House Republicans to vote on bill to raise debt limit for 3 months - Basketball Forum : Professional and College Basketball Forums

**Prince** · 01-18-2013, 10:22 AM

Quote:

WILLIAMSBURG, Va.--House Republicans will scale back their ambitions in an upcoming fight over raising the nation’s debt ceiling, settling on a strategy at their closed-door retreat under which they would accept a short-term in increase in the nation’s legal borrowing limit but require that the Senate pass a budget before agreeing to any longer term increase in the limit.

Under a bill to be considered next week, House Republicans will propose raising the debt ceiling for three months--long enough, they say, to give both chambers time to pass a budget. The measure will provide that if either chamber fails to adopt a budget by April 15, members of Congress would not be paid.

“This is the first step to get on the right track, reduce our deficit and get focused on creating better living conditions for our families and children. It’s time to come together and get to work,” said House Majority Leader Eric Cantor (R-Va.), in a statement outlining the plan.

That strategy is unlikely to find favor with Democrats, who believe dragging out the debt ceiling fight into the spring would insert new and damaging uncertainty into the economy.

But it indicates Republicans are groping for a new and more pragmatic approach to the coming fight, fearful the government default that would result if Congress failed to raise the $16.4 trillion debt ceiling by the end of the February or early March could cause lasting damage to the GOP brand.

“What we’re saying is: Pass a budget, to the senate. We’ll move the debt ceiling for the short term,” said Rep. Kevin McCarthy (R-Calif.), the House’s third ranking Republican, explaining the new strategy to reporters. ”We’ll see what your budget is. We’ll do our budget. So we can put us on a path towards a balanced budget,” he said.

House Speaker John A. Boehner (R-Ohio) told Republicans as they concluded their retreat behind closed doors at a golf resort, that a long term increase in borrowing limit would require agreement on a budget.

“We are going to pursue strategies that will obligate the Senate to finally join the House in confronting the government’s spending problem. The principle is simple: no budget, no pay,” Boehner said.

He indicated that a long-term increase in the debt ceiling not accompanied by meaningful spending cuts would avoid default, but also “invite a downgrade of our nation’s credit that damages our economy, hurts families and small businesses, and destroys jobs.”

http://www.washingtonpost.com/politi...y.html?hpid=z1

JBKB · 01-22-2013, 08:56 PM

lol It's funny how the media and press waste millions of dollars trying to scare the public and make an issue out of nothing. Everyone knows the US will not default on paying it's bills, and that we WILL raise the debt ceiling.

One of the main issues they are concentrating on is what to cut spending on to help reduce the multi-trillions of debt we already owe.

e-monk · 01-23-2013, 07:57 AM

you are surely a troll

**RollWithEm** · 01-23-2013, 09:02 AM

Quote:

Originally Posted by e-monk

you are surely a troll

He's gotta be, right?

JBKB · 01-23-2013, 10:36 AM

How does my post qualify as trolling? The United States has never defaulted on its debt, so why should millions of dollars be wasted entertaining the notion? If a bet could be made that the debt ceiling will be raised, every single congressman would put their life-savings on it.

**R-Star** · 01-23-2013, 10:43 AM

Quote:

Originally Posted by JBKB

How does my post qualify as trolling? The United States has never defaulted on its debt, so why should millions of dollars be wasted entertaining the notion? If a bet could be made that the debt ceiling will be raised, every single congressman would put their life-savings on it.

You've never defaulted, which means China hasn't called it in yet.

Did your credit rating just get lowered? Yes or no?

e-monk · 01-23-2013, 10:47 AM

china cant call it in without devaluing it and losing their ass - this is another one of those omg they 400 icbms when we have 10,000 scare tactic things

**R-Star** · 01-23-2013, 10:51 AM

Quote:

Originally Posted by e-monk

china cant call it in without devaluing it and losing their ass - this is another one of those omg they 400 icbms when we have 10,000 scare tactic things

Ha.... yea, China can't ever ask for its money. And they have to keep lending to you guys.

I love American logic. 'Merica **** YEA!

JBKB · 01-23-2013, 11:13 AM

Quote:

Originally Posted by R-Star

You've never defaulted, which means China hasn't called it in yet.

Did your credit rating just get lowered? Yes or no?

Exactly! Our Fitch credit rating lowered because of the mere discussion of default, and the fact that Congress can't agree/won't create a quick enough budget. The media is paying millions of dollars only to make the situation worse. However, Congress will eventually raise the debt ceiling, and pay off our debt with hopefully a sustainable budget.

No matter what, even with the political turmoil about the debt ceiling and budget, the United States is still considered the world's safest haven for investing. The US will pay off its debt. : )

e-monk · 01-23-2013, 11:26 AM

Quote:

Originally Posted by R-Star

Ha.... yea, China can't ever ask for its money. And they have to keep lending to you guys.

I love American logic. 'Merica **** YEA!

Im not being jingoistic about this - the way it's set up they **** themselves as well as the US if they follow that path

kbdullah · 01-23-2013, 02:50 PM

Question is why would China suddenly demand full payment? I think they're content letting the U.S. make solely the interest payments on the debt, which maximizes the amount China can profit in the long run, the same way credit card companies are content letting customers make minimum payments.

The credit rating was lowered b/c there was discussion of not making those interest payments, which makes it an unsafe investment.

e-monk · 01-23-2013, 06:20 PM

not to mention that given our trade relationship tanking the US economy is tantamount ****ing themselves twice over

**E.H. Munro** · 01-23-2013, 06:38 PM

Quote:

Originally Posted by kbdullah

The credit rating was lowered b/c there was discussion of not making those interest payments, which makes it an unsafe investment.

It was lowered because the US did nothing to address the structural deficit the last time the discussion was had. We have a structural deficit in the $100 trillion range. The bond companies are just being realistic, we will, probably in my lifetime, reach the point where interest on the debt won't be sustainable.

e-monk · 01-23-2013, 06:57 PM

and it was just coincidence that it happened during the debt cieling 'crisis' I am sure

**E.H. Munro** · 01-24-2013, 10:21 AM

You understand that it's during these times that the financial markets expect the US to do something about it's spending addiction, yes?

And for the record S&P cut the bond rating after the fact, and specifically because nothing was done during the debate to address the trillion dollar plus deficit, which in their minds made the bonds a riskier investment. Moody's and Fitch are threatening to do it now specifically because no one is discussing how to reign in long term spending. Though Moody's, obviously, is also a little flaky with their public pronouncements on this.

01-22-2013, 08:56 PM	#2 (permalink)
JBKB 6th Man Join Date: Jan 2013 Posts: 468 Rep Power: 0	Re: House Republicans to vote on bill to raise debt limit for 3 months lol It's funny how the media and press waste millions of dollars trying to scare the public and make an issue out of nothing. Everyone knows the US will not default on paying it's bills, and that we WILL raise the debt ceiling. One of the main issues they are concentrating on is what to cut spending on to help reduce the multi-trillions of debt we already owe.

01-23-2013, 07:57 AM	#3 (permalink)
e-monk All-Star Join Date: Sep 2010 Posts: 5,661 Rep Power: 3201099	Re: House Republicans to vote on bill to raise debt limit for 3 months you are surely a troll

01-23-2013, 10:36 AM	#5 (permalink)
JBKB 6th Man Join Date: Jan 2013 Posts: 468 Rep Power: 0	Re: House Republicans to vote on bill to raise debt limit for 3 months How does my post qualify as trolling? The United States has never defaulted on its debt, so why should millions of dollars be wasted entertaining the notion? If a bet could be made that the debt ceiling will be raised, every single congressman would put their life-savings on it.

01-23-2013, 10:47 AM	#7 (permalink)
e-monk All-Star Join Date: Sep 2010 Posts: 5,661 Rep Power: 3201099	Re: House Republicans to vote on bill to raise debt limit for 3 months china cant call it in without devaluing it and losing their ass - this is another one of those omg they 400 icbms when we have 10,000 scare tactic things

01-23-2013, 02:50 PM	#11 (permalink)
kbdullah Star Join Date: Jul 2010 Location: Houston, TX Posts: 3,402 Rep Power: 1266257	Re: House Republicans to vote on bill to raise debt limit for 3 months Question is why would China suddenly demand full payment? I think they're content letting the U.S. make solely the interest payments on the debt, which maximizes the amount China can profit in the long run, the same way credit card companies are content letting customers make minimum payments. The credit rating was lowered b/c there was discussion of not making those interest payments, which makes it an unsafe investment.

01-23-2013, 06:20 PM	#12 (permalink)
e-monk All-Star Join Date: Sep 2010 Posts: 5,661 Rep Power: 3201099	Re: House Republicans to vote on bill to raise debt limit for 3 months not to mention that given our trade relationship tanking the US economy is tantamount ****ing themselves twice over

01-23-2013, 06:57 PM	#14 (permalink)
e-monk All-Star Join Date: Sep 2010 Posts: 5,661 Rep Power: 3201099	Re: House Republicans to vote on bill to raise debt limit for 3 months and it was just coincidence that it happened during the debt cieling 'crisis' I am sure

01-24-2013, 10:21 AM	#15 (permalink)
E.H. Munro Baddest Honky Mofo Alive Join Date: Jun 2004 Posts: 24,253 Rep Power: 21474869	Re: House Republicans to vote on bill to raise debt limit for 3 months You understand that it's during these times that the financial markets expect the US to do something about it's spending addiction, yes? And for the record S&P cut the bond rating after the fact, and specifically because nothing was done during the debate to address the trillion dollar plus deficit, which in their minds made the bonds a riskier investment. Moody's and Fitch are threatening to do it now specifically because no one is discussing how to reign in long term spending. Though Moody's, obviously, is also a little flaky with their public pronouncements on this. __________________ If everyone loves you you're doing it wrong. "Opium is the religion of the masses." Fred Reed The Power of 99 Press "He thinks it's going to be fun being governor. It's only fun being governor of New York if you have money to spend, and I spent it all." Nelson Rockefeller on his successor, Hugh Carey. Last edited by E.H. Munro; 01-24-2013 at 10:32 AM.

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