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Not really hypocrites. Check this article.

quote:
http://www.csmonitor.com/Business/Donald-Marron/2011/0118/Debt-limit-will-get-raised.-But-who-ll-vote-to-do-it

Debt limit will get raised. But who'll vote to do it?

Raising the debt limit is about politics, not economics.
In the Senate, the party in power has typically been the one to raise the debt limit.


By Donald Marron, Guest blogger / January 18, 2011

Sometime this spring, Congress will vote to increase the debt ceiling. That vote won’t come easy. Newly ascendant House Republicans will threaten to withhold needed votes unless significant spending cuts or budget process reforms are attached to the measure. Democrats will denounce Republicans for threatening the government’s ability to pay its bills. And Treasury Secretary Tim Geithner will be forced into creative financing moves to buy Congressional leaders enough time to strike a deal.

But strike a deal they will. With monthly deficits running around $100 billion, the United States can’t cut spending or increase tax revenues enough to avoid further borrowing this year. It is equally inconceivable (I hope) that our elected leaders will decide to withhold payments from Social Security beneficiaries, our military, and our creditors.

So the debt ceiling will go up. And that means that at least 50 senators and more than 200 House members will cast a politically toxic yea vote.

Which lucky members will they be? The answer may well depend on what other budget provisions accompany the debt limit measure. That’s impossible to handicap today. In the meantime, though, we can look at past votes. They tell a clear story: debt limit votes are about politics, not principle.

Consider, for example, Senate votes on stand-alone debt limit measures over the past decade:

When Republicans held both the Senate and the White House (2003, 2004, 2006), they provided virtually all the yea votes, while almost all Democrats voted no. When the Democrats were in power (2009, 2010), the roles reversed: the Democrats provided all but one of the yea votes, while Republicans voted no. Only when government was divided – with a Democratic Senate and a Republican president (2002, 2007) – has the vote to lift the debt limit been bipartisan.


quote:
Originally posted by O No!:
Which only goes to show that they are all playing political football - and WE are the ball they are kicking around!


Universal default is our only resolution. I hope it doesnt happen until I'm gone because the internal upheaval will be epic. The things that the RepubTEACons wont touch, which is defense, debt interest and the overhead to run the government is over 1/3 of the budget and growing. To maintain basic functions will require an annual deficit of at least $300billion for the next 10 years, and that will require the alteration of everyones lifestyle in America to make the cuts required
Wait a minute, Obama -- a Democrat, correct? -- voted NO to raising the Debt Ceiling. Convenient, he didn't want to let Bush raise it, but now he knows the "mistake" he made. Can we finally have him accept his part of the blame in our National Debt Crisis?

I agree, we are the football and we are getting the crap kicked out of us in a losing battle of childish behavior by our president and both sides of our Congress and Senate. It is absolutely ridiculous.

Someone posted on Facebook today, let's just create a "Profile Page" for all of the decisions that need to be make -- if you want it click Like -- If you don't click Dislike and eliminate our government all together. Kind of like it. Big Grin
quote:
Originally posted by Mr.Dittohead:
quote:
Originally posted by O No!:
Which only goes to show that they are all playing political football - and WE are the ball they are kicking around!


Universal default is our only resolution. I hope it doesnt happen until I'm gone because the internal upheaval will be epic. The things that the RepubTEACons wont touch, which is defense, debt interest and the overhead to run the government is over 1/3 of the budget and growing. To maintain basic functions will require an annual deficit of at least $300billion for the next 10 years, and that will require the alteration of everyones lifestyle in America to make the cuts required


The only nation to experience universal default of their bonds was the CSA. Even Russia cleared up their bonds issued under the czar after the end of the USSR.
quote:
Universal default is our only resolution. I hope it doesnt happen until I'm gone because the internal upheaval will be epic. The things that the RepubTEACons wont touch, which is defense, debt interest and the overhead to run the government is over 1/3 of the budget and growing. To maintain basic functions will require an annual deficit of at least $300billion for the next 10 years, and that will require the alteration of everyones lifestyle in America to make the cuts required


While out of date by a few monthes, look at this graphic:


http://politicalcalculations.b...s-national-debt.html

It shows that most of the debt is owned by US entities, both private and governmental. One should note that the intergovernmental holdings are for Social Security and other pension plans. Likewise much of the holdings by US holders is in pensions and retirement savings accounts and funds. To default on the national debt would mean throwing nekked grannies out in the snowy street. And supposedly Republicans have no heart!

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