Feeds:
Posts
Comments

Archive for the ‘Debt Ceiling’ Category

 

Reuters reports: “The United States lost its top-notch AAA credit rating from Standard & Poor’s on Friday, in a dramatic reversal of fortune for the world’s largest economy.” The new rating is AA+. In explaining their decision Standard & Poors cites both the decision by Republicans in Congress to turn the debt ceiling into a […]/p

via BREAKING: S & P Downgrades U.S. Credit For First Time In History, Repeatedly Cites GOP Intransigence On Taxes.

Read Full Post »

Paul Feldman reports on giant Israeli protests

Peoples Assembly Network 08.01.2011

Highlights:

* On Saturday night, more than 150,000 people – out of a population of seven million – gathered in 12 cities across Israel as part of the biggest social movement the country has witnessed.

* Middle-class Jews and Israeli Palestinians have come together in local encampments in a way that seemed unimaginable only a few weeks ago.

* A poll showed that 87% of Israelis support the tent city protests.

* A steady influx of wealthy diaspora Jews from New York, Miami and Paris who bought up flats in Israel’s big cities has driven up prices in many affluent neighbourhoods along the Mediterranean coast in cities such as Tel Aviv and Netanya, in addition to Jerusalem.

* In Israel, the Zionists who dominate a nationalist state founded on a single ethnic group have used the threat of an external “enemy” in the shape of Arab regimes to hold sway over a seemingly pliant population.

* The idea that the Jewish state represents all Jews equally is being exposed and blown apart and with it will go the raison d’être of the Zionist regime itself.

Read Full Post »

AP/The Huffington Post First Posted: 7/27/11 09:52 PM ET Updated: 7/29/11 10:19 AM ET

Neither the House nor the Senate has a clear path forward for must-pass legislation to allow the government to continue to borrow to pay its bills, putting lawmakers and financial markets alike on edge less than a week before the deadline for heading off the nation’s first-ever default.

Without a deal by Tuesday, the Obama administration has said the government will be unable to pay all its bills, and could miss checks to Social Security recipients, veterans and others who depend on public help. In addition, credit rating agencies could downgrade their assessment of the government’s finances, further unnerving financial markets and perhaps causing interest rates to rise for everyone.

Despite his image as a button-down Republican, House Speaker John Boehner walked to the brink of a dramatic and historic agreement to change the government’s spending habits.

But as he twice approached a $4 trillion deficit-reduction deal with President Barack Obama that would have rocked both parties’ bases, Boehner was reeled back in by his caucus’ conservative wing. The muscular, Tea Party-fueled group not only forced him to abandon a “grand bargain” with Obama, it made him scramble Wednesday to secure the votes for a far more modest deficit-ceiling plan, which in turn is all but doomed in the Senate.

MORE HERE

Read Full Post »

 

 

While the rest of the country focuses on the looming deadline to raise the nation’s debt ceiling, House Republicans are taking advantage of their distraction to repeal environmental regulations and pass the most severe environmental budget cuts in 35 years. Republicans are pushing a bill that cuts 7 percent from the Department of Interior budget […]/p

via With Default Seven Days Away, House GOP Fixates On Repealing Environmental Regulations.

Read Full Post »

Pushing Crisis: GOP Cries Wolf on Debt Ceiling in Order to Impose Radical Pro-Rich Agenda

DEMOCRACY NOW  July 22. 2011

President Obama and Republican House Speaker John Boehner are allegedly close to a $3 trillion deficit-reduction package as part of a deal to raise the federal debt ceiling before an Aug. 2 deadline. But the deal is coming under fire from both congressional Democrats and Republicans. Part of it calls for lowering personal and corporate income tax rates, while eliminating or reducing an array of popular tax breaks, such as the deduction for home mortgage interest. Some Democratic lawmakers expressed outrage on Thursday because the Obama-Boehner agreement appears to violate their pledge not to cut Social Security and Medicare benefits, as well as Obama’s promise not to make deep cuts in programs for the poor without extracting some tax concessions from the rich. We’re joined by economist Michael Hudson, president of the Institute for the Study of Long-Term Economic Trends, a Distinguished Research Professor of Economics at the University of Missouri, Kansas City, and author of “Super Imperialism: The Economic Strategy of American Empire.”

Read more or view video at Democracy Now
.
z
Z

Read Full Post »

 

The New York Times reports that President Obama and Speaker Boehner (R-OH) are nearing a deal on a sweeping deficit reduction package they both may have a difficult time selling to their respective parties. The deal to avert a government shutdown in less than two weeks calls for $3 trillion in savings from substantial spending […]/p

via Morning Briefing: July 22, 2011.

Read Full Post »

Tea Party: GOP Will Be Held Accountable For Backing Business In Debt Ceiling Fight

HuffPost- Michael McAullif

First Posted: 06/ 1/11 02:27 PM ET Updated: 06/ 1/11 02:45 PM ET

WASHINGTON — Think of Republicans’ Tuesday vote against raising America’s debt cap as their “honest, I do still love you” sop to last summer’s fling, the Tea Party.

Because, like all such overheated romances, this one could soon be headed for an ugly breakup over money.

Last year, the Tea Party’s interests and those of big business were nearly perfectly aligned, with companies pouring millions into campaigns to oust Democrats. The U.S. Chamber of Commerce alone dropped some $33 million, with 93 percent going to elect Republicans.

But things are different this year, and nowhere will the split be starker than in the fight over raising the debt limit. Those groups represented by the Chamber want it to go up, in order to avoid what Treasury Secretary Tim Geithner warns would be a catastrophe. The Tea Party — especially its more loosely organized, grassroots members — adamantly want the debt ceiling to stay put.

The big crunch will come sometime before August, when the United States is expected to begin defaulting on its debt if the limit is not raised. Then, Republicans — and the 86 freshmen who were powered into office on the Tea Party surge in 2010 –- will have to decide if they embrace the entreaties of the business world to increase the limit or the ardent pleas of their tea-sipping supporters who want Uncle Sam’s credit card cut off at the current $14.3 trillion.

“What we’re looking for is real control of Congressional spending, not some fallacy they invent to make the electorate feel good for a temporary time,” said Mark Meckler, a co-founder of the Tea Party Patriots.

A fallacy, in his eyes, would be the plan Congressional Republicans have embraced to raise the debt ceiling once they get concessions on spending cuts and budget reforms from Democrats.

MORE HERE

Read Full Post »

Older Posts »

%d bloggers like this: