Debt Ceiling Keeps Receding; GOP Loses Another Issue

head of joaquin · Jun 24, 2013

Bad news for the GOPTea party and their debt fetish: the debt ceiling deadline keeps receding as a revived economy results in falling debt and increased revenues. Currently it doesn't even have to be considered until September, which is almost at the end of the fiscal year.

With this development, the conservatives can't hold America hostage any longer. It's a bad day to be have a debt fetish. What new pseudo-issue will the conservatives have to create to replace this one?

S&P Upgrades US Outlook From Negative To Stable On "Receding Fiscal Risks" | Zero Hedge

Standard and Poors Delivers Bad News For GOP -- The Economy Is Stabilizing Debt, Just As The Keynesians Predicted.

Aside from tax hikes and expenditure cuts, stronger-than-expected private-sector contributions to economic growth, combined with increased remittances to the government by the government-sponsored enterprises Fannie Mae and Freddie Mac (reflecting some recovery in the housing market), have led the Congressional Budget Office (CBO), last month, to revise down its estimates for future government deficits. Combining CBO's projections with our own somewhat more cautious economic forecast and our expectations for the state-and-local sector, and adding non-deficit contributions to government borrowing requirements (such as student loans) leads us to expect the U.S. general government deficit plus non-deficit borrowing requirements to fall to about 6% of GDP this year (down from 7%, in 2012) and to just less than 4% in 2015. We now see net general government debt as a share of GDP staying broadly stable for the next few years at around 84%, which, if it occurs, would allow policymakers some additional time to take steps to address pent-up age-related spending pressures.

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We do not see material risks to our favorable view of the flexibility and efficacy of U.S. monetary policy. We believe the U.S. economic performance will match or exceed its peers' in the coming years. We forecast that the external position of the U.S. on a flow basis will not deteriorate.

Fenton · Jun 24, 2013

Wow, there is SO MUCH you have to ignore to come to to
hat conclusion.

Oh and nice plug for Fannie Mae. It's real easy to be "proffitable" when you get to unload your toxic debt on the tax payers and the Central Bank.

A jobless " recovery" with increased revenues huh ?

A entire economy being propped up with 4 trillion in QE is more like it.

head of joaquin · Jun 24, 2013

Fenton said:
Wow, there is SO MUCH you have to ignore to come to to
hat conclusion.

Oh and nice plug for Fannie Mae. It's real easy to be "proffitable" when you get to unload your toxic debt on the tax payers and the Central Bank.

A jobless " recovery" with increased revenues huh ?

A entire economy being propped up with 4 trillion in QE is more like it.

Focus, focus.

I can see the good news upsets you. One less GOP pseudo issue to bruit over the rightwing noise machine.

Fenton · Jun 24, 2013

head of joaquin said:
Focus, focus.

I can see the good news upsets you. One less GOP pseudo issue to bruit over the rightwing noise machine.

Wow: Nearly All Americans Living Paycheck-to-Paycheck - Katie Pavlich

Oh yea, happy days are here again.

Sorry, only the minds that hold the most perverted realities can come to that conclusion after 5 years of Obama's policies.

Never-mind the massive new structural debt and the 4 trillion in QE, and the fact that Obama-Care hasn't completely kicked in, the rising poverty among Americans and American children, the increasing dependents.

Just a hint of stopping QE and the markets are STILL dropping, upticks in yields will soon follow and kill even the fantasy of a better economy.

blaxshep · Jun 25, 2013

head of joaquin said:
Focus, focus.

I can see the good news upsets you. One less GOP pseudo issue to bruit over the rightwing noise machine.

This is good news, instead of driving 100 mph off the cliff now we are only going 90 mph.

head of joaquin · Jun 25, 2013

Fenton said:
Wow: Nearly All Americans Living Paycheck-to-Paycheck - Katie Pavlich

Oh yea, happy days are here again.

Sorry, only the minds that hold the most perverted realities can come to that conclusion after 5 years of Obama's policies.

Never-mind the massive new structural debt and the 4 trillion in QE, and the fact that Obama-Care hasn't completely kicked in, the rising poverty among Americans and American children, the increasing dependents.

Just a hint of stopping QE and the markets are STILL dropping, upticks in yields will soon follow and kill even the fantasy of a better economy.

Yeah, we need a jobs bill. Too bad the GOP has blocked it.

NEXT RIGHTWING MEME!

head of joaquin · Jun 25, 2013

blaxshep said:
This is good news, instead of driving 100 mph off the cliff now we are only going 90 mph.

Keep hoping for economic collapse. It's the only hope conservative have.

Wiseone · Jun 25, 2013

I don't know that "we don't hit the debt ceiling deadline in 60 odd days" is really ending anyone's accurate talking point that the debt is increasing way too fast. Its still a problem, unless you're the kind of person who doesn't recognize something is a problem until its looking them straight in the face.

KLATTU · Jun 25, 2013

Fenton said:
Wow, there is SO MUCH you have to ignore to come to to
hat conclusion.

Oh and nice plug for Fannie Mae. It's real easy to be "proffitable" when you get to unload your toxic debt on the tax payers and the Central Bank.

A jobless " recovery" with increased revenues huh ?

A entire economy being propped up with 4 trillion in QE is more like it.

Yes but a ' jobs bill' would fix all that!!

KLATTU · Jun 25, 2013

Fenton said:
Wow: Nearly All Americans Living Paycheck-to-Paycheck - Katie Pavlich

Oh yea, happy days are here again.

Sorry, only the minds that hold the most perverted realities can come to that conclusion after 5 years of Obama's policies.

Never-mind the massive new structural debt and the 4 trillion in QE, and the fact that Obama-Care hasn't completely kicked in, the rising poverty among Americans and American children, the increasing dependents.

Just a hint of stopping QE and the markets are STILL dropping, upticks in yields will soon follow and kill even the fantasy of a better economy.

More proof we need jobs bills! And each jobs bill should require a salary of over $50,000!
Harumph- why can't you Tea PArty morons see that jobs bills passed by the central planners would fix everything.We need to to take money form the greedy rich ( who don't ever create jobs) and put it use for the common good!

blaxshep · Jun 25, 2013

KLATTU said:
More proof we need jobs bills! And each jobs bill should require a salary of over $50,000!
Harumph- why can't you Tea PArty morons see that jobs bills passed by the central planners would fix everything.We need to to take money form the greedy rich ( who don't ever create jobs) and put it use for the common good!

The last "Jobs" bill you liberals passed cost the tax payers $400,000 for every $40,000 job that was created.

No thanks!

Rather than taking money from the "Greedy Rich" I propose preventing them from hoarding wealth in the first place. A cap on individual wealth.

blaxshep · Jun 25, 2013

head of joaquin said:
Keep hoping for economic collapse. It's the only hope conservative have.

Tell you what, you lets us all know when the debt starts counting down, until then collapse is 100% inevitable.

head of joaquin · Jun 25, 2013

blaxshep said:
Tell you what, you lets us all know when the debt starts counting down, until then collapse is 100% inevitable.

You're probably rubbing your hands together thinking about it. Unfortunately for you, people who hate America have lost every bet involving its imminent collapse. So will you and the tea partiers.

head of joaquin · Jun 25, 2013

blaxshep said:
The last "Jobs" bill you liberals passed cost the tax payers $400,000 for every $40,000 job that was created.

No thanks!

Rather than taking money from the "Greedy Rich" I propose preventing them from hoarding wealth in the first place. A cap on individual wealth.

So you don't really care about jobs and you're critique that Obama wasn't created enough jobs was dishonest. Like clockwork.

blaxshep · Jun 25, 2013

head of joaquin said:
You're probably rubbing your hands together thinking about it. Unfortunately for you, people who hate America have lost every bet involving its imminent collapse. So will you and the tea partiers.

We have not lost, we are closer to collapse every day. It is funny how you seem to think we can sustain infinite debt without consequence on one hand yet you want to tax the rich on the other. Since you believe we can sustain infinite debt why do we need taxes at all?

blaxshep · Jun 25, 2013

head of joaquin said:
So you don't really care about jobs and you're critique that Obama wasn't created enough jobs was dishonest. Like clockwork.

Right because tax payers paying $400K to create a job worth $40K is a brilliant liberal plan.

head of joaquin · Jun 25, 2013

blaxshep said:
We have not lost, we are closer to collapse every day. It is funny how you seem to think we can sustain infinite debt without consequence on one hand yet you want to tax the rich on the other. Since you believe we can sustain infinite debt why do we need taxes at all?

Ah, the paranoid mind of the tea party. Classic Freudian projection.

blaxshep · Jun 25, 2013

head of joaquin said:
Ah, the paranoid mind of the tea party. Classic Freudian projection.

The brain dead response of a liberal. Classic.

Why don't you answer the question? Why do we need taxes since you believe we can sustain infinite debt?

shrubnose · Jun 25, 2013

blaxshep said:
We have not lost, we are closer to collapse every day. It is funny how you seem to think we can sustain infinite debt without consequence on one hand yet you want to tax the rich on the other. Since you believe we can sustain infinite debt why do we need taxes at all?

Lots of people in the GOP would like to see America fail, so that they can say that Obama failed.

They will be disappointed, because America will not fail.

You can't say the same thing for the GOP, long term, with any degree of confidence.

Ongoing massive demographic change is coming at the GOP like a tidal wave.

"Better days are coming." ~ But not for today's out of touch, running out of time, GOP.

blaxshep · Jun 25, 2013

shrubnose said:
Lots of people in the GOP would like to see America fail, so that they can say that Obama failed.

They will be disappointed, because America will not fail.

You can't say the same thing for the GOP, long term, with any degree of confidence.

Ongoing massive demographic change is coming at the GOP like a tidal wave.

"Better days are coming." ~ But not for today's out of touch, running out of time, GOP.

Liberalism has failed. $17T in debt and counting.

BTW - The tidal wave of dependents and entitlements paid for with other people's money is the problem. If that is your demographic change then your fate is sealed. You will run out of other people's money and it will collapse. It is not even debatable.

Glen Contrarian · Jun 25, 2013

blaxshep said:
Tell you what, you lets us all know when the debt starts counting down, until then collapse is 100% inevitable.

You mean like when we had a budget surplus (with higher taxes under Clinton) that was supposed to pay off our entire debt by last year?

And like when we had budget surpluses throughout most of the 1950's (when taxes were much higher) that nearly paid off the WWII debt that was (in relative terms) higher than our debt today?

shrubnose · Jun 25, 2013

blaxshep said:
Liberalism has failed. $17T in debt and counting.

BTW - The tidal wave of dependents and entitlements paid for with other people's money is the problem. If that is your demographic change then your fate is sealed. You will run out of other people's money and it will collapse. It is not even debatable.

That may be what you 'think', but you are wrong.

The USA will be a going concern long after the GOP has left the building.

Wait and see.

head of joaquin · Jun 25, 2013

Glen Contrarian said:
You mean like when we had a budget surplus (with higher taxes under Clinton) that was supposed to pay off our entire debt by last year?

And like when we had budget surpluses throughout most of the 1950's (when taxes were much higher) that nearly paid off the WWII debt that was (in relative terms) higher than our debt today?

OUCH!

Let's watch blaxshep deflect . . .

head of joaquin · Jun 25, 2013

blaxshep said:
Liberalism has failed. $17T in debt and counting. .

So Bush's vanity wars and financial meltdown were "liberal" failures.

I love the smell of rightwing desperation in the morning.

Glen Contrarian · Jun 25, 2013

blaxshep said:
Liberalism has failed. $17T in debt and counting.

BTW - The tidal wave of dependents and entitlements paid for with other people's money is the problem. If that is your demographic change then your fate is sealed. You will run out of other people's money and it will collapse. It is not even debatable.

Wanna live in a place where taxes are low and everyone keeps their own money? Go live in a third-world nation sometime...and whatever you may read on the internet, most people in third world nations don't pay income tax - instead, since in nations where there's no such things as a number assigned to keep track of a person's identity (and it's thus next-to-impossible to reliably charge taxes on a person's income), the only sorta-kinda-reliable way to get tax revenue is to tax imports. But hey - at least you'd be able to keep all your own money and find out what life in such libertarian paradises is really like!

Debt Ceiling Keeps Receding; GOP Loses Another Issue

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