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The House of Representatives will debate and vote on the Republican proposal to raise the debt ceiling. The measure, called the "Cut, Cap and Balance Act," would raise the debt limit by $2.4 trillion but would be accompanied by mandatory spending cuts and a balanced budget amendment.
The measure, authored by Representative Jason Chaffetz (R-UT), would require up to $2 trillion of cuts to discretionary spending over the next ten years. It would also cap spending at under 20% of gross domestic product in a decade (spending is currently more than 23% GDP). Finally, it would include an amendment to the Constitution to balance the budget.
The White House put out a statement saying it "strongly opposes" the Republican measure and said the President would veto it. "Neither setting arbitrary spending levels nor amending the Constitution is necessary to restore fiscal responsibility," a statement by the Office of Management and Budget read.
Realizing that the House bill is unlikely to pass the Senate, Senate leadership is drafting what is considered a “fall-back” or “last-ditch” option, which could become the leading option in coming days as the August 2nd deadline to lift the debt ceiling nears and negotiations with the President to reach a “grand bargain” are elusive.
that the House is wasting it's time on a bill that they know will not pass the Senate speaks for itself. It is not doing the nation's business, but wasting time on political posturing.
As opposed to the Senate being serious and the White House being serious at this time.
:roll:
please try to focus. this thread is about the house.
Hello.. I just pooped all over the House for wasting our time... what more do you want?
I'm not sure why setting spending limits and a balanced budget amendment are bad things....Many states have balance budget amendments and seem to do relatively well paying for services w/o screwing the pooch to do so.
Many Keynesian economics and New Keynesian economics economists believe that, while a large federal deficit has an adverse effect on the economy, deficit spending has significant benefits in times of recession.[citation needed] In 2003, approximately 90% of the members of the American Economic Association - [22] - agreed with the statement, "If the federal budget is to be balanced, it should be done over the course of the business cycle, rather than yearly."[5]
Wow, how rare. Everyone seems to be able to agree that this is a huge waste of time. We should embrace this rare moment of unity.
House to Vote on "Cut, Cap, and Balance" Bill | C-SPAN
Just seems like a whole bunch of political theater to me. It's not gonna pass into legislation.
But the bigger picture is that there exists a contingent within Congress that see it as their duty to fundamentally change the nature of fiscal policy in Washington. Just IMHO, the new Tea Party candidates may have over-read their "mandate" from the 2010 midterms, much as the Dems did with the healthcare law in 2009-2010.
Big ****ing Waste of our ****ing Time.
That's what this is. It doesn't solve anything, gives political cover for the RINO's to say "See, we tried, now we have to compromise" and wouldn't SOLVE anything even IF Obama were stupid enough to sign it.
My question is why are democrats and Obama against a balanced budget now when they praised Clinton and the GOP for it in the 90's
Wow, how rare. Everyone seems to be able to agree that this is a huge waste of time. We should embrace this rare moment of unity.
Having a balanced budget is not the same thing as passing a balanced budget amendment.
There are times when running a deficit is desirable and/or necessary and being legally barred from doing so can cause problems, especially in our hugely polarized political environment.
My question is why are democrats and Obama against a balanced budget now when they praised Clinton and the GOP for it in the 90's
Likewise, I could ask you why deficit-spending and not raising the debt ceiling without spending cuts is a religion to Republicans all of a sudden. It goes both ways.
Likewise, I could ask you why deficit-spending and not raising the debt ceiling without spending cuts is a religion to Republicans all of a sudden. It goes both ways.
My question is why are democrats and Obama against a balanced budget now when they praised Clinton and the GOP for it in the 90's
House to Vote on "Cut, Cap, and Balance" Bill | C-SPAN
Just seems like a whole bunch of political theater to me. It's not gonna pass into legislation.
But the bigger picture is that there exists a contingent within Congress that see it as their duty to fundamentally change the nature of fiscal policy in Washington. Just IMHO, the new Tea Party candidates may have over-read their "mandate" from the 2010 midterms, much as the Dems did with the healthcare law in 2009-2010.
Why is it a waste of time? It shows Obama and the democrats do not want a solution to our debt. A balanced budget would be a good start. It shows democrats do not want to be responsible with our money. It is time to cut thhem off.
Umm...perhaps I'm missing something here but...WHY is this "cut, cap, balance" bill bad?
Don't we need to raise the debt ceiling? Doesn't this do that?
Don't we need to cut spending? Doesn't this do that? Don't we need to balance the budget? Doesn't this do this?
Jesus people, you've got a plan here that has everything in it that people want and its all of a sudden "bad"? WTH?
Earlier today Obama threatened he would veto the Cut, Cap, and Balance bill if it reaches his desk. Levin says the only problem with this is that, while he can veto the Cut and Cap part, if the Balanced Budget Amendment passes both the House and the Senate it goes to the states, not Obama. He’s got nothing to do with it.
One would expect a brilliant, ivy league Constitutional Law Professor to know these things?
Tim-
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