Obama Boehner Breakup: Talks Break Down Over Debt Ceiling

Politico:

After rarely courting over the previous two years, the pair had an intense summer bromance they’ll never forget: a big outing, frequent dates (albeit with an occasional third wheel), shared secrets, big dreams, their friends cheering them on. But it was promises, promises – all the time promises.

Read the whole story: Politico

Comments

[MinneMike]

11:43 AM on 07/23/2011

Thank you, Barack:

http://www.reuters.com/article/2011/07/18/rating-bonds-eganjones-idUSN1E76H0ZH20110718

Reuters) - Credit rating agency Egan-Jones has cut the United States' top credit ranking, citing concerns over the country's high debt load and the difficulty the government faces in significantly reducing spending.

The agency said the action, which cut U.S. sovereign debt to the second-highest rating, was not based on fears over the country not raising its debt ceiling.

Instead, the cut is due the U.S. debt load standing at more than 100 percent of its gross domestic product. This compares with Canada, for example, which has a debt-to-GDP ratio of 35 percent, Egan-Jones said in a report sent on Saturday.

Lawmakers in Washington are seeking to agree on spending cuts before raising the country's debt ceiling, with five days remaining before President Obama 's deadline for a deal.

[MinneMike]

11:40 AM on 07/23/2011

I feel sorry for President Obama. Clearly beyond his depth, he tries to raise income taxes in the midst of the slowest post-recession recovery since the Great Depression. My hope is that he holds steadfast, doesn't do as President Clinton did in 1995.

BILL CLINTON, DEFICIT HAWK
http://www.businessweek.com/archives/1995/b343062.arc.htm

The great Battle of the Budget is over. The hawks have won. Oh, there are details to be thrashed out. And there probably will be another crisis or two before President Clinton signs a Deficit Reduction Act of 1995. But faced with overwhelming pressure from the GOP majority in Congress and a dramatic shift in public opinion, Clinton quit fighting on June 13. In his six-minute prime-time speech, he joined the balanced-budget crowd, producing a plan to eliminate the deficit in 10 years. "Finally," says American Standard CEO Emmanuel A. Kampouris, "the President is coming forward."

By listening to Republicans, President Clinton went on to produce a budget surplus and win reelection.

[BigPictureReg]

03:08 PM on 07/23/2011

"....we don't have a revenue problem, we have a spending problem..."

Another, b.s., Republican sound bite, repeated over and over again to change a lie to the truth, for all the Washington liars and the lying constituents who don't know the facts.

Here are the facts.

* corporate tax burdens as a % of GDP are the lowest in history
* individuals and small businesses carry the largest share of the burden of taxes
* corporate taxes as a share of all taxes paid are among the lowest in history
* the top 1% earners pay almost half the share of taxes compared to the lowest 20%
* incoming tax revenue is the lowest in 60 years
* total government revenue is lower than 25% below the average of most developed countries
* Republicans are trying to lower the already low top tax rate to a level not seen since 1931

http://jessescrossroadscafe.blogspot.com/2011/07/us-is-not-high-tax-corporate-country.html

[getoffmedz]

11:02 AM on 07/23/2011

The plan to drive our President out of office is unfolding as planned.

Crash the fragile economy (something that would have occurred anyway) and BLAME OBAMA!

[Jimmy MO]

10:46 AM on 07/23/2011

It's time for the leader of the free world to grow a pair and invoke his constitutional authority to deal with this. The president has practically given Republicans everything but the Lincoln Bedroom and they're still holding this country hostage. Be done with and act like a president.

[sah5151]

12:17 PM on 07/23/2011

Are you talking about the man that always votes Present! Never happen!!

[bmermaid]

10:45 AM on 07/23/2011

Boener said in his "rebuttal" speach that he took the same oath of office and had the same responsibilities as Pres Obama. Egocentric much?

[sah5151]

12:16 PM on 07/23/2011

Truth hurts!