Not-so-super committee

by charvaka Fri Nov 18, 2011 1:53 pm

It is pretty clear now that the supercommittee will not succeed in coming up with a plan before its deadline of next Wednesday.

http://www.google.com/hostednews/ap/article/ALeqM5h26nLi3uKAusMnyRQ3hrNlBqH_GQ?docId=8f47c0bb96e547d89cc5a13ab3c5c530

This means that automatic spending cuts are supposed to kick in starting 2013. But prominent legislators are already talking about gutting those automatic spending cuts.

http://www.reuters.com/article/2011/11/18/us-usa-debt-supercommittee-toomey-idUSTRE7AH02V20111118

So in practical terms, what did the US gain from the entire drama on debt ceiling reduction? Nothing. Months and months of drama that achieved literally nothing. All the posturing from the Republicans that they won't raise the debt ceiling without corresponding reduction in spending ended up being empty theatrics. They raised the debt ceiling, and there are not spending cuts to show for it. The country would have been better off if they had raised the ceiling the same way they raised for multiple times under Bush; there would have been no S&P downgrade for one thing.

by Hellsangel Fri Nov 18, 2011 2:30 pm

charvaka wrote:The country would have been better off if they had raised the ceiling the same way they raised for multiple times under Bush; there would have been no S&P downgrade for one thing.

So it is all Obama's fault?

by charvaka Fri Nov 18, 2011 2:33 pm

Hellsangel wrote:
charvaka wrote:The country would have been better off if they had raised the ceiling the same way they raised for multiple times under Bush; there would have been no S&P downgrade for one thing.
So it is all Obama's fault?

It's the Tea Party's fault.

by Hellsangel Fri Nov 18, 2011 2:39 pm

charvaka wrote:It's the Tea Party's fault.

Let's all drink coffee.

by Marathadi-Saamiyaar Fri Nov 18, 2011 2:46 pm

charvaka wrote:It is pretty clear now that the supercommittee will not succeed in coming up with a plan before its deadline of next Wednesday.

http://www.google.com/hostednews/ap/article/ALeqM5h26nLi3uKAusMnyRQ3hrNlBqH_GQ?docId=8f47c0bb96e547d89cc5a13ab3c5c530

This means that automatic spending cuts are supposed to kick in starting 2013. But prominent legislators are already talking about gutting those automatic spending cuts.

http://www.reuters.com/article/2011/11/18/us-usa-debt-supercommittee-toomey-idUSTRE7AH02V20111118

So in practical terms, what did the US gain from the entire drama on debt ceiling reduction? Nothing. Months and months of drama that achieved literally nothing. All the posturing from the Republicans that they won't raise the debt ceiling without corresponding reduction in spending ended up being empty theatrics. They raised the debt ceiling, and there are not spending cuts to show for it. The country would have been better off if they had raised the ceiling the same way they raised for multiple times under Bush; there would have been no S&P downgrade for one thing.

I am a bit tired of talking/hearing about Greek and Italian woes for too long.

by charvaka Fri Nov 18, 2011 4:03 pm

Hellsangel wrote:
charvaka wrote:It's the Tea Party's fault.
Let's all drink coffee.

And eat Freedom Fries.

by truthbetold Sun Nov 20, 2011 5:07 pm

One cannot wake up a person pretending to sleep. One cannot negotiate with a person who decided not to agree to any resolution before the negotiations have started.

Repub game plan is to stymie the slightly reviving US economy and destroy any possible benefit to Obama, They are no longer afraid of any backlash from US citizens. R's are in a extremely aggressive and take no prisinors attitude. Dems under Obama are reacting to Repubs instead of setting the agenda for discussion.

There is not a single Dem proposal that ordinary citizen can remember to counter false propaganda of right. Dem;s shift their position every day and are more worried about a billion here and a billion there than setting the agenda.

It would be a miracle if super com finds a resolution to the problem. If an agreement is reached it is likely to have some 2012 dates to revive the discussions of faltering economy.

by Kris Sun Nov 20, 2011 5:26 pm

I have been concentrating on the europe news. Helps me pretend there are no immediate problems at home

Smile

by Merlot Daruwala Mon Nov 21, 2011 12:08 am

charvaka wrote:All the posturing from the Republicans that they won't raise the debt ceiling without corresponding reduction in spending ended up being empty theatrics.

That might well be, but as you like to dismissively say of Mahatma Anna's heroic triumph in the second freedom struggle in India, if not anything else, it atleast brought the core issue (in this case, of enlarging fiscal deficits and public debt) onto the centrestage Smile

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