the increase; rather, it simply demanded that both houses of congress pass a budget before April 15th. Otherwise, per the bill, all members of both bodies will have their salaries withheld (there’s some debate over whether or not this provision is constitutional). Also, while the majority of Republicans did vote for the bill, enough defected that John Boehner had to rally up a couple of Democrats to get it passed. Harry Reid says it’ll fly through the Senate without issue. (Photo credit: AP) source
There are a lot of Democrats who agree with the need to deal with this. It’s a mathematical thing, it’s not an ideological thing. But he basically said we’re not going to change these programs, we’re not going to reform these programs to prevent this. He basically said we will not fix this debt crisis.Rep. Paul Ryan • Expressing his disappointment with President Obama’s inauguration speech, widely viewed as a staunch defense of liberal policy, during an appearance on The Laura Ingraham Show. Many Republicans have spoken out against the remarks, saying President Obama did not sufficiently reach across the aisle with his speech. source
![“[W]e believe you must be willing to take any lawful steps to ensure that America does not break its promises and trigger a global economic crisis — without Congressional approval, if necessary.” So reads a letter sent to the president today by top Senate Democrats. It’s not every day that members of congress explicitly voice their willingness to be circumvented by the president, but Harry Reid and company clearly believe that the threat of default is a real possibility. Later on in the letter, the Democrats call for “a broad, bipartisan agreement” to reduce the long-term deficit - but only one that puts “the entire budget on the table,” as opposed to policy that only cuts “earned benefits for seniors and middle-class families.” (Photo credit: AP) source](http://24.media.tumblr.com/57435ab51f07e2b184fbf35fee819b29/tumblr_mghnz8UOyU1qas8z9o1_500.jpg)
“[W]e believe you must be willing to take any lawful steps to ensure that America does not break its promises and trigger a global economic crisis — without Congressional approval, if necessary.” So reads a letter sent to the president today by top Senate Democrats. It’s not every day that members of congress explicitly voice their willingness to be circumvented by the president, but Harry Reid and company clearly believe that the threat of default is a real possibility. Later on in the letter, the Democrats call for “a broad, bipartisan agreement” to reduce the long-term deficit - but only one that puts “the entire budget on the table,” as opposed to policy that only cuts “earned benefits for seniors and middle-class families.” (Photo credit: AP) source
antigovernmentextremist says: Short Form Blog. I’m disappointed. I expected so much better from you. The fact that this is even considered a viable option shows just how far off the handle America is.
» SFB says: I’m not actually in favor of the platinum coin — it’s a weird, crazy idea that deserves the eyerolls it’s getting. I mocked it two nights ago, even. But if you’re going to talk about it, at least get the semantics right. You can be critical of something without misleading people. — Ernie @ SFB
FYI, platinum coin critics: They do not need to actually make the coin out of $1 trillion in platinum; they just need to value it at $1 trillion. (ht @dceiver)
If Congress refuses to give the United States the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic. Our families and our businesses cannot afford that dangerous game again.President Obama • Warning of possible conflict on the horizon, so soon after the “fiscal cliff” fracas was resolved — you’re not surprised, are you? The debt ceiling fight between the White House and congressional Republicans in 2011 was so acrimonious, and brought the country so close to the brink of default, that Obama is clearly eying this as the next major battle ahead of him. The showdown will likely come in February or March, as the Federal Reserve can employ a bevy of accounting tricks and maneuvers intended hold off hitting the limit until then, but after the political capital expended during last week’s negotiations, we can do little but wait and see how this all ends out. source
This may be a moment in Senate history, when a senator made a proposal that, when given an opportunity for a vote on that proposal, filibustered his own proposal…I don’t think this has ever happened before.Sen. Dick Durbin, after Mitch McConnell’s latest scheme blew up in his face. McConnell introduced legislation today that would allow the president to unilaterally raise the debt limit, suspecting that Democrats wouldn’t have the guts to vote for it. When it became clear that Democrats did indeed have the votes to pass the bill with a simple majority, McConnell filibustered it, preventing its passage. The United States Senate, ladies and gentlemen. source
ABC’s Diane Sawyer talks to Bob Woodward about his new book inside last summer’s debt ceiling crisis.
“It’s so serious that they couldn’t tell the world how bad it was at the time.”
Good interview; in it, you learn about Boehner’s chain-smoking and the seriousness of the issues Obama faced with the debt ceiling situation.
Remember how Warren Buffett wrote that the government should raise the taxes of the super-wealthy … you know, folks like him? Well, it looks like someone with a lot of power to put that plan into action read that New York Times editorial. Obama’s going to make a push to tax the super-wealthy (those who make more than $1 million per year) at the same rate as the middle-class, and he’s calling it the “Buffett Rule.” Great selling point for Obama, but will it be enough for all the other rich people in Congress? Good question. (photo via Medill DC) source
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» Why no love for the GOP? Over the last six months, everybody—Obama, Democrats, and Republicans—has seen a net drop in their approval ratings, but Republicans are clearly the most hated of the bunch. This is probably due to a combination of factors: Paul Ryan’s budget proposal, Scott Walker’s anti-union antics in Wisconsin, and the GOP’s handling of the debt ceiling debate were all high-profile issues that attracted (mostly) negative attention to the GOP. Whatever the cause, there’s one thing we can glean from these results: Democrats seem to be out-messaging Republicans in 2011. Whether or not this can carry Obama to reelection amidst a horrible economy remains to be seen.
I know well many of the mega-rich and, by and large, they are very decent people. They love America and appreciate the opportunity this country has given them. Many have joined the Giving Pledge, promising to give most of their wealth to philanthropy. Most wouldn’t mind being told to pay more in taxes as well, particularly when so many of their fellow citizens are truly suffering.Warren Buffett • Arguing in an editorial for the New York Times (titled, fittingly, “Stop coddling the super-rich”) that Congress needs to raise his taxes and those of people with incomes topping $1 million. “My friends and I have been coddled long enough by a billionaire-friendly Congress,” he writes. “It’s time for our government to get serious about shared sacrifice.” Wait … a super-rich guy offering more money up in taxes? Be still our hearts. And don’t tell the Koch brothers … they might disagree with this stance. source (via • follow)
“I think this nation should never default!” Jon Huntsman’s attempt at roaring applause regarding the debt ceiling (including a warm fuzzy hug for John Boehner) only gets modest applause.
The first nine legislators named to the 12-member group must identify $1.5 trillion in savings over the next 10 years. So far, eight of the nine super committee members are men.
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