- Joined
- Jan 12, 2010
- Messages
- 35,183
- Reaction score
- 44,146
- Location
- Somewhere in Babylon...
- Gender
- Undisclosed
- Political Leaning
- Undisclosed
Washington (CNN) -- President Barack Obama is seeking $3 trillion to $4 trillion in deficit cuts over the next decade, a move that would require putting Social Security, Medicare, defense spending and tax reform on the table as part of a balanced approach to cuts, Democratic officials familiar with the negotiations told CNN.
The officials, speaking on condition of anonymity, did not say what types of cuts would have to be considered under such a proposal. In the past, one Social Security adjustment debt negotiators have discussed is cost-of-living.
The news comes as top Republican and Democratic congressional leaders head to the White House Thursday to negotiate a deal to tackle mounting deficits and allow an increase in the federal debt ceiling.
The House returned to work Wednesday from its Fourth of July break, a day after the Senate cut short its recess to come back to Washington. Democrats and Republicans are at sharp odds over what sort of conditions should be attached to a hike in the current $14.3 trillion debt ceiling.
A congressional aide, close to the negotiations, said the only real talks going on are between Obama and House Speaker John Boehner, who are discussing "in good faith" a $4 to $5 trillion debt reduction package.
Come gather round people
Wherever you roam
And admit that the waters
Around you have grown
And accept it that soon
Youll be drenched to the bone.
If your time to you is worth savin
Then you better start swimmin or youll sink like a stone
For the times they are a-changin.
Come writers and critics
Who prophesize with your pen
And keep your eyes wide
The chance wont come again
And dont speak too soon
For the wheels still in spin
And theres no tellin who that its naming.
For the loser now will be later to win
For the times they are a-changin.
Come senators, congressmen
Please heed the call
Dont stand in the doorway
Dont block up the hall
For he that gets hurt
Will be he who has stalled
Theres a battle outside and it is ragin.
Itll soon shake your windows and rattle your walls
For the times they are a-changin.
Come mothers and fathers
Throughout the land
And dont criticize
What you cant understand
Your sons and your daughters
Are beyond your command
Your old road is rapidly agin.
Please get out of the new one if you cant lend your hand
For the times they are a-changin.
The line it is drawn
The curse it is cast
The slow one now
Will later be fast
As the present now
Will later be past
The order is rapidly fadin.
And the first one now will later be last
For the times they are a-changin.
I don't think this is going to help.
It's too little too late and what is needed is comprehensive changes across the board, Starting with dumping unions, because they are a major part of the problems from Coast to Coast.
Next cut all Government pay rates including Obama and all of Congress and their perks.
Stop all the crazy stimulus spending because it has shown to be a failed policy.
I don't think this is going to help.
It's too little too late and what is needed is comprehensive changes across the board, Starting with dumping unions, because they are a major part of the problems from Coast to Coast.
Next cut all Government pay rates including Obama and all of Congress and their perks.
Bring all defense contracts home to give Americans the jobs.
Stop all the crazy stimulus spending because it has shown to be a failed policy.
There is much more that can be done and none of it is about raising taxes because we know it hurts more than it helps.
I'm almost of the opinion that the democrats shouldn't even bother offering anything until like the day before the deadline, because we all know nothing will be agreed upon until then anyway.
I don't think this is going to help.
It's too little too late and what is needed is comprehensive changes across the board, Starting with dumping unions, because they are a major part of the problems from Coast to Coast.
Next cut all Government pay rates including Obama and all of Congress and their perks.
Bring all defense contracts home to give Americans the jobs.
Stop all the crazy stimulus spending because it has shown to be a failed policy.
There is much more that can be done and none of it is about raising taxes because we know it hurts more than it helps.
I'll take it along with a debt ceiling increase, but this is pittience and if past suggestions by the President are looked at there's a good chance this "3 to 4 trillion" is similar to how Dan Snyder is paying Albert Haynesworth "100 million" dolalrs (IE, he isn't).
If it is ACTUALY 350 billion dollars every year, that's good. Not great, good. However, if its a few billion for the first 4 or 5 years and its all back loaded into years 5 through 10, years which could easily be ignored through additional legislation after the fact, then its rather useless.
Not to mention knocking our average 1 trillion addition to the debt down to 650 billion per year, while like I said is good, is hardly great and still by the end of the decade leaves us with 6.5 trillion of additional debt instead of 10 trillion.
Still, its something and IF its not backloaded it's more than was done during the budget debate earlier this year. IF we could hit around the 4 Trillion mark which is within both Obama's (3-4T) and Boehners (4-5T) range and its not all backloaded, I'd be fine with the Republicans agreeing to such now and then beginning the fight for more significant cuts on the 2012 budget.
If its majorly backloaded and basically assures that it'll never see the light of day, then its worthless.
I don't think this is going to help.
It's too little too late and what is needed is comprehensive changes across the board, Starting with dumping unions, because they are a major part of the problems from Coast to Coast.
Next cut all Government pay rates including Obama and all of Congress and their perks.
Bring all defense contracts home to give Americans the jobs.
Stop all the crazy stimulus spending because it has shown to be a failed policy.
There is much more that can be done and none of it is about raising taxes because we know it hurts more than it helps.
Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.
Next cut all Government pay rates including Obama and all of Congress and their perks.
3-4 Trillion over a decade sounds like a great idea but is anyone really buying that? Even if they actually cut it by that much without accounting manipulation to show a better result then will actually be achieved, within the decade we will just add more spending and will probably gain little.
But its a start!
In 1967 long-run forecasts estimated that Medicare would cost about $12 billion by 1990. In reality, it cost more than $98 billion that year. Today it costs $500 billion. (SOURCE)
I haven't really looked over it, but I'd be amazed if it wasn't enormously backloaded. Obamacare worked pretty much the same way. The "trillion dollar savings over ten years" kicked in somewhere around the six year mark IIRC. What we need are policies that will reduce the deficit right now. Actually, scratch that. What we needed were policies that would have reduced the deficit two years ago. Now we're pretty much screwed.
What the hell do unions have to do with the Federal Government, federal employees can't unionize...
The crisis is to raise it - if you have credit cards maxed out - why would getting more credit be a fix? How is THAT credible fiscal consolidation?IMO, the debt ceiling needs to be raised to avoid what would be a completely self-inflicted crisis were it not increased.
a lot of gobbledygook ...I would prefer credible fiscal consolidation. The figures cited would constitute good progress in that direction if they are incorporated into legislation that contains the appropriate policy parameters to bring about the savings and if the savings are not overly backloaded.
If, however, one finds that, for example, Medicare savings would be achieved through increased efficiencies brought about by technology/reduced waste, fraud, or abuse, then the numbers could be somewhat illusory. If the savings are expressed largely in the form of targets/goals with the policy details to be enacted later, again problems would arise, as there would be no assurance that the necessary policy changes would ultimately be adopted.
Wow ... you are on the other side of the fence from me! I totally disagree with this post!
The crisis is to raise it - if you have credit cards maxed out - why would getting more credit be a fix? How is THAT credible fiscal consolidation?
[*]credible fiscal consolidation by raising a debt limit?
[*]if they are incorporated into legislation that contains the appropriate policy parameters What legislation do you propose? Don't you understand that LEGISLATION is what has this country all messed up?
[*]bring about the savings ... back to your opinion on raising the debt limit - that is NOT a savings!
[*]savings are not overly backloaded Like ObamaCare bill which had stuff unrelated to healthcare
[*]If, however, one finds that, for example, Medicare savings would be achieved through increased efficiencies brought about by technology/reduced waste, fraud, or abuse, then the numbers could be somewhat illusory. in other words if someone who had the ability to do what no one has done - it could fix things!
To fix Medicare? Medicare is the government sponsored insurance you have to buy when you are on Medicaid.
How about getting medicaid into an insurance policy and out of government control?
That would clear up to 5 trillion in ten years - Medicaid will cost $500 billion a year ... this year!
Officials: President Obama seeks $3 trillion to $4 trillion in cuts - CNN.com
A deal must be reached, and must be reached soon.
Everyone needs to give and take, the president is giving, whether Boehner is taking will be seen shortly I'm sure.
But if Republicans or democrats in congress for that matter are going to push this bull**** all the way to dead line... then the only people that lose are the American people, who gains politically, I have no idea really.
For those who say "don't raise it". I actually in a way hope they don't raise the debt ceiling, so you can see what truly ignorant screw balls you really are.
But all in all, exciting times. Take it away Bobby.
Officials: President Obama seeks $3 trillion to $4 trillion in cuts - CNN.com
A deal must be reached, and must be reached soon.
Everyone needs to give and take, the president is giving, whether Boehner is taking will be seen shortly I'm sure.
But if Republicans or democrats in congress for that matter are going to push this bull**** all the way to dead line... then the only people that lose are the American people, who gains politically, I have no idea really.
For those who say "don't raise it". I actually in a way hope they don't raise the debt ceiling, so you can see what truly ignorant screw balls you really are.
But all in all, exciting times. Take it away Bobby.
To be fair...
If you have your CC's maxed out and your payment on your house, your utilities, your other monthly expenses you're locked into, on top of your CC payments then you're able to at least enter bankruptcy that is far more leinent and less damaging to yourself and your family than the options for it that hte government has. So while in principle, I agree and we need to move away from even getting to a point where we need to constantly be having this debate....it can't be compared as a 1:1 exact analog.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?