America on track to debt default in 2013

[CaseAgainstFaith]

Something terrible happened in Congress yesterday—and nobody seemed to notice. House Republicans voted to take money away from programs meant to help poor people and give it to the military instead. That’s not my idea of wise policy, but that’s what was terrible about it. The problem is that the vote constitutes a collective Republican welching on the agreement that was reached last spring to raise the statutory debt ceiling and avoid national default. Yesterday’s vote doesn’t undo the deal or cause any immediate problems, but by so speedily backing out of their agreement, the Republicans have done something much worse—made it impossible for anyone to negotiate with them in the future, because it’s clear they cannot be trusted to keep the promises they made.

If President Obama wins re-election, the debt-ceiling issue will have to be confronted again, but now in a Congress that has been poisoned by the Republicans’ welching on the last agreement. The country, in other words, is set for an even more severe version of the crisis that crushed financial markets last summer

http://www.slate.com/articles/business/moneybox/2012/05/debt_ceiling_fiasco_house_republicans_just_reneged_on_the_debt_ceiling_deal_making_a_default_in_2013_almost_inevitable_.html?google_editors_picks=true

Well who didn't see this coming?  I know I saw this coming.  Well I guess we can only hope that come November people find a clue.....aw hell who am I kidding, nothing will change.

[Id82]

Well with a 9% approval rating in congress one would hope that this coming election will remove a lot of the dumb shits running the place.

[DasFuchs]

Well with a 9% approval rating in congress one would hope that this coming election will remove a lot of the dumb shits running the place.

Not likely. People that vote blindly for "their boy" that's already in do so while believing that person is the only good one and the rest suck. That's why we have life long politicians that stay in one seat.

[Osama bin Bambi]

Not surprised...

[N. De Plume]

What, they’re only now realizing the Republicans are untrustworthy?

[QueenofHearts]

I like how Jon Stewart characterized it. The GOP and dems made a suicide pact to cut spending and the GOP essentially turned that into a homicide.

Edit: wow, I have become completely desensitized to Republican crap when I don't even feel the least bit of "oh crap" for the debt ceiling or the social safety net cuts and instead just feel "eh, what do you expect."

[Art Vandelay]

Shit like this is why I think the Federal Reserve should at the very least have a large say in economic matters, especially when it comes to the federal budget. Not only is the Reserve run by actual economists, but politicians have proven time and time again that they won't do what's best for the economy, only what serves their party's agenda. Those small-minded idiots are not only the reason why it's taking so long for the US economy to recover, but also why the recession hit so damn hard in the first place.

[Lt. Fred]

The Democrats should just repeal the debt ceiling. It's meaningless and stupid.

[Osama bin Bambi]

Yeah, there's no point in having a debt ceiling if you're just going to increase it at every opportunity.

I know bratty rich teenage girls who have more money sense with their daddy's loaded credit card than our own government.

Of course, my dad thinks that the Federal Reserve is the problem.

[niam2023]

...I am not usually one to suggest such a drastic, foolish course, but, Roman-style, if things cannot get fixed by Congress, we may need a dictator for a time.

Someone progressive. Someone who will be able to come up with something good, untainted by Republican Religious Fundamentalism.

[Saturn500]

...I am not usually one to suggest such a drastic, foolish course, but, Roman-style, if things cannot get fixed by Congress, we may need a dictator for a time.

Someone progressive. Someone who will be able to come up with something good, untainted by Republican Religious Fundamentalism.

Nominate me!

By 2020, I promise free/affordable healthcare, legalized gay marriage, the requirement to pass a rigorous test before you homeschool (some people do homeschool for secular reasons), the heads of any non-repentant Quiverfullers on pikes in front of the White House (alternatively, they could be crucified for the sake of irony), the phrase "Under God" removed from the pledge, bullying being punishable by being forced to play I Wanna Be The Guy until either the fight with Mike Tyson, or until the bully apologizes, and the establishment of National Crablette Day on March 13th.

[Damen]

...I am not usually one to suggest such a drastic, foolish course, but, Roman-style, if things cannot get fixed by Congress, we may need a dictator for a time.

Someone progressive. Someone who will be able to come up with something good, untainted by Republican Religious Fundamentalism.

You know, Michigan tried that out. It isn't going well.

[nickiknack]

Yeah, there's no point in having a debt ceiling if you're just going to increase it at every opportunity.

I know bratty rich teenage girls who have more money sense with their daddy's loaded credit card than our own government.

Of course, my dad thinks that the Federal Reserve is the problem.

The problem with the Federal Reserve is that we have banksters running the show when it comes down to it, thats why many dislike it. The Federal Reserve is half private, half public, and every bill that gets passed to go after it, is watered-down bs. Many of the critics on the left would like to see it not only more transparent, but would also like to see it nationized and absorbed into the the Treasury Dept. While those on the right want to get rid, but haven't come up with anything to do afterwards without going into some batshit crazy conspiracy theory and bs about the gold standard.