July 31st, 2011

Debt compromise

So, is this it?

And was it really Obama who stalled things all along?:

In many respects, the deal will, if approved by all parties, resemble the contours of a short-lived pact negotiated last weekend by House Speaker John Boehner, R-Ohio, and Senate Majority Leader Harry Reid, D-Nev. Obama rejected that deal, forcing Congress to wrestle with other inferior legislative options throughout the week.

[NOTE: Here's an interesting analysis of the compromise proposal.]

18 Responses to “Debt compromise”

  1. F Says:

    The idea of “saving” over 10 years is a fiction. I’m sorry the conservative caucus went for that, but perhaps it’s half a loaf and will slow the increase in spending, in which case we’re ahead of the game.

    The idea of a group of 12 elders meeting to make recommendations — we’ve been there before. It’s one of Washington’s oldest head-fakes. But again, it’s half a loaf.

    The most important thing to have come out of the past 10 days’ scramble is that even more people — including people who are influential opinion-moulders — have seen that Obama is an empty suit. That is not half a loaf — that’s the real deal. I’d like to see one or two of TV’s important talking heads say “it’s time for Obama to step down.” That’s my fantasy, but sometimes fantasies come true.

  2. Curtis Says:

    Obama, thug-king from Chicago, “has said he would only sign a short-term extension (days, not weeks) if it were linked to an extension of borrowing authority that lasts beyond the 2012 election.”

    Let’s get this straight because I might be wrong here. We’re in this mess because were borrowing too much. And the principal guy who borrowed too much is Obama. He’s the guy who took us from .4T deficits to 1.4T deficits. And he’s “holding the country hostage” unless we give him the authority to borrow more.

    The nearest metaphor I can think of is this: If we were a nation of drug addicts, would you give the key to the drug cabinet to the drug dealer?

  3. CBDenver Says:

    RE: Was it really Obama who stalled things all along?

    I normally don’t watch MSNBC, so I missed this from Larry O’Donnell’s July 13 program:

    The normally disciplined congressional Republicans are now in an all-out panic in the most difficult negotiation they have faced to date with President Barack Obama. As the president holds to his bluff that he wants a big deal, a $4 trillion deficit reduction package, the Republican leadership has gone from retreat from $4 trillion to $2 trillion, then from yesterday‘s surrender position outlined by Republican Senate leader Mitch McConnell to today‘s total outright confusion about what to do or think next.

    They should, by now, have realized that they were tricked by the president into weeks of discussion of trillions in possible spending cuts

    And with some of the Democrats at the table doing the smart thing, continuing to smile and nod as the Republicans targeted spending cuts they would like, the rookie Republican negotiators made the mistake of thinking they had reached areas of agreement with the Democrats when, in fact, absolutely nothing had been agreed to, not one dollar, not one spending cut had been agreed to because everything was never agreed to.

    Naively thinking they were making progress in those negotiations with the White House, which, it turns out, really were only discussions, not negotiations, the rookie Republican negotiators were lulled into allowing the clock to run down on the time left before the treasury risks default and hits the debt ceiling on August 2nd.

    http://www.msnbc.msn.com/id/43756202/ns/msnbc_tv/

    O’Donnell was so eager to gloat over how the President snookered the Republicans that he didn’t seem to realize he was letting the cat out of the bag regarding the President’s duplicity. There was no good-faith bargaining, just a cynical ploy to waste time, waiting for a crisis to develop.

  4. CBDenver Says:
  5. Kurt Says:

    Curtis–the metaphor you allude to is made much of in the video featured here. Also, as the first commenter there notes, it’s worth remembering that the current president was a drug addict for many years…

  6. Curtis Says:

    Wow. Good stuff, Kurt. Ding an sich.

    The irony, here, is in two rich veins: The drug is tobacco; Clinton made tobacco a drug like cocaine or heroin.

    Kind of like Montezuma’s revenge: You take country. I give you sickness.

  7. rickl Says:

    Close italic tag.

  8. rickl Says:

    Drat. It didn’t work.

  9. Indigo Red Says:

    So, these Super Committee members, do they ahve to wear tights ot not?

  10. Mike M. Says:

    Everyone is saying this is a Tea Party victory.

    If so, it shows what tenacity in a fight is.

    They were vilified for weeks now. Even our side was losing its nerve and hoping they would just take a deal. The other side pegged them as lunatic fringe right winger whackos.

    They stood form against incredible pressure.

    Turns out they were the sound and sane ones and the rest of the world were the fringe lunatic whackos who were delusional about what was what.

    If this really is a win, there is a lesson for 2012 there for the Republican candidates. No wavering. Stand form, hold your ground, and the other side will cave. They have the weaker side, all bluster and bullying notwithstanding. We will win if we are only willing to fight.

  11. Libby Says:

    Wasn’t his stalling part of plan? If you look at the major legislation passed during Obama’s presidency – the stimulus bills, Obamacare, etc. – they’re always done in a manufactured rush. This ensures that no one has a chance to thoroughly review the final version until it’s a done deal.

  12. John Says:

    This should brighten everyone’s day.

    “Debt-limit deal puts Pelosi in driver’s seat”

    http://thehill.com/homenews/house/174635-debt-limit-deal-puts-pelosi-in-the-drivers-seat

  13. Artfldgr Says:

    Listening to Obadiah you would think that they have solved the problem and it will never come up again…

  14. texexec Says:

    FWIW, the stock market isn’t so sure this deal is done OR they think it stinks if it does pass OR they think a downgrade is imminent.

  15. J.J. formerly Jimmy J. Says:

    This deal does nothing about the spending problem. Just puts a bit of lipstick on the pig. Or as some might say – kicks the can down the road. This is what I expected. There will be a downgrade of the debt. Will that force some reality into the dems field of view? We’ll see.

  16. Mike M. Says:

    To criticize this deal for not solving the problem right now is wrong-headed.

    The Spartans did not defeat the Persians at Thermopylae. The fought the **it out of them. When we fight, we win. If it takes one inch at a time, that’s okay and it is only for now. The default position is cut spending from now on.

  17. Bob from Virginia Says:

    Nicely said Mike M, this battle is long term.

  18. Daniel in Brookline Says:

    Agreed, Mike. The analogy with Thermopylae is apt, in that the problem is to get people to fight. (And they faced much worse odds than we do.)

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Previously a lifelong Democrat, born in New York and living in New England, surrounded by liberals on all sides, I've found myself slowly but surely leaving the fold and becoming that dread thing: a neocon.
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