Late on Saturday, Reuters laid out these elements of a possible deal: $2.8 trillion deal. It would raise the debt ceiling by that amount through 2012 and make equal spending cuts.
Most commercial FDIC lending practices require that once an initial commercial loan term has expired - they will usually extend the loan term for a period of 6 months for a nominal fee. So why is it then that the Obama Administration wants to circumvent established industry guidance standards by allowing the debt ceiling to be raised to a date until after the next Presidential 2012 election? Talk about a hypocritical stand! And why are the Republicans going to cede this concession away? Aren't 'We The People' suppose to send these representatives up there to represent us and not their own self interest. Isn't it interesting that the people who hold these key elected positions are being derelict in their duties by requiring such preconditions to raising the debt ceiling. I believe it is high time for the Tea Party to take sweeping action once again - and clean both chambers. As for the nation defaulting - let it default - I believe the US will emerge much stronger in the end.
7 comments:
I agree with you Beezer. I do not know why the republicans are allowing the democrats to steamroller over them. The cuts need to be extremely deep to overtake what has transpired during the last two years under the Obama administration.
People will come to realize that it was Obama's doings that really led us into this catastrophic phase.
I don't believe people fully understand that you can make a ton of money when the market tanks. That's why I moved heavy part of my portfolio into the VIX over the past few weeks.
It's all a scam!
Considering that I pay more in taxes than GE, yes.
To Al in Fenwick
You are to much . . . . as I almost rolled over and died laughing . . . but it is the truth.
Obama is tied to the hip pocket of GE's Jeffrey Immelt and so it only makes sense for Obama to try and incur higher taxes on ordinary folks as opposed to his purse string friend - Immelt.
Trouble is - it seems none of the African American community seem to understand the conflicting arrangement.
"You are to much . . . . as I almost rolled over and died laughing . . . but it is the truth."
Thanks for the complement. I really am not racist or biased but I am critical of those that impose stupidity or those that permit stupidity to be imposed upon them. LIstening to political rhetoric such as "fat cats making more than $250k a year" need to pay their fair share" make me ill. A $250K/YR earner on the shore is an employer. I'm retired and get by driving a bus. I'm sure it's more work that the GE jerk does in a week.
Our local (read State) Government provides employers a financial break to NOT hire Americans. This happens across our country and even the Tea Party has not picked up on it.
Again, thanks for the complement.
Yep, no substantial difference between the two parties.
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