Debt : Posted by Paul at 8:09 PM A reader who has first-hand experience from the 1990s playing "chicken" with Debt ceiling votes tells me that "there's no useful political leverage" to be gained from the exercise.
PHOTOS: Barack Obama in pictures
He compares threats to withhold raising the Debt ceiling with threats to nuke the old Soviet Union - "superficially powerful, but actually too dreadful to seriously consider."
VIDEOS: Barack Obama in videos
This was my initial thought, and it was probably a good one, whatever Lindsey Graham says on Meet the Press. That sa...
Echoes of 1995 for new Congress
Call it 1995 Lite: a one — rather than two — chamber Republican takeover this time, and no Newt Gingrich, just a lot of little would-be Gingriches running around accusing the White House of Corruption or threatening to push the Treasury into default.
Every new Congress is a time for renewal and hope, and Wednesday’s ceremonies brought fresh blood to a stagnant Senate and elevated a working-class bar owner’s son to the speakership of the House. But there is also a sense...
GOP celebrates return to power, grapples with agenda
Reporting from Washington —
Taking formal control of the House, Republicans returned to power triumphant from the Midterm Election but still facing doubts and tensions about their role in a country with an uncertain economy, massive Budget problems and a deeply split electorate.
New House Speaker John A. Boehner (R-Ohio), taking his place Wednesday as one of the country's Most Powerful men, immediately confronted turmoil within his own ranks between Activist Conservatives with a distrus...
Democrat Blames Reagan, Bushes For Deficits
(CNSNews.com) - In his last day as House Majority Leader, Rep. Steny Hoyer (D-Md.) put much of the blame for America’s growing Debt on past Republican administrations, including former President Ronald Reagan. “Ronald Reagan came in and adopted an economic program that created $1.4 Trillion in Deficits over the next eight years,” Hoyer said in a Capitol Hill Press Conference on Tuesday, where he appeared with other members of the Democratic House Leadership. “George...
New GOP member doesn't "know" what will happen if debt ceiling isn't raised
Speaking of clueless Republicans in the House that Teabaggers built, here's part of the new brain trust entering office today: Rep. Mick Mulvaney (R-SC).
Yesterday, newly-elected Rep. Mick Mulvaney (R-SC) appeared on Fox Business to talk about his own intention to vote against raising the Debt ceiling. The host asked Muvlaney if he was willing to “risk the possibility of a default on our debt.” Mulvaney responded that he has “no difficulty in” voting against raising the ...
Republicans take over House, dilute cuts
By Thomas Ferraro and Andy Sullivan
WASHINGTON | Wed Jan 5, 2011 12:45pm EST
WASHINGTON (Reuters) - Republicans scaled back plans for deep cuts in Government Spending as they took power in the House of Representatives on Wednesday, diluting a key promise that helped them to victory in November's election.
A senior Republican also signaled the party could work with the administration of President Barack Obama, a Democrat, to avert a Debt crisis in the coming months.
"Our spending has caught up...
Will He Say He Has No Choice or Will He Use Seigniorage?
The media and much of the blogosphere are framing the coming Debt ceiling decision as one in which the Republican-majority House may refuse to extend the Federal Debt ceiling, thus forcing both a Government shut-down, and also a possible default of the US in paying its Debt obligations to its creditors. Republicans saying they will not vote to extend the ceiling see this as an opportunity to force Spending Cuts out of the Democrats and the Obama Administration. This second round of hostage-takin...
Obama on the Debt Limit: Then and Now
Yahoo! Buzz In 2006, Sen. Barack Obama voted against raising the Debt ceiling to allow the U.S. to borrow more money, saying Washington was saddling future generations with its out-of-control spending. Now, his administration is implying that those who say the same are irresponsible. Asked on Wednesday about the seeming contradiction, White House Press Secretary Robert Gibbs said that in 2006, the outcome of the vote to raise the legal borrowing authority was not in doubt, and therefore the ...
The vote to repeal Obamacare is just the beginning
The Republican House of Representatives intends to hold a vote to Repeal President Obama’s healthcare law on January 12th. The measure is widely expected to pass in the House, where the Republicans control a wide majority and many Democrats voted against the bill initially. However, it is highly unlikely it will pass in the Senate. In fact, the Democrats in control of the Senate could refuse to even schedule a vote on the measure. Even if public pressure force...
David Coates: Sanity in a Time of Madness
"When you are in Washington, remember what the voters back home want -- less government and more freedom."
-- Jim DeMint, welcoming Tea-Party-backed victors in the 2010 Midterm Elections
This is no ordinary day in American politics. This is the day power officially shifted in the House of Representatives from Nancy Pelosi's Democrats to John Boehner's Republicans. This is the day the inmates retook the asylum.
For Progressives, this shift in power necessitates an equivalent shift in strategy. ...
Republican House rules: Hoyer calls them "Pay-Go Hijinks"
Democratic Whip Rep. Steny H. Hoyer (D-Maryland) spoke on the U. S. House Floor today in opposition of the Republican Rules package: “I rise in opposition to this rules package, not for small reasons, but because it authorizes Trillions of dollars of new Debt, without paying for it. There are two ways to create debt: you can buy things and not pay for it, or you can simply cut revenues and make yourself unable to pay for things. He continued in his Speech, “If you don’t cut s...
White House Defends Obamas Senate Vote against Raising Debt Ceiling But Warns of Catastrophe If GOP Doesnt Raise Debt Ceiling
Wednesday, January 05, 2011
By Fred Lucas
President Barack Obama is saluted as he arrives at Andrews Air Force Base, Md., Tuesday, Jan. 4, 2011, from Vacation in Hawaii. Col. Lee DePalo, commander of the 11th Wing, is at left. (AP Photo/Carolyn Kaster)
Washington (CNSNews.com) - The Obama Administration is warning of catastrophic consequences if Congress does not increase the Debt ceiling, the legal limit on how much the Federal Government can borrow, but Obama held a different view on th...
House adopts new rules
WASHINGTON, Jan. 5 (UPI) -- Lively, partisan debate Wednesday gave way to a vote along party lines, 240-191, to accept new rules for the Republican-led U.S. House of Representatives. The new rules of the U.S. House of Representatives either make the legislative process more transparent or obfuscate it, depending on the party speaking in the well. The new rules "establish a Constitution-focused House of Representatives," said Majority Leader Eric Cantor, and sends "a credible signal to families, ...
Economy and jobs also on tap for NJ legislature
As the 112th Congress began earlier today, the important business of the new year is also already being discussed in New Jersey. Jobs and The Economy are not only a top issue for the Congress in Washington, but each and every State Legislature. New Jersey’s Unemployment Rate is at 9.2, 0.4 less than the national average of 9.6; but nothing to ignore or sneeze at. That is why earlier this week Democrats in Trenton reached out to Republicans to support a legislative package that would give a...
GOP House Leaders and New Spending Promises
One of the most explicit promises Speaker John Boehner, R-Oh., and the newly empowered Republicans made was to cut Deficits immediately by returning to 2008 spending levels. "Which, if we were able to do with the whole Fiscal Year, would reduce spending by 100 billion dollars," says Representative Mike Pence, R-In. But Republicans won't have a whole Budget year to work with. Congress failed to pass a current Budget even though the fiscal year began last October. So the government is now operatin...
No Surprise, Republicans to Break Promise on Spending Cuts
Republican leaders are scaling back that number by as much as half, aides say, because the current Fiscal Year, which began Oct. 1, will be nearly half over before Spending Cuts could become law. While House Republicans were never expected to succeed in enacting cuts of that scale, given opposition in the Senate from the Democratic majority and some Republicans, and from President Obama, a House vote would put potentially vulnerable Republican lawmakers on record supporting deep reductions of up...
Gavel down on Nancy Pelosi
John Boehner, (R) now firmly seated as the Speaker of the House after defeating Nancy Pelosi in a vote of 241 - 173 looks to 2011 Federal Debt Limit of 14.3 Trillion, realizing there is very little time to address the issues at hand in order to reset the course of history for America. Upon acceptance of the gavel he was quoted as saying, "That includes this gavel, which I accept cheerfully and gratefully knowing that I am but its caretaker. After all, this is the people's house." Former Speaker ...
Cuomo says New York in crisis, rules out tax hikes
ALBANY, New York (Reuters) - Democratic Governor Andrew Cuomo declared the state of New York in crisis on Wednesday, proposing solutions long championed by Republicans to control a soaring Budget Deficit, overhaul Medicaid and reform a dysfunctional government. Posted by Reuters on Jan 5 2011 Filed under Reuters. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed. Click here to cancel reply. We a...
Cuomo says New York in crisis, rules out tax hikes
ALBANY, New York (Reuters) - Democratic Governor Andrew Cuomo declared the state of New York in crisis on Wednesday, proposing solutions long championed by Republicans to control a soaring Budget Deficit, overhaul Medicaid and reform a dysfunctional government.
On his fifth day in office, Cuomo pledged not to increase taxes or rely on borrowing to close a $10 billion Budget deficit -- roughly 10 percent of this year's Budget -- and said spending increases would be limited to the Inflation rate.
...
King unveils birthright bill
Rep. Steve King (R-Iowa) isn’t wasting any time with his Immigration agenda, dropping a bill on the first day of Congress that goes after birthright Citizenship.
King’s measure would amend the Immigration and Nationality Act, ending automatic citizenship for anyone born in the country. Instead, the measure requires that only the Children of citizens, legal immigrants permanently living in the country or immigrants in the Military, be granted Citizenship.
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Centrists likely to sway priority issues on Hill
Tea partyers may be getting all the attention, but the Centrist wings of both parties remain the fulcrum in Congress, though which way they swing depends on the issues lawmakers tackle first.
Moderates said if spending and fiscal issues dominate, then the centrists are likely to have the upper hand holding their Caucus together and possibly attracting conservative Democrats; while if leaders push Social Issues, Republicans will have a tougher time maintaining unity.
"I think on the fiscal issues...
The New Congresss Task
Republicans in Congress are entitled to a bit of gloating as they settle into their new positions of power and get down to work. They said the voters were unhappy with the way President Obama and his congressional allies were governing, and the voters backed them up. Perhaps it’s true, as Republicans say, that the Democrats overestimated the mandate they were given in 2008. The Democrats’ earlier victory showed the depth of Disenchantment with the Bush Administration. It wasn’t necessari
The gavel passes and Boehner weeps but nothing else changes
There's a new sheriff in town and after listening to his opening address to the 112th Congress, it would seem things on Capitol Hill are about to change. Or will they? All hail King Boehner. Please check your spirit of Bipartisanship at the door. Four years ago, Representative Nancy Pelosi (D-CA) was given the honor of being elected the first female Speaker of the House. Today, the gavel, and an unusually large one at that, was passed to Congressman John B...
When your Congressman makes fun of reading the Constitution
Republicans are opening the 112th Congress with a reading of the Constitution tomorrow. This seems offensive somehow to Rep. Jerrold Nadler (D-NY), who told The Washington Post the reading was "nonsense," and "propoganda." What comes to mind is a Christian pastor mocking people for reading The Bible. (Hint: the pastor doesn't really disdain the Bible, just the people reading it). Most of us would think that a Member of Congress sworn to uphold the Constitution would welcome an...
Pelosi Tells Democrats Their First Test Is Defending ObamaCare
Larry7 (prev. just Larry) on Poll: Only 22% Have a Favorable View Candidates Who Are Described as “Progressive,” Jumps to 42% for “Conservative”… (The Hill) — House Democratic leader Nancy Pelosi (D-Calif.) said her party’s “first test” would be to defend its work of the last two years, particularly Healthcare Reform. Pelosi, the former Speaker who was elected Wednesday as Democrats’ Minority Leader in the next Congress, sought $100,000...
Constitutional cites, NYT and fundamentalism
The New York Times editorial board wasted little time in attempting to attack the new Republican led House in the way smug elitists usually do … by invoking “Fundamentalism”. In this case the fundamentalism is an apparent attempt by a party to refocus the Legislation it plans on debating and passing on the “fundamental” legal document of the land.
That just won’t do:
In any case, it is a presumptuous and self-righteous act, suggesting that they alone understan
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