I wouldn't count on it

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How GOP senators sabotaged the economic recovery

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House GOP revolt

Speaker John Boehner: This gavel is almost as big as my head.

Uh oh!

Republicans in the House are revolting against the Boehner paln. Rep. Jim Jordan (R., Ohio), who said the Boehner plan didn't cut spending enough, heads a group that includes 178 of the 240 Republican House lawmakers.

Five other House Republicans have also announced their opposition: Reps. Louie Gohmert of Texas, Tom Graves of Georgia, Tim Huelskamp of Kansas, and Connie Mack and Steve Southerland of Florida. 

Mr. Boehner can only lose 22 GOP votes for his plan to pass the House. House Minority Whip Steny Hoyernsaid "very few" Democratic representatives would back the Boehner plan, scheduled for a vote Wednesday.


graphic courtesy of the Freaking News


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WIN: 800,000 U.S. Federal Workers Could Be Furloughed If Debt Ceiling Isn’t Raised

6/28/2011

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Eight hundred thousand federal workers could end up furloughed if Congress fails to move forward on an increase of the debt ceiling. Jesse Russell reports.

 

That’s according to a study conducted by George H.W. Bush’s former Treasury undersecretary Jay Powell who crunched the numbers with assistance from Bill Clinton’s former budget director Alice Rivlin and retired Senate Budget Committee Chairman Republican Pete Domenici (duh-MEH-nih-chee). The study, released Tuesday, reveals the U.S. government would be unable to fund 50 percent of its obligations. The federal government would need to implement an immediate cut of 44 percent in federal spending. Impacted departments include Veterans Affairs, Labor, Health and Human Services, Transportation and Education. Military pay would also likely be on the chopping block. Powell told reporters that the end result would be “chaotic.” Republican Presidential candidate and Minnesota Representative Michelle Bachmann has dismissed suggestions that not raising the debt ceiling could be detrimental to funding the country as President Barack Obama using “scare tactics.”

Eight hundred thousand federal workers could end up furloughed if Congress fails to move forward on an increase of the debt ceiling. Jesse Russell reports.

 

That’s according to a study conducted by George H.W. Bush’s former Treasury undersecretary Jay Powell who crunched the numbers with assistance from Bill Clinton’s former budget director Alice Rivlin and retired Senate Budget Committee Chairman Republican Pete Domenici. 

The study, released Tuesday, reveals the U.S. government would be unable to fund 50 percent of its obligations. 

The federal government would need to implement an immediate cut of 44 percent in federal spending. 

Impacted departments include Veterans Affairs, Labor, Health and Human Services, Transportation and Education. Military pay would also likely be on the chopping block. Powell told reporters that the end result would be “chaotic.” 

Republican Presidential candidate and Minnesota Representative Michelle Bachmann has dismissed suggestions that not raising the debt ceiling could be detrimental to funding the country as President Barack Obama using “scare tactics.”

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Bloomberg: Last minute deal on debt limit predicted.

May 27 (Bloomberg) -- Representative James Clyburn, the assistant Democratic leader in the U.S. House, talks with Bloomberg's Al Hunt about budget negotiations and tax policy. Bloomberg's John McCormick and Lisa Lerer discuss the outlook for Republican candidates for president and a New York Democrat's surprise victory this week in a U.S. House race.

Bloomberg commentator Margaret Carlson and the American Enterprise Institute's Kevin Hassett talk about New Jersey Governor Chris Christie and Wisconsin Governor Scott Walker's negotiations with union workers.

(Source: Bloomberg)

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Austan Goolsbee: Hitting the debt ceiling would be insane

Sam Stein stein@huffingtonpost.com | HuffPost Reporting

Are the Republicans planning to destroy the US government?

NEW HAVEN -- There are, it seems, only two major issues that have a set time frame for political brinkmanship between the White House and Congressional Republicans.

The Bush tax cuts will make for an interesting election-year dynamic when they expire in two years.

Befroe that the president will have to persuade GOP leadership to ignore Tea Party insistence and allow for the country's debt ceiling to be raised.

. . . (T)he administration has been (or perhaps just expressed a sense of being) self-assured that the ceiling will be raised, but on Sunday its rhetoric was noticeably sharper.

Appearing on ABC's "This Week," Austan Goolsbee, the chairman of the Council of Economic Advisers, laid out the fairly alarming implications of the United States defaulting on its obligations while asking the question:

What type of insanity would persuade us to do this?

"Well, look, it pains me that we would even be talking about this," Goolsbee told co-host Jake Tapper:

This is not a game. You know, the debt ceiling is not something to toy with. If we hit the debt ceiling, that's essentially defaulting on our obligations, which is totally unprecedented in American history. The impact on the economy would be catastrophic. That would be a worse financial economic crisis than anything we saw in 2008.


"As I say that's not a game," Goolsbee went on:

I don't see why anybody's talking about playing chicken with the debt ceiling. If we get to the point where you've damaged the full faith and credit of the United States, that would be the first default in history caused purely by insanity. There would be no reason for us to default other than that would be some kind of game.

We shouldn't even be discussing that. People will get the wrong idea. The United States is not in danger of default. We do not have problems with that. This would be lumping us in with a series of countries throughout history that i don't think we would want to be lumped in with.

Would the GOP refuse to cooperate to raise the debt ceiling if it damaged the Obama administration? Yes, make no mistake about it. Many Republicans are ideologues who cannot see the forest through the trees. 

This includes Tea Partiers and Rush Limbaugh's ditto heads.

Remember that Limbaugh said "I hope he (Obama) fails."


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