Debt meeting ends; no agreement announced

no agreement announced


Obama sat next to House Speaker John Boehner, according to pool footage, after the two men Friday night gave separate accounts over how talks to cut spending alongside a debt ceiling increase broke down. The body language from the video taken at the outset of the meeting showed the strains, with the two men barely looking at each other.

Edited by Chilidawgz, 23 July 2011 - 02:16 PM.

They have to post the bill by Monday morning to vote on the senate floor on Wednesday to post it effective for August 2nd. At this juncture, a default of US is probably 90% certain... What does that mean though? Not sure...

The downgraded US Treasury bonds mean they will probably have to cut AND raise the taxes, the two men do not need to look each other, but rather look for a new job...

I cannot wait to vote both of them out of their offices.

Edited by arbman, 23 July 2011 - 03:44 PM.

This is not good. I think futures tank from the get go tomorrow when they open.

I think it's a laugh that the panic is over the debt ceiling rather than the debt!

The debt per family is 100 times the savings per family.
US total debt is $55 TRILLION.
Unfunded liabilities is $114 TRILLION.
But we need more stuff.

http://www.usdebtclock.org/

Edited by Rogerdodger, 23 July 2011 - 06:03 PM.

Yes 9.2% unemployment officially, higher in actuality. Housing still depressed. Tough to get a bank loan. There is a wait though to get the new IPAD 2 with ATT 3G.........

our system is so broken I feel the markets are going to send these jerks a strong message....this is so beyond pathetic....they have lost all since of doing right for the greater good of the country....wow

They have to post the bill by Monday morning to vote on the senate floor on Wednesday to post it effective for August 2nd. At this juncture, a default of US is probably 90% certain... What does that mean though? Not sure...

The downgraded US Treasury bonds mean they will probably have to cut AND raise the taxes, the two men do not need to look each other, but rather look for a new job...

I cannot wait to vote both of them out of their offices.

Without getting political, I cannot see the rational in not raising taxes for the highest earners. They have jobs, they have money, and it is a small price to pay for the good of the entire country.

Does the president have the power to order the selling of more bonds without the permission of congress?
Would the republicans dare try to impeach him for making such a bold move?

First make a big mess, then have the govt bail them out and then force the govt into a default and buy back the same assets for much cheaper...

First make a big mess, then have the govt bail them out and then force the govt into a default and buy back the same assets for much cheaper...

sounds about right

I think it's a laugh that the panic is over the debt ceiling rather than the debt!

The debt per family is 100 times the savings per family.
US total debt is $55 TRILLION.
Unfunded liabilities is $114 TRILLION.
But we need more stuff.

http://www.usdebtclock.org/

Most of the unfuncded liabilities is high tech health care for people in the 65 to 90 cohort who need $500K for cancer care and $100K for new knees and $200K for heart disease. Diabetes, Alzheimers, end-of-life, whatever that may be.

You can hardly blame politicians alone when the average person contributes FAR less to health care than they will require in their final decades.

The simple fact is we do not pay enough into the health care system for what we take out. You can reform the waste, the lawsuits, the excesses, but when all is said and done we spend a LOT more than we contribute, and that is the lion's share of the unfunded mandate.

The only solution is to view health care as a HUGE expense --- like housing, like education, like retirement -- and save accordingly. We don't do that.