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January 5, 2013
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
15:46 // 1 year ago
August 2, 2011
12:32 // 2 years ago
12:26 // 2 years ago
July 31, 2011
Obama statement on debt ceiling agreement: No real surprises. Key line: “Is this the deal I would have preferred? No.” They’ve reached a deal, but he doesn’t seem particularly pleased with it, or the process it took to get here. But he hopes that politicians will agree to the deal. He took no questions, BTW.

Obama statement on debt ceiling agreement: No real surprises. Key line: “Is this the deal I would have preferred? No.” They’ve reached a deal, but he doesn’t seem particularly pleased with it, or the process it took to get here. But he hopes that politicians will agree to the deal. He took no questions, BTW.

20:44 // 2 years ago
Obama’s got something to say on this debt ceiling mess. As soon as we have it, we’ll tell you guys all about it.

Obama’s got something to say on this debt ceiling mess. As soon as we have it, we’ll tell you guys all about it.

20:33 // 2 years ago

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 25, 2011
Nice tan, brah.

Nice tan, brah.

21:24 // 2 years ago
The American people may have voted for divided government, but they didn’t vote for a dysfunctional government. So I’m asking you all to make your voice heard. If you want a balanced approach to reducing the deficit, let your Member of Congress know. If you believe we can solve this problem through compromise, send that message.
President Obama • During his debt ceiling speech this evening. Just a hair under 15 minutes, kids. Needed to be said. Kind of obvious. But still … 
21:18 // 2 years ago
21:14 // 2 years ago

A 1983 letter from Ronald Reagan on the debt ceiling. (via @dabeard)

21:11 // 2 years ago