I think I agree....

[Simple Minded]

I think demonstration of incompetance may produce a far greater negative outcome than coming to an agreement that ineffectively deals with the problem. What sayeth our overseas audience?

Gang of Six Bag of Tricks
By Mark Steyn
Posted on July 19, 2011 7:45 PM

Americans who care about the solvency of this nation ought to be seriously annoyed at the contempt for them shown by the Gang of Six “plan,” which even by the standards of “bipartisan” deal-making is a total joke.

Even if you take seriously their figure of $3.7 trillion in savings over ten years, that represents a clawback across a decade of about two years of current deficits.

If you take Jeff Sessions’s figure of $1.2 trillion in savings over ten years as being closer to the mark, that takes a decade to reverse about three-quarters of the 2011 deficit.

Neither of these numbers is sufficient. Both lead to national suicide.

If you take the Gang’s figure of half-a-trillion dollars in immediate “aggressive deficit reduction” seriously, that represents about what the U.S. government borrows every four months. What’s “aggressive” about that? And what’s immediate about it? It’s all unspecified “discretionary spending caps” and “process reforms” that will collapse like soufflés ten minutes after the signing ceremony. Obviously it’s appealing to Democrats: It accepts their view that 25 percent of GDP should be the new baseline for national (“federal” no longer seems quite the word) government spending. But what’s in it for Republicans?

We are sending a consistent message to the world that the political structures of the United States do not allow for meaningful course correction. That does far more damage to the “full faith and credit” of America than failing to hike the debt ceiling.

[skyhook77sfg]

WE?

not us in my neck of the woods

its the professional political class of primarily lawyer rmillionaire democrats and republicans

following orders from the billionaires and corporations that finance election wins.....

the ones that decided that changing tax and spend to borrow and spend had worked

and now was the time to drown the baby in the bathtub ....

they dont need americans anymore.

they dont need them to make more money

and with AC Dubai is great for taxes

you dont have to pay on the stuff

you made in China ....


suckaaaahhs

[Colonel Sun]

[Tinker]

[skyhook77sfg]

we are still working on mastery of limbo

next is purgatory

[Tinker]

[skyhook77sfg]

ah those golden olden days of yore

when puking was a social grace

now confined to freshmen

gagging over porcelain

in dormitory loos...

civilization has stalled eh?

[Tinker]

[NapLajoieonSteroids]

Due to the nature of Congresses, promises made and nature of the law:

How much of the spending bill does this congress actually control?

I remember reading somewhere that even if both parties decided to work unanimously in cutting everything in their power; due to contract obligations and deals made by previous congresses; they would only have power to cut 33% of the bill.

Does anyone know anything about (or a website about) the budget specifics and what congress can and can't effect in the short-term?

[Simple Minded]

[Simple Minded]

[NapLajoieonSteroids]

[skyhook77sfg]

if memory seves

think the off book liablities

hike actual long term obligations

well beyond the $50 trillion marker....


not to worry though

if the money moguls can stop deflationary forces now about to stampede

they can inflate debt away with zooming M3 like there is no tomorrow....

IF....