So they voted to do this, did they?

[henryclay]

It's the first real look at what they did, and apparently is was all done just so Obama can run unimpeded for re-election.

Cuts are: 7 billion the first year and 3 billion the second year, but 7 TRILLION are added over the next 10 years.

Triggers favor continued spending with cuts only to defense and medical.

If anyone can shoot this Senator down on what he is saying, please do.

[henryclay]

Newsmax has a poll out. I am not surprised by it.

Asked for their opinion of the overall job performance of the House, the Senate, and the president in their efforts to raise the national debt ceiling, nearly three-quarters of respondents — 73 percent — say they disapprove, while just 23 percent approve.

Republicans solidly disapprove: 71 percent rate the job performance poorly, and just 14 percent approve. Among Democrats, 62 percent disapprove and 34 percent approve.

The highest disapproval rate, 77 percent, comes from voters ages 30 to 44.

“The entire Washington, D.C., establishment does not fare well in the opinion of voters,” Towery said.

“Interestingly enough, a sizeable percentage of Democrats, 62 percent, don’t approve of the president or Congress’ job performance in handling the crisis.”

Independents are even more disapproving: 78 percent say they don’t approve of the performance in Washington.

“Two things are most interesting. One, the independents’ disapproval vote is very high. Even more surprising, 33 percent of African-Americans disapprove. I’ve never seen anything like this before. I’ve been polling for a long time and have never seen Obama get this poor of a number among African-Americans.”

www.newsmax.com/Headline/debt-Default-Obama-Boehner/2011/08/02/id/405789?s=al&promo_code=CBFE-1

[billisonboard]

How does anyone approve?

[BeenThere...DoneThat...]

[henryclay]

The so-called "debt reduction commission" will be made up of 3 Democratrs and 3 Republicans from each house of Congress, 12 in all. 6 from the Senate and 6 from the House. In order to agree on any debt reduction the vote HAS to be 7 to 5 in favor of debt reduction. . . . . with the line items specified by the Commission to be cut.

If the vote is 6 to 6 the "debt triggers" will automatically eliminate any discussion and do an end run around the very elected purpose of having a Congress in the first place, and the cuts, (which have already been determined by the broad areas in the Bill they voted on), will come from Defense and Medicare.

Judge Napalitano says the Commission is unconstitutional on it's face. There are procedures established in the Constitution for making/passing/amending/eliminating laws, but there are no provisins for any other body to be formed in order to avoid the Constitutional procedures already established.

[bubblyandblue]

Henryclay, very important point and truly frightening. With a bunch of bannana brains running around, this experiment we cal the USA may kneecap itself soon.

[BeenThere...DoneThat...]

[floridayankee]

Aug 2, 2011 18:44:18 GMT -5 henryclay said:

Newsmax has a poll out. I am not surprised by it.

Asked for their opinion of the overall job performance of the House, the Senate, and the president in their efforts to raise the national debt ceiling, nearly three-quarters of respondents — 73 percent — say they disapprove, while just 23 percent approve.

Republicans solidly disapprove: 71 percent rate the job performance poorly, and just 14 percent approve. Among Democrats, 62 percent disapprove and 34 percent approve.

The sad part about this is that we as a country will vote the majority of these idiots back in to office.

[Driftr]

I saw a rumor yesterday or day before that a nay vote on the compromise meant no chance to be considered for super-committee. Has anyone seen anything official to corroborate that?

[billisonboard]

Aug 4, 2011 8:58:57 GMT -5 Driftr said:

I saw a rumor yesterday or day before that a nay vote on the compromise meant no chance to be considered for super-committee. Has anyone seen anything official to corroborate that?

So they aren't going to pick people who didn't vote in support the concept? Maybe it is so that they aren't in the position to sabotage the committee to prove they were right in the first place to vote against the compromise?

[rockon]

I find it hard to believe that is is legal for a commission of 12 to determine the fate of all instead of the collective of representatives as the constitution details. This commission will never happen or work. This bill did nothing to change the fundamental problems with our debt or deficit so the train just keeps rolling down the same tracks at ever increasing speed. The only thing this bill will do is allow Obama to continue his spending binge through out his re election and the remainder of his presidency, after which he will again be opposed to raising the debt ceiling again and will be calling for deficit reduction again.

[handyman2]

Well Obama can run impeded but at this time in history it won't help. On the positive side all that money he has and will raise will trickle back into the economy by hiring all his Acorn and political cronies till election day and then it will be over. Fool the public once is his fault, fool them twice it is their fault. Going to be hard to fool them all twice.

[Driftr]

Aug 4, 2011 9:05:12 GMT -5 billisonboard said:

Aug 4, 2011 8:58:57 GMT -5 Driftr said:

I saw a rumor yesterday or day before that a nay vote on the compromise meant no chance to be considered for super-committee. Has anyone seen anything official to corroborate that?

So they aren't going to pick people who didn't vote in support the concept? Maybe it is so that they aren't in the position to sabotage the committee to prove they were right in the first place to vote against the compromise?

Certainly the way I expect it will be spun if it's even true.

[floridayankee]

Aug 4, 2011 9:11:12 GMT -5 rockon said:

I find it hard to believe that is is legal for a commission of 12 to determine the fate of all instead of the collective of representatives as the constitution details.

I thought this commission was going to find items to cut and recommend them to their respective chambers. I really doubt 6 representatives and 6 senators will have the authority to enact law/cuts without a full floor vote since I know of no other house or senate committee that can.

[bean29]

Yeah, but what don't they approve of? I had the impression that many Americans were frustrated that Congress was willing to risk our AAA rating and our economy by not raising the debt ceiling. I am usually an independent voter, but I am totally disgusted with the Tea Partiers and the Republicans. Raising taxes on the truly wealthy is not a big deal to me. I don't want to push paying for our current debts on to my kids and grandkids so I expect congress to enact a more responsible debt policy to include increased payments into SS plan, reduced benefit payments, reducing entitlements doing more to prevent fraud in Medicare/Medicaid and other entitlement programs. Get out of many of the wars/engagements we are in. Force other nations to bear more of the costs of the NATO wars. Force other nations to pay for drug research along with the US.

The republicans no new taxes stance is ridiculous to me. I don't really want to pay more, but yeah I can afford to pay a little more. To risk our bond rating does not make sense to me. They could have done a better job.

[handyman2]

Well Bean I can agree with you not wanting to push that debt onto your kids and grand kids, neither do I. However the cold truth is that is what will happen. Our current economic base now and for some time to come can barely pay the interest much less pay anything on the debt. I agree every one should contribute according to their means toward trying to reduce the debt but for the forseeable future that is just wishful thinking. Truth is we have a bigger debt than we are worth and it seem politicians on both sides of the isle seem to care less. They have to realize we cannot continue to be all things to all people.

[BeenThere...DoneThat...]

...I find it interesting when people try to justify laying blame at the feet of one party...

[floridayankee]

Aug 4, 2011 9:46:25 GMT -5 bean29 said:

Yeah, but what don't they approve of? I had the impression that many Americans were frustrated that Congress was willing to risk our AAA rating and our economy by not raising the debt ceiling. I am usually an independent voter, but I am totally disgusted with the Tea Partiers and the Republicans. Raising taxes on the truly wealthy is not a big deal to me. I don't want to push paying for our current debts on to my kids and grandkids so I expect congress....

Increasing the debt ceiling, not only pushes that debt on your kids / grandkids, it pushes more of it on them. What you expect has been expected for a long time...it hasn't done much good.

[bean29]

Been There,

I am not laying the blame with one party, I think all failed us, but I thought the Dems plan made more sense...we need to reduce the debt and reducing the debt is not going to happen if there is not enough money to go around. We need cuts to the budget and more $$ to fund current needs and pay down past debt.

I don't trust the dems to reduce spending and pay down debt, so yeah we need responsible members from both parties. The tea party is too radical IMO though.

But yeah, I pretty much am willing to see heads roll from both parties.

[jkapp]

Aug 4, 2011 9:46:25 GMT -5 bean29 said:

Yeah, but what don't they approve of? I had the impression that many Americans were frustrated that Congress was willing to risk our AAA rating and our economy by not raising the debt ceiling. I am usually an independent voter, but I am totally disgusted with the Tea Partiers and the Republicans. Raising taxes on the truly wealthy is not a big deal to me. I don't want to push paying for our current debts on to my kids and grandkids so I expect congress to enact a more responsible debt policy to include increased payments into SS plan, reduced benefit payments, reducing entitlements doing more to prevent fraud in Medicare/Medicaid and other entitlement programs. Get out of many of the wars/engagements we are in. Force other nations to bear more of the costs of the NATO wars. Force other nations to pay for drug research along with the US.

The republicans no new taxes stance is ridiculous to me. I don't really want to pay more, but yeah I can afford to pay a little more. To risk our bond rating does not make sense to me. They could have done a better job.

Except that raising taxes on the rich (although I don't consider rich to be $200k or more) will not stop the debt from increasing and that higher debt will still be pushed onto your children.

Once again, revenues are not the problem....its government's waste, mismanagement, over-promises, and poor fiscal policies/discipline that are the problem. More revenue does not solve that problem.

[billisonboard]

Aug 4, 2011 9:31:13 GMT -5 Driftr said:

Aug 4, 2011 9:05:12 GMT -5 billisonboard said:

So they aren't going to pick people who didn't vote in support the concept? Maybe it is so that they aren't in the position to sabotage the committee to prove they were right in the first place to vote against the compromise?

Certainly the way I expect it will be spun if it's even true.

Spin or logic?

[henryclay]

bean29 said:

I thought the Dems plan made more sense...we need to reduce the debt and reducing the debt is not going to happen if there is not enough money to go around. We need cuts to the budget and more $$ to fund current needs and pay down past debt.

I am having trouble understanding the logic. If reducing the debt was the goal of the Democrats, why was the entire two weeks consumed with Obama's surfeit that raising the debt limit by 20% was the only acceptable outcome?

As I understand economics, when there is doubt as to your ability to pay your current bills, you don't your reduce debt by voting yourself more debt. My economics professor would never, , , , as in NEVER , , give me a passing grade on any model that included it. And the last ten days of market moves should be an example of why.

But what do I know, so, help me out here, please.

[henryclay]

Two things that I understand came out of the "compromise".

1: The super-committee will decide what items of spending to be cut and the congress will rubber stamp what they say, , , without discussion, OR,

2: It has already been decided that, if the super-committee does not decide what to cut, equal cuts will come out of Defense and Medicare.

As to WHO will be selected to sit on the super-committee, I also heard that members will be selected according to how they voted on the debt limit Bill. All "no votes will be rejected out of hand by Democrats.

I asked a civics teacher for an opinion and got several minutes of constitutional prohibitions on the whole set-up.

I also asked someone in the grocery line that paid for a two basket purchase with food stamps what his reaction was and he asked me what was I talking about. I walked out of the store behind him and saw he was loading his food into the back seat of an over sized extended cab big tired four door, four wheel drive pickup truck. I think it was a Chevrolet 350.