Friday, July 29, 2011

Debt Ceiling Debate: - #3119 - Dems to Produce Boehner-McConnell Plan? Update: Boehner has 216? - Hot Air (2) The Numbers That Show How Bad the Economy Really Is - The Blaze (3) You Think the Debt Crisis is Bad Now? Wait Until Obamacare Takes Its Toll - New York Daily News

Has an end game begun to take shape on the debt-ceiling debate? According to Politico, Democrats are shaping a new plan to reach a compromise with Republicans in both chambers, taking elements from two Republican plans to create a Boehner-McConnell approach: Democrats are aiming for a debt-limit compromise similar to the House Republican plan, with at least one major difference: The second vote on raising the debt ceiling would not depend on Congress passing a broader deficit-reduction package. The shape of this potential compromise meshes major elements of the proposals offered in recent weeks by House Speaker John Boehner (R-Ohio), Senate Minority Leader Mitch McConnell (R-Ky.) and Senate Majority Leader Harry Reid (D-Nev.), according to Democratic officials familiar with the negotiations. As distasteful as this might be, it still isn’t a bad deal for Republicans. They get some cuts and no tax increases, a key victory in this debate. They also force a second debate before the election, with less risk for the GOP of another round of brinksmanship. And in the end, a unilateral decision by Obama to commit the second debt-ceiling increase will hang it completely on him, especially if Republicans in the House vote against it when it occurs. I wouldn’t be surprised to see Boehner keep 125-150 Republicans with him on this proposal.
Update II: Looks like Jeff Flake’s late commitment for support may have given Boehner the 216 votes he needs today. But that was contingent on passing the BBA for a 2nd tranche on the debt ceiling, making Boehner’s bill an even more DOA effort when it gets to the Senate.  Read entire article........

The Numbers that Show how Bad the Economy Really is - The Blaze - The economy slowed in the first six months of 2011 to its weakest pace since the recession ended. High gas prices and scant income gains forced Americans to sharply pull back on spending.  The Commerce Department says the economy expanded only 1.3 percent in the April-June period. And it downwardly revised the January-March figures to show growth of just 0.4 percent, the weakest since the recession ended two years ago.  Consumer spending was almost flat this spring. It increased only 0.1 percent, after 2.1 percent growth in the winter. Spending on long-lasting manufactured goods, such as autos and appliances, fell 4.4 percent.  Government spending fell for the third straight quarter. And state and local governments cut spending for the seventh quarter in eight since the recession ended.  That news comes as new revised numbers show the the 2007-2009 recession, already in the record books as the worst in the 66 years since the end of World War II, was even worse than previously thought.  Read more.........

You Think the Debt Crisis is Bad Now? Wait Until Obamacare Takes Its Toll - New York Daily News -If Obamacare isn't repealed, today's national debt will be far worse tomorrow because of exploding costs. One of the main reasons for enacting Obamacare was to bring down health care costs - so said the President, then-House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid. But since its passage, the sweeping overhaul of one-sixth of our economy has done just the opposite. If you think the debt debate on Capitol Hill has revealed that this nation is on the road to fiscal ruin, just wait until health care reform really kicks in. The Congressional Budget Office will tell you that we will save $143 billion between 2010 and 2019, but its assumptions were flawed from the start. Doing a close analysis of the budget office scoring, Kathryn Nix of the Heritage Foundation concludes that Obamacare "indisputably represents a massive new burden on current taxpayers and future generations." Those costs are evident already. "Health care costs are expected to increase by 8.5% in 2012 - slightly up from this year's increase of 8%, according to the annual 'Behind the Numbers' report on medical costs recently released by [PricewaterhouseCoopers'] Health Research Institute," says the online publication Small Business Trends.  Read more....... Steve Peters:   When interest rates shoot upward, and IF ObamaCare fully kicks in, no plan will save this Country from a financial free fall. A 3% increase in the interest rate will raise the deficit by an additional $1,200,000,000,000 in 5 years. Cato Institute projects the follow costs on ObamaCare, " correct's for both gimmicks, counting both on- and off-budget costs over the first 10 years of implementation, the total cost of ObamaCare reaches — I’m so sorry about this — $6.25 trillion. That’s not a precise estimate. It’s just far closer to the truth than President Obama and congressional Democrats want the debate to be." This is direct Government and Business payments related to medical costs only. This figure does not take into account cost of lost jobs, lost GDP growth, and a multitude of other items.  Obama and the Democrats must be removed from office with every legal means possible, and if that does not work, then civil disobedience should be considered. At issue is the freedom and civil rights of every American citizen provided for by the Constitution.

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