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House GOP floats counter to Senate debt plan



Published: Tue, October 15, 2013 @ 1:54 p.m.

House GOP floats counter to Senate debt plan

WASHINGTON (AP) - House GOP leaders today floated a plan to fellow Republicans to counter an emerging Senate deal to reopen the government and forestall a default on U.S. obligations. But the plan retreats from earlier GOP demands for spending cuts as a condition of raising the government’s borrowing cap and got mixed reviews from the GOP rank and file. It was not clear whether the plan could pass the chamber.


Comments

176Ytown(1242 comments)posted 11 months, 1 week ago

The President and the Senate have wasted how many days/weeks/months not wanting to talk to the House of Representatives? How do we expect to get anywhere with this if they do not even want to come to the table. Why is it that we have to wait till the 11th hour to come to an decision?

Kick the can down the road and we will still be discussing the debt ceiling just as we have in the past. On 8/5/11, our credit was already downgraded for the first time in history. We're now in danger of yet another downgrade.

At my house, if we don't have enough income to pay our bills, the first thing we do is look cut back on our spending. Increasing our line of credit to spend more does not solve the problem. When we are borrowing money to pay for borrowed money there is a problem.

Sure, it's hard to cut back but at some point you have to. At what point will our creditors tell us that we're not lending you any more money?

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2commoncitizen(961 comments)posted 11 months, 1 week ago

If you can't pay your credit card bill, and are maxed out, at the end of the month, do you call the credit card company and ask them to RAISE your credit limit????
You HAVE to cut your spending ---period!!!

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376Ytown(1242 comments)posted 11 months, 1 week ago

Help me to understand this concept.

I went out and bought furniture last month and put it on my credit card.

The bill comes due the following month which is after the card authorized the purchase. (hey, not my fault...they authorized the purchase!)

My employer will have to give me a raise because I can't default on my obligation. Or, I'll have to get a loan to pay for the loan on the furniture that I already bought even though I knew I wouldn't have enough money to pay for it when I bought it.

The reason for a budget is so that you don't run out of money at the end of the month.

So for now, we'll end up raising the debt ceiling, kicking the can down the road and having yet another stand-off in the near future because no one wants to reduce spending. Heaven help us when our creditors raise our interest rates on these short term loans!

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4theoldwrench(243 comments)posted 11 months, 1 week ago

76 So where do we start cutting??? how much should be cut from defense,20% 50%? How much should seniors citizens ck. and Medicare be cut how much do you want to take from veterans these are the 4 biggest spenders As a senior and a vet I don't want to give up what I earned !!! If any others want to, they can send it back and not use medicare or vet. services

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576Ytown(1242 comments)posted 11 months, 1 week ago

No one wants to give up what they earned but if we don't there won't be anything for anyone. The Trustees Report Summary says neither Medicare nor Social Security can sustain projected long-run programs in full under currently scheduled financing, and legislative changes are necessary to avoid disruptive consequences for beneficiaries and taxpayers. If lawmakers take action sooner rather than later, more options and more time will be available to phase in changes so that the public has adequate time to prepare. http://www.ssa.gov/oact/trsum/

Where to cut...here are 66 places to start:

http://theeconomiccollapseblog.com/ar...

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676Ytown(1242 comments)posted 11 months, 1 week ago

http://www.usdebtclock.org/index.html

Federal spending by the numbers 2013:

http://www.heritage.org/research/repo...

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7SeriouslyNow(192 comments)posted 11 months, 1 week ago

@ 76Ytown,

In your post above, you should not have signed the credit card slip (in which you agree to pay according to the terms of your card agreement) if you did not have the capability to fulfill that obligation.

Like it our not, you did authorize the purchase, the only thing the credit card company did was agree that you do have an active credit line.

I'm more concerned about your understanding of the reason for a budget.

A budget is simply a guide to help you avoid running out of money at the end of the month. By itself, it does not prevent overspending.

President Obama has presented a budget every year (a list for the past 5 years is below). The Senate passed a budget resolution for FY 2014 on March 23, the House passed a budget resolution on March 22.

The responsibility to appoint House conferees to resolve the differences between these budgets is John Boehner.

Boehner refused to appoint those conference committee members (may have corrected that last week).

The principle reason there is no FY 2014 budget is because Boehner refused to do his job. ( I suggest that the reason is because the TEA party caucus threatened his position of speaker)

BUT the absence of a budget does not mean that the Congress should be spending irresponsibly.

List of Obama budget submissions:
FY 2010 2/26/2009
FY 2011 2/1/2010
FY 2012 2/14/13
FY 2013 2/13/12
FY 2014 4/10/2013

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